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Tokenization of the Common: An Economic Model of Multidimensional Incentives


Kraner, Benjamin; Vallarano, Nicolo; Tessone, Claudio (2023). Tokenization of the Common: An Economic Model of Multidimensional Incentives. In: Middleware '23: 24th International Middleware Conference, Bologna, Italy, 11 December 2023 - 15 December 2023. ACM Digital library, 37-42.

Abstract

The concept of the tragedy of the commons, originally rooted in economics, describes the depletion of shared resources due to self-interested actions by individuals. This work proposes a novel solution to address this economic challenge by leveraging tokens to capture its multidimensional nature. By utilising blockchain and DLTs, this decentralised approach aims to achieve a social optimum while promoting self-regulation. The paper presents a mathematical treatment of the tragedy of the commons, incorporating multi-dimensional tokens and exploring the divergence from the classic optimal solution, highlighting the potential of tokenisation in shaping a sustainable and efficient economy.

Abstract

The concept of the tragedy of the commons, originally rooted in economics, describes the depletion of shared resources due to self-interested actions by individuals. This work proposes a novel solution to address this economic challenge by leveraging tokens to capture its multidimensional nature. By utilising blockchain and DLTs, this decentralised approach aims to achieve a social optimum while promoting self-regulation. The paper presents a mathematical treatment of the tragedy of the commons, incorporating multi-dimensional tokens and exploring the divergence from the classic optimal solution, highlighting the potential of tokenisation in shaping a sustainable and efficient economy.

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Additional indexing

Item Type:Conference or Workshop Item (Paper), not_refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Informatics
Dewey Decimal Classification:000 Computer science, knowledge & systems
Scope:Discipline-based scholarship (basic research)
Language:English
Event End Date:15 December 2023
Deposited On:19 Feb 2024 11:11
Last Modified:11 Mar 2024 20:59
Publisher:ACM Digital library
Series Name:DICG : Proceedings of the International Workshop on Distributed Infrastructure for the Common Good
ISBN:979-8-4007-0458-1
OA Status:Hybrid
Publisher DOI:https://doi.org/10.1145/3631310.3633486
  • Content: Published Version
  • Language: English
  • Licence: Creative Commons: Attribution 4.0 International (CC BY 4.0)