nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2018‒12‒17
38 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Threat of Internet Platforms: Facebook, Google, etc. By Alleman, James
  2. The blockchain and the sidechain innovations for the electronic commerce beyond the Bitcoin's framework By Olivier Hueber
  3. Smart Technologies Applied to the Energy Sector. Renewable Energy Expansion Strengthened by Digital Communications and Distributed Ledger Technologies? By Serrano-Calle, Silvia; Delarue, Erik
  4. Casting Light on Central Bank Digital Currencies By Tommaso Mancini Griffoli; Maria Soledad Martinez Peria; Itai Agur; Anil Ari; John Kiff; Adina Popescu; Celine Rochon
  5. Churn and loyalty behaviour of Turkish digital natives By Guven, Faruk
  6. Internet of Things, Virtual Networks and the Economics of Shared Mobility By Knieps, Günter
  7. Antitrust Failures: The Internet Giants By Taschdjian, Martin; Alleman, James
  8. Digital Agriculture: Mobile Phones, Internet & Agricultural Development in Africa By Evans, Olaniyi
  9. Regulatory Bottlenecks of Wireless Expansion of Internet in India By Omkarappa, Bhavya; Benseny, Jaume; Hämmäinen, Heikki
  10. Mobile Money and School Participation: Evidence from Low Income Countries By Valentina Rotondi; Francesco Billari
  11. Telecommunication Submarine-C able Deployment and the Digital Divide in Sub-Saharan Africa By Joel Cariolle
  12. A Study on the Factors Affecting the Continuos Use Intention of Easy Payment Services By Su-Ji Kim; Chae-Bogk Kim
  13. Digitalization of Operations Management with Emotional and Intelligence Tools. Blockchain and IoT integration, the last disruption? By Serrano-Callea, Silvia; Roblesb, Tomás; Martínb, Diego; Mateosc, Raquel
  14. Predicting success of mobile game after market launch using app downloads and sales revenues as performance indicators By Nam, Kyungjin; Kim, Hyejin
  15. Bit-by-Bit Towards Unlimited: An Analysis of Zero Rating and Sponsored Data Practices of Internet Service Providers By Schnurr, Daniel; Wiewiorra, Lukas
  16. Measuring Mobile Broadband Performance By Bauer, Steven; Lehr, William
  17. Determinants of Mobile Broadband Penetration: An Empirical International Study By Pachis, Athanasios; Yannelis, Demetrius
  18. Broadband Internet, Digital Temptations, and Sleep By Francesco Billari; Osea Giuntella; Luca Stella
  19. The working poor and video games By Bruno Vétel
  20. Techno-economic viability of integrating satellite communication in 4G networks to bridge the broadband digital divide By Chiha, Asma; Van der Wee, Marlies; Verbrugge, Sofie; Colle, Didier
  21. The Paper Money of Colonial North Carolina, 1712–74: Reconstructing the Evidence By Cory Cutsail; Farley Grubb
  22. Analysis of People's Willingness to Use Personalization Services in Times of Disaster By Koguchi, Teppei; Jitsuzumi, Toshiya
  23. FinTech in Sub-Saharan African Countries; A Game Changer? By Rodolfo Maino; Alexander Massara; Hector Perez Saiz; Preya Sharma; Amadou N Sy
  24. Measuring customers benefits of click and collect By Magali Jara; Dany Vyt; Olivier Mevel; Thierry Morvan; Nélida Morvan
  25. What firms don’t know can hurt them: Overcoming a lack of information on technology By Jose García-Quevedo; Francisco Mas-Verdú; Gabriele Pellegrino
  26. Limits to Arbitrage in Markets with Stochastic Settlement Latency By Nikolaus Hautsch; Christoph Scheuch; Stefan Voigt
  27. Demographic variation in active consumer behaviour: Who searches most for retail broadband services? By Carthy, Philip; Lunn, Pete; Lyons, Sean
  28. Using blockchain as a tool for tracking and verification of official degrees: business model By Oliver, Miquel; Moreno, Joan; Prieto, Gerson; Benítez, David
  29. The Impact of Broadband Internet on Employment in France By Houngbonon, Georges V.; Liang, Julienne
  30. Where's the Money‽ An Investigation into the Whereabouts and Uses of Australian Banknotes By Richard Finlay; Andrew Staib; Max Wakefield
  31. Quantifying Cyber Risk in the Financial Services Industry By Santucci, Larry
  32. Technological Innovation in Mortgage Underwriting and the Growth in Credit: 1985-2015 By Foote, Christopher L.; Loewenstein, Lara; Willen, Paul S.
  33. Consumer Time Budgets and Grocery Shopping Behavior By Bronnenberg, Bart; Klein, Tobias; Xu, Yan
  34. Disclosures in privacy policies: Does "notice and consent" work? By Bailey, Rishab; Parsheera, Smriti; Rehman, Faiza; Sane, Renuka
  35. Whither the public Internet? By Lehr, William; Clark, David; Bauer, Steve; Berger, Arthur; Richter, Philipp
  36. The Anatomy of a Cryptocurrency Pump-and-Dump Scheme By Jiahua Xu; Benjamin Livshits
  37. Aiming for the Goal: Contribution Dynamics of Crowdfunding By Joyee Deb; Aniko Oery; Kevin R. Williams
  38. Towards a new paradigm of “coopetitiveness” in emerging countries: Case of the Algerian Entrepreneurial Ecosystems By Abdelkader Baaziz

  1. By: Alleman, James
    Abstract: Free!! Google and Facebook!!! We all know them, what to worry about? Everything! The giants of the internet are expanding into every corner of the economy, politics and our lives. They control the majority of digital advertising; Alphabet, Google's parent, and Facebook receive more than 60 percent of digital advertising revenue (Media Buying 2017); Google controls over 90 percent of search on the web (Statcounter 2017); Facebook and Google represent 40% of consumption of digital content (Economist 2017c). Facebook dominates the social media market (Galloway 2017, p. 96); Amazon has nearly 40 percent of online Xmas sales and is destroying the traditional retail outlets (Galloway 2017, p. 28). Apple earns over 90 percent of smart phone profits, although it has less than 20 percent of the market (Galloway 2017, p. 75). This paper will examine the threat to social order and democracy posed by Facebook and Google, as well as others in the internet space. Facebook, and Google have control over what information and news we receive though "black-box" algorithms; they select what "we need." In addition, these platforms have not taken significant measures to address "fake-news", bots, trolls, or other malicious software on the internet. Indeed, they make money off the proliferation of this misinformation. For example, even by its own calculation, "Facebook has estimated that Russian content on its network, including posts and paid ads, reached 126 million Americans, around 40% of the nation's population." (Economist 2017c) Up to 60 million Facebook accounts are fake, according to its own estimate (Shane and Isaac 2017). And according to the Economist (2017c), in the United States' presidential campaign, one out of every five political messages was posted by robots (bots) on Twitter. FANGs have a business models which encourages this type of practice (Shane and Isaac 2017). These models are designed to maximize growth and maintain users. Thus, they involve easy sign up, lack of verification of authenticity; and only, reluctantly, if at all, closing accounts with significant cause (Shane and Isaac 2017, Zittrain 2014). This paper will examine these issues in depth.
