关键词: 代币, 区块链, 平台金融, Knight不确定性, 非线性期望, 随机最优化

Abstract: The shock of investors’ investment efficiency has an impact on platform productivity in platform operation, thus affecting the platform token issuance strategy, token price, and platform franchise value. Considering the Knightian uncertainty of investors’ investment efficiency impact, a dynamic model of platform productivity is established by using the nonlinear expectation theory. In addition, the Hamilton Jacobi Bellman equation (HJB equation) satisfied by the franchise value of platform developers is derived. Moreover, the impact of Knightian uncertainty on the optimal investment of investors, the franchise value of the platform, the marginal value of platform productivity, and the market clearing price of tokens is analyzed. Furthermore, the theoretical results are numerically simulated. The simulation shows that the optimal investment of investors in the platform and the franchise value of the platform are affected not only by the issuance of platform tokens, but also by the Knightian uncertainty. As the Knightian uncertainty degree increases, the optimal investment and franchise value of the platform decrease. Therefore, in addition to paying attention to the token issuance strategy of the platform itself, the operators of the platform also need to consider the impact of Knightian uncertain factors on the operation of the platform.

Key words: token, blockchain, platform finance, Knightian uncertainty, nonlinear expectation；stochastic optimization