The Review of Economic Studies 2023年第2期

The Review of Economic Studies  2023年第2期

Volume 90, Issue 2, March 2023

 

 

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1.Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable

抵押贷款再融资，消费者支出和竞争:来自家庭负担得起的证据

Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski ...

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 499–537, https://doi.org/10.1093/restud/rdac039

We examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP) that relaxed housing equity constraints by extending government credit guarantee on insufficiently collateralized refinanced mortgages. Difference-in-difference tests based on program eligibility criteria reveal a significant increase in refinancing activity by HARP. More than three million eligible borrowers with primarily fixed-rate mortgages refinanced under HARP, receiving an average reduction of 1.45|$\%$| in interest rate ($3,000 in annual savings). Durable spending by borrowers increased significantly after refinancing. Regions more exposed to the program saw a relative increase in non-durable and durable consumer spending, a decline in foreclosure rates, and faster recovery in house prices. Competitive frictions in the refinancing market hampered the program’s impact: the take-up rate and annual savings among those who refinanced were reduced by 10–20|$\%$|⁠, with amplified effects for the most indebted borrowers.

通过聚焦于住房可负担再融资计划(HARP)，我们考察了政府影响抵押贷款再融资活动和刺激消费的能力。基于项目资格标准的双重差分测试显示，HARP的再融资活动显着增加。超过300万主要以固定利率抵押贷款的合格借款人在HARP下再融资，平均利率下降1.45|$\%$|(每年节省3000美元)。借款人的耐用支出在再融资后显着增加。受该计划影响较大的地区非耐用品和耐用品消费支出相对增加，止赎率下降，房价更快复苏。再融资市场的竞争摩擦阻碍了该计划的影响:再融资者的接受率和年度储蓄减少了10-20 |$\%$|⁠，对负债最多的借款人产生了放大效应。

 

 

2.Voluntary Disclosure and Personalized Pricing

自愿披露和个性化定价

S Nageeb Ali, Greg Lewis, Shoshana Vasserman

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 538–571, https://doi.org/10.1093/restud/rdac033

Firms have ever-increasing access to consumer data, which they use to personalize their advertising and to price discriminate. This raises privacy concerns. Policymakers have argued in response that consumers should be given control over their data, able to choose what to share and when. Since firms learn about a consumer’s preferences both from what they do and do not disclose, the equilibrium implications of consumer control are unclear. We study whether such measures improve consumer welfare in monopolistic and in competitive markets. We find that consumer control can improve consumer welfare relative to both perfect price discrimination and uniform pricing. First, consumers can use disclosure to amplify competitive forces. Second, consumers can disclose information to induce even a monopolist to lower prices. Whether consumer control improves welfare depends on the disclosure technology and market competitiveness. Simple disclosure technologies suffice in competitive markets. When facing a monopolist, a consumer needs partial disclosure possibilities to obtain any welfare gains.

企业获得消费者数据的机会越来越多，它们利用这些数据进行个性化广告和价格歧视。这引起了人们对隐私的担忧。政策制定者对此的回应是，应该让消费者控制自己的数据，让他们能够选择分享什么以及何时分享。由于企业通过做什么和不做什么来了解消费者的偏好，消费者控制的均衡含义尚不清楚。我们研究了这些措施是否在垄断和竞争市场中提高了消费者福利。研究发现，相对于完全差别定价和统一定价，消费者控制能够提高消费者福利。首先，消费者可以利用信息披露来放大竞争力。第二，消费者可以披露信息，甚至诱导垄断者降低价格。消费者控制是否提高福利取决于披露技术和市场竞争力。简单的披露技术在竞争市场上已经足够。当面对垄断者时，消费者需要部分披露可能性才能获得任何福利收益。

 

 

3.Market Power in Neoclassical Growth Models

新古典增长模型中的市场势力

Laurence Ball, N Gregory Mankiw

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 572–596, https://doi.org/10.1093/restud/rdac029