    Keywords: Advertising,Antitrust Policy,Democracy,Elections,Propaganda ICT,Internet Platforms,Political Economy
    JEL: K21 L1 L2 L4 L5 L9
    Date: 2018
  2. By: Olivier Hueber (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This paper provides a description of the blockchain that underpins the Bitcoins. This paper provides a new mechanism to reinforce the credibility of online transactions based on blockchain technology. It then becomes possible to explore the future of the blockchain technology in other online electronic markets of goods and services. We assert that the blockchain technology, still linked with the BT, could become in the near future the keystone of many electronic markets and could considerably increase online transactions. A cryptocurrency regime based on sidechain is modelled and a public blockchain controlled by a central is proposed.
    Keywords: payment system,electronic money,monetary regime,online market,blockchain,sidechain,Bitcoin,cryptocurrency,memory
    Date: 2018
  3. By: Serrano-Calle, Silvia; Delarue, Erik
    Abstract: The development of variable renewable energy (VRE) and their massive installation are some of the challenges that the economies of a large part of the world will have to face in the coming years to help ensure a reasonable sustainability of the planet. On the other hand, the advances that have been happening in recent decades in the telecommunications sector and the expansion of the Internet have helped to create a new scenario, giving way to growth opportunities in different economic sectors and new business models. One of the most disruptive tools that has emerged in this new digital ecosystem is what is known as Distributed Ledger Technology (DLT). The opportunity and applicability to strengthen VRE expansion is discussed in this article. To this end, selected case studies and main findings of interviews with experts are discussed. The introduction of blockchain technology, in particular in its use as a platform for smart contracts, offers a great potential, highly valued by experts, in addition to adding other relevant characteristics such as efficiency generated in operational terms and traceability, but also new opportunities for consumers and prosumers to build strong energy communities committed with a sustainable energy transaction. However, among the elements to be improved, we highlight the regulatory uncertainty regarding smart contracts´ security in terms of automatic mechanisms and its legal endorsement for use within the EU; adopting standards to facilitate scalability; and other issues of a more technological nature that should also be improved for a massive implementation in terms of optimizing energy efficiency of the model.
    Keywords: Blockchain,Digital Policy,Energy Policy,Smart Energy,Sustainable Development Goals
    JEL: L86 O33 Q28
    Date: 2018
  4. By: Tommaso Mancini Griffoli; Maria Soledad Martinez Peria; Itai Agur; Anil Ari; John Kiff; Adina Popescu; Celine Rochon
    Abstract: Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.
    Keywords: Money;Central banking;Currencies;Monetary policy;Money; Central Bank Digital Currencies; Monetary Policy
    Date: 2018–11–12
  5. By: Guven, Faruk
    Abstract: The mobile industry drives innovation and economic growth all over the world, thanks to the application industry, content providers and mobile handset producers and operators. With a very young and dynamic population and a remarkable 96 percent mobile penetration rate, Turkey is no stranger to this trend. Yes, this very segment – commonly referred to as digital natives – also poses a dilemma for telecom operators: a high rate of attrition or the churn phenomenon. This paper reports on an empirical examination of the churn and loyalty characteristics of digital natives in the Turkish context. We employ a large sample of youth and analyse their churn and loyalty likelihoods. Overall, we find convincing evidence that, by having a consumer-centric approach and knowing more about their individual customers, telecom operators can drive loyalty and prevent churn. The rise of big data and sophisticated analysis based on behavioral patterns implies that operators now have the tools they need to predict consumer behavior better than ever before.
    Keywords: Digital Natives,Churn,Loyalty,Consumer Behavior,Turkey,Mobile Services
    Date: 2018
  6. By: Knieps, Günter
    Abstract: In this paper the potentials for shared mobility services based on ICT innovations are charac-terized, requiring a paradigm shift from intramodal transportation markets to intermodal shared mobility markets. Heterogeneous ICT innovations are described, entailing various combinations of app-based mobile communications, (camera-based) sensor networks and big data processing. The potentials of shared mobility concepts to avoid traffic collapse and sig-nificantly reduce congestion and pollution in cities are considered, referring to different simu-lation studies on the impact of complete or partial replacement of private vehicles in a city with shared mobility services. Furthermore, the changing role of regulations in the context of the transition from traditional intramodal transportation markets to intermodal shared mobility services markets is considered. Firstly, it is necessary to abolish legal entry barriers to the lo-cal taxi market and the public transit market. Secondly, competition for subsidies of politi-cally desired non-cost covering (shared) mobility services should be symmetrical for all active and potential providers of shared mobility services. Thirdly, technical regulation and con-sumer protection including privacy and cybersecurity for the shared mobility markets should be applied symmetrically and consistently. Finally, the role of pilot projects to establish shared mobility concepts are demonstrated.
