When Do Tokens Beat Equity? The Economics of Utility Tokens

Katya Malinova () and Andreas Park
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Katya Malinova: DeGroote School of Business, McMaster University

Chapter Chapter 5 in The Blockchain Scholars Book, 2025, pp 23-27 from Springer

Abstract: Abstract This chapter is based on the article “Tokenomics: When Tokens Beat Equity” by Katya Malinova and Andreas Park, published in Management Science in 2023 ( https://doi.org/10.1287/mnsc.2023.4882 ). Katya, an Associate Professor and Mackenzie Investments Chair in Evidence-Based Investment Management at the DeGroote School of Business, McMaster University, kindly agreed to summarize their joint research and serves as the corresponding author for this chapter.

Date: 2025
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DOI: 10.1007/978-981-95-2844-8_5

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