nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2018‒12‒03
29 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. The Use of Mobile Money Application and Smallholder Farmer Market Participation: Evidence form Cote d Ivoire and Tanzania By Yao, B.; Shanoyan, A.
  2. E-literacy massification challenges for rural and disadvantaged communities in South Africa By Antoinette Lombard
  3. Internet Shopping and Buying Behavior of Clothing and accessories by young single consumer in Bangkok, Thailand By Nadhakan Shinnaranantana
  4. Smart contracts and transaction costs By Massimiliano Vatiero
  5. Innovation policies in the digital age By Dominique Guellec; Caroline Paunov
  6. Competition policy reform in Europe and Germany - Institutional change in the light of digitization By Budzinski, Oliver; Stöhr, Annika
  7. Can Facebook Ads and Email Messages Increase Fiscal Capacity? Experimental Evidence from Venezuela By Gallego, J.A.; Federico Ortega
  8. Regulatory framework for the loan-based crowdfunding platforms By Olena Havrylchyk
  9. Lessons from the money mania for money creation By Guo, Yanling
  10. Música digital no Brasil: uma análise do consumo e reproduções no Spotify By Gabriel Borges Vaz de Melo; Ana Flávia Machado; Lucas Resende de Carvalho
  11. Public implementation of Blockchain Technology By Dean Franklet; Laura Meriluoto; George Ross; Cameron Scott; Patrick Williams
  12. Virtual World Business Models and Technologies, Their Implementation and Comparison with Real-World Business Models By Ilkin Seyidzade
  13. A Time-Varying Parameter Model for Local Explosions By Francisco (F.) Blasques; Siem Jan (S.J.) Koopman; Marc Nientker
  14. China Merchants in Djibouti: from the maritime route to the digital silk route By Thierry Pairault
  15. Gender and Income Effects of Smartphone Use: The Case of Rural China By Ma, W.; Grafton, Q.; Renwick, A.
  16. Public Relations Research in the Time of Big Data By Hrvoje Jakopovi?
  17. Estilo arquitectónico para aplicaciones IoT By Gabriel M. Barrera
  18. The new media economics of video-on-demand markets: Lessons for competition policy By Budzinski, Oliver; Lindstädt-Dreusicke, Nadine
  19. Intergenerational digital activity: A good mixture of education and welfare By Mabrouka EL HACHANI; Christine DEVELOTTE
  20. Bitcoin Fluctuations and the Frequency of Price Overreactions By Guglielmo Maria Caporale; Alex Plastun; Viktor Oliinyk
  21. The Impact of Artificial Intelligence on Learning, Teaching, and Education By Ilkka Tuomi
  22. Une « société du contrôle » sans contrôle de gestion ? Réflexions sur le Big Data By Samuel Sponem
  23. Platform Competition: Betfair and the U.K. Market for Sports Betting By Ramon Casadesus-Masanell; Neil Campbell
  24. Internet of Things en la vida cotidiana By Ignacio Madrid
  25. Book review: till time's last sand: a history of the Bank of England, 1694-2013 by David Kynaston By Goodhart, Charles
  26. International students? use of technology and the implications for pedagogy: A case study By Louise Kaktins
  28. Women - The Microfinance Industry in the past, present and towards the future By Sigurdur Gudjonsson; Kari Kristinsson
  29. The Nobanet e-business course, the idea and development By Vera Kristín Kristjánsdóttir; Hafdís Björg Hjálmarsdóttir