    Date: 2018
  7. By: Taschdjian, Martin; Alleman, James
    Abstract: Facebook, Amazon, Netflix and Google, as well as Twitter – the FANG companies – have transformed society with both positive and negative effects. Soaring consumer access to information, news, social networks, and entertainment has been stimulated by the ever-more ubiquitous and falling prices of broadband services. E-government has transformed the delivery of public services. However, negative effects have likewise been stark. Certainly, there have been huge disruptions caused by e-commerce. State tax collectors are fighting the loss of sales tax collections. Because Facebook and Google can identify you, the ads can be targeted to your specific wants and needs, even creating "wants and needs" based on your profile. So, what the "customer" – you – perceived as free is not. Indeed, you are the commodity being sold to the advertisers. Because Facebook and Google are two-sided markets, their economic rents are "hidden" from the public (and, apparently, from the antitrust authorities) . On the user side of the market, prices are zero – "free." The other side, advertising rates are "hidden." Facebook's and Google's revenues are derived from advertising which appears when you go to their sites. They can extract exorbitant prices for ads, since they are virtually the only source that can target ads directly to potential clients. This paper examines the potential for antitrust cases against Facebook and Google as a response to their perceived threats to consumer privacy, political influences and advertising dominance. The argument for antitrust action against them is based on the following arguments. Formally, their Herfindahl-Hirschman index (HHI) for search is 8,476. Combined they currently control over half of US digital advertising; these companies together have an HHI of 2,024. In terms of "social media" United States share of visits, Facebook and Google's HHI is "highly concentrated" at 2,471. Each has obtained de facto monopoly or oligopolistic power without any concern on the part of government. Their economic rents are "hidden" from the public because their revenues are derived from advertising which appear when you go to their sites. Thus, they can extract exorbitant prices for ads. Facebook and Google Herfindahl-Hirschman indices (HHI) are high, indicating a concentrated market or highly concentrated market by several different definitions of their markets. Nevertheless, no serious antitrust case or legislation has addressed this monopoly power.
    Keywords: Advertising,antitrust,competition,internet,media,regulation,pricing,two-sided market
    JEL: D4 K2 L1 L2 L5 L9
    Date: 2018
  8. By: Evans, Olaniyi
    Abstract: This study examines the non-linear relationship between mobile phones, internet and agricultural development in Africa for the period 2001–2015 using system generalized method of moments. The empirical results show a non-linear relationship between mobile phones, internet and agricultural development. Mobile penetration and squared mobile penetration have significant positive effects on agricultural value added, implying that mobile penetration has an increasing effect on agricultural value added. In contrast, internet usage has significant negative effects on agricultural value added, but squared internet usage has significant positive effects. This suggests a U-shaped pattern and a quadratic relationship: as internet usage increases, agricultural value added decreases, but after a certain level of internet usage which is the turning point, agricultural value added starts to increase. The causality analysis suggests the existence of uni-directional causality from mobile penetration and internet usage to agricultural value added. However, there is bi-directional causality between squared mobile penetration, squared internet usage and agricultural value added. This indicates that mobile phones and internet stimulate agricultural development which, in turn, boosts mobile penetration and internet usage even further in these countries. The results therefore provide evidence that mobile phones and internet play significant roles in agricultural development, as agricultural development also plays important roles in the expansion of mobile phones and internet.
    Keywords: Digital Agriculture; Mobile Phones; Internet; Agriculture
    JEL: Q1 Q13 Q16 Q19
    Date: 2018
  9. By: Omkarappa, Bhavya; Benseny, Jaume; Hämmäinen, Heikki
    Abstract: The Indian telecommunication market is second largest in the world and is growing rapidly. The government is taking several measures such as National optical fiber network (NOFN) project, public WiFi pilot to bridge the gap of digital divide in order to provide Internet services throughout the country including under reserved regions of India. However, the available licensed spectrum might not be sufficient to fulfill the demand alone given the fact that it is a limited resource and its assignment to operators is highly regulated. Nevertheless, the unlicensed spectrum might be underutilized since it has around 31000 hotspots throughout the country. Community networks is an emerging concept in India, which plays an important role in bridging digital divide by exploiting unlicensed spectrum. The focus of this paper is to examine the availability of licensed spectrum and discuss the need of regulatory support to enable the growth of community networks in India. The paper studies the following hypotheses as the regulatory bottlenecks in the wireless expansion of Internet in India. i) Licensed spectrum is scarce ii) Low spectrum holdings of operators iii) Inadequate market concentration iv) Lack of regulatory incentives for community networks. The results confirm that competition act as a catalyst in the diffusion of Internet and also that the spectrum scarcity is relatively observed in local service areas in the telecom market. Since the diffusion of wireless networks is less in rural regions, support from regulatory bodies is primarily needed to improve it. Hence, we present few regulatory recommendations related to innovative licensing, and engagement of communities to support the growth of community network operators.
    Keywords: spectrum availability,community network operators,regulatory bottlenecks
    Date: 2018
  10. By: Valentina Rotondi; Francesco Billari
    Abstract: This paper investigates the effect of using mobile money technology on children's school participation in low-income societies. We argue that, by reducing transaction costs, and by making it easier and less expensive to receive remittances, mobile money technology reduces the need for coping strategies that are detrimental to child development, such as withdrawing children from school and sending them to work. We test this hypothesis using a set of comparative samples from seven low-income countries. We find that mobile money technology increases the chances of children attending school. This finding is robust to the use of estimation techniques that deal with possible endogeneity issues. We also show that the effect of mobile money is mainly driven by African countries and that, at least for girls, it is significantly higher when the household is living below the poverty line.
    Keywords: Mobile money, School, Child Labor, Technology, Digital Revolution
    Date: 2017–10
  11. By: Joel Cariolle (FERDI - Fondation pour les Etudes et Recherches sur le Développement International)
    Abstract: The recent deployment of fibre-optic submarine cables (SMCs) in sub-Saharan Africa (SSA) raised the prospects for the digital economy expansion and the whole sub-continent takeoff , but also exposed countries and populations to new sources of vulnerability. This paper provides empirical evidence on the ambivalent effect of SMC deployment on the digital divide in 46 SSA countries. On the one hand, results show that the laying of SEACOM, MainOne and EASSy cables in 2009-2010 has yielded a three percentage points increase in internet penetration rates. On the other hand, exogenous sources of telecommunication disruptions related to SMC laying-the country exposure to SMC outages and the population distance from SMC landing stations-are found to reduce internet and mobile penetration rates, to lower investments in ICTs, and to increase mobile-cellular tariffs and the wireline network instability. Therefore, while SMC arrival in SSA has reduced the digital divide, this divide would be lower if SSA countries were less digitally vulnerable.