This article examines the optimal accumulation of capital and the effects of government debt in neoclassical growth models in which firms have market power and therefore charge prices above marginal cost. In this environment, the real interest rate earned by savers is less than the net marginal product of capital. We establish a new method for evaluating dynamic efficiency that can be applied in such economies. A plausible calibration suggests that the wedge between the real interest rate and the marginal product of capital is about 4 percentage points and that the US economy is dynamically efficient. In addition, government Ponzi schemes can have different implications for welfare than they do under competition. Even if the government can sustain a perpetual rollover of debt and accumulating interest, the policy may nonetheless reduce welfare by depressing steady-state capital and aggregate consumption. These findings suggest that even with low interest rates, as have been observed recently, fiscal policymakers should still be concerned about the crowding-out effects of government debt.

本文研究了在新古典增长模型中，资本的最优积累和政府债务的影响，在这些模型中，企业拥有市场力量，因此收费价格高于边际成本。在这种环境下，储蓄者赚取的实际利率低于资本的净边际产出。我们建立了一种新的动态效率评估方法，可用于此类经济体。一个合理的校准表明，实际利率与资本边际产出之间的差距约为4个百分点，而美国经济是动态高效的。此外，政府的庞氏骗局对福利的影响可能与它们在竞争中的影响不同。即使政府能够维持永久的债务展期和不断累积的利息，该政策仍可能通过抑制稳态资本和总消费而降低福利。这些发现表明，即使像最近观察到的那样，在低利率的情况下，财政政策制定者仍然应该担心政府债务的挤出效应。

 

 

4.Estimating the Costs of Standardization: Evidence from the Movie Industry

估计标准化的成本:来自电影行业的证据

El Hadi Caoui

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 597–633, https://doi.org/10.1093/restud/rdac036

This article studies the decentralized adoption of a technology standard when network effects are present. If the new standard is incompatible with the current installed base, adoption may be inefficiently delayed. I quantify the magnitude of “excess inertia” in the switch of the movie distribution and exhibition industries from 35 mm film to digital. I specify and estimate a dynamic game of digital hardware adoption by theatres and digital movies supply by distributors. Counterfactual simulations establish that excess inertia reduces surplus by |$16\%$| relative to the first-best adoption path; network externalities explain |$41\%$| of the surplus loss. Targeted adoption subsidies or a mandate on digital distribution help bridge this welfare gap.

本文研究在网络效应存在的情况下，技术标准的去中心化采用。如果新标准与当前安装的基础不兼容，采用可能会效率低下地延迟。我量化了电影发行和展览行业从35毫米胶片到数字胶片转换过程中“过剩惯性”的程度。我指定并估计了影院采用数字硬件和分销商提供数字电影的动态游戏。反事实模拟表明，相对于第一最佳采用路径，超额惯性减少了|$16\%$|的盈余;网络外部性解释了盈余损失的|$41 %$|。有针对性的采用补贴或数字分发授权有助于弥合这一福利差距。

  

 

5.Tax Policy and Lumpy Investment Behaviour: Evidence from China’s VAT Reform

税收政策与投资行为波动:来自中国增值税转型的证据

Zhao Chen, Xian Jiang, Zhikuo Liu, Juan Carlos Suárez Serrato, Daniel Yi Xu

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 634–674, https://doi.org/10.1093/restud/rdac027

We incorporate the lumpy nature of firm-level investment into the study of how tax policy affects investment behaviour. We show that tax policies can directly impact the lumpiness of investment. Extensive-margin responses to tax policy are key to understanding the effects of different tax reforms and to designing effective stimulus policies. We illustrate these results by studying China’s 2009 VAT reform, which lowered the tax cost of investment and reduced partial irreversibility—the price gap between new and used capital. Using comprehensive tax survey data and a difference-in-differences design, we estimate a 36|$\%$| relative investment increase that is driven by investment spikes. Using a dynamic investment model that fits the reduced-form effects of the reform, we show that policies that directly reduce the likelihood of firm inaction are more effective at stimulating investment.

