nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2019‒02‒18
23 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers By James Chapman; Carolyn A. Wilkins
  2. Wikipedia and Digital Currencies: Interplay Between Collective Attention and Market Performance By Abeer ElBahrawy; Laura Alessandretti; Andrea Baronchelli
  3. Friends or foes? Mobile money interaction with formal and informal finance By Serge Ky; Clovis Rugemintwari; Alain Sauviat
  4. Two-sided Market, R&D and Payments System Evolution By Li, Bin Grace; McAndrews, James J.; Wang, Zhu
  5. Discovery and Diffusion of Digital Innovations – An Analysis of Enterprise Social Networks and Data-Driven Business Models By Engelbrecht, Adrian
  6. FinTech and the future of financial services: What are the research gaps? By Anil Savio Kavuri; Alistair Milne
  7. The use of cash in Italy: evidence from the ECB Study on the use of cash by households By Giorgia Rocco
  8. Digital transformation and finance sector competition By Santiago Fernández de Lis; Pablo Urbiola
  9. Policies for the protection of critical information infrastructure: Ten years later By OECD
  10. Using digital technologies to improve the design and enforcement of public policies By OECD
  11. Broadband Internet and Social Capital By Andrea Geraci; Mattia Nardotto; Tommaso Reggiani; Fabio Sabatini
  12. Bitcoin: competitor or complement to gold? By Jamal Bouoiyour; Refk Selmi; Mark Wohar
  13. Big Data and Firm Dynamics By Maryam Farboodi; Roxana Mihet; Thomas Philippon; Laura Veldkamp
  14. The Consumer Intention to Adopt Smart Connected-Products: Does the Category Matter? By Catherine Viot; Caroline Bayart; Agnes Lancini
  15. The Hardware-Software Model: A New Conceptual Framework of Production, R&D, and Growth with AI By Jakub Growiec
  16. Retailers facing the challenge of digitalization: a comparison France - Canada By Grégory Bressolles; Catherine Viot
  17. Sorting On-line and On-time By Sekyu Choi; Stefano Banfi; Benjamín Villena-Roldán
  18. Open source editing business models; the case of software By Amel Charleux; Anne Mione
  19. Money and Modernization in Early Modern England By N. Palma
  20. Does Financial Regulation Unintentionally Ignore Less Privileged Populations? The Investigation of a Regulatory Fintech Advancement, Objective and Subjective Financial Literacy By Maya Haran Rosen; Orly Sade
  21. The evolution of online co-production groups and its effects on content quality By Diane Jackson; Nicolas Jullien; Sorin Matei; Amira Rezgui
  22. Market Reaction to iPhone Rumors By Chong, Terence Tai Leung; Wu, Zhang; Liu, Yuchen
  23. Narratives about Technology-Induced Job Degradations Then and Now By Robert J. Shiller

  1. By: James Chapman; Carolyn A. Wilkins
    Abstract: The market for cryptoassets has exploded in size in the 10 years since bitcoin was launched. The technology underlying cryptoassets, blockchain, has also been held up as a technology that promises to transform entire industries. In this paper we examine what is new about cryptoassets and their technology and how they may affect core central bank functions. We do this by outlining what we think are the three most important research and policy questions for central bankers around cryptoassets and cryptocurrencies specifically. First, what is fundamentally new about the technology that underpins cryptocurrencies and other cryptoassets? Second, how do cryptocurrencies affect a central bank’s role in the economy? Third, given the two challenges of a rise of cryptoassets and a decline in the use of cash, should digital payments be left entirely to the private sector or should central banks issue their own digital currencies? We discuss these three policy questions and highlight what aspects of them are most important to central bankers. Finally, we raise several new questions to help guide researchers in studying cryptoassets and their underlying technology.