  1. By: Yao, B.; Shanoyan, A.
    Abstract: With the growing food security concerns market participation of smallholder farmers has regained the attention of policy makers and agricultural development community. The widespread adoption of information and communication technologies in Sub-Saharan Africa over the last decade have paved the way for the introduction of digital solutions such as mobile money that have a potential to enhance access to input and output markets. Using a conceptual framework based on the Transaction Cost Economics theory, we propose a hypothesis that the ability to make quick and low-cost money transfers through mobile money application can lower the transaction costs associated with hold-up risks of participating in distant markets. This hypothesis is tested using the data from the CGAP survey in Cote d Ivoire and Tanzania. The methods include Heckman Probit model to account for sample selection bias. The findings indicate that the stallholder farmers who use the mobile money for receiving payments from buyers are more likely to sell their product in city and regional markets versus farm gate options such as middleman and village markets. Key words: market participation, mobile money, transaction costs, Sub-Saharan Africa Acknowledgement :
    Keywords: Food Security and Poverty
    Date: 2018–07
  2. By: Antoinette Lombard (Vaal University of Technology)
    Abstract: The massification of e-literacy is a priority of the South African Government as set out in its National Development Plan (NDP) and the National e-Skills Plan (NeSPA) of 2012. Access to broadband and the internet has been identified as a critical challenge in delivering e-literacy programmes to the community?rural and/or disadvantaged?living in remote areas of inter alia the Northern Cape Province of South Africa. E-literacy (or digital literacy) is encapsulated as the basic knowledge of technology all citizens should have to participate in the knowledge economy. In 2017, a survey was conducted to gather basic data regarding the use of technology and the availability of technological resources in the respondents? environment. Each learner who enrolled for an e-literacy programme offered in the Northern Cape and Southern Gauteng region had to complete a registration form that was viewed as a questionnaire for analysis. The purpose of this paper is to identify gaps and provide recommendations from the findings of the survey to address the broadband and internet access challenge in remote areas of Northern Cape so that e-literacy programmes can be rolled out efficiently to the rural and/or disadvantaged community living there in order to deal with poverty, inequality and unemployment and contribute to having an e-literate society by 2030. A mixed-method survey was adopted in the form of a questionnaire. All learners living in the Northern Cape and Southern Gauteng who registered for an e-literacy course formed part of the non-random, purposive, convenient sample. An inductive approach was used to collect and analyse the data so that findings and conclusions could be drawn. Some of the findings include: i) More than 90% of the community in the Northern Cape do not have access to broadband and the internet, while the largest part of Southern Gauteng does have connectivity; ii) Rural and/or disadvantaged communities in the Northern Cape have less interest in (or little knowledge of) social media applications such as Facebook and Twitter due to limited access to broadband and the internet; iii) While self-paced learning is feasible in the Southern Gauteng region where access to broadband and the internet is not a problem, this is not yet a reality for the Northern Cape communities; iv) The online e-skills learning path for the communities in the Northern Cape poses a challenge due to little or no access to broadband and the internet.
    Keywords: E-skills, e-literacy, rural, disadvantaged community, internet access, broadband
    JEL: I24 I28 O38
    Date: 2018–11
  3. By: Nadhakan Shinnaranantana (Marketing Department, Kasetsart University)
    Abstract: Nowadays clothing retailers have using multichannel of distribution, especially they are more focus on Internet shopping via website and application such as Instagram and Facebook fanpage. Because of increasing of internet usage rate of consumers. The use internet for several activities such as entertainment, searching for information, social media and also shopping. The clothing and accessories business are very fast moving industry. Their market growth are in the third rank follow food industry and department store. This study aim to explore marketing factors influencing buying behavior of young single consumer in clothing and accessories business via internet and social network. The samples of this research are young single consumer in Bangkok, Thailand by using convenience sampling and get 400 samples. Using questionnaire as an instrument and distribute via internet. The primary data was analyzed by SPSS program.The result of this research shows that the most popular product is blouses and fashion bags. The samples like to shop online because of a new trend and it provide product variety and resonable price. Moreover, online shopping provide convenience for them both time and money. Sales promotion of the shop is the most important to encourage sale volume. They shopping via Instagram and company website. Therefore, the reliability and trust of company are the most important for their decision making.The result of this research suggests that clothing and accessories companies should always maintain their product variety and up to date fashion with reasonable price. Purchase process is easily and trustworthy. Moreover, using sales promotion can booth up sale.
    Keywords: Clothing and accessories business, Internet Shopping, Buying Behavior, Young single, Bangkok Thailand
    JEL: M31
    Date: 2018–11
  4. By: Massimiliano Vatiero
    Abstract: Because of the enforcement based on the blockchain technology, smart contracts are supposed to allow contracting parties to conduct transactions more efficiently than traditional contracts. This paper challenges that claim. Because of the need for an efficiency-enhancing adaptation of institutions—a chief problem of transaction cost economics-traditional contracts may incur lower transaction costs than smart contracts.
