nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2018‒10‒08
twenty-one papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. "The Impact of Blockchain Technology on the Real Estate Sector Using Smart Contracts" By Uzair, Muhammad Mansab; Karim, Emadul; Sultan, Prof. Dr. Shair; Ahmed, Syed Sheeraz
  2. Financial Inclusion in Asia-Pacific By Elena Loukoianova; Yongzheng Yang; Si Guo; Leni Hunter; Sarwat Jahan; Fazurin Jamaludin; Johanna Schauer
  3. Human development thresholds for inclusive mobile banking in developing countries By Asongu, Simplice; Odhiambo, Nicholas
  4. Could Airbnb in Hong Kong be responsible for higher housing rents in Hong Kong? By Ervi Liusman; Sotiris Tsolacos
  5. Inferring short-term volatility indicators from Bitcoin blockchain By Nino Antulov-Fantulin; Dijana Tolic; Matija Piskorec; Zhang Ce; Irena Vodenska
  6. Chaos and Order in the Bitcoin Market By Josselin Garnier; Knut Solna
  7. Automation of the technical due diligence with artificial intelligence in the real estate industry By Philipp Maximilien Mueller
  8. Comparative Advantage in Digital Trade By Alan V. Deardorff
  9. Different business models - different users? Uncovering the motives and characteristics of B2C and P2P carsharing adopters By Karla Münzel; Laura Piscicelli; Wouter Boon; Koen Frenken
  10. Factors Influencing the Acceptance of Internet Payment Services for Online Business By Arissa Sa-ardnak
  11. Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire By Susie Lonie; Meritxell Martinez; Rita Oulai; Christopher Tullis
  12. Fiscal structural reforms: the effect of card payments on vat revenue in the euro area By George Hondroyiannis; Dimitrios Papaoikonomou
  13. Domestic Value Added of Chinese Brand Mobile Phones By Yuqing Xing; Yuzhen He
  14. The Silver Standard as a discipline on money over-issuance: The mechanism of paper money in Yuan China By Hanhui Guan; Jie Mao
  15. Can reputation discipline the gig economy? Experimental evidence from an online labor market By Alan Benson; Aaron Sojourner; Akhmed Umyarov
  16. Does mobile communication increase outcomes for cotton farmers? Evidence from Mozambique By Stein, Daniel K.; Axmann, Nikolaus; Leiby, Kevin; Busto, Ignacio
  17. Crowdfunding in a duopoly under asymmetric information By Miglo, Anton
  18. Is This Novel Technology Going to be a Hit? Antecedents Predicting Technological Novelty Diffusion By Michele Pezzoni; Reinhilde Veugelers; Fabiana Visentin
  19. Order book model with herd behavior exhibiting long-range memory By Aleksejus Kononovicius; Julius Ruseckas
  20. Worldcoin: A Hypothetical Cryptocurrency for the People and its Government By Sheikh Rabiul Islam
  21. Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur By Miglo, Anton

  1. By: Uzair, Muhammad Mansab; Karim, Emadul; Sultan, Prof. Dr. Shair; Ahmed, Syed Sheeraz
    Abstract: The block chain technology has been in the topic of much discussion due to its successful application in the crypto currency known as “Bitcoin" which has investment experts, economists, billion dollar financial institutes, big banks as well as governments taking sides on whether it should be legitimized and used as a currency or make it illegal to be used as a means of exchange. However, experts from different field like supply chain management and even from the medical field are more interested in how the block chain technology’s decentralized record keeping and numerous other benefits can be of use to them in their fields of work. This study concentrates on the block chain being used for real estate record keeping, since most geography’s have different procedures for record keeping, this study focuses on Defence Housing Authority in Karachi to check what the impact of applying the block chain technology to this area in Karachi would have on investors, real estate agents, residents and the government.
    Keywords: Block chain, Real Estate, Karachi, Pakistan
    JEL: L8 L85 R3
    Date: 2018–04
  2. By: Elena Loukoianova; Yongzheng Yang; Si Guo; Leni Hunter; Sarwat Jahan; Fazurin Jamaludin; Johanna Schauer
    Abstract: Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban populations, and men and women remain deep. Income is the main determinant of the level of financial inclusion; but other factors, such as geography, financial sector structure, and policies, also play important roles. While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific.
