Résumé
We present a stylized model of three entrepreneurial financing methods based on two tradeoffs. First, token financing and crowdfunding reveal consumer-investors’ demand for the product prior to investment, but upfront purchase weakens the entrepreneur’s incentive to deliver. Second, token financing permits a bubble component in token value, but reduces consumer surplus.
Mots-clés
financement participatif, financement des entreprises, offre initiale de jetons, réglementation des jetons, jeton utilitaire; utility token;
Codes JEL
- G32: Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill
- G38: Government Policy and Regulation
- L26: Entrepreneurship
Remplace
Edmond Baranes, Ulrich Hege et Jin-Hyuk Kim, « Token Financing vs. Equity and Crowdfunding », TSE Working Paper, n° 26-1730, mars 2026.
Référence
Edmond Baranes, Ulrich Hege et Jin-Hyuk Kim, « Token Financing vs. Equity and Crowdfunding », Economics Letters, 2026, à paraître.
Voir aussi
Publié dans
Economics Letters, 2026, à paraître