主  题: Initial Coin Offerings and Platform Building首次代币发行和平台建设

内容简介: In  a typical initial coin offering (ICO), an entrepreneur pre-sells  digital tokens which will later serve as the medium of exchange on a  peer-to-peer platform. We present a model rationalizing ICOs for  launching such platforms: By transparently distributing tokens before  the platform operation begins, an ICO overcomes later coordination  failures during platform operation, induced by a cross-side network  effect between transaction counterparties. Furthermore, a critical-mass  requirement that arises from an endogenous same-side network effect  during the ICO rationalizes several empirical patterns observed in ICO  structures. Our model provides guidance for both regulators and  practitioners to discern economically valuable ICOs.

报告人:李家荪      助理教授

时  间:2018-12-21    14:30

地  点:位育楼117

举办单位:金融学院  科研部  经济与金融研究院