scholarly journals An International Dynamic Asset Pricing Model

10.3386/w7157 ◽  
1999 ◽  
Author(s):  
Robert Hodrick ◽  
David Tat-Chee Ng ◽  
Paul Sengmueller
Keyword(s):  
Asset Pricing ◽  
Pricing Model ◽  
Asset Pricing Model ◽  
Dynamic Asset Pricing

scholarly journals An International Dynamic Asset Pricing Model

1999 ◽  
pp. 121-150
Author(s):  
Robert J. Hodrick ◽  
David Tat-Chee Ng ◽  
Paul Sengmueller
Keyword(s):  
Asset Pricing ◽  
Pricing Model ◽  
Asset Pricing Model ◽  
Dynamic Asset Pricing

scholarly journals Tokenomics: Dynamic Adoption and Valuation

2020 ◽  
Author(s):  
Lin William Cong ◽  
Ye Li ◽  
Neng Wang
Keyword(s):  
Asset Pricing ◽  
Cash Flows ◽  
Equilibrium Price ◽  
Network Externality ◽  
Pricing Model ◽  
Digital Platforms ◽  
Asset Pricing Model ◽  
User Adoption ◽  
S Curve ◽  
Dynamic Asset Pricing

Abstract We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is determined by aggregating heterogeneous users’ transactional demand, rather than discounting cash flows as is done in standard valuations models. Endogenous platform adoption builds on user network externality and exhibits an $S$-curve: it starts slow, becomes volatile, and eventually tapers off. The introduction of tokens lowers users’ transaction costs on the platform by allowing users to capitalize on platform growth. The resultant intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility.

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