Figure 2. (IMAGE)

Shanghai Jiao Tong University Journal Center

Figure 2.

Caption

Distorted expected demand, the optimal ICO token financing ratio α*, the expected optimal output and the value function V (α*;θ) with the varying ambiguity aversion coefficient θ under high and low expected demands with probability measure π for the robust ICO financing model without moral hazard.

Credit

Aifan Ling (Shanghai International Studies University, China) Jie Sun (National University of Singapore, Singapore)

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