    Keywords: Blockchain, Smart contracts, Incomplete contracts, Transaction costs, Adaptation
    JEL: D23 D86 L14 L86 O33
    Date: 2018–10–01
  5. By: Dominique Guellec (OECD); Caroline Paunov (OECD)
    Abstract: This paper looks at how digitalisation is transforming innovation, and the consequent need for innovation policies to adapt. The paper shows that the digital transformation affects the economics of information and knowledge, in particular pricing and allocation. The reduced costs of producing and handling information and knowledge and the increased fluidity change innovation dynamics. Data have become a core input for innovation. Other changes include more opportunities for versioning; an acceleration in innovation, more experimentation and collaboration; servitisation; and higher risk associated with these general purpose technologies. The digital transformation also has economy-wide effects in terms of business dynamics, market structures and distribution. In view of this transformation, changes to innovation policy are required in the digital age. Innovation policies need to address data access issues; become more agile; promote open science, data sharing and co-operation among innovators; and review competition for innovation and intellectual property policy frameworks.
    Keywords: acceleration of innovation, digital innovation, digital technologies, economics of knowledge and information, innovation policy, market structures, servitisation
    JEL: L20 O31 O33
    Date: 2018–11–13
  6. By: Budzinski, Oliver; Stöhr, Annika
    Abstract: The ubiquitous process of digitization changes economic competition on markets in several ways and leads to the emergence of new business models. The increasing roles of digital platforms as well as data-driven markets represent two relevant examples. These developments challenge competition policy, which must consider the special economic characteristics of digital goods and markets. In Germany, national competition law was amended in 2017 in order to accommodate for digitization-driven changes in the economy and plans for further changes are already discussed. We review this institutional change from an economics perspective and argue that most of the reform's elements point into the right direction. However, some upcoming challenges may have been overlooked so far. Furthermore, we discuss whether European competition policy should follow the paragon of the German reform and amend its institutional framework accordingly. We find scope for reform particularly regarding data-driven markets, whereas platform economics appear to be already well-established.
    Keywords: competition policy,antitrust,industrial economics,digitization,media economics,institutional economics,industrial organization,big data,algorithms,platform economics,two-sided markets,personalized data,privacy,internet economics,consumer protection
    JEL: L40 K21 L86 L82 L81 L10 L15 D80
    Date: 2018
  7. By: Gallego, J.A.; Federico Ortega
    Abstract: Tax compliance is an important challenge in weakly institutionalized countries, in which citizens do not trust the State and prefer to evade taxation. However, e-government strategies may improve fiscal capacity, as the transaction costs of compliance are reduced and more information from taxpayers is gathered and exploited. Can compliance be increased, and hence fiscal capacity strengthened, using online communication strategies that exploit these tools and sources of information? We perform a randomized field experiment in the capital of Venezuela, Caracas, to determine if online strategies, namely email reminders and targeted Facebook advertisements, can increase tax compliance. We vary the mechanism used to approach taxpayers to test if more direct and personalized methods, such as email messages, are more effective than general advertisement tools, such as Facebook ads. Moreover, our design allows us to test potential complementarities between these strategies thus boosting the capacity of the local government to increase compliance. We find that these strategies are cost-effective methods for increasing tax revenues, but that the effects vary across different types of taxpayers.
    Keywords: Tax compliance, Randomized controlled trial, Fiscal capacity, Online strategies
    JEL: C93 H26 H71 O12
    Date: 2018–11–21
  8. By: Olena Havrylchyk
    Abstract: In a growing number of OECD countries policymakers are designing specific regulations for lending-based crowdfunding platforms. In March 2018, as a part of its Fintech action plan, the European Commission also presented its proposal for the EU-wide passporting regime. To evaluate these new regimes, this study collects information about the regulation of lending-based crowdfunding platforms in 17 OECD countries and proposes a theoretical framework to reflect about different regulatory regimes. In this context, we explore market failures in lending-based crowdfunding and identify regulatory challenges. Although lending-based crowdfunding platforms do not technically perform risk and maturity transformation, in some countries, flexible regulation allows them to experiment with different business models to provide services of credit risk management (via risk grades, provision funds, automated lending) and liquidity provision (via secondary markets). These platforms could perform the same functions as banks in the future, but there are theoretical reasons to believe that platform-based intermediation could be more stable than banking intermediation. The success of lending-based crowdfunding platforms hinges on their ability to solve moral hazard issues and overcome significant barriers to entry related to scale and scope economies, adverse selection, as well as funding cost advantage of incumbent large banks. There are also risks related to an excessive reliance on funding of leveraged and ‘too big to fail’ institutional investors that are prone to runs and moral hazard problems.
