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on Information and Communication Technologies |
| By: | Maija Halonen-Akatwijuka (University of Bristol); Tobias Regner (Max Planck Institute of Economics, Jena) |
| Abstract: | We apply the property rights theory of Grossman-Hart-Moore in the music industry and study the optimal allocation of copyright between the artists who create music and the labels who promote and distribute it. Digital technology opens up a role for new intermediaries. We find that entry of online platforms occurs only if they are sufficiently more productive in distribution than the incumbent label. Furthermore, entry leads to a change in bargaining positions and it can become optimal for the copyright to be shifted from the label to the artist. |
| Keywords: | property rights theory, copyright, internet, music industry |
| JEL: | D23 L22 L23 L82 L86 |
| Date: | 2009–11–17 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2009-096&r=ict |
| By: | Tuomo Nikulainen; Martti Kulvik |
| Abstract: | ABSTRACT : General purpose technologies (GPT) have a significant impact on economic activity through radical technological change and wide technological diffusion. This paper aims to address the generality of technologies associated with the GPT concept. Information and communications technologies (ICT), biotechnology and nanotechnology are viewed as existing or potential general purpose technologies, but there is a lack of empirical evidence of their generality. This paper addresses the argument by using patent, industry and company level data from Finland. The results provide evidence that ICT, as expected, is a GPT. Nanotechnology shows signs of being potentially widely applicable, but for biotechnology the channels of technological diffusion seem to be fewer and more focused on areas where Finnish companies are less active. The results and discussion are also reflected on the newly formed innovation policy instrument in Finland - SHOKs (Strategic centres for science, technology and innovation), which aim to direct a large share of the Finnish public R&D subsidies towards more demand-based and incumbent-driven innovation activity. |
| Keywords: | general purpose technology, technology diffusion, science-based technology, ICT, biotechnology, nanotechnology, SHOK |
| JEL: | O30 O33 O38 |
| Date: | 2009–11–20 |
| URL: | http://d.repec.org/n?u=RePEc:rif:dpaper:1208&r=ict |
| By: | Hiroshi Fujiki (Associate Director-General and Senior Monetary Affairs Department, Bank of Japan (E-mail: hiroshi.fujiki @boj.or.jp)); Migiwa Tanaka (Assistant Professor, Department of Economics, School of Business and Management, The Hong Kong University of Science and Technology (E-mail: mtanaka@ust.hk)) |
| Abstract: | Accurate information on money demand is essential for evaluation of monetary policy. In this regard, it is important to study the effect of financial innovation to money demand. We investigate the effect of a new form of such technology, electronic money, to money demand. Specifically, we estimate currency demand functions conditional on electronic money adoption using unique household-level survey data from Japan. We obtain the following results. First, currency demand indicates that average cash balances do not decrease with the adoption of electronic money. Rather, it seems to increase under some specifications. Second, households at the lowest quantile of the cash balance distribution tend to have higher cash balances after adopting of electronic money. These findings indicate that consumers do not significantly substitute cash holding with e-money holding despite the rapid diffusion of electronic money among households. |
| Keywords: | Currency Demand, Transaction Demands for Money, Electronic Money |
| JEL: | E41 |
| Date: | 2009–11 |
| URL: | http://d.repec.org/n?u=RePEc:ime:imedps:09-e-27&r=ict |