nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2018‒01‒08
eight papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Exploring the effect of monetary incentives on user behavior in Online Sharing Platforms By Lu, Yixin; Ou, Carol; Angelopoulos, Spyros
  2. Bitcoin Average Dormancy: A Measure of Turnover and Trading Activity By Reginald D. Smith
  3. Blockchain publique et contrats intelligents (Smart Contrats). Les possibilités ouvertes par Ethéreum... et ses limites By Dominique Guegan
  4. Social media instruments and the promotion of financial inclusion in Peruvian rural areas By Martin Valdivia; Alberto Chong
  5. The role of educational trainings in the diffusion of smart metering platforms: An agent-based modeling approach By Tomasz Weron; Anna Kowalska-Pyzalska; Rafal Weron
  6. Money Demand in China: A Meta-Study By Makram El-Shagi; Yizhuang Zheng
  7. From Cashews to Nudges: The Evolution of Behavioral Economics By Thaler, Richard H.
  8. La demanda de crédito a nivel de personas: RCC conoce a ENAHO By Nikita Céspedes Reynaga

  1. By: Lu, Yixin; Ou, Carol (Tilburg University, School of Economics and Management); Angelopoulos, Spyros
    Abstract: We examine the impact of monetary incentives on user onboarding in online sharing platforms. Specifically, drawing upon the literature of monetary incentives, privacy, and consumer behavior, we conduct a randomized field experiment to explore users’ initial engagement and interaction with an online car-sharing platform. Our empirical analyses show that monetary incentives are no better than simple email reminders in encouraging users’ self- disclosure of private information nor their active engagement with the platform (i.e., actual booking via the platform). Our work sheds new light on the heated debate over the design and deployment of monetary incentives in digital platforms, and provides useful implications for both academia and the industry.
    Date: 2018
  2. By: Reginald D. Smith
    Abstract: Attempts to accurately measure the monetary velocity or related properties of bitcoin used in transactions have often attempted to either directly apply definitions from traditional macroeconomic theory or to use specialized metrics relative to the properties of the Blockchain like bitcoin days destroyed. In this paper, it is demonstrated that beyond being a useful metric, bitcoin days destroyed has mathematical properties that allow you to calculate the average dormancy (time since last use in a transaction) of the bitcoins used in transactions over a given time period. In addition, bitcoin days destroyed is shown to have another unexpected significance as the average size of the pool of traded bitcoins by virtue of the expression Little's Law, though only under limited conditions.
    Date: 2017–12
  3. By: Dominique Guegan (Centre d'Economie de la Sorbonne, LabEx ReFi and IPAG Paris)
    Abstract: Ethéreum est un protocole d'échanges décentralisés qui ne produit pas seulement une crypto-monnaie, mais permet aussi la création par les utilisateurs de smart contrats. Mais si la plateforme laisse beaucoup de libertés aux acteurs en termes de développement d'applications, des questions de sécurité et de robustesse se posent encore concernant le protocole, les plateformes, les bugs dans le code des contrats
    Keywords: Blockchain; Smart Contrat; Ethéreum; régulation
    JEL: C6 C88
    Date: 2017–12
  4. By: Martin Valdivia; Alberto Chong
    Abstract: This study seeks to evaluate the use of short soap operas as a mechanism to promote the use of formal savings accounts among poor rural women that have been secularly excluded from healthy interactions with the formal financial sector. We developed a short soap opera (telenovela), named Josefa, which transmitted pro-savings messages using characters and stories that could generate a level of identification with the intended audience. We used an experimental design that randomly assigned eligible villages of Huancavelica, the poorest department in Peru, to treatment and control groups, and organized special viewing sessions inviting all beneficiaries of Juntos, the Peruvian CCT program, in the eligible villages. A year later, we found that women who were exposed to the treatment have an improved knowledge and attitude towards formal savings, especially for precautionary motives. We did not find a significant change at the end of bimester savings balances until the July-August bimester, which we interpret as evidence that the improved pro-savings attitude remained latent for several months, until right about the time cash surpluses are likely, due to post-harvest season. In searching for the underlying mechanisms, we find no income effect, but a strong empowerment effect within the household, mainly for economic and financial decisions, and especially among the women under 40, which is also the group that shows more robust temporary savings effects. Overall, we interpret these results as evidence that the edutainment approach can have an important contribution to the financial inclusion of poor rural women that have faced secular exclusion from formal financial institutions like the ones from the Peruvian Southern Sierra.
