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on Payment Systems and Financial Technology |
| By: | Balakrishnan, Uttara (University of Maryland); Haushofer, Johannes (Princeton University); Jakiela, Pamela (University of Maryland) |
| Abstract: | Empirically observed intertemporal choices about money have long been thought to exhibit present bias, i.e. higher short-term compared to long-term discount rates. Recently, this view has been called into question on both empirical and theoretical grounds, and a spate of recent findings suggest that present bias for money is minimal or non-existent when one allows for curvature in the utility function and transaction costs are tightly controlled. However, an alternative interpretation of many of these findings is that, in the interest of equalizing transaction costs across earlier and later payments, small delays were introduced between the time of the experiment and the soonest payment. We conduct a laboratory experiment in Kenya in which we elicit time and risk preference parameters from 291 participants, using convex time budgets and tightly controlling for transaction costs. We make the soonest payments truly immediate, using the Kenyan mobile money system M-Pesa to make real-time transfers to subjects' phones. We find strong evidence of present bias, with estimates of the present bias parameter ranging from 0.901 to 0.937. This result suggests that present bias for money does in fact exist, but only for truly immediate payments. |
| Keywords: | discount rate, present bias, experiment, mobile money |
| JEL: | C91 D90 O12 |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp9653&r=pay |
| By: | ITO Hiroyuki; KAWAI Masahiro |
| Abstract: | In this paper, we investigate how much a major national currency is used for trade invoicing by focusing primarily on the experiences of the U.S. dollar, Japanese yen, and Deutsche mark (DM) in the 1970s through the 1990s. We then attempt to draw lessons for China's renminbi (RMB) internationalization. Our data on the shares of the three major currencies in export invoicing show that the dollar has unequivocally been a global invoicing currency, the DM was a major regional currency in Europe, while the yen has neither been a global nor regional currency. DM invoicing was driven by European countries' trade ties with Germany. In contrast, the yen was not and is still not widely used for trade invoicing by Asia-Oceania countries, even including Japan itself, despite the region's strong trade ties with Japan. Our regression analysis on the determinants of the major currency share for trade invoicing (also including UK pound, French franc, Italian lira, and Swiss franc) in the 1970-1998 period suggests that the invoicing share of a major currency tends to be positively affected by the degree of other economies' trade ties with the major currency country and negatively affected by the degree of their financial development or openness. Also, the major currency share for trade invoicing is affected by both the weight of the major currencies in the implicit currency baskets of other economies or these economies' trade shares with major-currency zone countries. Economies belonging to the U.S. dollar zone tend to invoice their trade more in the dollar and less in the DM, while the opposite is observed for economies in the DM zone. The use of yen for trade invoicing is not much affected by its currency weight or the trade share with currency zones. European countries largely belonged to the DM zone, thereby contributing to higher DM use for trade invoicing, whereas Asia-Oceania countries belonged mainly to the U.S. dollar zone, leading to a lower degree of yen use. We also find that major currency countries tend to invoice their trade in their own currencies when they have a large presence in international trade and high levels of per capita income, and when their financial markets are more developed and at the same time are sufficiently open. Furthermore, major currency countries with high trade shares with U.S. dollar zone countries tend to invoice their exports less in their own currencies. For China, its low level of per capita income and limited financial openness as well as the presence of the U.S. dollar bloc in Asia stand as a big challenge to the nation's ambition to promote the RMB as a major regional or global trade-invoicing currency. |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:16005&r=pay |
| By: | Zeiler, Vanessa |
| Abstract: | Die wachsende Verbreitung und Nutzung des Smartphones erhöht die Relevanz von mobilen Inhalten für Konsumenten und Unternehmen. Innerhalb der Markenkommunikation bietet das mobile Medium die Möglichkeit, den Kunden direkt, personalisiert, überall und zu jederzeit mit der jeweiligen Botschaft zu erreichen. Die Interaktionsmöglichkeiten und die multi-sensuelle Ansprache erhöhen zudem die Bedeutung von Mobile Marketing für die Erzeugung von Markenerlebnissen. Aktuelle Studien im Bereich Mobile Marketing bestätigen die generelle Akzeptanz von mobilen Inhalten und identifizieren den wahrgenommene Unterhaltungsnutzen und das wahrgenommene Vergnügen als die wichtigsten akzeptanzfördernden Faktoren. Basierend auf diesen Akzeptanzforschungsstudien und Erkenntnissen der Sozialpsychologie, vor allem des Flow Erlebens, untersucht diese empirische Studie die Relevanz von Vergnügen und Unterhaltung für das positive subjektive Gesamterlebnis bei mobilen Anwendungen und identifiziert wichtige Einflussfaktoren. Es wird zunächst ein übergeordnetes Flow Konstrukt als optimales Erlebnis definiert (Kognitives Entertainment). Das Flow-Erleben gilt als optimales Erlebnis und ist bereits mehrfach zur Erklärung der Mensch-Computer Interaktion angewendet und empirisch belegt worden. Anschließend werden Hypothesen formuliert und ein Strukturmodell definiert, welches mit Hilfe einer empirischen Online-Studie getestet und anschließend statistisch verifiziert wird. Die Ergebnisse bestätigen kognitives Entertainment als wichtige Bedingung für die kontinuierliche Nutzung von mobilen Anwendungen. Emotionale Nutzen wie Freude und visuelles Design, sowie kognitive, wie Kontrolle, beeinflussen das Kognitive Entertainment dabei positiv. Die Erkenntnisse ermöglichen theoretische und praktische Implikationen für die Gestaltung relevanter mobiler Markeninhalte, welche die kontinuierlichen Nutzung unterstützen und aufgrund der positiven Erlebniserfahrung zudem ermöglichen, Mobile Marketing verstärkt zur Markenbildung einzusetzen. |
| Keywords: | Mobile User Experience,Flow-Erleben,Mobile Marketing,Kognitives Entertainment,Wahrgenommenes Vergnügen,Mobile Anwendungen |
| JEL: | M31 M37 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:pfobei:156&r=pay |
| By: | Arslan, A.M.; Agatz, N.A.H.; Kroon, L.G.; Zuidwijk, R.A. |
| Abstract: | The trend towards shorter delivery lead-times reduces operational efficiency and increases transportation costs for internet retailers. Mobile technology, however, creates new opportunities to organize the last-mile. In this paper, we study the concept of crowdsourced delivery that aims to use excess capacity on journeys that already take place to make deliveries. We consider a peer-to-peer platform that automatically creates matches between parcel delivery tasks and ad-hoc drivers. The matching of tasks and drivers gives rise to a new variant of the dynamic pick-up and delivery problem. We propose a rolling horizon framework and develop an exact solution approach to solve the various subproblems. In order to investigate the potential benefit of crowdsourced delivery, we conduct a wide range of computational experiments. The experiments provide insights into the viability of crowdsourced delivery under various assumptions about the environment and the behavior of the ad-hoc drivers. The results suggest that the use of ad-hoc drivers has the potential to make the last-mile more cost-efficient and environmentally friendly. |
| Keywords: | crowdsourced delivery, pickup and delivery problem, ad-hoc drivers |
| Date: | 2016–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:ems:eureri:79743&r=pay |