When Do Tokens Beat Equity? The Economics of Utility Tokens

This chapter is based on the article “Tokenomics: When Tokens Beat Equity” by Katya Malinova and Andreas Park, published in Management Science in 2023 (https://doi.org/10.1287/mnsc.2023.4882). Katya, an Associate Professor and Mackenzie Investments Chair in Evidence-Based Investment Management at the DeGroote School of Business, McMaster University, kindly agreed to summarize their joint research and serves as the corresponding author for this chapter.