    Keywords: Bank notes; Digital Currencies; Financial services; Payment clearing and settlement systems
    JEL: E41 E42 E51 E58 H4 P43
    Date: 2019–02
  2. By: Abeer ElBahrawy; Laura Alessandretti; Andrea Baronchelli
    Abstract: The production and consumption of information about Bitcoin and other digital-, or 'crypto'-, currencies have grown together with their market capitalisation. However, a systemic investigation of the relationship between online attention and market dynamics, across multiple digital currencies, is still lacking. Here, we quantify the interplay between the attention towards digital currencies in Wikipedia and their market performance. We consider the entire edit history of currency-related pages, and their view history from July 2015. First, we quantify the evolution of the cryptocurrency presence in Wikipedia by analysing the editorial activity and the network of co-edited pages. We find that a small community of tightly connected editors is responsible for most of the production of information about cryptocurrencies in Wikipedia. Then, we show that a simple trading strategy informed by Wikipedia views performs better, in terms of returns on investment, than classic baseline strategies for most of the covered period. Our results contribute to the recent literature on the interplay between online information and investment markets, and we anticipate it will be of interest for researchers as well as investors.
    Date: 2019–02
  3. By: Serge Ky (LAPE - Laboratoire d'Analyse et de Prospective Economique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges); Clovis Rugemintwari (LAPE - Laboratoire d'Analyse et de Prospective Economique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges); Alain Sauviat (LAPE - Laboratoire d'Analyse et de Prospective Economique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges)
    Abstract: Access to and usage of formal financial services are important determinants of financial inclusion and yet, informal mechanisms still dominate the financial system in developing countries. In this context, the purpose of our paper is to investigate how the growing effort to harness mobile money may play a role to overcome barriers that prevent people to access formal financial services. Using a unique dataset obtained from an individual-level survey conducted in Burkina Faso, we explore the interplay between mobile money innovation as a deposit instrument and pre-existing formal and informal financial instruments. Our main findings show that, overall, the use of mobile money is not associated with deposits using formal and/or informal financial instruments. However, a closer investigation reveals suggestive evidence that it increases the probability of participants in informal mechanisms to make deposits in a bank account. Moreover, considering disadvantaged groups, we find for women, irregular income and less educated individuals that mobile money may increase their probability to make deposits in a bank and/or credit union accounts. Given the low access to formal financial services in developing countries, our findings taken together indicate how the increasing adoption of mobile money may act as a stepping-stone towards financial inclusion.
    Keywords: developing countries †,financial inclusion,mobile money,formal finance,informal finance,deposit behavior
    Date: 2019–02–06
  4. By: Li, Bin Grace (International Monetary Fund); McAndrews, James J. (TNBUSA); Wang, Zhu (Federal Reserve Bank of Richmond)
    Abstract: It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a two-sided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary significantly through the endogenous R&D channel.
    Keywords: payments system; technology adoption; two-sided market
    JEL: E4 G2 O3
    Date: 2019–02–08
  5. By: Engelbrecht, Adrian
    Abstract: Digital technologies radically transform today’s organizations as they permeate both innovation processes and outcomes. While the potential of digital innovations is tremendous, many companies hardly realize the extensive benefits of digital technologies so far. Furthermore, the theoretical understanding of digital innovations is limited since scholars started to challenge the assumptions made in traditional innovation research due to digital technologies’ affordances. Therefore, this thesis seeks to improve the knowledge about digital innovations by analyzing their discovery and diffusion. The discovery of innovations relates to the development of ideas, which can result in new products, processes, or business models. It is essential to investigate companies’ innovation discovery as they often struggle to create innovative ideas and existing theory rarely incorporates the increasing diversity of employees involved in these processes. Papers A and B of this thesis address these issues by examining how Enterprise Social Networks (ESNs) facilitate employees’ innovation discovery. According to Communication Visibility Theory (CVT), the consideration of ESNs is crucial in this regard as they make employees’ everyday communication permanently visible, which provides a basis for acquiring new knowledge. Paper A validates and extends the newly developed CVT. By incorporating individuals employed in diverse contexts, it empirically supports the theory’s external validity. Therefore, different companies