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管科系系列讲座第247期预告

时间：2019年9月24日（周二）13:30

地点：史带楼301

主持人：陈祥锋教授

主讲嘉宾：S. Alex Yang is an Associate Professor of Management Science and Operations at London Business School (on leave) and the Faculty of Business and Economics, The University of Hong Kong.

Title：Platform Tokenomics: Financing, Governance, and Moral Hazard

Abstract: This paper studies whether blockchain technology can help improve the financing and governance of a two-side platform by alleviating moral hazard. In our model, an entrepreneur seeks financing to invest in physical capacity of the platform, and exerts managerial effort to boost demand. Individuals then decide whether to join the platform and serve demand. In terms of capacity financing and platform governance, the entrepreneur either chooses a traditional model where the platform is financed through venture capital, and a blockchain-based model. By comparing these two modes, we find that the two roles of tokenization, namely, financing (through initial coin offering, ICO) and governance (decentralized control), make it the favorable choice when individual platform participants bear a significant portion of the costs of building the platform, and building the platform requires significant entrepreneurial effort. However, if the entrepreneur's share of capacity cost is high, or when demand is less sensitive to entrepreneur effort, the traditional mode can still be advantageous.