A PRACTICAL THEORY OF FUNGIBILITY

Jamsheed Shorish, Matt Stephenson, Michael Zargham

Publication: Working/Discussion PaperWU Working Paper

322 Downloads (Pure)

Abstract

We formalize 'degrees of fungibility' by differentiating goods according to both their underlying attributes and the perceived value and/or usefulness of those attributes to a value assessor. This allows us to distinguish between goods that appear to be 'exactly the same' from those goods that appear to be 'nearly the same'. Such a distinction is of particular importance in the design space of digital goods, which may exist both natively in the digital space and as surrogates, i.e. as digital representations of physical goods. We provide motivating examples where digital objects are too fungible for certain desired uses, and proceed to develop a formal framework under which degrees of fungibility can be defined and characterized. We close by bridging this framework to applications in machine learning and market design.
Original languageEnglish
Place of PublicationVienna
DOIs
Publication statusPublished - 27 May 2021

Publication series

SeriesWorking Paper Series / Institute for Cryptoeconomics / Interdisciplinary Research

Bibliographical note

Updated version

WU Working Paper Series

  • Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Research
  • A PRACTICAL THEORY OF FUNGIBILITY

    Shorish, J., Stephenson, M. & Zargham, M., 27 May 2021, Vienna, (Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Research).

    Publication: Working/Discussion PaperWU Working Paper

    Open Access
    File
    194 Downloads (Pure)

Cite this