can draw on ESNs to foster their innovation discovery, which is made possible through improvements in employees’ meta-knowledge. Besides, the paper reveals that meta-knowledge is not merely formed in the long-run, as indicated by previous research, but in the short-run as well. Interestingly, it also shows that managers can gain more meta-knowledge using ESNs compared to non-managers, which is in contrast with prior literature’s findings. Paper B investigates when employees disclose information in ESNs, which is essential to attain high communication visibility and, in this way, to facilitate the discovery of innovations. To that end, the paper transfers theory on Online Social Networks (OSNs) to the ESN context. It finds that employees’ trusting and risk beliefs are associated with their information disclosure. Additionally, the paper reveals that a company’s group and development culture influence these beliefs, with error aversion culture transmitting the effect of development culture. Innovation diffusion relates to the distribution of a novel product, process, or business model across a group of target users. It is important to better understand the diffusion of digital innovations as companies often lack knowledge about why new offerings are rejected, which limits their chances of counteracting the underlying issues. Furthermore, digital technologies impact the innovation diffusion by blurring industry boundaries and facilitating competition. Papers C and D of this thesis investigate the diffusion of digital innovations in the context of data-driven business models. This context is especially affected by new competition arising across previous boundaries and, thus, necessary to analyze as diverse organizations have high incentives to utilize their data in new ways. Paper C analyzes which dimensions substantially differentiate between distinct data-driven business models. For this purpose, it leverages practitioners’ perceptions of business models obtained from a start-up database. Based on three identified dimensions, the paper creates a taxonomy that classifies the business models into eight ideal-typical categories. The number of business models present in each category provides insights into their diffusion. By offering basic knowledge about the nature of data-driven business models, the paper can be used as a foundation for future research that seeks to dig deeper into this new field and for companies that aim at developing data-driven business models. Paper D investigates how individuals evaluate data-driven services that are offered by highly diverse companies. Based on a qualitative study, the paper shows that individuals’ perception of fit between a service and its provider is crucial for their evaluations. It also reveals the dimensions that influence this perception. Additionally, it explores the consequences that come with a perception of fit. Using these results, the paper offers a new perspective on individuals’ service evaluations, which is vital to the diffusion of the services as well as the associated business models and helps organizations in developing and promoting data-driven services.
    Date: 2019
  6. By: Anil Savio Kavuri; Alistair Milne
    Abstract: New financial technologies (FinTech) have erupted around the world. Consequently, there has been a considerable increase in academic literature on FinTech over the last five years. Research tends to be scantily connected with no coherent research agenda. Significant research gaps and important questions remain. There is much work to be done before this area becomes an established academic discipline. This paper offers coherent research themes formulated through focus group meetings with policymakers and academics, and also based on a critical assessment of the literature. We outline seven key research gaps with questions that could form the basis of academic study. If these are addressed it would help this area become an established academic discipline.
    Keywords: FinTech, industrial structure, customer benefits, barriers, vulnerable customers, identity, cyber security, AI, financial stability, regulation cryptocurrencies, payments, business models, Bitcoin, Blockchain
    JEL: E58 G18 G20 G21 G28 G29 K12 O30 O32 O33
    Date: 2019–02
  7. By: Giorgia Rocco (Banca d'Italia)
    Abstract: The study investigates the use of cash and other payment instruments at points of sale (POS) in Italy, using data from the Italian sample of the Study on the Use of Cash by Households (SUCH) conducted by the ECB in 2016. The aim of the study was to estimate the number and value of cash transactions and to obtain information on consumers’ payment behaviour. The results show that cash was the most used instrument, although alternative instruments and cards would be preferred if the method of payment could be selected without constraints. Cash was mainly used for low-value payments, whereas other instruments were used more frequently for higher value transactions. Daily payments were mainly made in cash, even when alternatives were available. The choice of payment instrument is more affected by the characteristics of the transaction than by socio-demographic factors: the significant use of cash is explained by the fact that only transactions at POS, where the value of payments is typically low, were recorded in the diaries.
