区块链技术的市场设计

区块链技术的市场设计
Working paper, last revised: July 26, 2017
作者：Katya Malinova Andreas Park

摘要：区块链，或者更广泛地说，分布式账本技术允许创建一个分散的交易数字账本，并在计算机网络之间共享。本文认为，该技术在金融市场的实施为投资者提供了新的选择来管理其持有的透明度和他们的交易意图。首先，本文确定了分布式账本的两个内在特征，即标识符和终端投资者之间的映射以及分布式账本透明度的程度，它们影响了这些新选项的可用性，然后本文在中介和点对点交易的理论模型中研究了这些关键特征的实现设计如何影响投资者的交易行为、交易成本和投资者的福利。尽管存在抢先投资的风险，最透明的环境还是会带来最高的投资者福利。在未完全透明度的情况下，如果允许投资者将其持有的股份在许多身份之间进行分配，福利就会少量增加。

Market Design with Blockchain Technology
Abstract: Blockchain or, more generally, distributed ledger technology allows to create a decentralized digital ledger of transactions and to share it among a network of computers. In this paper, we argue that the implementation of this technology in financial markets offers investors new options for managing the degree of transparency of their holdings and their trading intentions. We first identify two intrinsic features of a distributed ledger that impact the availability of these new options, namely the mapping between identifiers and end-investors and the degree of transparency of the ledger, and we then examine how the implementation design of these critical features affects investor trading behavior, trading costs,and investor welfare, in a theoretical model of intermediated and peer-to-peer trading. The most transparent setting yields the highest investor welfare, despite the risk of front-running. In the absence of full transparency, welfare is weakly higher if investors are allowed to split their holdings among many identifiers.

翻译：郑瑜琦

CAFR区块链应用研究
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