Robust adoption and valuation in tokenomics

扫码查看

原文链接

NETL
NSTL
Elsevier

外文摘要：© 2023 Elsevier B.V.This paper incorporates model uncertainty into the dynamic token-based platform adoption and valuation theory. We find that ambiguity slows down the tokenized platform adoption since users with the belief distortion tend to prevent the perturbation of the platform productivity, thus weakening the appreciation of the expected token price and the decline of the token carry cost due to the user-base growth. Moreover, as concerns regarding model uncertainty induce a trade-off between token price appreciation expectation and ambiguity hesitation, comparing the adoption speeds in the robust tokenized economy and the tokenless economy depends on the severity of the ambiguity aversion. Finally, ambiguity amplifies the user-base volatility of the tokenized economy, which, however, is still lower than that of the tokenless economy.

外文关键词：

AmbiguityCryptocurrencyModel uncertaintyNumeraireTokenomics

作者：

Shen Z.、Yang J.、Wang S.

展开 >

作者单位：

School of Finance Shanghai University of Finance and Economics||Shanghai Institute of International Finance and Economics

School of Finance Zhejiang Gongshang UniversitySchool of Finance Zhejiang Gongshang University||Key Research Institute of Humanities and Social Sciences at Universities-Modern Business Research Center Zhejiang Gongshang University||

出版年：

2023

DOI：

10.1016/j.econmod.2023.106569

Economic modelling

ISSN：0264-9993

年,卷(期)：2023.129(Dec.)

参考文献量21