    Keywords: Financial inclusion;Financial institutions;Financial services industry;Poor;financial inclusion, macroeconomic policymaking, fintech, Asia, Asia Pacific, Pacific, macroeconomic policy, access to finance
    Date: 2018–09–18
  3. By: Asongu, Simplice; Odhiambo, Nicholas
    Abstract: This study assesses human development thresholds at which mobile banking mitigates poverty and inequality in 93 developing countries for the year 2011. Mobile banking entails: ‘mobile used to pay bills’ and ‘mobile used to receive/send money’, while the modifying policy indicator is the human development index (HDI). The empirical evidence is based on interactive quantile regressions. A summary of the findings shows that with increasing human development: (i) ‘mobiles used to pay bills’ contribute to reducing inequality in countries at the bottom and top ends of the inequality distribution, while (ii) ‘mobiles used to receive/send money’ have an appealing role in promoting inclusive development in all poverty distributions, with the exception of the top-end or 90th decile. The modifying thresholds of the HDI vary from 0.542 to 0.632 and 0.333 to 0.705 in inequality and poverty specifications, respectively. The relevance of the findings is discussed in light of the current transition from Millennium Development Goals to Sustainable Development Goals.
    Keywords: Mobile banking, Quality of growth, poverty, inequality
    JEL: G20 I10 I20 I32 O40
    Date: 2018–01
  4. By: Ervi Liusman; Sotiris Tsolacos
    Abstract: The sharing economy, also known as collaborative consumption or peer economy, has grown rapidly thanks to technology innovation and supply-side flexibility. The growth of sharing platform of Airbnb, one of the pioneers of the share economy, allows suppliers to supply underutilized short-term accommodation. At the demand side, consumers eagerly welcome these services due to fee sharing benefit. Since its introduction in 2008, more than 50 million guests has utilized its service. Its growth in fact has brought disruption to the hotel industry, particularly those targeting budget customers and non-business travelers. In some cities, Airbnb not only interrupt hotel industry, but also upset its housing market. Some academics argue that Airbnb has triggered the upswing in the accommodation cost for local renters as some landlords has switched from providing long-term housing into short-term housing to non-residents tourists due to higher short-term rental rate they can offer. Others argue that local renters lease up long-term housing from landlord and turn it into short-term housing to generate profit. All these prompts an increase in housing rents. In this paper, we use Hong Kong as our case to empirically test whether Airbnb is responsible for higher housing rents. We hypothesize that the impact of Airbnb may not be of significance in Hong Kong the result of a small market for short-term rental as opposed to the market for long-term rental. There is an actual strong demand from local residents to occupy the space rather than lease it to non-residents tourists. We attempt to examine these hypotheses empirically. Two methodologies appear pertinent to study the likely impact of Airbnb on rental levels. Using time series data it is expected that a model containing fundamental determinants of rents would lose some of its capacity in explaining rent movements if Airbnb is a new significant driver of residential rents not accounted for. Hence such a fundamentals model will lose some of its explanatory power and make larger errors as Airbnb expands. The second approach is a hedonic framework in which rents are examined with reference to key housing characteristics and Airbnb rentals. The latter approach has major data requirements. This analysis provides the initial steps for a fuller treatment of the impact of Airbnb on residential rents in Hong Kong and makes direct contributions to the relevant international literature.
    Keywords: Airbnb; Housing rents; Sharing Economy; time-series analysis
    JEL: R3
    Date: 2018–01–01
  5. By: Nino Antulov-Fantulin; Dijana Tolic; Matija Piskorec; Zhang Ce; Irena Vodenska
    Abstract: In this paper, we study the possibility of inferring early warning indicators (EWIs) for periods of extreme bitcoin price volatility using features obtained from Bitcoin daily transaction graphs. We infer the low-dimensional representations of transaction graphs in the time period from 2012 to 2017 using Bitcoin blockchain, and demonstrate how these representations can be used to predict extreme price volatility events. Our EWI, which is obtained with a non-negative decomposition, contains more predictive information than those obtained with singular value decomposition or scalar value of the total Bitcoin transaction volume.