    Keywords: Social media
    Date: 2017
  5. By: Tomasz Weron; Anna Kowalska-Pyzalska; Rafal Weron
    Abstract: Using an agent-based modeling approach we examine the impact of educational programs and trainings on the diffusion of smart metering platforms (SMPs). We also investigate how social responses, like conformity or independence, mass-media advertising as well as opinion stability impact the transition from predecisional and preactional behavioral stages (opinion formation) to actional and postactional stages (decision-making) of individual electricity consumers. We find that mass-media advertising (i.e., a global external field) and educational trainings (i.e., a local external field) lead to similar, though not identical adoption rates. Secondly, that spatially concentrated 'group' trainings are never worse than randomly scattered ones, and for a certain range of parameters are significantly better. Finally, that by manipulating the time required by an agent to make a decision, e.g., through promotions, we can speed up or slow down the diffusion of SMPs.
    Keywords: Smart meter; Smart metering platform (SMP); Behavioral strategy; Demand response; Diffusion of innovations; Agent-based model
    JEL: C63 O33 Q40 Q55 Q56
    Date: 2017–11–25
  6. By: Makram El-Shagi; Yizhuang Zheng (Center for Financial Development and Stability at Henan University, Kaifeng, Henan)
    Abstract: In this paper we reexamine the literature on money demand in China published both in English and Chinese language. Over the past 30 years - starting with the paper by Chow (1987) there has been a regular stream of papers assessing the Chinese money demand function. The literature is mostly focusing on income elasticity, stability, and - which is special for China - the adequate choice and quality of data. In particular regarding stability of money demand, we find a substantial publication bias towards rejecting stability. When controlling for publication bias, and focusing on longer time periods, our paper strongly suggests stable long run money demand in China.
    Keywords: inflation, exchange rate, forecast performance, terror- ism, market forecast, expert forecast
    JEL: C53 E37 F37 F51
    Date: 2017–12
  7. By: Thaler, Richard H. (University of Chicago)
    Abstract: Richard H. Thaler delivered his Prize Lecture on 8 December 20167 at the Aula Magna, Stockholm University.
    Keywords: Behavioral economics;
    JEL: D03 D90 G02
    Date: 2017–12–08
  8. By: Nikita Céspedes Reynaga (Banco Central de Reserva del Perú)
    Abstract: En este documento se estudia la demanda de crédito a nivel de personas en Perú. Se emplea una base de datos única que resulta de la fusión entre datos administrativos de los créditos bancarios incluidos en el Registro Consolidado de Créditos (RCC) y la Encuesta Nacional de Hogares (ENAHO). Los datos permiten identificar de manera ideal el monto del crédito y la tasa de interés así como las características de la oferta y demanda de cada crédito otorgado en el sistema bancario peruano. La elasticidad de la demanda de crédito respecto a la tasa de interés es aproximadamente -0,29, este valor implica que un incremento de 1% en la tasa de interés de mercado hace que la demanda de crédito sea menor en 0,29 %. Esta elasticidad es ligeramente inferior a la evidencia internacional y es heterogénea según el tipo de crédito, según la moneda en la cual se otorga el crédito y según el nivel de ingreso y la educación de las personas que acceden al crédito.
    Keywords: Demanda de crédito, Efecto hoja de balance, Heterogeneidad
    JEL: E21 E44 E51 E52
    Date: 2017–12

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