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Token-based platform finance *
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DOI：10.1016/j.jfineco.2021.10.002.png)
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Abstract
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We develop a dynamic model of a platform economy where tokens serve as a means of payment among platform users and are issued to finance investment in platform productivity. Tokens are optimally rewarded to platform owners when token supply (normalized by productivity) is low and burnt to boost franchise value when the normalized supply is high. Although token price is determined in a liquid market, the platform's financial constraint generates an endogenous token issuance cost that causes underinvestment through the conflict of interest between insiders (owners) and outsiders (users). Blockchain technology mitigates underinvestment by addressing the owners' time inconsistency problem.(c) 2021 Elsevier B.V. All rights reserved.
Keywords:
Blockchain
Cryptocurrency
Dynamic corporate financing
Durable goods
Gig economy
Optimal token supply
Time inconsistency
Token
coin offering
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JOURNAL OF FINANCEOAAI
JOURNAL OF FINANCEIF9.5
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