    Date: 2018–09
  6. By: Josselin Garnier; Knut Solna
    Abstract: The bitcoin price has surged in recent years and it has also exhibited phases of rapid decay. In this paper we address the question to what extent this novel cryptocurrency market can be viewed as a classic or semi-efficient market. Novel and robust tools for estimation of multi-fractal properties are used to show that the bitcoin price exhibits a very interesting multi-scale correlation structure. This structure can be described by a power-law behavior of the variances of the returns as functions of time increments and it can be characterized by two parameters, the volatility and the Hurst exponent. These power-law parameters, however, vary in time. A new notion of generalized Hurst exponent is introduced which allows us to check if the multi-fractal character of the underlying signal is well captured. It is moreover shown how the monitoring of the power-law parameters can be used to identify regime shifts for the bitcoin price. A novel technique for identifying the regimes switches based on a goodness of fit of the local power-law parameters is presented. It automatically detects dates associated with some known events in the bitcoin market place. A very surprising result is moreover that, despite the wild ride of the bitcoin price in recent years and its multi-fractal and non-stationary character, this price has both local power-law behaviors and a very orderly correlation structure when it is observed on its entire period of existence.
    Date: 2018–09
  7. By: Philipp Maximilien Mueller
    Abstract: Over the real estate lifecycle numerous documents and data are generated. The majority of building-related data is collected in day-to-day operations, such as maintenance protocols, contracts or energy consumptions. Previous successes in the classification already help to automatically recognize, categorize and name documents as well as to sort them into an individual structure in digital data rooms (Bodenbender/Kurzrock 2018). The actual added value is created in the next step: efficient data analysis with specific utilization of the data.This paper describes an approach for the automation of Technical Due Diligence (TDD) by information extraction (IE). The aim is to extract relevant information from building-related documents and to automatically gain quick insights into the condition of real estate. A global asset under management (AuM) of US$1.2 trillion (PWC, AWM Report, 2017) and a global real estate transaction volume of around US$650 billion in 2016 (JLL Global Market Perspective, 2017) show that there is a regular need to analyze building data. Transactions are a very dynamic area where current trends focus on a more data-driven approach to improve time and cost.In addition, the paper focuses on the standardization of information extraction methods for the TDD as well as the prioritization and evaluation of building-related data. The automated evaluation supports value-adding decisions in the real estate lifecycle with a detailed database. TDD audits are a key objective for reducing information asymmetries, especially in large transactions.Efficient technologies are now available for IE from digital building data. Through machine learning, documents can be read and evaluated automatically. Digital data rooms and operational applications such as ERP systems serve as a source of information for information extraction. Due to the heterogeneity of the documents, rule and learning-based algorithms are used. The IE is based on various technical bases, especially in the field of neural networks and deep learning methods. As the documents are often only available as scans, it requires the integration of OCR methods.The contribution to the ERES-PhD session presents the current state of information extraction in the real estate industry, the research method used for the automation of TDD and its potential benefits for real estate management.
    Keywords: Artificial Intelligence; Automation; digital building data; Information Extraction; technical due diligence
    JEL: R3
    Date: 2018–01–01
  8. By: Alan V. Deardorff (University of Michigan)
    Abstract: Digital trade takes a variety of forms, several of which are examined here with regard to whether they can be explained by comparative advantage. The five forms of digital trade considered are 1) physical products that are advertised, ordered, and/or paid for digitally, but transported by normal trade means; 2) digital products (music, movies, books, software) that are transmitted to purchasers via the internet and are most likely to be marketed and paid for via that as well; 3) services that are provided remotely by digital means; 4) data storage and computer applications accessible in the ÒcloudÓ; and 5) web platforms that serve an international audience and are supported by advertising. I argue that the first three of these can be well explained by comparative advantage, but there are problems with the last two.