在研究税收政策如何影响投资行为时，我们将公司层面投资的波动性纳入研究。研究表明，税收政策可以直接影响投资的波动性。对税收政策的广泛边际反应是理解不同税收改革影响和设计有效刺激政策的关键。本文以中国2009年增值税转型为研究对象，研究结果表明，增值税转型降低了投资的税收成本，降低了部分不可逆性，即新增资本与使用资本之间的价格差距。利用综合税收调查数据和双重差分设计，我们估计了由投资激增驱动的36|$\%$|相对投资增长。通过一个拟合改革简化形式效应的动态投资模型，我们发现，直接降低企业不作为可能性的政策在刺激投资方面更有效。

  

 

6.Economic and Social Outsiders but Political Insiders: Sweden’s Populist Radical Right 

经济和社会局外人，但政治圈内人:瑞典的民粹主义激进右翼

Ernesto Dal Bo’, Frederico Finan, Olle Folke, Torsten Persson, Johanna Rickne

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 675–706, https://doi.org/10.1093/restud/rdac037

We study the politicians and voters of the Sweden Democrats, a major populist radical-right party. Based on detailed administrative data, we present the first comprehensive account of which politicians are selected into such a party. Surveys show that politicians and voters of the Sweden Democrats share strong anti-establishment and anti-immigration attitudes that drastically set them apart from Sweden’s other parties. Searching for individual traits that link naturally to these attitudes, we classify the universe of Swedish politicians and voters by social and economic marginalization and exposure to immigration. Politicians from the Sweden Democrats over-represent marginalized groups without strong attachments to the labour market or to traditional nuclear families, which instead are under-represented among politicians in all other parties. Among voters, the Sweden Democrats have higher electoral support in precincts with higher shares of the same marginalized groups. We see the mobilization of the marginalized as an important driver of the party’s success. Finally, we uncover that Sweden-Democrat politicians score lower on a number of valence traits than other-party politicians. In sum, the rise of the Sweden Democrats raised political representation for marginalized groups, but this came at a valence cost.

我们研究了瑞典民主党的政客和选民，这是一个主要的民粹主义激进右翼政党。根据详细的行政数据，我们首次全面介绍了哪些政客被选入这样一个政党。调查显示，瑞典民主党的政客和选民都有强烈的反建制和反移民态度，这使他们与瑞典其他政党截然不同。在寻找与这些态度自然相关的个人特征时，我们根据社会和经济边缘化以及对移民的暴露程度对瑞典政客和选民进行了分类。瑞典民主党(Sweden Democrats)的政客们代表了与劳动力市场或传统核心家庭没有强烈联系的边缘化群体，而这些群体在所有其他政党的政客中都没有得到足够的代表。在选民中，瑞典民主党在同样被边缘化的群体所占比例较高的选区获得了更高的选举支持。我们认为，动员边缘化群体是党的成功的重要动力。最后，我们发现瑞典民主党的政治家在一些效价特征上得分低于其他政党的政治家。总而言之，瑞典民主党的崛起提高了边缘化群体的政治代表权，但这是有代价的。

  

 

7.Revealed Price Preference: Theory and Empirical Analysis

揭示的价格偏好:理论与实证分析

Rahul Deb, Yuichi Kitamura, John K H Quah, Jörg Stoye

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 707–743, https://doi.org/10.1093/restud/rdac041

To determine the welfare implications of price changes in demand data, we introduce a revealed preference relation over prices. We show that the absence of cycles in this relation characterizes a consumer who trades off the utility of consumption against the disutility of expenditure. Our model can be applied whenever a consumer’s demand over a strict subset of all available goods is being analysed; it can also be extended to settings with discrete goods and non-linear prices. To illustrate its use, we apply our model to a single-agent data set and to a data set with repeated cross-sections. We develop a novel test of linear hypotheses on partially identified parameters to estimate the proportion of the population who are revealed better off due to a price change in the latter application. This new technique can be used for non-parametric counterfactual analysis more broadly.

