Initial Coin Offerings and Platform Building-李家荪 (George Mason University)

主  题:Initial Coin Offerings and Platform Building

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

责任编辑: 科研处