Utility Tokens, Network Effects, and Pricing Power

Published Online:https://doi.org/10.1287/mnsc.2023.4917

References

  • Bakos Y, Halaburda H (2019) The role of cryptographic tokens and icos in fostering platform adoption. CESifo Working Paper No. 7752, http://dx.doi.org/10.2139/ssrn.3426940.Google Scholar
  • Catalini C, Gans JS (2018) Initial coin offerings and the value of crypto tokens. NBER Working Paper No. 24418, National Bureau of Economic Research, Cambridge, MA.Google Scholar
  • Chod J, Lyandres E (2021) A theory of ICOs: Diversification, agency, and information asymmetry. Management Sci. 67(10):5969–5989.LinkGoogle Scholar
  • Chod J, Lyandres E (2023) Product market competition with crypto tokens and smart contracts. J. Financial Econom. 149(1):73–91.Google Scholar
  • Chod J, Trichakis N, Tsoukalas G, Aspegren H, Weber M (2020) On the financing benefits of supply chain transparency and blockchain adoption. Management Sci. 66(10):4378–4396.LinkGoogle Scholar
  • Cong LW, He Z (2019) Blockchain disruption and smart contracts. Rev. Financial Stud. 32(5):1754–1797.CrossrefGoogle Scholar
  • Cong LW, Xiao Y (2021) Categories and functions of crypto-tokens. Pompella M, Matousek R, eds. The Palgrave Handbook of FinTech and Blockchain (Palgrave Macmillan, Cham, Switzerland), 267–284.Google Scholar
  • Cong LW, Li Y, Wang N (2021a) Tokenomics: Dynamic adoption and valuation. Rev. Financial Stud. 34(3):1105–1155.CrossrefGoogle Scholar
  • Cong LW, Li Y, Wang N (2022) Token-based platform finance. J. Financial Econom. 144(3):972–991.CrossrefGoogle Scholar
  • Cong LW, Karolyi GA, Tang K, Zhao W (2021b) Value premium, network adoption, and factor pricing of crypto assets. Preprint, submitted December 15, https://doi.org/10.2139/ssrn.3985631.Google Scholar
  • European Commission (2020) Proposal for a regulation of the European parliament and of the council on markets in crypto-assets, and amending directive (EU) 2019/1937. European Commission, Brussels.Google Scholar
  • Garratt RJ, Van Oordt MRC (2022) Entrepreneurial incentives and the role of initial coin offerings. J. Econom. Dynamic Control 142:104171.CrossrefGoogle Scholar
  • Goldstein I, Gupta D, Sverchkov R (2019) Utility tokens as a commitment to competition. Preprint, submitted November 14, https://dx.doi.org/10.2139/ssrn.3484627.Google Scholar
  • Iyengar G, Saleh F, Sethuraman J, Wang W (2022) Economics of permissioned blockchain adoption. Management Sci. 69(6):3415–3436.LinkGoogle Scholar
  • Katz ML, Shapiro C (1985) Network externalities, competition, and compatibility. Amer. Econom. Rev. 75(3):424–440.Google Scholar
  • Katz ML, Shapiro C (1986) Technology adoption in the presence of network externalities. J. Political Econom. 94(4):822–841.CrossrefGoogle Scholar
  • Lee J, Parlour CA (2022) Consumers as financiers: Consumer surplus, crowdfunding, and initial coin offerings. Rev. Financial Stud. 35(3):1105–1140.CrossrefGoogle Scholar
  • Li J, Mann W (2017) Initial coin offering and platform building. Preprint, submitted December 18, https://dx.doi.org/10.2139/ssrn.3088726.Google Scholar
  • Lyandres E, Palazzo B, Rabetti D (2022) Initial coin offering (ICO) success and post-ICO performance. Management Sci. 68(12):8658–8679.LinkGoogle Scholar
  • Malinova K, Park A (2018) Tokenomics: When tokens beat equity. Preprint, submitted December 2, https://dx.doi.org/10.2139/ssrn.3286825.Google Scholar
  • Schilling L, Uhlig H (2019) Some simple bitcoin economics. J. Monetary Econom. 106:16–26.CrossrefGoogle Scholar
  • Sockin M, Xiong W (2020) A model of cryptocurrencies. NBER Working Paper No. 26816, National Bureau of Economic Research, Cambridge, MA.Google Scholar
  • Yermack D (2017) Corporate governance and blockchains. Rev. Finance 21(1):7–31.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.