    Keywords: digital trade, comparative advantage
    JEL: F1 F11
    Date: 2017–11–13
  9. By: Karla Münzel; Laura Piscicelli; Wouter Boon; Koen Frenken
    Abstract: Carsharing is regarded to play an important part in the transition towards a more sustainable mobility system by changing how cars are used and transportation needs are met. Over the past decade, there has been considerable interest in understanding the characteristics and motives of car sharers. Yet, studies have been mostly limited to small surveys in single cities. What is more, past studies only covered traditional business-to-consumer (B2C) carsharing, ignoring the growing popularity of peer-to-peer carsharing. The key question we pose in this study is whether characteristics and motives differ between B2C and P2P carsharing users. We present survey results among 1,836 Dutch citizens regarding the adoption, intention to adopt and non-adoption of both B2C and P2P carsharing. We further look into the frequency of use and car purchase avoidance among carsharing users. Finally, we investigate car owners who supply their car on P2P platforms. We find that B2C and P2P carsharing adopters are very similar. The main difference between the two users groups holds that B2C users are more frequent users with higher income valuing the convenience of B2C carsharing. We conclude that as the convenience of P2P carsharing is likely to increase with automatic locks and higher supply, user experiences may converge and market segments will progressively overlap.
    Keywords: sharing economy; carsharing; business-to-consumer; peer-to-peer; innovation adoption; two-sided platform
    Date: 2018–09
  10. By: Arissa Sa-ardnak (Faculty of Management Science Silpakorn University, Petchaburi IT Campus)
    Abstract: This quantitative research, which consisted of survey research, aimed to investigate the factors affecting the acceptance of an Internet payment service for online business using questionnaires collected from 100 entrepreneurs and 145 online consumers. The reliability coefficient of the questionnaires equaled 0.929. The statistics used in this research consisted of frequencies, percentages, mean values, standard deviations, and t-tests. This research involved one-way ANOVA analysis and multiple regression analysis. The research findings revealed that visibility (X3) and result demonstrability (X5) affected the acceptance of the Internet payment service by online entrepreneurs (Y) at a statistical significance level of 0.05, with the prediction equation of Y = (0.803) + 0.297X3 + 0.569X5. Relative advantages (X1), visibility (X3), and result demonstrability (X5) affected the acceptance of an Internet payment service by online consumers (Y) at a statistical significance level of 0.05, with the prediction equation of Y = (0.799) + 0.335X1 + 0.305X3 + 0.523X5. Thus, entrepreneurs should consider the relative advantages of an Internet payment service for online business to meet consumer needs.
    Keywords: Business, Online, Internet Payment, Acceptance
    Date: 2018–07
  11. By: Susie Lonie; Meritxell Martinez; Rita Oulai; Christopher Tullis
    Keywords: Agriculture - Agricultural Sector Economics Agriculture - Crops & Crop Management Systems Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - Banks & Banking Reform Information and Communication Technologies - ICT Economics
    Date: 2018
  12. By: George Hondroyiannis (Bank of Greece and Harokopio University); Dimitrios Papaoikonomou (Bank of Greece)
    Abstract: The use of traceable payment methods presents an additional reform option for improving tax compliance. As regards consumption, card payments are the main alternative to cash in the euro area. Although the use of micro-data has provided clear evidence in favour of increasing information trails, time series evidence on the role of card payments in increasing compliance have been scarce and confined to the recent experience of Greece. The effect of card payments on VAT revenue is investigated using quarterly panel data for the 19 euro area economies covering the period 2003q1-2016q4. Time-varying coefficient methods are employed in order to estimate the country-specific contribution of compliance to revenue growth as a function of card payments. In line with the micro-data literature, the analysis indicates that increasing the share of card payments in private consumption expenditure improves VAT tax compliance. The gains are found to increase: (i) the lower the initial level of card use; (ii) the higher the share of self-employment and (iii) the lower the level of revenue efficiency. The highest benefits are estimated for Greece and Italy.
