My current research examines how decentralized and hybrid market architectures shape incentives, risk, and value creation in digital markets. It focuses on decentralized finance and Web3 cybersecurity risks, incentive design in decentralized markets, and the market design and economic implications of hybrid physical-digital (Phygital) goods.

Decentralized finance replaces centralized intermediaries with protocol-based market architectures, redefining how markets organize trading, liquidity provision, and risk management. This research stream studies DeFi market microstructure and cybersecurity risks, focusing on how trading mechanisms, liquidity provision, and protocol design shape price formation, market stability, and the market impact of security failures. Using on-chain data and institutional details of protocols, the research links attacks and vulnerabilities to value loss, market reactions, and risk pricing, and considers implications for insurance design and regulatory approaches.

Hanneke, Björn. Decentralized Finance: A Market Mechanism for Cybersecurity Risk Insurance.
Work in progress, to be presented at Decentralized Finance & Crypto Workshop @ Scuola Normale Superiore (January 2026).

Hanneke, Björn. Web3 Cyber-Risk Insurance: Design Requirements and Conceptual Mechanisms.
Under review.

Hanneke, Björn / Kirste, Daniel / Clapham, Benjamin. The Translation Problem: How Market Architectures Shape Data Comparability in Centralized and Decentralized Finance.
Under review.

Decentralized markets rely on protocol rules rather than centralized enforcement, shifting the coordination of economic activity toward incentive design. This research stream examines how decentralized incentives shape user behavior, participation, and liquidity across digital markets. It studies how creators, platforms, and users respond strategically to reward mechanisms, resale rules, and distribution strategies, and how these choices affect market outcomes over time. More broadly, the research investigates when decentralized incentive systems can sustain coordination and value creation, and when they instead introduce strategic frictions that limit market efficiency.

Hanneke, Björn / Chuang, Yu-Ren / Skiera, Bernd / Hinz, Oliver. The Broken Promise – Impact of Re-Sale Royalty Enforcement Policy Changes on Creators in the Blockchain Economy.
Work in progress, presented at Statistical Challenges in Ecommerce Research (SCECR) 2024, European Marketing Association Conference (EMAC) 2024, DPE Forum 2024.

Hanneke, Björn / Chuang, Yu-Ren / Skiera, Bernd / Hinz, Oliver. Sell or Give Away? The Economics of Rewarding in the Creator Economy.
Work in progress, presented at Workshop on Information Systems and Economics (WISE) 2024.

Hanneke, Björn / Hinz, Oliver. Overcoming the Coordination Problem by Competitive Poaching in the Token Economy: Cold-Starting Two-Sided Platforms by Token Airdrops.
Work in progress, presented at DPE Forum 2024.

Phygital goods combine physical products with digital counterparts, introducing new forms of ownership, scarcity, and resale modalities into consumer markets. This research stream studies how physical-digital integration affects bundling strategies, pricing, and competitive dynamics. It analyzes how programmable ownership features and resale rules influence consumer behavior and secondary markets, and how firms compete when value is jointly created across physical and digital domains. The research contributes to understanding how digital technologies reshape durable goods markets and competitive strategy.

Hanneke, Björn / Güler, Arda / Hinz, Oliver. Tokenized Durable Goods: The Impact of Digital Twins and Resale Fees.
Work in progress, presented at SIG DITE Paper Development Workshop 2025