主题：A Model of Cryptocurrencies（关于加密货币模型的探究）
主讲人：熊伟, 普林斯顿大学金融学讲席教授与经济学教授
日期：2018年9月12日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
1号楼303教室
语言：英文
摘要：
The
surge in the number of initial coin offerings (ICOs) in recent years has led to
both excitement about cryptocurrencies as a new funding model for innovations
in the digital age, and to anxiety about a potential bubble. This paper develops
a model to address several basic questions: What determines the fundamental
value of a cryptocurrency? How would market trading interact with its fundamentals
in an uncertain and opaque environment? In our model, a cryptocurrency
constitutes membership in a platform developed to facilitate trans-actions of
certain goods or services. The complementarity in the household’s participation
in the platform acts as an endogenous, yet fragile, fundamental of the
cryptocurrency. There exist either two or no equilibria, and the two equilibria,
when they exist, have disparate properties. When the transaction demand for the
platform is unobservable, the trading price and volume of the cryptocurrency serve
as important channels for not only aggregating private information about its
fundamental, but also facilitating coordination on a certain equilibrium.
主讲人简介:
WEI XIONG is
Trumbull-Adams Professor of Finance and Professor of Economics in the
Department of Economics and Bendheim Center for Finance, Princeton University.
His research interests center on capital market imperfections and behavioral
finance. He has published in top economics and finance journals on a wide range
of research topics, such as speculative bubbles, asset pricing with
heterogeneous beliefs, asset market contagion, limited investor attention,
non-standard investor preferences, rollover risk and other financing frictions
faced by firms. His current research interests focus on financialization of
commodity markets, belief distortions in the recent financial crisis, and
China’s financial system.