    Keywords: cash, payment instruments, payment behaviour, consumers’ choice
    JEL: E41 D12 D14
    Date: 2019–01
  8. By: Santiago Fernández de Lis; Pablo Urbiola
    Abstract: Digital transformation has opened the financial services market to new kinds of providers with great disruptive potential, including big technology companies. This article explores how the scope of that integration is conditioned by regulation, data access rules and competition policy.
    Keywords: Working Paper , Financial regulation , Digital economy , Digital Regulation , Digital Trends , Global
    Date: 2019–01
  9. By: OECD
    Abstract: This report analyses responses to a questionnaire circulated to OECD delegations for the review of the 2008 OECD Recommendation on the Protection of Critical Information Infrastructure (CIIP). It includes suggestions to guide the updating of the Recommendation. The update comes against a backdrop of fast digital transformation and increased digital reliance of businesses and governments; increased frequency and severity of cybersecurity attacks on critical information infrastructure; the rise of state-sponsored attacks including digital sabotage and espionage; and increased capacity of attackers. The update of the Recommendation serves as an opportunity to make changes to its purpose and scope; to insert key messages based on overarching themes from the responses; and to adjust the Recommendation in line with current and anticipated evolutions in contexts, risks and policies.
    Date: 2019–02–15
  10. By: OECD
    Abstract: Digitalisation is having a profound impact on social and economic activity. While often benefiting from a very long history of public investment in R&D, digitalisation has been largely driven by the private sector. However, the combined adoption of new digital technologies, increased reliance upon new data sources, and use of advanced analytic methods hold significant potential to: i) improve the effectiveness and enforcement of public policies; ii) enable innovative policy design and impact evaluation, and; iii) expand citizen and stakeholder engagement in policy making and implementation. These benefits are likely to be greatest in policy domains where outcomes are only observable at significant cost and/or where there is significant heteroregeneity in responses across different agents. In this paper we provide a review of initiatives across a number of fields including: competition, education, environment, innovation, and taxation.
    Date: 2019–02–15
  11. By: Andrea Geraci (European Commission JRC); Mattia Nardotto (KU Leuven); Tommaso Reggiani (Masaryk University); Fabio Sabatini (Sapienza University of Rome)
    Abstract: We study how the diffusion of broadband Internet affects social capital using two data sets from the UK. Our empirical strategy exploits the fact that broadband access has long depended on customersâ position in the voice telecommunication infrastructure that was designed in the 1930s. The actual speed of an Internet connection, in fact, rapidly decays with the distance of the dwelling from the specific node of the network serving its area. Merging unique information about the topology of the voice network with geocoded longitudinal data about individual social capital, we show that access to broadband Internet caused a significant decline in forms of offline interaction and civic engagement. Overall, our results suggest that broadband penetration substantially crowded out several aspects of social capital.
    Keywords: ICT, broadband infrastructure, networks, Internet, social capital, civic capital
    JEL: C91 D9 D91 Z1
    Date: 2018–12
  12. By: Jamal Bouoiyour (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour, IRMAPE - Institut de Recherche en Management et Pays Emergents - ESC Pau); Refk Selmi (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour, IRMAPE - Institut de Recherche en Management et Pays Emergents - ESC Pau); Mark Wohar (University of Nebraska Omaha, Loughborough University)
    Abstract: This study seeks to address whether Bitcoin ever match or even replace gold as a safe haven. To this end, we use a dynamic Markov-switching copula model to test the complementarity and substitutability among Bitcoin and gold within two risk scenarios (i.e., low-and high-risk regimes). Our results reveal a positive and strong correlation between gold and Bitcoin returns coinciding with specific economic and political events. Gold and Bitcoin benefit from the same economic conditions. This suggests that gold and Bitcoin are likely to be complementary, rather than in competition with each other. Gold could act as a diversifier for investors in digital assets. But the Bitcoin have a lot to teach gold in terms of the efficient transfer of value.