    Keywords: barriers to entry, financial regulation, Fintech, lending-based crowdfunding
    JEL: D40 G01 G21 G23 O33
    Date: 2018–11–16
  9. By: Guo, Yanling
    Abstract: The first attempt in the human history to consciously create money ended in a collapse in 1720, well-known as the money mania. This unfortunate start raises doubt on money creation as a whole such that today there are still voices questioning created money even though it is now indispensible for the world economy. But this misfortune also has the bright side in that it delivers an extensive example of risks which created money has to consider. In this paper, I review the central facts from the money mania and highlight lessons we can still learn from it.
    Keywords: money mania,money creation,convertible money,non-convertible money,John Law,risk
    JEL: B19 E40 E59 N23
    Date: 2018
  10. By: Gabriel Borges Vaz de Melo (Cedeplar-UFMG); Ana Flávia Machado (Cedeplar-UFMG); Lucas Resende de Carvalho (Cedeplar-UFMG)
    Abstract: Music is one of the cultural segments that most adapts and innovates, as observed in the recent rise of streaming services. The aim of this article is to show trends and tastes of individuals, taking into account musical genres. For such purpose, it uses data from the Spotify platform. The results show that genres such as “sertanejo universitário” and international pop have great national reach. However, other national genres have a relevant and distinct demand in some Brazilian cities. Therefore, a regionalization of the musical taste in Brazil is evidenced, which suggests a potential of musical niches when inserted in the context of the digital market.
    Keywords: consumption, music, style, streaming, Spotify, Brazil
    JEL: Z1 D11
    Date: 2018–11
  11. By: Dean Franklet; Laura Meriluoto (University of Canterbury); George Ross; Cameron Scott; Patrick Williams
    Abstract: This paper discusses the avenues through which a public implementation of blockchain could deliver efficiency gains in the running of a government. We discuss some of the current inefficiencies in recordkeeping and the efficiency improvements that could come about if recordkeeping, including keeping track of tax liability, would be “put on the blockchain”. We discuss some of the current issues with transaction costs and property rights that governments face and how these could be addressed with blockchain. We also discuss issues with asymmetric information in general and moral hazard in particular that are ripe in the delivery of public services and how blockchain could be used to reduce them to achieve efficiency gains and better outcomes for public policy.
    Keywords: Blockchain, government, recordkeeping, transaction costs, asymmetric information, principle-agent problem, moral hazard
    JEL: D7 D8 H2 H5
    Date: 2018–11–01
  12. By: Ilkin Seyidzade (Szent Istvan University)
    Abstract: By the emergence and development of the new technologies in economy, the level of competition raised several times faster than the previous periods. Companies are facing the challenge of diminishing the production costs on high quality goods by implementing the modern technology in production, management, marketing, sales and all the other fields of the product realization.This paper is based on wide literature review and researched the latest virtual world business model tools, such as Virtual and Augmented Reality, the ways of using them in modern economy. I also investigated the patterns of different companies that applied for these technologies and their results. I introduced the main features of virtual world, and explored major technology waves that are Augmented Reality, Virtual Reality, and USEMIR (Ubiquitous Sensory Mixed Reality). Under the concrete examples, monetization of the virtual world business models had been explained to the readers. The main direction of my essay was introducing the previous precedents of technology implementation in macroeconomic level, its gains, challenges and future perspectives.Article revealed the strong relatedness between the Virtual World and Real-World Economies. It will be used on conducting surveys for first research. Moreover, readers can get the initial knowledge on the topic and the patterns that previously were investigated.
    Keywords: Innovation, Adaptation, Technology, New Economy, Technology and Competitiveness.
    JEL: O00 O30 O33
    Date: 2018–11
  13. By: Francisco (F.) Blasques (VU Amsterdam); Siem Jan (S.J.) Koopman (VU Amsterdam); Marc Nientker (VU Amsterdam)
    Abstract: Locally explosive behavior is observed in many economic and financial time series when bubbles are formed. We introduce a time-varying parameter model that is capable of describing this behavior in time series data. Our proposed model can be used to predict the emergence, existence and burst of bubbles. We adopt a flexible observation driven model specification that allows for different bubble shapes and behavior. We establish stationarity, ergodicity, and bounded moments of the data generated by our model. Furthermore, we obtain the consistency and asymptotic normality of the maximum likelihood estimator. Given the parameter estimates, our filter is capable of extracting the unobserved bubble process from observed data. We study finite-sample properties of our estimator through a Monte Carlo simulation study. Finally, we show that our model compares well with noncausal models in a financial application concerning the Bitcoin/US dollar exchange rate.
