讲座题目：The convenience yield of utility tokens: from rewards to stablecoins
主讲嘉宾： 肖弋舟
时间：2025年11月3日（周一）上午9:30---11:30
地点：商学院116报告厅
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江南大学商学院
2025年10月29日
主讲嘉宾简介
肖弋舟，香港中文大学商学院金融学副教授。他的研究兴趣主要包括信息经济学、初创企业金融以及金融科技。他的研究成果发表在 Journal of Finance （两篇）和 Review of Financial Studies 等国际顶级金融学术期刊上。肖弋舟教授关于众筹平台融资与信息的论文曾获2021年中国金融国际年会“夏一红最佳论文奖”。此外，他参与编写《帕尔格雷夫经济学词典》中“加密代币”词条，并受邀担任 Management Science 杂志的客座主编。他还曾担任香港研究资助局（RGC）和以色列科学基金（ISF）的项目评审人。肖弋舟教授分别获得中国人民大学金融学院金融学学士、北京大学中国经济研究中心经济学硕士以及斯坦福大学商学院金融学博士学位。
讲座主要内容
This project intends to develop a theoretical framework to analyze the economics of utility tokens, a class of assets—including consumer rewards, platform points, and merchant stablecoins—characterized by their partial liquidity. While these tokens offer the timing flexibility of liquid financial claims, their redeemability is restricted to a specific set of goods and services. We modify the Diamond and Dybvig (1983) model to structurally capture this feature, characterize the optimal issuance policy for profit-maximizing firms, and derive the equilibrium convenience yield of utility tokens. We analyze how a firm's incentive to issue tokens depends on its business characteristics (e.g., service value, demand frequency) and explore optimal design features, such as tradability. Furthermore, we investigate how financial frictions and economic conditions affect token pricing and the welfare implications for consumers and financial institutions. The theoretical analysis is grounded in and motivated by new empirical stylized facts documenting the substantial scale and specific policies of utility token programs in the economy. The resulting insights are intended to guide firms in token design and provide regulators with a nuanced understanding of the policy challenges and opportunities posed by this growing asset class, including stablecoins.
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