    Keywords: Sub-Saharan Africa,telecommunications,ICT,Internet,submarine cables,infrastructures
    Date: 2018–11–28
  12. By: Su-Ji Kim (Kyungpook National University); Chae-Bogk Kim (Kyungpook National University)
    Abstract: FinTech industry is rapidly developing not only in advanced countries but also in South Korea. In order to implement the 'cashless society,' which is an issue these days, mobile easy payments need to be expanded. Mobile ease payment services, one of the FinTech industries are increasingly available and in use. This phenomenon is a step closer to 'cashless society'. Therefore, it is necessary to encourage continued use of mobile payment services.The purpose of this study is to investigate consumers' continuous intention to use easy payment through Technology Readiness (TR) and Technology Acceptance Model (TAM). As a result of the analysis, positive technology readiness had a significant effect on perceived usefulness and perceived ease of use. Further, perceived usefulness and perceived ease of use had a positive effect on continuous use intention. The results imply that both personality dimensions and system specific dimensions are of major importance when adopting new technology.
    Keywords: mobile easy payment, technology readiness, TAM, continuos use intention
    Date: 2018–10
  13. By: Serrano-Callea, Silvia; Roblesb, Tomás; Martínb, Diego; Mateosc, Raquel
    Abstract: Digital advances and the emergence of disruptive technologies have dramatically changed the business models across sectors and operations economics. The scope of this paper is to contribute to analyze the current disruptive revolution in operations management in a digitalized global market focusing on the impact of blockchain technology and IoT integration. New intelligence tools and emotional analysis are contributing to add trust and promote digital expansion across different sectors. Given the high economic impact of the operations management on virtually all productive enterprises, the benefits of digitalizing operations have continuously increased productivity and enhanced international competitiveness. This paper studies the opportunities of what could be one of the last disruptions in operations management, the introduction of blockchain combined with IoT technology and emotional intelligence tools to automate, in a cryptographically verifiable process, activities in digital supply chain networks. Keywords: Blockchain, IoT, Supply Chain Network, Operations Management, Digital Policy Funding: The research leading to these results has received funding from the Spanish Ministry of Economy and Competitiveness through SEMOLA project (TEC2015-68284-R) and from the Autonomous Region of Madrid through MOSI-AGIL-CM project (grant P2013/ICE-3019, cofunded by EU Structural Funds FSE and FEDER).
    JEL: L23 L81 M11
    Date: 2018
  14. By: Nam, Kyungjin; Kim, Hyejin
    Abstract: The world game industry, especially the mobile game market, has grown rapidly in recent years. One of the interesting characteristics of mobile game performance is that its lifetime is remarkably short compared to that of online games and most downloads are peaked in the early period of the service. Since the success of the game is largely dependent of this early performance, this study aims to predict the performance of mobile games right after launch and identify the factors which have influences on the success of the game. Using a multiple regression analysis with mobile game application downloads and sales revenue as performance indicators, this paper investigates the impacts of five main categories of independent variables; brand-related (awareness of IP and name value of publishers), information sources (platform rating and official domestic forum), media and promotion factors (TV commercials, pre-registration, press releases, YouTube videos), objective features (genre and payment type), and distribution-related variables (platform's market power and seasonal issues). TV commercial and pre-registration are significantly strong factors for both revenue and downloads. Google Play's featured banner and media and promotion factors such as press releases and YouTube videos are also important in revenue increase. Regarding the number of downloads, the use of IP (intellectual property) is a significant factor and puzzle games have relatively positive relationship than other genres. Surprisingly, however, the publishing firm (or rather the name value of the firm) didn't have significant impact on performance, and this might imply that there could be an opportunity for small and medium sized companies by investing in media and obtaining mobile platform advantages.
    Keywords: Mobile game industry,Game revenue,Game downloads,Regression analysis
    Date: 2018
  15. By: Schnurr, Daniel; Wiewiorra, Lukas
    Abstract: Zero rating and sponsored data have recently been introduced as new tari↵ options in mobile telecommunications markets. Both practices exempt data traffic of specific Internet services from an Internet user's download limit and thus allow for unlimited consumption of the respective content. Whereas network operators have advertised these options as consumer-friendly innovations, both practices have been criticized by net neutrality proponents and are currently under regulatory scrutiny in several countries. Based on a model of a monopolistic Internet access provider and two advertising-financed content providers, we investigate market outcomes under both zero rating and sponsored data and assess optimal pricing schemes, firms' profits, consumer surplus and total welfare. We then analyze welfare e↵ects if network operators are prohibited from o↵ering service-specific exemptions from users' data allowance and derive policy implications for the current regulatory debate on net neutrality.
    Keywords: Internet access,data caps,zero rating,sponsored data,price discrimination,net neutrality,regulation,public policy
    Date: 2018
  16. By: Bauer, Steven; Lehr, William
    Abstract: The FCC has been running the Measuring Broadband America program since 2011. They have released six well-received yearly reports so far, analyzing the data collected from wired broadband providers. In 2012, the FCC announced an analogous Measuring Mobile Broadband Performance effort and they have been collecting data since 2014. However, the FCC has not released any reports analyzing the mobile data. In this paper we investigate the technical and policy challenges confronting this and other efforts to collect and report on mobile broadband performance. At the core of the debate over mobile performance measurement are questions such as: what constitutes scientifically valid performance measurement for mobile broadband networks? How does one draw valid inferences about user experience, correctly attributing impairments when they exist to different actors or components in the system? Or, how can mobile performance measurement reporting protect privacy while still remaining informative? Answering these questions is more difficult for mobile than fixed broadband for multiple reasons that we document. We explore the current status of mobile broadband performance measurement, building on earlier work that focused on measuring the performance of fixed broadband services.2 Traditionally, drive and walk testing of mobile networks (conducted by companies such as RootMeterics and P3 Communications) have competed with crowd-sourced measurements (like Ookla's Speedtest app and the FCC's app). For each approach, we examine the measurement methodology, analysis procedures, and data availability. We find that while information describing the general structure of the measurement and reporting methodologies is typically available, important details regarding the measurement methodology and how the raw data is modified to produce the final reports is often missing. We dispute published claims3 that driving testing is "scientific," whereas other methodologies are suspect. We conclude that there is no single best approach and that the availability of a multiplicity of measurement platforms and approaches offers significant benefits. Although there is no single best mobile measurement approach for all questions, we explain why it is important to carefully match the test methodology and available data to the questions being asked. Finally, our analysis explores the implications for broadband policy of this evolving ecosystem for mobile broadband measurement.