    Keywords: bubbles; observation driven models; noncausal models; stationary; ergodic; consistency; asymptotic normality; exchange rates
    JEL: C22 C58 G10
    Date: 2018–11–16
  14. By: Thierry Pairault (CECMC-CCJ - Centre d'études sur la Chine moderne et contemporaine - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The determination of Chinese groups to become uncontested leaders in all activities related to maritime transport is proven. Two cases are particularly noteworthy, the best-known and best-documented being probably COSCO and the port of Piraeus. On the other hand, that of China Merchants in Djibouti, still poorly understood, will be the subject of our contribution. We will not deal with security aspects (establishment of a naval base) – largely dealt with elsewhere – but will favour economic and commercial aspects (establishment of China Merchants). The two logics can meet, but they respond to very different strategies: a national strategy to assert China's military power as opposed to a corporate strategy to consolidate its global role. Djibouti's dream of becoming a "commercial hub" and an "East African Singapore", gives a particular dimension to China Merchants' choice because it is not the result of the Chinese government's will, but of a specific request from the Djiboutian government. Our research will be conducted on the basis of existing documents, whether official reports, scientific studies or more journalistic information. It will favour first-hand Chinese documents.
    Abstract: Études en Sciences Sociales), Centre d'études sur la Chine moderne et contemporaine (UMR 8173) Résumé : La détermination des groupes chinois à devenir les leaders incontestables dans toutes les activités liées au transport maritime est avérée. Deux cas retiennent plus particulièrement l'attention, le plus connu en même temps que le mieux documenté est sans doute celui de COSCO et du port du Pirée. En revanche, celui de la China Merchants à Djibouti, encore mal méconnu, sera l'objet de notre contribution. Nous ne traiterons pas des aspects sécuritaires (établissement d'une base navale)-largement traités par ailleurs-mais privilégierons les aspects économiques et commerciaux (implantation de la China Merchants). Les deux logiques peuvent se rejoindre, mais répondent à des stratégies très différentes : une stratégie nationale pour affirmer la puissance militaire de la Chine opposée à une stratégie d'entreprise pour consolider son rôle mondial. Le rêve de Djibouti qui est de devenir un « hub commercial », de s'ériger en un « Singapour de l'Afrique de l'Est » vient donner une dimension particulière au choix de la China Merchants car il résulte, non de la volonté du gouvernement chinois, mais d'une demande spécifique du gouvernement djiboutien. Notre recherche sera conduite sur la base d'une exploitation des documents existants que ce soit des rapports officiels, des études scientifiques voire des informations plus journalistiques. Elle privilégiera les documents chinois de première main.
    Keywords: Djibouti,Africa,China Merchants,Silk Roads,Chine,Afrique,routes de la soie
    Date: 2018–11
  15. By: Ma, W.; Grafton, Q.; Renwick, A.
    Abstract: The diffusion of mobile information and communication technologies (ICTs) has important implications for rural economic development. While previous studies have investigated the potential contributions of mobile ICTs to agricultural production and poverty reduction, wider incomes effects of the use of updated ICTs such as smartphones have hardly been analyzed. To bridge this knowledge gap, we analyze the determinants and income effects of smartphone use, using an endogenous switching regression model and building on a household-level survey data from rural China. Our findings indicate that gender, farmers education, farm size, and off-farm work participation are main drivers of smartphone use, and smartphone use increases farm income, off-farm income and household income significantly. Further, we find that the income effects of smartphone use are heterogeneous between the male who use smartphones and work off farm and their female counterparts. Acknowledgement : The authors gratefully acknowledge financial support from Lincoln University within the seed fund project (INT5056).
    Keywords: Research and Development/ Tech Change/Emerging Technologies
    Date: 2018–07
  16. By: Hrvoje Jakopovi? (University of Zagreb, Faculty of Political Science)
    Abstract: Public relations research has been facing many challenges in a fast-changing media environment. How to measure public relations effects? This remains the key question for many scholars and communication professionals. In the time of big data, possibilities to measure different aspects of human activities seem accessible. However, the challenge of coping with 3Vs (Volume, Velocity, Variety) of big data seems as an exhaustible effort to get a whole picture and interpret the meaning of these data. Undoubtedly, big data research represents an interdisciplinary approach. In public relations research interdisciplinarity was always present and therefore scholars and public relations professionals are in search of possible tools, designs and solutions that can help in big data analysis. The aim of this paper is to present possible research designs and solutions for public relations research concerning big data and user-generated content (UGC). As communicative practices are increasingly changing and moving on to social media platforms, focus of public relations research is also moving online. The author is examining collection, aggregation, analysis and interpretation of data obtained from various online sources that are publicly available. In terms of big data, the analysis is focused on user-generated content as a potential manifestation of public relations activities. The author is analysing UGC with real-time sentiment analysis and other available tools.
