Stability of Transaction Fees in Bitcoin: A Supply and Demand Perspective
尚广志教授是佛罗里达州立大学商学院的Jim Moran运筹学副教授。他目前的研究有三个主要主题:消费者退货管理、服务劳动力问题和创新技术管理。他的论文在Production and Operations Management (POM), Journal of Operations Management (JOM), MIS Quarterly (MISQ), and Decision Sciences (DS) 等期刊发表，且曾获得POM, JOM, 和 POM Society’s College of Operational Excellence 的最佳论文提名。尚教授现任职JOM 实证方法部门的部门主编以及DS零售运营部门的部门主编。他正在联合主编JOM的特别刊：从运营角度看区块链应用。
Guangzhi Shang is Jim Moran Associate Professor of Operations Management in the Department of Business Analytics, Information Systems, and Supply Chain at Florida State University. His research has been published in Production and Operations Management (POM), Journal of Operations Management (JOM), MIS Quarterly (MISQ), and Decision Sciences (DS), among others, and recognized by best paper awards at POM, JOM, and POM Society’s College of Operational Excellence. He serves as the Department Editor for the Empirical Research Methods Department at JOM and for the Retail Operations Department at DS. His review service is recognized by the 2019 outstanding reviewer award of DS and the 2018 best reviewer award of JOM. He was also nominated for the best reviewer for POM and best associate editor for JOM. He co-produces a column together with Mike Galbreth and Mark Ferguson in the Reverse Logistics Magazine named “View from Academia,” aimed at disseminating fresh-off-the-press academic knowledge among industry professionals dealing with consumer returns. He currently co-edits a special issue for JOM: “Operational Perspectives on Blockchain Applications”.
Guangzhi Shang’s current research has three primary themes: consumer returns management, service labor issues, and management of innovative technologies. He investigates the first from a variety of angles, including how a retailer should set its optimal return policy, how an OEM or a retailer could better forecast the quantity of returns, and how a retailer could assess the value of its return policy. For the second, he focuses on the context of live-chat contact centers. Research questions include the impact of customer’s waiting experience on the progress of a chat session, agent’s ability to learn from their past experiences, and the customer–agent matching problem. For the third, he looks into emerging fintech such as cryptocurrency and crowdfunding platforms. He enjoys doing practice-driven research. He is a frequent invited speaker at leading industry conferences such as the annual Consumer Returns conference. He is among the first to publish on the topic of cryptocurrency in premier business school journals.
Cryptocurrencies such as Bitcoin are breakthrough financial technologies that promise to revolutionize the digital economy. Unfortunately, their long-term adoption in the business world is imperiled by a lack of stability that manifests as dramatic swings in transaction fees and severe participant dissatisfaction. To date, there has been little academic effort to study how system participants react to volatility in fee movements. Our study addresses this research gap by conceptualizing the Bitcoin platform as a data space market and studying how market equilibrium forms between users who demand data space while trying to avoid transaction delays, and miners who supply data space while trying to maximize fee revenues. Our empirical analysis based on past bitcoin transactions reveals the existence of a relatively flat downward-sloping demand curve and a much steeper upward-sloping supply curve. Regarding users, the inelastic nature of demand signals the utility of Bitcoin as a niche platform for transactions that are otherwise difficult to conduct. This result challenges the belief that users may easily abandon Bitcoin technology given rising transaction costs. We also find that the use of bitcoins as a trading asset is associated with higher levels of tolerance to fees. Regarding miners, the comparatively elastic nature of supply indicates that higher fees stimulate mining by a larger magnitude than suppressing demand. This finding implies that, ceteris paribus, the Bitcoin system turns to self-regulate transaction fees in an efficient manner. Our work has implications for the management of congestion in blockchain-based systems and more broadly for the stability of cryptocurrency markets.