    Date: 2018
  17. By: Pachis, Athanasios; Yannelis, Demetrius
    Abstract: This study examines relevant factors that determine mobile broadband penetration for a large set of international countries, using instrumental variables econometric techniques. Furthermore it tests for stationarity of the variables using appropriate tests when cross sectional dependence is present. In respect to our main findings we conclude that lower cost of mobile services internet content facilitates mobile broadband diffusion. Moreover we highlight the importance of developing e-services in promoting mobile broadband. In addition we find that mobile and fixed broadband are complements signifying that they are beneficial spillover effects in promoting either of them. Concerning socioeconomic factors we find that factors such as education, income, percentage of urban population and percentage of population between 15-64 years old incite mobile broadband proliferation. Finally countries with multiple mobile standards have significantly higher mobile broadband penetration.
    Date: 2018
  18. By: Francesco Billari; Osea Giuntella; Luca Stella
    Abstract: There is a growing concern that the widespread use of computers, mobile phones and other digital devices before bedtime disrupts our sleep with detrimental effects on our health and cognitive performance. High-speed Internet promotes the use of electronic devices, video games and Internet addiction (e.g., online games and cyberloafing). Exposure to artificial light from tablets and PCs can alterate individuals’ sleep patterns. However, there is little empirical evidence on the causal relationship between technology use near bedtime and sleep. This paper studies the causal effects of access to high-speed Internet on sleep. We first show that playing video games, using PC or smartphones, watching TV or movies are correlated with shorter sleep duration. Second, we exploit historical differences in pre-existing telephone infrastructure that affected the deployment of high-speed Internet across Germany (see Falck et al., 2014) to identify a source of plausibly exogenous variation in access to Broadband. Using this instrumental variable strategy, we find that DSL access reduces sleep duration and sleep satisfaction.
    Keywords: Internet, Sleep Duration, Time use
    Date: 2017–10
  19. By: Bruno Vétel (CE.RE.GE - CEntre de REcherche en GEstion - ULR - Université de La Rochelle - IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - Université de Poitiers - Université de Poitiers)
    Abstract: Online video games are the place of exchange of digital objects useful to their exploration. Some try to earn euros by selling the artificially rare objects they collect there. They can practice what they call "le farm", playing in a very repetitive way to collect the most valuable objects. We propose a synthesis of research on the most widely publicized group among them, "goldfarmers": low-skilled workers who operate in groups from distant countries in order to resell these objects on the Internet. An original research that we conducted with the French players of Dofus shows that they also practice "le farm", but in a more individual ways, that earns little money, and seeks mainly to obtain discounts to be able to carry on playing. This article shows how lucrative "farming" practices are organized and how all stakeholders manage, although not without friction, to live together on an online platform that was originally designed for gaming.
    Abstract: Les jeux vidéo en ligne sont le siège d'échange d'objets numériques utiles à ceux qui les explorent. Certains joueurs essayent de gagner des euros en revendant les objets artificiellement rares qu'ils y collectent. Ils peuvent pratiquer ce qu'ils appellent le « farm », jouant de manière très répétitive pour amasser le plus d'objets de valeur. Des recherches dont nous proposons une synthèse portent sur les plus médiatisés, appelés « goldfarmers » : des travailleurs peu qualifiés qui opèrent en collectifs depuis des pays éloignés afin de revendre ces objets sur internet. Une recherche originale que nous avons menée auprès des joueurs français de Dofus montre qu'eux aussi pratiquent le « farm », mais d'une manière différente : plus individuelle, en gagnant peu d'argent, cherchant surtout à obtenir des ristournes pour continuer à jouer. Cet article montre comment s'organisent les pratiques de « farm » lucratives et comment toutes les parties prenantes parviennent, non sans frictions, à cohabiter sur une même plateforme en ligne, à l'origine imaginée pour jouer.
    Keywords: working class,online games,currency,economy,digital,Digital labor,Plateforme,farm,classe populaire,jeux en ligne,monnaie,économie,numérique
    Date: 2018–06
  20. By: Chiha, Asma; Van der Wee, Marlies; Verbrugge, Sofie; Colle, Didier
    Abstract: Bridging the broadband digital divide between urban and rural areas in Europe is one of the main targets stated in the Digital Agenda for Europe. Though many solutions are proposed in literature, satellite communication has been identified as the only possible solution for rural areas, due to its global coverage. However, deploying an end-to-end satellite solution might be in some cases not cost-effective. In this paper, we propose a converged solution that combines satellite communication as a backhaul network with 4G as a fronthaul network to bring enhanced broadband connectivity to European rural areas. Therefore, a techno-economic model is proposed to analyze the viability of this integration. The model is based on a Total Cost of Ownership (TCO) model for 5 years, taking into account both the capital and the operational expenditures, designed for converged networks. This model aims to calculate the TCO as well as the Average Revenue Per User (ARPU) for the studied scenarios. We evaluate the suggested model by simulating a hypothetical use case for two scenarios. The first scenario is based on a radio access network connecting to the 4G core network via a satellite link. Results for this scenario show high operational costs. In order to reduce these costs, we propose a second scenario, consisting of caching the popular content on the edge to reduce the traffic carried over the satellite link. This scenario demonstrates a significant operational cost decrease (more than 75%), which also means a significant ARPU decrease.
