综合学术活动
大金融思想学术沙龙 | Market Power and Redeemable Loyalty Token Design
2025-10-29主讲嘉宾简介
何致衡，中国人民大学财政金融学院助理教授，于2025年获清华大学博士学位。他的主要研究方向是金融科技和数字金融，多篇研究成果入选AFA、NFA、FMA、ES World Congress等高水平国际学术会议，获多项最佳论文奖。
沙龙内容摘要
Digitalization has led to a rapid expansion of loyalty tokens typically bundled as part of product price. An open question is whether, as technology evolves, firms will have a strong incentive to make loyalty tokens tradable, thereby raising regulation issues, including for monetary and banking authorities. Our main finding is that, under fairly general assumptions, firms will still have strong incentives to maintain non-tradability. This may seem surprising, given that an individual consumer would be willing to pay a premium for tradable tokens. However, provided the tokens do not offer a convenience yield to non-platform consumers, non-tradability enforces time-series bundling, thereby expanding the outstanding stock of tokens outstanding at any one time, providing a better overall form of financing. We further show that an issuer with stronger market power tends to make its revenue more token-dependent. Empirical results from airline mileage and hotel reward programs align with our theory.
时 间
2025年10月31日周五 下午2：00-3：10
地 点
中国人民大学通州财金楼529会议室
主办单位
国家金融研究院、中国人民大学财政金融学院货币金融系