The Microeconomics of Cryptocurrencies

69 Pages Posted: 26 Jan 2021

See all articles by Hanna Halaburda

Hanna Halaburda

New York University (NYU) - Leonard N. Stern School of Business

Guillaume Haeringer

CUNY Baruch College

Joshua Gans

University of Toronto - Rotman School of Management

Neil Gandal

Berglas School of Economics, Tel Aviv University; Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 4 versions of this paper

Date Written: 2021

Abstract

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature of the phenomenon analyzed, this research spans many academic disciplines including macroeconomics, law and economics and computer science. This survey focuses on the microeconomics of cryptocurrencies themselves. What drives their supply, demand, trading price and competition amongst them. This literature has been emerging over the past decade and the purpose of this paper is to summarize its main findings so as to establish a base upon which future research can be conducted.

JEL Classification: A100, D400, L000, O300, Y200

Suggested Citation

Halaburda, Hanna and Haeringer, Guillaume and Gans, Joshua and Gandal, Neil, The Microeconomics of Cryptocurrencies (2021). CESifo Working Paper No. 8841, Available at SSRN: https://ssrn.com/abstract=3772082

Hanna Halaburda (Contact Author)

New York University (NYU) - Leonard N. Stern School of Business ( email )

44 West 4th Street
New York, NY NY 10012
United States

Guillaume Haeringer

CUNY Baruch College ( email )

17 Lexington Avenue
New York, NY 10021
United States

Joshua Gans

University of Toronto - Rotman School of Management ( email )

105 St. George Street
Toronto, Ontario M5S 3E6 M5S1S4
Canada

Neil Gandal

Berglas School of Economics, Tel Aviv University ( email )

Tel Aviv University
Tel Aviv 69978
Israel
+972 3 640 9907 (Phone)
+972 3 640 9908 (Fax)

HOME PAGE: http://www.neilgandal.com/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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