    Keywords: Techno-economics,broadband digital divide,satellite,4G
    Date: 2018
  21. By: Cory Cutsail; Farley Grubb
    Abstract: Beginning in 1712, North Carolina’s assembly emitted its own paper money and maintained some amount of paper money in public circulation for the rest of the colonial period. Yet, data on colonial North Carolina’s paper money regime in the current literature are thin and often erroneous. We correct that here. We forensically reconstruct North Carolina’s paper money regime from original sources—providing yearly quantitative data on printings, net new emissions, redemptions and removals, and amounts remaining in public circulation. These new data provide the basis for future economic, political, and social histories of colonial North Carolina.
    JEL: E42 E51 N11 N21
    Date: 2018–11
  22. By: Koguchi, Teppei; Jitsuzumi, Toshiya
    Abstract: Japan has experienced major earthquake disasters in the past. The Great East Japan Earthquake of March 11, 2011 caused enormous damage. Subsequently, in April 2016, a major tremor centered in Kumamoto Prefecture in Kyushu also occurred. In the event of such a disaster, it is important to ensure that medical services are available and that a lifeline is secured. The use of information and communication technology, or ICT, is essential in implementing such efforts in an efficient manner. For example, ICT is very helpful in searching for evacuation routes, locating evacuation sites, tracking supply shortages, and understanding the situation at medical facilities. The use of ICT for such purposes requires personal information. Users can find their evacuation routes precisely because their locations are confirmed with GPS. People will also be able to locate medical facilities to receive special treatment if they register beforehand their pre-existing conditions. Thus, personal information utilization services are extremely effective in times of disaster. On the other hand, the use of personal information could raise concerns about privacy violations. While the use of personal information may allow for valuable services, privacy could be violated if data are leaked or handled in an inappropriate manner.
    JEL: L86 L96
    Date: 2018
  23. By: Rodolfo Maino; Alexander Massara; Hector Perez Saiz; Preya Sharma; Amadou N Sy
    Abstract: FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
    Keywords: Financial services;Sub-Saharan Africa;Financial inclusion;Technological innovation;FinTech; Financial Technology; Financial Inclusion; Innovation; Sub-Saharan Africa
  24. By: Magali Jara (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IUML - FR 3473 Institut universitaire Mer et Littoral - UBS - Université de Bretagne Sud - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UN - Université de Nantes - ECN - École Centrale de Nantes - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes); Dany Vyt (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Olivier Mevel (UBO - Université de Brest); Thierry Morvan (UNIV-RENNES - Université de Rennes, IUT de Saint Malo - IUT de Saint Malo - Université de Rennes I); Nélida Morvan (UNIV-RENNES - Université de Rennes, IUT de Saint Malo - IUT de Saint Malo - Université de Rennes I)
    Abstract: Purpose Click and collect (or grocery pickup) represents a growing part of the channel strategy of traditional off-line retailers. The aim of this study is to understand how customers develop their perceptions toward this new channel. In other words, what are the key factors explaining the long-term value creation for each "click and collect" system depending on consumers' profiles? Design/methodology/approach On the basis of a quantitative survey of 479 respondents, this research uses confirmatory analyses based on the partial least square path modeling. Findings Based on the structural model, the study finds that the customers' relations, website and pickup station are the most important factors creating value for customers whatever the internet grocery shopping model. The global conceptual model has been implemented under many variations to test the age effect and the kind of click and collect model. It is made evident that customers' benefits vary regarding the kind of click and collect model and the age of customers. Research limitations/implications This research allows a better understanding of the performance of the click and collect system by looking at the key factors that maximize the customers' value and those that decrease it. Results precisely show variations of those factors according to the customer's profile and the click and collect model. Originality/value This quantitative paper studies customer behaviors toward their usual retailer and their relationship with them. To do so, segmented approaches of the causal model are retained to provide specific recommendations.
    Keywords: Multi-channel strategy,Grocery pickup,Structural equations modeling,Click and collect,Confirmatory analyses
    Date: 2018–03–16
  25. By: Jose García-Quevedo (University of Barcelona & IEB); Francisco Mas-Verdú (Polytechnic University of Valencia & IEB); Gabriele Pellegrino (École Polytechnique Fédérale de Lausanne)
    Abstract: The availability of information on technology is a key factor in the innovation process. Firms that lack such information thereby face a major barrier to innovation. Yet little is known about the types of companies that lack this information. This paper examines what characterises firms that lack information on technology and analyses how innovative companies can overcome this gap in their knowledge. Empirical analysis was conducted with the Panel of Technological Innovation (PITEC), based on the information from the Spanish version of the Community Innovation Survey (CIS). The analysis leads to three principal conclusions. First, a large number of firms perceive the lack of information on technology as a barrier to innovation. Second, there are notable sector differences in the way firms perceive this barrier: High-tech firms perceive lower levels of this barrier. Third, not all sources of information on technology are equally effective at overcoming this barrier. The most useful sources are consultants, commercial laboratories and private R&D institutes.
    Keywords: Information on technology, barriers to innovation, sources of information, overcoming obstacles
    Date: 2017
  26. By: Nikolaus Hautsch; Christoph Scheuch; Stefan Voigt
    Abstract: Distributed ledger technologies rely on consensus protocols confronting traders with random waiting times until the transfer of ownership is accomplished. This time-consuming settlement process exposes arbitrageurs to price risk and imposes limits to arbitrage. We derive theoretical arbitrage boundaries under general assumptions and show that they increase with expected latency, latency uncertainty, spot volatility, and risk aversion. Using high-frequency data from the Bitcoin network, we estimate arbitrage boundaries due to settlement latency of on average 124 basis points, covering 88 percent of the observed cross-exchange price differences. Settlement through decentralized systems thus induces non-trivial frictions affecting market efficiency and price formation.