为了确定需求数据中价格变化对福利的影响，我们引入了对价格的揭示偏好关系。我们表明，在这种关系中没有周期的特征是，消费者在消费的效用与支出的负效用之间进行权衡。我们的模型可以在分析消费者对所有可用商品的严格子集的需求时应用;它也可以扩展到具有离散商品和非线性价格的设置。为了说明它的使用，我们将我们的模型应用于单代理数据集和具有重复截面的数据集。我们开发了一种对部分确定参数的线性假设的新检验，以估计在后一种应用中，由于价格变化而显示出更富裕的人口比例。这种新技术可以更广泛地用于非参数反事实分析。

  

 

8.Optimal Fiscal Policy in a Model with Uninsurable Idiosyncratic Income Risk

具有不可保特质收入风险模型的最优财政政策

Sebastian Dyrda, Marcelo Pedroni

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 744–780, https://doi.org/10.1093/restud/rdac031

We study optimal fiscal policy in a standard incomplete-markets model with uninsurable idiosyncratic income risk, where a Ramsey planner chooses time-varying paths of proportional capital and labour income taxes, lump-sum transfers (or taxes), and government debt. We find that (1) short-run capital income taxes are effective in providing redistribution since the tax base is relatively unequal and inelastic; (2) an increasing pattern of labour income taxes over time mitigates intertemporal distortions from capital income taxes; (3) the optimal policy increases overall transfers, calibrated initially to the US welfare system, by roughly |$50\%$|⁠; (4) two-thirds of the welfare gains come from redistribution and the remaining third come mostly from insurance; and (5) redistribution also leads to a more efficient allocation of labour via wealth effects on labour supply—lower productivity households can afford to work relatively less.

我们在一个标准的不完全市场模型中研究了最优财政政策。研究发现:(1)在税基相对不平等且缺乏弹性的情况下，短期资本所得税能够有效地提供再分配;(2)随着时间的推移，劳动所得税的增加模式缓解了资本所得税的跨期扭曲;(3)最优政策增加了总体转移支付，最初校准为美国福利制度，约为|$50\%$|⁠;(4)三分之二的福利收益来自再分配，其余三分之一主要来自保险;(5)再分配还通过对劳动力供给的财富效应导致劳动力的更有效分配，生产率较低的家庭可以承担相对更少的工作。

  

 

9.Belief Convergence under Misspecified Learning: A Martingale Approach

错误学习下的信念收敛:鞅方法

Mira Frick, Ryota Iijima, Yuhta Ishii

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 781–814, https://doi.org/10.1093/restud/rdac040

We present an approach to analyse learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. We introduce a novel “prediction accuracy” order over subjective models and observe that this makes it possible to partially restore standard martingale convergence arguments that apply under correctly specified learning. Based on this, we derive general conditions to determine when beliefs in a given environment converge to some long-run belief either locally or globally (i.e. from some or all initial beliefs). We show that these conditions can be applied, first, to unify and generalize various convergence results in previously studied settings. Second, they enable us to analyse environments where learning is “slow”, such as costly information acquisition and sequential social learning. In such environments, we illustrate that even if agents learn the truth when they are correctly specified, vanishingly small amounts of misspecification can generate extreme failures of learning.

我们提出了一种方法来分析在一个广泛的错误指定的环境中学习的结果，涵盖了单一代理和社会学习。我们在主观模型上引入了一种新的“预测精度”顺序，并观察到这使得部分恢复标准鞅收敛参数成为可能，这些参数适用于正确指定的学习。在此基础上，我们推导出一般条件，以确定在给定环境中的信念何时收敛到局部或全局的某种长期信念(即从一些或所有初始信念)。我们证明，这些条件可以应用，首先，统一和推广各种收敛结果在以前的研究设置。其次，它们使我们能够分析学习“缓慢”的环境，例如代价高昂的信息获取和连续的社会学习。在这样的环境中，我们表明，即使代理在被正确指定时学习了真相，少量的错误指定也可能导致学习的极端失败。

  

 

9.Tax Advantages and Imperfect Competition in Auctions for Municipal Bonds

市政债券拍卖中的税收优惠和不完全竞争

Daniel Garrett, Andrey Ordin, James W Roberts, Juan Carlos Suárez Serrato

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 815–851, https://doi.org/10.1093/restud/rdac035