    Keywords: Bitcoin,Gold,Testing for complementarity and substitution,Markov-switching copula model
    Date: 2019
  13. By: Maryam Farboodi; Roxana Mihet; Thomas Philippon; Laura Veldkamp
    Abstract: We study a model where firms accumulate data as a valuable intangible asset. Data accumulation affects firms’ dynamics. It increases the skewness of the firm size distribution as large firms generate more data and invest more in active experimentation. On the other hand, small data- savvy firms can overtake more traditional incumbents, provided they can finance their initial money- losing growth. Our model can be used to estimate the market and social value of data.
    JEL: D21 E01 L1
    Date: 2019–01
  14. By: Catherine Viot (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon); Caroline Bayart (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon); Agnes Lancini (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon)
    Abstract: The development of the Internet Of Things (IOT) could be considered as the third period of the digital transformation. More and more Smart Connected-Products (SCPs) are used, whether in the private or public domain. And many different sectors, as automotive, health or insurance develop such products, which can gather, analyze and generate data thanks to sensors and connection. If companies look like interested by this business opportunity, the adoption of SCP is not obvious to consumers. Drawing on the Theory of Planned Behavior (TPB) and on the concept of Consumer innovativeness, this study proposes a model to better understand the intention to adopt SCP. To test our proposed research model, we used an online survey to collect data from a convenient sample of young people from generation Z. According to the results, it seems that intention to adopt SCPs depends on feelings about this decision (subjective norms), personal attitudes towards SCPs and cognitive innovativeness (intellectually interesting and challenging products). But as far as the intention to adopt SCPs linked to insurer is concerned, the subjective norms and the cognitive innovativeness are identified as two main variables.
    Keywords: Brand Trust,Smart connected products,Theory of planned behavior,Insurance 2
    Date: 2017–10–19
  15. By: Jakub Growiec
    Abstract: The article proposes a new conceptual framework for capturing production, R&D, and economic growth in aggregative models which extend their horizon into the digital era. Two key factors of production are considered: hardware, including physical labor, traditional physical capital and programmable hardware, and software, encompassing human cognitive work, pre-programmed software, and artificial intelligence (AI). Hardware and software are complementary in production whereas their constituent components are mutually substitutable. The framework generalizes, among others, the standard model of production with capital and labor, models with capital–skill complementarity and skill-biased technical change, and unified growth theories embracing also the pre-industrial period. It offers a clear conceptual distinction between mechanization and automation as well as between robotization and the development of AI. It delivers sharp, economically intuitive predictions for long-run growth, the evolution of factor shares, and the direction of technical change
    Keywords: production function, R&D equation, technological progress, complementarity, automation, artificial intelligence.
    JEL: O30 O40 O41
    Date: 2019–02
  16. By: Grégory Bressolles (KEDGE Business School [Talence] - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche); Catherine Viot (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon)
    Abstract: Les détaillants ne sont pas épargnés par la transformation digitale. La première phase de cette transformation s'est traduite par l'ajout du canal digital, dans une logique d'organisation en silos. Ils doivent aujourd'hui relever un nouveau défi, celui du commerce connecté, qui tend vers une logique d'intégration des canaux. La stratégie de digitalisation de six détaillants français et canadiens, appartenant à trois secteurs (chaussures & accessoires, culture & loisirs créatifs, vin & spiritueux), a été étudiée selon la méthode des cas. Quatre types de changements sont mises à jour (1) des changements organisationnels (intégration des systèmes d'information ; formation des vendeurs) ; (2) des changements concernant la proposition de valeur (redéfinition de l'offre, de l'expérience client et réorganisation du point de vente de manière à y intégrer le web-to-store et le store-to-web) ; (3) des changements logistiques (afin d'orienter la logistique vers le client) ; (4) des changements quant aux règles de partage de la valeur entre les différents canaux, ainsi que la création de nouveaux indicateurs de performance. Mots clés : Commerce connecté, omnicanal, digitalisation du point de vente, T.I., e-logistique
    Date: 2018–05–16
  17. By: Sekyu Choi; Stefano Banfi; Benjamín Villena-Roldán
    Abstract: Using proprietary data from a Chilean online job board, we find strong, positive assortative matching at the worker-position level, both along observed dimensions and on unobserved characteristics (OLS Mincer residual wages). We also find that this positive assortative matching is robustly procyclical. Since we use information on job applications instead of final matches, we use the generalized deferred-acceptance algorithm to simulate tentative final allocations. Under all considered scenarios for the algorithm, positive assortative matching is preserved from the application stage to the realized matches.
