东吴学术大讲堂 —— 尚广志教授
发布者：殳妮 发布时间：2021-05-12 浏览次数：191
东吴学术大讲堂 —— 尚广志教授
报告题目：Need for Speed, but How Much Does It Cost? Unpacking the Fee-Speed Relationship in Cryptocurrency Transactions
报告时间：2021年5月13日 11:00 – 12:00
报告地点：腾讯会议（会议ID： 714 239 534）
报告摘要：
The growing popularity of blockchain-based cryptocurrencies as a payment mechanism is driven by low fee requirements, among other factors. Different from conventional payment systems with fixed transaction fees, many cryptocurrencies allow users to “name your own price”, giving rise to a large variation in fee offerings and hence, variation in confirmation times. Yet, the time it takes a cryptocurrency transaction to be confirmed in the blockchain is not only affected by the fee offered, but also by the contemporaneous congestion level and the inherent randomness in the verification process. Although it is generally expected that higher fees lead to quicker confirmation, the uniqueness of the cryptocurrency setting adds important nuances to the fee-speed relationship. Using Bitcoin – the original and most heavily used cryptocurrency by far – as our empirical context, we stylize the transaction confirmation processes, propose a theoretical framework that maps the causal path from fee to speed, and estimate this framework using Bitcoin transaction data between November 2017 and February 2018 – a period of high volatility. Our results show strong evidence for two characteristics of fee’s impact: congestion dependence and tail shrinkage. Our finding that the speed acceleration effect of fee is particularly strong on the tail of the confirmation time distribution motivates a target service level approach to fee recommendation. Accordingly, we develop an efficient computational procedure that helps Bitcoin users answer the following question: “how much should I pay if I want my transaction to be confirmed in t minutes with x% likelihood?”. We discuss the implications of our analysis on future cryptocurrency development and the long-term adoption of this revolutionary technology.
报告人简介：
尚广志，美国Florida State大学威尼斯欢乐娱人城v3676副教授，现任《运营管理》和《零售运营》期刊部门主编，在国际顶级期刊MIS Quarterly, Journal of Operations Management, Production and Operations Management, Decision Sciences等发表10余篇学术论文。