    Keywords: public relations research; big data; sentiment analysis; research design
    JEL: C88
    Date: 2018–11
  17. By: Gabriel M. Barrera
    Abstract: Internet de las Cosas (IoT, Internet of Things) se ha posicionado como una nueva tendencia para el desarrollo de diversas aplicaciones interconectando una gran variedad de dispositivos. Los cuales pueden ser de diversa índole o fabricantes, situación que produce que el desarrollo de estas aplicaciones sea complejo de abordar. Conllevando a que en cada emprendimiento se deban encarar diversas soluciones generando un ecosistema muy variado de arquitecturas a evaluar. Para ello se analizan varios estilos de arquitectura del software relevantes, y se proponen cuáles serían los factores que se habrían de tomar en cuenta al momento de afrontar un desarrollo que utilice IoT.
    Date: 2018–11
  18. By: Budzinski, Oliver; Lindstädt-Dreusicke, Nadine
    Abstract: The markets for audiovisual content are subject to dynamic change. Where once "traditional" (free-to-air, cable, satellite) television was dominating, i.e. linear audiovisual media services, markets display nowadays strong growth of different types of video-on-demand (VoD), i.e. nonlinear audiovisual media services, including both Paid-for VoD like Amazon Prime and Netflix and Advertised-financed VoD like YouTube. Competition policy decisions in such dynamic markets are always particularly challenging. The German competition authority was presented such a challenge when, at the beginning of the 2010s, German television providers sought to enter online VoD markets with the help of cooperative platforms. We review the antitrust concerns that were raised back then in an ex post analysis. In doing so, we first discuss the dynamic development of the German VoD markets during the last decade. In the second part of this paper, we derive four aspects, in which the previous antitrust analysis cannot be upheld from today's perspective. First, relevant implications of modern platform economics were neglected. Second, some inconsistencies in the assessment of the two projects appear to be inappropriate. Third, the emerging competitive pressure of international VoD providers was strongly underestimated. Fourth, the question of market power in online advertising markets looks very different at the end of the decade.
    Keywords: video-on-demand,media economics,two-sided markets,competition,platform economics,commercial television,public service broadcasters,antitrust policy,YouTube,Amazon,Netflix
    JEL: L40 L82 K21 L13 D40
    Date: 2018
  19. By: Mabrouka EL HACHANI (Université Jean Moulin Lyon3 - Laboratoire ELICO); Christine DEVELOTTE (ENS de Lyon - Laboratoire ICAR)
    Abstract: The context of this presentation is the ITAC research project[1], a scientific collaboration between the ICAR and the ELICO research teams and Lyon?s Public Library (BML). Its aim is to study the intergenerational use of digital artifacts at the BML. ITAC focuses on the relational, linguistic, and educational aspects resulting from the interactions. Our study centers on the interactions between a grandmother and her grandson discovering together the games provided on an interactive table. It is also a question of studying the way in which the grandmother transmits to her grandson the manipulative knowledge of communication with the screen. Through a methodological framework inspired by comprehensive ethology (Cosnier, 2001), the analysis will show how both participants benefit from such an activity when it is properly lead by a mediator. In terms of education, the results show that both participants enhanced their digital literacy. In terms of welfare, the senior gets involved in the digital entertainment environment at the same time as she plays with her grandson. It informs us of her degree of appropriation of digital uses. This ease of communication with the screens limits the speeches constantly highlighting the difficulties of seniors to be comfortable with these new technologies. Cosnier. J., 2001. « Entretien avec Jacques Cosnier », Communication et organisation [En ligne], 19 | 2001, mis en ligne le 27 mars 2012, consulté le 08 août 2018. URL : ; DOI : 10.4000/communicationorganisation.2537 [1] page?id=44&forward-action=page&forward-c ontroller=resource&lang=en
    Keywords: Search ; learning ; information and knowledge, Communication, belief
    JEL: I00 D83 C71
    Date: 2018–11
  20. By: Guglielmo Maria Caporale; Alex Plastun; Viktor Oliinyk
    Abstract: This paper investigates the role of the frequency of price overreactions in the cryptocurrency market in the case of BitCoin over the period 2013-2018. Specifically, it uses a static approach to detect overreactions and then carries out hypothesis testing by means of a variety of statistical methods (both parametric and non-parametric) including ADF tests, Granger causality tests, correlation analysis, regression analysis with dummy variables, ARIMA and ARMAX models, neural net models, and VAR models. Specifically, the hypotheses tested are whether or not the frequency of overreactions (i) is informative about Bitcoin price movements (H1) and (ii) exhibits seasonality (H2). On the whole, the results suggest that it can provide useful information to predict price dynamics in the cryptocurrency market and for designing trading strategies (H1 cannot be rejected), whilst there is no evidence of seasonality (H2 is rejected).
