Earticle

초록

영어

Platforms often adopt a “two-stage” cryptocurrency-based loyalty program (CBLP) design, awarding loyalty points with stable value and allowing the conversion into volatile and liquid coins. We study how the two-stage CBLP design improves users’ participation and the moderating role of the cryptocurrency’s price. Using a data set from a ride-hailing platform that suspended users’ point-to-coin conversion until 14 weeks after the start of its CBLP, we employ a difference-in-differences approach and find that awarding points enhances users’ participation, while this effect does not reduce after the conversion. We further find that, after the conversion, the loyalty effect becomes more prominent when the cryptocurrency appreciates. Notably, however, before the conversion, the loyalty effect diminishes with the cryptocurrency’s appreciation, contrary to the platforms’ general expectations.

목차

Introduction
Research Setting
Effectiveness of Two-Stage CBLPs
Propensity Score Matching
Difference-in-Differences
Results
Roles of the Cryptocurrency’s Price
Conclusions
References

저자

• 배유로 [ 한국과학기술원 경영공학부 ]
• 권혁구 [ Nanyang Business School, Nanyang Technological University ]
• 이재원 [ 세종대학교 경영학부 ]
• 조대곤 [ 한국과학기술원 경영공학부 ]

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