Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 14th May 2024, 10:16:06am EDT

 
 
Session Overview
Session
Track M1-3: FinTech
Time:
Monday, 20/May/2024:
10:30am - 11:15am

Session Chair: Jillian Grennan, UC-Berkeley
Discussant: Joshua White, Vanderbilt University
Location: Room 610


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Presentations

Digital Veblen Goods

Sebeom Oh1, Samuel Rosen1, Anthony Lee Zhang2

1Temple University; 2University of Chicago

We propose a new framework for understanding non-fungible tokens (NFTs), crypto-assets that typically represent digital artwork. We posit that NFTs are digital Veblen goods: consumers demand them partly because other consumers do. Demand for NFT collections is thus fragile; issuers respond by underpricing their NFTs in primary markets, creating profit opportunities for "scalpers." We construct a simple model of NFT markets emphasizing social forces on demand and verify its predictions empirically. Our results have implications for redesigning NFT primary markets and for interpreting NFT returns.


Oh-Digital Veblen Goods-1008.pdf


 
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