    Keywords: VAT; card payments; tax compliance; time-varying coefficients; Euro area
    JEL: H21 H25 H26
    Date: 2018–09
  13. By: Yuqing Xing (National Graduate Institute for Policy Studies, Tokyo, Japan); Yuzhen He (University of International Business and Economics, Beijing, China)
    Abstract: In this paper, we evaluate the domestic value added of Chinese brand mobile phones using the teardown data of two sample phones: Xiaomi MIX 2 and OPPO R11s. For calculation of the distribution of value added by country, we adopt two benchmarks: production cost and retail price. In terms of the production cost of the sample phones, which consists of bill of materials, manufacturing cost and royalty, Chinese domestic value added embedded in the MIX 2 is 15.4% and 16.7% in the R11s. The teardown analysis reveals that no indigenous Chinese firms are involved in the manufacture of the printed circuit board assembly, which explains the relatively low Chinese domestic value added. Using retail price to measure total value added, we find that the domestic value added of the MIX 2 to be 41.7% while that of the R11s to be 45.3%. The cost of retail services and gross marginal profits contribute most to the increase, which implies that nurturing mobile phone brands has not only enabled the Chinese mobile phone industry to move up ladder of value chains, but also to improve domestic value added.
    Date: 2018–09
  14. By: Hanhui Guan (Peking University); Jie Mao (University of International Business & Economics China)
    Abstract: "The Yuan was the first dynasty both in Chinese and world history to use paper money as its sole medium of circulation, and also established the earliest silver standard. This paper explores the impact of paper money in Yuan China. We find that: (1) At the beginning of its regime, due to the strict constraints of the silver standard on money issuances, the value of paper money was stable. (2) Since the middle stage of the dynasty, the central government had to finance fiscal deficits by issuing more paper money, and inflation was thus unavoidable. Our empirical results also demonstrate that fiscal pressure from multiple provincial rebellions was the most important factor driving the government to issue more paper money; however, the emperor’s largesse, which had been viewed as another source of fiscal deficits by most traditional historians, had no significant effect on the over-issuance of paper money. (3) When the monetary standard switched from silver to paper money, the impact of fiscal deficits, which were driving more paper money issuances, became much more severe. Based on these findings, we argue that the experience of Yuan China verified that metal standards could serve as a discipline on paper money over-issuances. This episode in Yuan China predates the money over-issuances observed during the era of the classic gold standard found in western countries by six centuries."
    Keywords: "silver standard, money over-issuance, paper money, convertibility, Yuan China"
    JEL: E42 N15 N45
    Date: 2018–04
  15. By: Alan Benson (University of Minnesota, Carlton School of Management); Aaron Sojourner (University of Minnesota); Akhmed Umyarov (University of Minnesota)
    Abstract: Just as there are good and bad workers, there are also good and bad employers that will opportunistically depart from expectations, norms, or laws. However, prior research in economics and information sciences has focused sharply on the employer’s problem of identifying good workers and service providers rather than vice versa. This issue is especially pronounced in markets for gig work, including online labor markets, where platforms are developing strategies to help workers identify good employers. We build a theoretical model for the value of such reputation systems and test its predictions in on Amazon Mechanical Turk, where employers may decline to pay workers while keeping their work product and workers protect themselves using third-party reputation systems (such as Turkopticon). We find that: (1) in an experiment on worker arrival, a good reputation allows employers to operate on a larger scale and at a faster speed, higher quality, or lower cost; (2) in an experimental audit of employers, working for good-reputation employers pays 40 percent higher effective wages due to faster completion times and lower likelihoods of rejection; and (3) exploiting reputation system crashes, the reputation system is particularly important to small, good-reputation employers, which rely on the reputation system to compete for workers against more established employers. This is the first clean field evidence of the effects of employer reputation in any labor market and is suggestive of the special role that reputation-diffusing technologies can play in promoting gig work, where conventional labor and contract laws are weak.
    Keywords: labor, job search, screening, contracts, Reputation, online ratings, personnel, online labor markets
    JEL: L14 M55 J41 J20 L86 D82 K12 K42
    Date: 2018–09
  16. By: Stein, Daniel K.; Axmann, Nikolaus; Leiby, Kevin; Busto, Ignacio
    Keywords: International Development, Teaching, Communication, and Extension, Experimental Economics
    Date: 2018–06–20
  17. By: Miglo, Anton
    Abstract: Traditionally crowdfunding has been used for funding very innovative projects. Recently, however, companies have begun using crowdfunding to finance more traditional products where they compete against other sellers of similar products. One of the major platforms Indiegogo launched several projects consistent with this trend. This paper offers a model of a duopoly where firms can use crowdfunding prior to direct sales. The model is based on asymmetric information between competitors regarding the demand for the product. It provides several implications that have not yet been tested. For example we find that high-demand firms can use crowdfunding to signal their quality.
