学术讲座 | 应用经济学系讲座（2024-04-02）

Economics Seminar

(2024-08)

Topic: A Q theory of Token Platforms with Search and Matching

Speaker: Shengxing Zhang, Peking University

Time: Tuesday, April 2, 1:00-2:30 p.m. Beijing Time

Location: Room 217, Guanghua Building 2

Abstract

This paper presents a novel theory on a trading platform that facilitates bilateral trade between buyers and sellers through the use of tokens issued by the platform. Specifically, the platform invests in customer capital and devises an optimal token policy, while taking into account the associated adjustment costs. The paper analyzes the trade-off between the seigniorage obtained from existing users and the demand for tokens from new users. Additionally, the theory elucidates the value of the token platform, as well as the value of active users for the platform. Overall, this study offers insights into the design of effective token policies and the factors that underpin the success of token-based trading platforms.

It is a joint work with Jinqiang Yang and Neng Wang.

Introduction

Shengxing Zhang is a visiting associate professor at Peking University HSBC Business School. He will join Carnegie Mellon University Tepper Business School this summer. His research areas are Macroeconomic Theory, Financial Economics, and Monetary Economics.

Your participation is warmly welcomed !