Time: 2023/04/27 (Thu.), 10:00 -11:30  am(Beijing Time)

Title: Valuing Platforms and Tokens: A q Theory with Search and Matching

Venue: Zhonghui Building 106

About the speaker:

张圣醒，伦敦政治经济学院经济系助理教授，北京大学汇丰商学院访问副教授，纽约大学经济学博士，宏观与货币经济学领域的青年领军人物，从事货币理论、货币政策、金融市场、安全资产等方面的研究，在经济学期刊American Economic Review, Econometrica, Review of Economic Studies, Journal of Economic Theory等发表多篇有影响力的论文。担任Review of Economic Studies编委会成员，Journal of Economic Theory, International Journal of Economic Theory及Mathematics and Financial Economics副主编。 

Abstract:

The paper develops a dynamic model to value a token platform, where trading between buyers and sellers is subject to search and matching frictions and transactions use the platform-issued token as a medium of exchange. The value of the token platform and token issuance policy depends on the extensive margin and intensive margin of trade. The paper provides a fundamentals-based dynamic valuation model for cryptocurrencies and platform tokens (generically referred to as tokens). It focuses on the endogenous formation of a digital marketplace or network (the platform) where its native cryptocurrency or token settles transactions and derives its value from aggregating heterogeneous users' transactional demand rather than discounting cashflows as in standard valuation models.