We study the interaction between tax advantages for municipal bonds and the market structure of auctions for these bonds. We show that this interaction can limit a bidder’s ability to extract information rents and is a crucial determinant of state and local governments’ borrowing costs. Reduced-form estimates show that increasing the tax advantage by 3 pp lowers mean borrowing costs by 9–10|$\%$|⁠. We estimate a structural auction model to measure markups and to illustrate and quantify how the interaction between tax policy and bidder strategic behaviour determines the impact of tax advantages on municipal borrowing costs. We use the estimated model to evaluate the efficiency of Obama and Trump administration policies that limit the tax advantage for municipal bonds. Because reductions in the tax advantage inflate bidder markups and depress competition, the resulting increase in municipal borrowing costs more than offsets the tax savings to the government. Finally, we use the model to analyse a recent non-tax regulation that affects entry into municipal bond auctions.

我们研究了市政债券的税收优惠和这些债券的拍卖市场结构之间的相互作用。我们表明，这种相互作用可以限制投标人提取信息租金的能力，是州和地方政府借贷成本的关键决定因素。简化形式的估计表明，增加3个pp的税收优势将降低9-10 |$\%$|⁠。我们估计了一个结构性拍卖模型来衡量加成，并说明和量化税收政策和投标人战略行为之间的相互作用如何决定税收优惠对城市借贷成本的影响。我们使用估计模型来评估奥巴马和特朗普政府限制市政债券税收优势的政策的效率。由于税收优惠的减少抬高了投标人的加成，压低了竞争，因此市政借款成本的增加超过了政府的税收节省。最后，我们利用该模型分析了最近影响进入市政债券拍卖的非税监管。

  

 

10.Preferences and Performance in Simultaneous First-Price Auctions: A Structural Analysis 

第一价格同步拍卖中的偏好和表现:结构分析

Matthew Gentry, Tatiana Komarova, Pasquale Schiraldi

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 852–878, https://doi.org/10.1093/restud/rdac030

Motivated by the prevalence of simultaneous bidding across a wide range of auction markets, we develop and estimate a model of strategic interaction in simultaneous first-price auctions when objects are heterogeneous and bidders have non-additive preferences over combinations. We establish non-parametric identification of primitives in this model under standard exclusion restrictions, providing a basis for both estimation and testing of preferences over combinations. We then apply our model to data on Michigan Department of Transportation (MDOT) highway procurement auctions, quantifying the magnitude of cost synergies and evaluating the performance of the simultaneous first-price mechanism in the MDOT marketplace.

在广泛拍卖市场中普遍存在的同时竞价的激励下，我们开发并估计了一个在同时进行的第一价格拍卖中，当物品是异质的且竞标者对组合有非加性偏好时，战略互动的模型。我们在标准排除限制下建立了该模型中基元的非参数识别，为组合偏好的估计和检验提供了基础。然后，我们将我们的模型应用于密歇根州运输部(MDOT)公路采购拍卖的数据，量化成本协同效应的规模，并评估MDOT市场上同步第一价格机制的表现。

  

 

11.A Risk-based Theory of Exchange Rate Stabilization

基于风险的汇率稳定理论

Tarek A Hassan, Thomas M Mertens, Tony Zhang

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 879–911, https://doi.org/10.1093/restud/rdac038

We develop a novel, risk-based theory of the effects of exchange rate stabilization. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a country’s currency to appreciate when the marginal utility of international investors is high lower the required rate of return on the country’s currency and increase the world-market value of domestic firms. Applying this logic to exchange rate stabilizations, we find a small economy stabilizing its bilateral exchange rate relative to a larger economy can increase domestic capital accumulation, domestic wages, and even its share in world wealth. In the absence of policy coordination, small countries optimally choose to stabilize their exchange rates relative to the currency of the largest economy in the world, which endogenously emerges as the world’s “anchor currency”, Larger economies instead optimally choose to float their exchange rates. The model therefore predicts an equilibrium pattern of exchange rate arrangements that is remarkably similar to the one in the data.