    Keywords: cryptocurrency, Bitcoin, anomalies, overreactions, abnormal returns, frequency of overreactions
    JEL: G12 G17 C63
    Date: 2018
  21. By: Ilkka Tuomi (Oy Meaning Processing Ltd)
    Abstract: This report describes the current state of the art in artificial intelligence (AI) and its potential impact for learning, teaching, and education. It provides conceptual foundations for well-informed policy-oriented work, research, and forward-looking activities that address the opportunities and challenges created by recent developments in AI. The report is aimed for policy developers, but it also makes contributions that are of interest for AI technology developers and researchers studying the impact of AI on economy, society, and the future of education and learning.
    Keywords: Artificial Intelligence, Education, Learning, Teaching, Foresight
    Date: 2018–11
  22. By: Samuel Sponem (HEC Montréal - HEC Montréal)
    Keywords: contrôleur de gestion,société du contrôle,Big data,contrôle de gestion
    Date: 2018
  23. By: Ramon Casadesus-Masanell (Harvard Business School, Strategy Unit); Neil Campbell (Majestic Wine PLC)
    Abstract: We examine two episodes of strategic interaction in the U.K. betting industry: (i) Betfair (an entrant multi-sided platform, or MSP) vs. Flutter (also an MSP), and (ii) Betfair vs. traditional bookmakers. We find that although Betfair was an underfunded second mover in the betting exchange space, it was able to attract punters at a much faster rate than the better-funded first mover, Flutter. Moreover, while Betfair and traditional bookmakers competed aggressively for market share, they also developed a highly complementary relationship that favored all parties. We discuss implications for research in the economics and management of MSPs. Specifically, we argue that the literature would benefit from work that endogenizes platform design and that considers the possible competitive and cooperative interactions between the business models of traditional incumbents and those of potential innovative MSP entrants.
    Keywords: platform design, network effects, betting, complements, competing business models, co-opetition, entry
    JEL: D21 D43 L13 L83 L86
    Date: 2018–11
  24. By: Ignacio Madrid
    Abstract: La internet de las cosas es la próxima revolución tecnológica que comenzó con la masificación de las computadoras entre las décadas del 70 y 80. Esta revolución va a introducir nuevas tecnologías, que va a dejar obsoletas a muchas otras existentes el día de hoy. Estas tecnologías también van a eliminar muchas fuentes de trabajo, pero a su vez, va a crear nuevos tipos de trabajo que hoy ni siquiera existen. No solo la educación, los gobiernos y los negocios van a tener que replantearse o volver a trazar rumbos, también se van a ver afectados los comportamientos de las personas y las normas sociales. La tecnología lo va a afectar todo, desde la manera en que la gente vota, come en un restaurante o se va de vacaciones. Sin embargo, todo este potencial puede traer efectos involuntarios, como la creación de nuevos tipos de crimen, armas o guerras. También hará que la sociedad se plantee algunas cuestiones relacionadas a la privacidad y a la seguridad. Mientras es imposible saber dónde exactamente nos lleve Internet of Things, está totalmente claro que un mundo centrado en la tecnología es inminente. Vamos a vivir en casas automatizadas, viajaremos en vehículos que se conducen solos, compraremos productos en negocios interactivos y estaremos conectados a un sistema de medicina y bienestar que van a redefinir el concepto de salud. Dentro de unos años, nuestro día a día va ser totalmente diferente.
