Undergraduate Student Dae Han Kim Publishes a Top 3% SSCI Academic Journal
▲ (from the left) Dae Han Kim, Prof. Doo Jin Ryu (Advisor), Prof. Robert Webb
SKKU Economics 4th grade undergraduate student Dae Han Kim published a thesis as the first author in the Business/Finance field Top 3.6% SSCI academic journal, International Review of Financial Analysis(Impact Factor=8.235). It is a very rare case, not only in Korea but also internationally, for an economics student to publish a thesis on the business & finance field top SSCI academic journal as the first author. Kim has already posted a thesis in the internationally renowned SSCI academic journal, Financial Innovation (Impact Factor = 6.793) last year, along with Economic Research (Impact Factor = 3.080), receiving Minor Revision Request.
The title of the thesis is “Determination of equilibrium transaction fees in the Bitcoin network: A rank-order contest” and was written under an overseas research collaboration with advisory Professor Doo Jin Ryu, and US University of Virginia Research Chair Professor Robert Webb (SKKU Global Finance Research Center Senior Researcher).
Bitcoin miners process transactions in the created blocks and receive fees from users, and they select transactions to be processed by viewing the relative size of the fees attached to each transaction. The content of this paper is to model the competition according to the strategic behavior of users who want to process transactions quickly but want to minimize fees, and to derive the size of the fee to be presented in consideration of 'resistance to confirmation delay'. Based on the balance derived, the relationship between various variables in the Bitcoin network was also discussed. Through this paper, we can understand the allocation mechanism of virtual currency and think about the theoretical background for designing a more efficient blockchain.
The corresponding author, Prof. Ryu, said “I am happy to have that first achievement of the ‘Global Research Platform Creation Project’ supported by the university headquarters and corporation of our school and organized by the Ministry of Planning and Coordination (Director Pil-jin Yoo) which promoted to allow outstanding students at Sungkyunkwan University to write world-class research papers by co-authoring papers with renowned scholars from prestigious universities abroad.”
The correspondent author, Prof. Robert Webb said, “Ph.D. courses in finance/economics at prestigious universities in the United States usually write three Essays as dissertations, but still, chapter papers are rarely published in journals until they are obtained. Mr. Kim's research capabilities are enough to be awarded a doctorate right away.”
The first author, undergraduate student Dae Han Kim, said, "Over the past few years, under the guidance of Prof. Ryu, I have devoted myself to research day and night and learned a lot from college life. Through SKKU Finance Lab, I had the opportunity to directly ask Prof. Myron Scholes, a Nobel Prize winner in economics, about virtual currency and blockchain, and listen to comments on the research contents. This activity seems to have led to the publication of three SSCI papers. Immediately after graduation, the Army's second lieutenant is scheduled to be commissioned. To prevent the flow of research from being cut off, the research was conducted by reading papers printed in advance using personal maintenance time and night lights in the ROTC field conductor training conducted during every vacation. Even after being commissioned, I would like to continue to invest time in academics and research."
The detail of this thesis is listed below.
Kim, D., Ryu, D., Webb, R.I. (Forthcoming). Determination of equilibrium transaction fees in the Bitcoin network: A rank-order contest. International Review of Financial Analysis (SSCI), Elsevier.
○ DOI: https://doi.org/10.1016/j.irfa.2023.102487