A Chemical Analysis of Hybrid Economic Systems—Tokens and Money

Pardi, Anabele-Linda; Paolucci, Mario

doi:10.3390/math9202607

Cited by 5 publications

(8 citation statements)

References 29 publications

(26 reference statements)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…However, it is our opinion that the steady state analysis offers so much insight in itself that it should be done whether the ODE system has stable solutions or not. The detailed mathematical analysis of the described ODEs can be found in our most recent foundational paper 16 .…”

Section: Coefficient Economic Marketmentioning

confidence: 99%

Democratising Complex System Modelling

Pardi,

Burina

2023

Preprint

Self Cite

View full text Add to dashboard Cite

In the contemporary context of an acute need for sustainability and swift response to imminent crises such as global warming, pandemics and economic system disruptions, the focus on responsible decision making, ethical risk assessment and mitigation at all organizational levels is an overarching goal. Our aim is to introduce a deterministic method for investigating the stability of complex systems, in order to find the most important elements of such systems and their impact on different scenarios. The novelty of the current approach lies in its compact format and intuitive nature, designed to accommodate a limited amount of computational resources. The proposed modelling method involves the mapping of complex systems from a diversity of disciplines (economic markets and the resource management domain) onto a sequence of chemical reactions and involving a subsequent mathematical analysis. Mapping the results back onto the use cases shows that one can retrieve a considerable amount of detail, making the modeling strategy general enough to be adaptable and scalable while also detailed enough to provide valuable insights for practical scenarios.

show abstract

Section: Coefficient Economic Marketmentioning

confidence: 99%

Democratising Complex System Modelling

Pardi,

Burina

2023

Preprint

Self Cite

View full text Add to dashboard Cite

show abstract

“…Increasingly, token incentives are applied in various application domains of society such as construction [31], health [27], Covid-19 prevention measures [60], electricity production and consumption [32], car sharing [84,85], alleviating traffic congestion [86], book-keeping [38], decentralized access-control systems [40], or waste reduction [34]. Nevertheless, behavioral traits stemming from intrinsic motivation, such as creativity, joy, self-determination, purpose, and endurance may be important for some of those application domains which could be crowded out by these cryptoeconomic incentives and thus would result in reduced performance.…”

Section: ) (Ethical) Risksmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

To Incentivize or Not: Impact of Blockchain-Based Cryptoeconomic Tokens on Human Information Sharing Behavior

Ballandies

2022

IEEE Access

View full text Add to dashboard Cite

Cryptoeconomic incentives in the form of blockchain-based tokens are seen as an enabler of the sharing economy that could shift society towards greater sustainability. Nevertheless, knowledge of the impact of these tokens on human sharing behavior is still limited and this poses a challenge to the design of effective cryptoeconomic incentives. This study applies the theory of self-determination to investigate the impact of such tokens on human behavior in an information-sharing scenario. By utilizing an experimental methodology in the form of a randomized control trial with a 2x2 factorial design involving 132 participants, the effects of two token incentives on human information-sharing behavior are analyzed. Individuals obtain these tokens in exchange for their shared information. Based on the collected tokens, individuals receive a monetary payment and build reputation. Besides investigating the effect of these incentives on the quantity of shared information, the study includes quality characteristics of the information, such as accuracy and contextualization. The focus on quantity while excluding quality has been identified as a limitation in previous work. In addition to confirming previously known effects such as a crowding-out of intrinsic motivation by incentives, which also exists for blockchain-based tokens, the findings of this paper point to a hitherto unreported interaction effect between multiple tokens when applied simultaneously. The findings are critically discussed and put into the context of recent work and ethical considerations. The theory-basedempirical study is of interest to those investigating the effect of cryptoeconomic tokens or digital currencies on human behavior and supports the community in the design of effective personalized incentives for sharing economies.

show abstract

“…Increasingly, token incentives are applied in various application domains of society such as construction [31], health [27], Covid-19 prevention measures [60], electricity production and consumption [32], car sharing [84,85], alleviating traffic congestion [86], book-keeping [38], decentralized accesscontrol systems [40], or waste reduction [34]. Nevertheless, behavioral traits stemming from intrinsic motivation, such as creativity, joy, self-determination, purpose, and endurance may be important for some of those application domains which could be crowded out by these cryptoeconomic incentives and thus would result in reduced performance.…”

Section: B Implicationsmentioning

confidence: 99%

“…In particular, such an empirical approach could assess and validate the accuracy of the utilized theoretical models [1]. Likewise, although the application of multiple token incentives has been proposed to improve the maintenance and sharing of a common resource [31,33] and has been investigated in games [30] and simulations [34], the impact of simultaneously applying these incentives has not been investigated empirically in a controlled experiment. This paper addresses these identified gaps with the following research question: "What is the effect of multiple blockchain-based tokens on human information-sharing behavior measured in the quantity, accuracy, and contextualization of the shared information?"…”

Section: Introductionmentioning

confidence: 99%

To incentivize or not: Impact of blockchain-based cryptoeconomic tokens on human information sharing behavior

Ballandies

2022

Preprint

View full text Add to dashboard Cite

Cryptoeconomic incentives in the form of blockchain-based tokens are seen as an enabler of the sharing economy that could shift society towards greater sustainability. Nevertheless, knowledge of the impact of these tokens on human sharing behavior is still limited and this poses a challenge to the design of effective cryptoeconomic incentives. This study applies the theory of self-determination to investigate the impact of such tokens on human behavior in an information-sharing scenario. By utilizing an experimental methodology in the form of a randomized control trial with a 2x2 factorial design involving 132 participants, the effects of two token incentives on human information-sharing behavior are analyzed. Individuals obtain these tokens in exchange for their shared information. Based on the collected tokens, individuals receive a monetary payment and build reputation. Besides investigating the effect of these incentives on the quantity of shared information, the study includes quality characteristics of the information, such as accuracy and contextualization. The focus on quantity while excluding quality has been identified as a limitation in previous work. In addition to confirming previously known effects such as a crowding-out of intrinsic motivation by incentives, which also exists for blockchain-based tokens, the findings of this paper point to a hitherto unreported interaction effect between multiple tokens when applied simultaneously. The findings are critically discussed and put into the context of recent work and ethical considerations. The theory-based-empirical study is of interest to those investigating the effect of cryptoeconomic tokens or digital currencies on human behavior and supports the community in the design of effective personalized incentives for sharing economies.

show abstract

A Chemical Analysis of Hybrid Economic Systems—Tokens and Money

Cited by 5 publications

References 29 publications

Democratising Complex System Modelling

Democratising Complex System Modelling

To Incentivize or Not: Impact of Blockchain-Based Cryptoeconomic Tokens on Human Information Sharing Behavior

To incentivize or not: Impact of blockchain-based cryptoeconomic tokens on human information sharing behavior

Contact Info

Product

Resources

About