Impact Evaluators as Public Good Games with Institutional Rewards

We model Impact Evaluators (IEs) as repeated public good games with institutional rewards, analyzed via replicator dynamics. Sustained cooperation depends on the joint effect of token issuance and token value, which determines whether systems converge to cooperation, defection, or mixed equilibria. Based on how token value is set, IEs are classified as exogenous, endogenous, or mixed, with the latter facing the strongest trade-offs. We conclude that sustainable IEs require adaptive tokenomics that stabilize incentives despite market volatility.