    Keywords: crowdfunding, asymmetric information, reward-based crowdfunding, duopoly, signalling
    JEL: D43 D82 G32 L11 L13 L26 M13
    Date: 2018
  18. By: Michele Pezzoni (Université Côte d'Azur, CNRS, GREDEG, France); Reinhilde Veugelers (KULeuven); Fabiana Visentin (Maastricht University; UNU-MERIT)
    Abstract: Despite the high interest of scholars in identifying breakthrough inventions, little attention has been devoted to investigating how the technological content of those breakthrough inventions is re-used over time. We overcome this limitation by focusing on the dynamics of diffusion of the novel technologies incorporated in inventions. Specifically, we consider the factors affecting the time needed for a technology to be legitimated as well as its technological potential. We find that the dynamics of diffusion of a novel technology are affected by the characteristics of its building blocks, i.e. the technological components that combined together for the first time generate a novel technology. Combining similar technological components, components familiar to the inventors' community, and components with a high level of appropriability generates a technology that requires a short time to be legitimated but with a low technological potential. Combining technological components with a science-based nature generates technologies with a longer legitimation time but also higher technological potential. Finally, when large firms are the main innovative actors, novel technologies show a higher technological potential.
    Keywords: technological novelty, diffusion, combinatorial process, initial characteristics, patent data
    JEL: O33
    Date: 2018
  19. By: Aleksejus Kononovicius; Julius Ruseckas
    Abstract: In this work, we propose an order book model with herd behavior. The proposed model is built upon two distinct approaches: a recent empirical study of the detailed order book records by Kanazawa et al. [Phys. Rev. Lett. 120, 138301] as well as financial herd behavior model. Combining these approaches allows us to create a more plausible financial market model, which is also capable to replicate the long-range memory phenomenon of the absolute return and the trading activity as well as the other stylized facts. We compare the statistical properties of the model against the empirical statistical properties of Bitcoin exchange rates as well as New York stock exchange tickers. We also show that the fracture in the spectral density of the high frequency absolute return time series might be related to the mechanism of convergence towards the equilibrium price.
    Date: 2018–09
  20. By: Sheikh Rabiul Islam
    Abstract: The world of cryptocurrency is not transparent enough though it was established for innate transparent tracking of capital flows. The most contributing factor is the violation of securities laws and scam in Initial Coin Offering (ICO) which is used to raise capital through crowdfunding. There is a lack of proper regularization and appreciation from governments around the world which is a serious problem for the integrity of cryptocurrency market. We present a hypothetical case study of a new cryptocurrency to establish the transparency and equal right for every citizen to be part of a global system through the collaboration between people and government. The possible outcome is a model of a regulated and trusted cryptocurrency infrastructure that can be further tailored to different sectors with a different scheme.
    Date: 2018–09
  21. By: Miglo, Anton
    Abstract: This article is the first one that considers a model of the choice between the different types of crowdfunding, which contains elements of the asymmetric information approach and behavioral finance (overconfident entrepreneurs). The model provides several implications, most of which have not yet been tested. Our model predicts that equity-based crowdfunding is more profitable than reward-based crowdfunding when an entrepreneur is overconfident. This is because either the entrepreneur learns from the sale of shares before making production decisions or because the crowd anticipates the entrepreneur's behavior when valuing the shares offered for sale. The model also predicts that an equilibrium can exist where high-quality firms use equity-based crowdfunding in equilibrium which contrasts the spirit of traditional results (for example pecking-order theory) where equity represents an inferior security. The latter has rational managers. It also contrasts traditional behavioral finance literature (for example, Fairchild (2005)) where equity is not issued in equilibrium.
    Keywords: crowdfunding, asymmetric information, overconfidence, equity-based crowdfunding, reward-based crowdfunding, entrepreneurship and learning
    JEL: D82 G32 L11 L26 M13
    Date: 2018

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