我们发展了一个新颖的、基于风险的汇率稳定效应理论。在我们的模型中，汇率制度的选择使政策制定者能够使他们的货币，进而使他们本国的企业，成为国际投资者更安全的投资。当国际投资者的边际效用较高时，促使一国货币升值的政策会降低该国货币的必需回报率，并增加国内企业的世界市场价值。将这一逻辑应用于汇率稳定，我们发现，相对于较大经济体，稳定双边汇率的小型经济体可以增加国内资本积累、国内工资，甚至在世界财富中所占的份额。在缺乏政策协调的情况下，小国最优选择稳定其相对于世界最大经济体货币的汇率，而最大经济体货币内生地成为世界”锚定货币”，大经济体反而最优选择浮动汇率。因此，该模型预测的汇率安排的均衡模式与数据中的模式非常相似。

  

 

12.Under Suspicion: Trust Dynamics with Secret Undermining

被怀疑:秘密破坏的信任动态

Aaron Kolb, Erik Madsen

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 912–947, https://doi.org/10.1093/restud/rdac034

We study how an organization should dynamically screen an agent of uncertain loyalty whom it suspects of committing damaging acts of undermining. The organization controls the stakes of the relationship, while the agent strategically times undermining, which can occur repeatedly and is detected only stochastically. The optimal commitment stakes policy exhibits both discreteness and gradualism, with distinct “untrusted” and “trusted” phases featuring gradually rising stakes during the untrusted phase and a discrete gap in stakes between phases. This policy is also the equilibrium outcome when the organization cannot commit, and the agent’s equilibrium undermining policy exhibits variable, non-monotonic intensity.

我们研究了组织应该如何动态地筛选一个不确定忠诚的代理人，它怀疑代理人实施了破坏性的破坏行为。组织控制着关系的利害关系，而代理有策略地计时破坏，这可以反复发生，而且只能随机发现。最优承诺股权政策既具有离散性，又具有渐进式特征，“不可信”和“可信”两个阶段表现为不可信阶段的股权逐渐上升，阶段之间的股权存在离散性缺口。该政策也是组织不能承诺时的均衡结果，代理人破坏政策的均衡表现为可变的、非单调的强度。

  

 

13.Matching with Externalities 

外部性匹配

Marek Pycia, M Bumin Yenmez

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 948–974, https://doi.org/10.1093/restud/rdac032

We incorporate externalities into the stable matching theory of two-sided markets. Extending the classical substitutes condition to markets with externalities, we establish that stable matchings exist when agent choices satisfy substitutability. We show that substitutability is a necessary condition for the existence of a stable matching in a maximal-domain sense and provide a characterization of substitutable choice functions. In addition, we extend the standard insights of matching theory, like the existence of side-optimal stable matchings and the deferred acceptance algorithm, to settings with externalities even though the standard fixed-point techniques do not apply.

我们将外部性纳入双边市场稳定匹配理论。将经典的替代条件推广到具有外部性的市场，证明了当代理选择满足可替代性时，存在稳定匹配。我们证明了可替代性是稳定匹配存在的一个必要条件，并给出了可替代性选择函数的一个刻划。此外，我们将匹配理论的标准见解，如侧最优稳定匹配的存在性和延迟接受算法，扩展到具有外部性的情况，尽管标准定点技术并不适用。

 

 

14.Redeemable Platform Currencies

可赎回平台货币

Kenneth Rogoff, Yang You

The Review of Economic Studies, Volume 90, Issue 2, March 2023, Pages 975–1008, https://doi.org/10.1093/restud/rdac028

Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here, we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can potentially earn higher revenues by making tokens non-tradable unless they can generate a sufficiently high outside-platform convenience yield.

亚马逊(Amazon)和阿里巴巴(Alibaba)等大型在线零售商能否发行可能与银行借记卡账户竞争的数字代币?邮票和积分的交易历史悠久，但新技术将大幅提高可赎回资产作为价值储存手段的重要性。在这里，我们开发了一个简单的可赎回代币程式化模型，可用于研究发行代币(包括ico)的销售和定价策略。我们的主要发现是，平台可以通过让代币不可交易来获得更高的收入，除非它们能够产生足够高的平台外便利收益率。