    Date: 2018–12
  27. By: Carthy, Philip; Lunn, Pete; Lyons, Sean
    Abstract: Consumers who actively search for better broadband deals may benefit from lower prices or improved service quality compared to those who do not. If, however, consumers differ in their propensity to engage with the market and actively search, these potential benefits may not accrue equally. This paper investigates differences in consumer search activity for telecommunications services across small geographic areas. We exploit rich and novel data from a commercial price comparison site to explore the dispersion of consumer search in the Irish retail broadband market, while controlling for supply-side variations. By linking geo-coded searches to census data on small area socio-economic characteristics, we identify the areas where most search originates and can thus characterise the socio-economic and demographic groups to whom the benefits of search are most likely to accrue. We find evidence that areas populated by many highly educated, married people, commuters, mortgage holders, and retirees are among the most active in search. In contrast, those areas in which many older people, farmers, low-skilled workers and students reside give rise to significantly fewer consumer searches.
    Keywords: broadband services, consumer search behaviour, socio-economic effects, Ireland
    JEL: D12 D83 L86
    Date: 2018–12–04
  28. By: Oliver, Miquel; Moreno, Joan; Prieto, Gerson; Benítez, David
    Abstract: While the number of universities, tertiary education students and number of graduates per year constantly increase, the need to easily verify degree certificates generates new business opportunities. The irruption of blockchain, and its implementation based in the blockcerts software, provides a straightforward solution that demands to explore plausible business models. In this paper we project two financial models balancing where the price for the service is balanced between the graduate and the employer as the main stakeholders of that service. Students demand a proof-of-certification at low cost and easy to check, employers also demand quick and trustable verification of degrees when recruiting. Both models are projected for several geographic markets and shares to explore plausible ways to develop that business in the European Union.
    Date: 2018
  29. By: Houngbonon, Georges V.; Liang, Julienne
    Abstract: The impact of broadband Internet on employment is ambiguous, but empirical evidence is still limited. In this paper, we exploit data on a massive adoption of broadband Internet in France to investigate the impact of broadband Internet on employment. Using a fuzzy difference-in-difference estimation strategy, we find that broadband Internet destroy jobs, although the unemployment rate seems not to be affected. This job destruction occurs in manufacturing activities, contrary to the service sector where broadband Internet adoption creates jobs. In addition, we find that raising the level of education in urban areas tends to alleviate the negative impact of broadband Internet on employment.
    Keywords: Broadband Internet,Employment
    JEL: D31 L96 O15
    Date: 2018
  30. By: Richard Finlay (Reserve Bank of Australia); Andrew Staib (Reserve Bank of Australia); Max Wakefield (Reserve Bank of Australia)
    Abstract: The Reserve Bank of Australia is the sole issuer and redeemer of Australian banknotes. This means that we know exactly how many banknotes have ever been printed and issued to the public, and how many banknotes, at the end of their life, have been returned to the Reserve Bank and destroyed. Between issuance and destruction, however, there is little public information about where banknotes go or what they are used for. Such information would be of interest for a number of reasons, including to aid in forecasting future banknote demand, and to assess the extent to which banknotes are used to facilitate illegal activities or avoid tax obligations. To address this we use a range of techniques to estimate the whereabouts and uses of Australian banknotes. The techniques that we employ suggest that, of total outstanding banknotes: 15–35 per cent are used to facilitate legitimate transactions; roughly half to three-quarters are hoarded as a store of wealth or for other purposes, of which we can allocate 10–20 percentage points to domestic hoarding and up to 15 percentage points to international hoarding; 4–8 per cent are used in the shadow economy; and 5–10 per cent are lost.
    Keywords: banknotes; lost money; transactional demand; hoarding; shadow economy
    JEL: E41 E58
    Date: 2018–12
  31. By: Santucci, Larry (Federal Reserve Bank of Philadelphia)
    Abstract: The Consumer Finance Institute hosted a workshop in February 2017 featuring James Fox, partner and principal at PricewaterhouseCoopers (PwC) and a leading authority on cybersecurity in the financial services industry. He discussed the importance of measuring cyber risk, highlighted some challenges that financial institutions face in measuring cyber risk, and assessed several leading cyber-risk management methodologies. Fox also provided some recommendations for bank exams and insights into how federal agencies might begin to quantify systemic cyber risk. This paper summarizes Fox’s presentation and is supplemented by additional research.
    Keywords: cyber risk; cybersecurity; risk appetite; risk quantification
    JEL: G28 G32 L14
    Date: 2018–11–11
  32. By: Foote, Christopher L. (Federal Reserve Bank of Boston); Loewenstein, Lara (Federal Reserve Bank of Cleveland); Willen, Paul S. (Federal Reserve Bank of Boston)
    Abstract: The application of information technology to finance, or “fintech,” is expected to revolutionize many aspects of borrowing and lending in the future, but technology has been reshaping consumer and mortgage lending for many years. During the 1990s computerization allowed mortgage lenders to reduce loan-processing times and largely replace human-based assessment of credit risk with default predictions generated by sophisticated empirical models. Debt-to-income ratios at origination add little to the predictive power of these models, so the new automated underwriting systems allowed higher debt-to-income ratios than previous underwriting guidelines would have typically accepted. In this way, technology brought about an exogenous change in lending standards, which helped raise the homeownership rate and encourage the conversion of rental properties to owner-occupied ones, but did not have large effects on housing prices. Technological innovation in mortgage underwriting may have allowed the 2000s housing boom to grow, however, because it enhanced the ability of both borrowers and lenders to act on optimistic beliefs about future house-price growth.
    Keywords: Mortgage underwriting; housing cycle; technological change; credit boom;
    JEL: D53 G21 L85 R21 R31
    Date: 2018–12–07
  33. By: Bronnenberg, Bart; Klein, Tobias; Xu, Yan
    Abstract: Home production not only requires money to buy market goods but also varying degrees of time to shop and to prepare consumption goods. Households' time budgets therefore affect their use of the market and the bundle of market goods chosen. Using a novel household panel data set that combines purchase records with time-budget shifting labor-events, and controlling for demographics, this paper shows how the availability of time affects purchasing behavior. We first find that more discretionary time, due to, e.g., retirement, leads to additional shopping trips across a more diverse set of stores, increased spending on groceries, and more diversity in products chosen. In addition, when time is less scarce, restaurant expenditures go down and grocery expenditures go up. We next classify products according to the time it takes to turn them into consumption experiences. Availability of additional time shifts a household's shopping bundle towards more time-intensive market goods. Our results suggest that product- and retail innovations aimed at forward-integrating into household production are important drivers of demand in CPG industries.
