American Economic Association highlighted cryptocurrency at its annual meeting first time

January 05, 2019
Chris Wheal

If there is any doubt that cryptocurrencies are entering the mainstream vernacular, an assistant professor at the University of Chicago may have dispelled those notions on Friday.

Lin William Cong – an assistant professor of finance at the university’s Booth School of Business – took center stage Friday at the American Economic Association to discuss the latest research in the burgeoning field. It represents the first time the influential association has spotlighted the cryptocurrency industry at its annual meeting.

Hosted by The Econometrics Society, Cong’s session, called “Blockchain and Tokenomics,” focused on four research papers in the field, the first two of which he authored:

  • “Decentralized Mining in Centralized Pools,” which highlights the opposing forces of risk-sharing benefits and cross-pool diversification.
  • “Tokenomics: Dynamic Compensation for Decentralized Contribution,” which explores how tokens can be viewed as an alternative to cash-flow-based securities in corporate finance in the age of financial democratization, sharing economy and on-demand labor.
  • “Cryptocurrencies: Stylized Facts on a New Investible Instrument,” which presents asset-pricing properties of cryptocurrencies. The paper was written by researchers at the University of California-Berkeley and the University of Michigan.
  • “A Theory of ICOs: Diversification, Agency and Information Asymmetry,” which advances a theory of financing entrepreneurial ventures with initial coin offerings. This paper was written by researchers at Boston University and Boston College.

Cong, a native of China, received a Ph.D. in finance from Stanford University. He advises FinTech and investment firms and organizations such as the Wall Street Blockchain Alliance, a nonprofit.

Formed back in 1885 in New York, the American Economic Association is in charge of research and publications on economic subjects. The findings of the association are often used in introducing and drafting new legislations in the economic field.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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