Seller's Revenue Analysis Of Costless Lottery Model Based On Digital Currency

Auction is considered as a marketization tool to allocate scarce resources effectively in practice and theory because it can find market equilibrium price quickly and cheaply and maximize participants' income.At the same time,because of its instrumental"characteristics,many scholars native and abroad propose different auction models and assumptions by modelling different economic environments and participants' behavior.Block chain technology is a distributed data recording scheme that records all trans-actions or electronic actions,that is,open book technology.With the development of block chain technology and the circulation of digital money,auction theory has also made breakthroughs in new fields.Based on the current development of block chain application in China,this paper first puts forward the assumption of no-cost on the basis of the existing lottery model,and deduces costless lottery model.In the costless lottery model,it is found that the seller's revenue equals the bidding price of the successful bidder.On this basis,we se-lected 60 historical auction data published by Hash World Block Chain Game Company from July 7,2018 to April 7,2019 as research samples,and tested the effectiveness of the costless lottery model.The empirical results that we have received show that:(i)Seller's revenues are significantly correlated with the winner's value distribution in the costless lottery model,and the higher the winner's value distribution,the higher the seller's revenue;(ii)When the number of bidders leads to a large amount of bidding,the seller's revenues are not significantly correlated with the total amount of failers'biddings,Otherwise not.Finally,by using co-integration analysis,this paper has tested the long-term equilibrium relationship among the variables we used in the experiment,and simulated and predicted several future auctions.Through simulation and forecast-ing analysis,this paper verifies the theoretical results that the seller's revenue of the costless lottery model is slightly less than half of the winner's value distribution and has no significant correlation with the total amount of failers' biddings.The innovation of this paper is to extend the lottery model,deduce the equilibrium bidding and seller 's revenue of the lottery model under the condition of no cost,and use real bidding data to complete empirical analysis and model prediction.Through simulation analysis,we can verify that the expected transaction amount and published data under this strategy can be better fitting.Finally,the paper's conclusion that we have deduced is summarized,and some possible application scenarios of costless lot-tery model in the future are put forward,a series of policy suggestions are put forward for the development of block chain technology.