{"id":"W4386865006","doi":"10.1287/mnsc.2023.4882","title":"Tokenomics: When Tokens Beat Equity","year":2023,"lang":"en","type":"article","venue":"Management Science","topic":"FinTech, Crowdfunding, Digital Finance","field":"Business, Management and Accounting","cited_by":64,"is_retracted":false,"has_abstract":true,"ca_institutions":"University of Toronto; McMaster University","funders":"","keywords":"Equity (law); Moral hazard; Security token; Finance; Revenue sharing; Revenue; Economics; Debt; Business; Accounting; Microeconomics; Computer science; Political science; Incentive","routes":{"ca_aff":true,"ca_fund":false,"ca_venue":false,"about_ca":true,"invisible_to_affiliation_only":false},"retraction":null,"screen":null,"direct_labels":[],"prediction":{"model_version":"metacan-v3-hybrid-931329e0061c","candidate_categories":[],"consensus_categories":[],"category_scores_codex":[0.004090388,0.0004354979,0.0007601713,0.0008804615,0.00211751,0.007379358,0.001358448,0.003608696,0.03238081],"category_scores_gemma":[0.02415744,0.0004585662,0.0006467396,0.0008588074,0.005412137,0.01419002,0.00459908,0.002801925,0.003317626],"about_ca_system_candidate":false,"about_ca_system_consensus":false,"about_ca_system_score_codex":0.002163294,"about_ca_system_score_gemma":0.002001522,"about_ca_topic_candidate":false,"about_ca_topic_consensus":false,"about_ca_topic_score_codex":0.0007992648,"about_ca_topic_score_gemma":0.0008695952,"domain_scores_codex":[0.9968641,0.000943949,0.0001727816,0.0006283009,0.0007307641,0.0006602017],"domain_scores_gemma":[0.9912588,0.003918911,0.001730611,0.001621655,0.0006120006,0.0008580842],"domain_codex":null,"domain_gemma":null,"domain_candidate":null,"domain_consensus":null,"study_design_codex":"theoretical_or_conceptual","study_design_gemma":"theoretical_or_conceptual","study_design_scores_codex":[0.0003067466,0.00005335182,0.002080535,0.0001110036,0.00002381874,0.0003147507,0.0003118453,0.004216603,0.003713206,0.9584537,0.006435581,0.0239789],"study_design_scores_gemma":[0.00005931438,0.00007722461,0.0007311783,0.0001015627,0.00002562139,0.0002348006,0.0002587121,0.01513385,0.004962985,0.9542974,0.02407927,0.00003799716],"study_design_candidate":"theoretical_or_conceptual","study_design_consensus":"theoretical_or_conceptual","genre_codex":"methods","genre_gemma":"empirical","genre_scores_codex":[0.3065181,0.002829184,0.3680415,0.0240018,0.001588161,0.0003633187,0.001343527,0.001555623,0.2937588],"genre_scores_gemma":[0.9568114,0.0006280474,0.01631874,0.001250634,0.0001695381,0.0001318989,0.0001771369,0.0002071667,0.02430537],"genre_candidate":"empirical","genre_consensus":null,"teacher_disagreement_score":0.03238081,"threshold_uncertainty_score":0.1083246,"prediction_status":"machine_predicted_unvalidated"},"machine_scores":{"provisional":true,"baseline":true,"maturity_gate_passed":false,"score_opus":0.0411565387696378,"score_gpt":0.2708236240703468,"score_spread":0.229667085300709,"validation_status":"score_only:v0-immature-baseline","note":"Baseline scores from an immature model (maturity gate not passed). Scores rank; they never assert a category."}}