    Keywords: consumer purchase behavior; Household production; retirement; time use
    JEL: D12 D13 J22 M31
    Date: 2018–11
  34. By: Bailey, Rishab (National Institute of Public Finance and Policy); Parsheera, Smriti (National Institute of Public Finance and Policy); Rehman, Faiza (National Institute of Public Finance and Policy); Sane, Renuka (National Institute of Public Finance and Policy)
    Abstract: This paper evaluates the quality of privacy policies of five popular online services in India from the perspective of access and readability. We ask - do the policies have specific, unambiguous and clear provisions that lend themselves to easy omprehension? We also conduct a survey among college students to evaluate how much do users typically understand of what they are signing up for. We find that the policies studied are poorly drafted, and often seem to serve as check-the-box compliance of expected privacy disclosures. Survey respondents do not score very highly on the privacy policy quiz. The respondents fared the worst on policies that had the most unspecified terms, and on policies that were long. Respondents were also unable to understand terms such as "third party", "affiliate" and "business-partner". The results suggest that for consent to work, the information offered to individuals has to be better drafted and designed.
    Date: 2018–12
  35. By: Lehr, William; Clark, David; Bauer, Steve; Berger, Arthur; Richter, Philipp
    Abstract: This paper addresses the question of what should be meant by the phrase the Internet, or equivalently, the public Internet. Since its origins in the 1960s, the Internet has changed significantly in terms of the networks and technologies, services that are supported, and industry players who participate in the Internet ecosystem, growing in global economic and social importance. This paper discusses the changing role of the network operators and service providers that support the public Internet, and the relationship between what might be considered the public Internet and other elements of the global infrastructure. Herein, we explain why the quest for a single definition for the Internet is likely a fool's errand, while recognizing that there remains a need to understand what the concept means in light of its growing importance as a topic of policy concern. Instead of a definition, we propose a three-lens framework through which to evaluate technical and market trends that are changing the Internet and assist in determining whether those changes are or are not consistent with what we view as worth preserving in that which we refer to as the Internet.
    Date: 2018
  36. By: Jiahua Xu; Benjamin Livshits
    Abstract: While pump-and-dump schemes have attracted the attention of cryptocurrency observers and regulators alike, this paper is the first detailed study of pump-and-dump activities in cryptocurrency markets. We present a case study of a recent pump-and-dump event, investigate 220 pump-and-dump activities organized in Telegram channels from July 21, 2018 to November 18, 2018, and discover patterns in crypto-markets associated with pump-and-dump schemes. We then build a model that predicts the pump likelihood of a given coin prior to a pump. The model exhibits high precision as well as robustness, and can be used to create a simple, yet very effective trading strategy, which we empirically demonstrate can generate a return as high as 80% within a span of only three weeks.
    Date: 2018–11
  37. By: Joyee Deb (Cowles Foundation, Yale University); Aniko Oery (Cowles Foundation, Yale University); Kevin R. Williams (Cowles Foundation, Yale University)
    Abstract: We study reward-based crowdfunding campaigns, a new class of dynamic contribution games where consumption is exclusive. Two types of backers participate: buyers want to consume the product while donors just want the campaign to succeed. The key tension is one of coordination between buyers, instead of free-riding. Donors can alleviate this coordination risk. We analyze a dynamic model of crowdfunding and demonstrate that its predictions are consistent with high-frequency data collected from Kickstarter. We compare the Kickstarter mechanism to alternative platform designs and evaluate the value of dynamically arriving information. We extend the model to incorporate social learning about quality.
    Keywords: Crowdfunding, Contribution Games, Dynamic Models, Kickstarter
    JEL: C73 L26 M13
    Date: 2018–12
  38. By: Abdelkader Baaziz (IMSIC - Institut mediterranéen des sciences de l'information et de la communication - AMU - Aix Marseille Université - UTLN - Université de Toulon)
    Abstract: The main aim of this paper is to propose thinking tracks of Entrepreneurial Ecosystems based on a "Quintuple Helix" approach that overcomes the competitive partitions by founding a paradigm of "coopetition" and "coopetitiveness" through the "intelligent specialization" with a strong societal and economic impact. Indeed, the dominant vision in most of emerging countries calls the relationship between Entrepreneurial Ecosystems and their actors, exclusively in terms of competitiveness aspects by reproducing identically the North-American models unlinked to the environmental dissimilarities, such as entrepreneurial culture. However, it is important to enquiring about the spatiotemporal adaptability of this model in the emerging countries contexts, particularly through its uninhibited relationship to the concepts of individual success and failure as well as the ecosystems running based mainly on private financing from business angels, crowdfunding and venture capital investors. While the creation of a startup is administratively facilitated, the uncertainties of the environment put its sustainability in a severe test. The causes are numerous, we cite among others, the difficulty of these startups to fit into a multidisciplinary working mode, hence the necessity to integrate them in the value chain of an ecosystem where they answer efficiently to mutualized and specific R&D needs. That's why we propose to identify the main barriers to open innovation as well as the catalysts enabling the creation of the integrative entrepreneurial ecosystems. By borrowing the paradigm of the city, we highlight the "urbanized" ecosystem made up of "useful" and "specialized" blocks, integrated in the value chain of this ecosystem. We will show the viability of the proposed tracks through many cases of economic, societal and academic actions undertaken in Algeria in order to setting up a favorable environment of integrative entrepreneurial ecosystems.
    Keywords: Useful blocks,Specialized blocks,Urbanized ecosystem,Coopetitiveness,Coopetition,Quintuple Helix,Entrepreneurial ecosystem,Algerian entrepreneurial ecosystem,Ecosystem's Value Chain,Intelligent specialization,Mutualized R&D,Ambidextrous capabilities
    Date: 2018–11–09

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