    Date: 2018–11
  25. By: Goodhart, Charles
    JEL: F3 G3
    Date: 2018–12–01
  26. By: Louise Kaktins (Macquarie University)
    Abstract: The pervasiveness of digital technology in all aspects of society generally, has raised concerns in the higher education sector as to the implications for pedagogy especially with the exponential influx of Gen Y students (those coming of age between 1998 and 2006) whose use of such technology is already a seamless part of their daily lives. Understandably, their expectation may well be that such technology will also be embedded in their academic lives as undergraduates and later as postgraduates. On the other hand, pressures on the universities ? cost-effectiveness, increasing diversity and volume of the student body ? are making educational technology appear a ready solution, if not panacea. In the midst of such an academic landscape, international students have their own specific challenges in adapting to the western style, English-language-based Higher Education (HE) environment. This paper aims to investigate international students studying in a commercially operated pathway program at a Sydney-based university and their relationship to technology against the current challenges of using technology to facilitate academic achievement. Key areas of focus include: the disconnect between digital exposure and digital literacy, the use of online tools such as e-dictionaries and students? attitudes to e-learning. Pedagogical implications are explored.
    Keywords: internet, pedagogy, digital literacy, educational technology, digital natives, digital immigrants
    JEL: I20
    Date: 2018–11
  27. By: Pavlína Hejduková (University of West Bohemia, Faculty of Economics); Michaela Krechovská (University of West Bohemia, Faculty of Economics)
    Abstract: Considering recent developments in IT and the wake of the global economic crisis, crowdfunding has become an increasingly significant alternative form of finance. The aim of this paper is to analyse and discuss the current state and development of alternative finance markets focusing on crowdfunding. Firstly, we define the terms ?alternative finance?, ?alternative funding?, and ?crowdfunding?. The paper continues with the theoretical framework of crowdfunding and discusses different models of this type of financing. Development of alternative forms of financing is analysed based on data from previous surveys carried out in the field of alternative finance markets and individual crowdfunding platforms functioning around the world. Crowdfunding is growing worldwide, and the Asia-Pacific region, headed by China, is the world?s largest alternative finance market, followed by the Americas. In Europe, the UK is the market leader in alternative finance. As individual models of financing are concerned, the most common forms of alternative finance activities are peer-to-peer consumer lending, reward-based crowdfunding, and peer-to-peer business lending. At the end of the paper, we provide a conclusion of the presented aspects of crowdfunding and development of alternative finance. Finally, we mention potentially problematic areas of this type of financing that could be elaborated upon in the future.
    Keywords: alternative finance; capital; crowdfunding; innovation; SMEs
    JEL: G24 G32 M13
    Date: 2018–06
  28. By: Sigurdur Gudjonsson (University of Akureyri); Kari Kristinsson (University of Iceland)
    Abstract: In this presentation the stage of the microfinance industry in Iceland will be accounted for. Short introduction of the industry in Iceland will be made. Many microfinance institutions have been set up in the developing world causing great success in decreasing poverty in the area. The popularity in these institutions have ben noticed in the developed world and now, many microfinance institutions have been established in the developed west, including in Iceland. While the situation is not the same in Iceland as in the developed world, I will try to answer the following question ,,have the microfinance institutions in Iceland brought prosperity to their borrowers or are they worse off after taking microfinance loans??.
    Keywords: microfinance, poverty, Iceland
    JEL: M10 M14
    Date: 2018–11
  29. By: Vera Kristín Kristjánsdóttir (University of Akureyri); Hafdís Björg Hjálmarsdóttir (Akureyri University)
    Abstract: The authors of this presentation are members of a network called Nordic-Baltic Network for Internationalization of SME´s or Nobanet. As part of the Nobanet network Akureyri University Iceland developed an e-business course together with the partner institutions from the Nobanet. The goal is to provide students with necessary knowledge about basic principles of e-business and to improve practical skills to use online tools and applications. During the development of the course, so-called MOOCs were used as an example. The course contains 10 module, each 1 ECTS. It is possible to take one module, a few or the entire course. The E-learning course materials will be integrated in other courses at Akureyri University and will be available on the Eliademy platform. Eliademy was chosen to host the course, as it is a free platform for instructors to create, share and teach online courses. The course can also be completed as a self-learning course with support and guidelines provided by the instructors. In addition, e-learning materials can be used for other projects and relevant thesis topics.In this presentation, the authors will explain how this course was developed and designed, so that it can be used in various ways in many countries at flexible times.
    Keywords: e-business, online couse, Eliademy, flexible studies, self-learning
    Date: 2018–11

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