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Transaction Fees in Cryptocurrency
2019-01-10 23:13:16
by Wei Jiang, National University of Singapore

Friday, Nov 23, 2018 | 2:00pm-3:30pm | Room 335, HSBC Business School Building


Abstract


Although cryptocurrency mining activities are widely discussed in the media, as miners attempt to profit from transaction fees, there are few academic papers studying the transaction fees. We proposed a model for cryptocurrency transaction fees from the miners' perspective. The model is rich enough to incorporate both inventory and demand levels. The model is calibrated to the empirical data and dynamics of the average transaction fees are discussed. The model is made possible by significantly extending the classical Hotelling model for exhaustible natural resources, via the addition of both feedback supply and an S-shaped stochastic demand function.
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