时间：2020年12月2日8:30

地点：在线讲座ZOOM平台：96116190621（https://fsu.zoom.us/j/96116190621）

主讲人：尚广志副教授，美国佛罗里达州立大学

题目：Need for Speed, but How Much Does It Cost? Unpacking the Fee-Speed Relationship in Cryptocurrency Transactions

摘要：The growing popularity of blockchain-based cryptocurrencies as a payment mechanism is drivenby low fee requirements, among other factors. Different from conventional payment systems with fixedtransaction fees, many cryptocurrencies allow users to “name your own price”, giving rise to a largevariation in fee offerings and hence, variation in confirmation times. Yet, the time it takes a cryptocurrencytransaction to be confirmed in the blockchain is not only affected by the fee offered, but also by thecontemporaneous congestion level and the inherent randomness in the verification process. Although it isgenerally expected that higher fees lead to quicker confirmation, the uniqueness of the cryptocurrencysetting adds important nuances to the fee-speed relationship. Using Bitcoin – the original and most heavilyused cryptocurrency by far – as our empirical context, we stylize the transaction confirmation processes,propose a theoretical framework that maps the causal path from fee to speed, and estimate this frameworkusing Bitcoin transaction data between November 2017 and February 2018 – a period of high volatility.Our results show strong evidence for two characteristics of fee’s impact: congestion dependence and tailshrinkage. Our finding that the speed acceleration effect of fee is particularly strong on the tail of theconfirmation time distribution motivates a target service level approach to fee recommendation.Accordingly, we develop an efficient computational procedure that helps Bitcoin users answer thefollowing question: “how much should I pay if I want my transaction to be confirmed in t minutes with x%likelihood?”. We discuss the implications of our analysis on future cryptocurrency development and thelong-term adoption of this revolutionary technology.

个人简介：尚广志是美国佛罗里达州立大学商学院商业分析、信息系统与供应链系副教授。他在国际期刊Decision Sciences Journal担任零售运行部门联合编辑，在国际期刊Journal of Operations Management实证研究方法部门联合编辑。