Redeemable Platform Currencies
研究了大型在线零售商发行可赎回数字代币的销售与定价策略，发现平台通过限制代币交易可获得更高收入，除非代币能产生足够高的外部便利收益。
Abstract 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.