    Keywords: Online search, assortative matching, labor markets.
    Date: 2019–01–22
  18. By: Amel Charleux (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Anne Mione (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier, Labex Entreprendre - UM - Université de Montpellier)
    Abstract: This research identifies business models (BM) adopted by editors of free and open source software. These models require an original BM approach because the value creation depends on the project attractiveness on contributors whose number, quality and diversity are not controlled. This specificity raises the question of how sharing a value that cannot be anticipated or formally negotiated. We carry out a quantitative analysis of nearly 200 software and perform a taxonomy using the TwoStep Cluster method. Our results reveal four BMs, commitment, exploration, expertise and optimization.
    Abstract: Cette recherche identifie les business models (BM) mis en œuvre par les éditeurs de logiciels libres et open source. Ces modèles requièrent une approche originale des BM parce que la création de la valeur dépend de l'attractivité du projet auprès de contributeurs dont le nombre, la qualité et la diversité ne sont pas contrôlés. Cette spécificité pose la question du partage d'une valeur qui ne peut pas être anticipée ni formellement négociée. Nous procédons à une analyse quantitative de près de 200 logiciels et réalisons une taxonomie par la méthode TwoStep Cluster. Nos résultats mettent au jour quatre BM, engagement, exploration, expertise et optimisation.
    Keywords: open source,open innovation,business model,innovation ouverte
    Date: 2018
  19. By: N. Palma
    Date: 2019
  20. By: Maya Haran Rosen; Orly Sade
    Abstract: Define contribution mechanism combined with a dynamic job market can affect the sum of retirement savings and the choices of plans and products. Hence, it is important for regulators to engage servers to manage the accounts they accumulate over the years. In 2013-2014 the Israeli regulator reached out to the population, recommending the use of a website to help individuals find inactive retirement savings accounts and close them (withdraw the savings or transfer them to active accounts). The government's efforts did not result in the closure of most of the inactive accounts. Proprietary data indicate that those who closed the inactive accounts live in central locations with a higher socioeconomic index. Survey data indicate that those who lacked financial literacy and confidence in their financial knowledge were less likely to take financial actions. Using a controlled field experiment, we also provide evidence that an intervention with a human touch can promote greater involvement.
    Date: 2019
  21. By: Diane Jackson (Rowett Institute of Nutrition and Health); Nicolas Jullien (IMT Atlantique - IMT Atlantique Bretagne-Pays de la Loire, LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - UBS - Université de Bretagne Sud - UBO - Université de Brest - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique Bretagne-Pays de la Loire, MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - UBS - Université de Bretagne Sud - UBO - Université de Brest - Ecole Nationale de la Statistique et de Analyse de l'Information - Rennes - Institut Mines-Télécom [Paris] - UR2 - Université de Rennes 2 - UNIV-RENNES - Université de Rennes - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique Bretagne-Pays de la Loire); Sorin Matei (CERIAS - Center for Education and Research in Information Assurance and Security (Purdue University)); Amira Rezgui (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - UEB - Université européenne de Bretagne - Télécom Bretagne - Institut Mines-Télécom [Paris])
    Abstract: What types of social processes generate strong online co-production groups? How do these groups evolve to reach peak performance? How does the quality of the products generated by the groups co-vary with the evolution of their social systems over time? The paper analyzes the entire English and French Wikipedia editorial histories, from their inception until 2015, identifying the specific phases through which two different massive online production systems grew. By tracking the emergence of the high contribution group across two different online spaces on a fine-grained level, the paper uncovers their temporal evolutions and impacts on the organization of social systems. Furthermore, the paper reveals how the quality of the content co-evolves with the emergence of the production groups through each growth phase.
    Keywords: collective action,online co-production,Wikipedia,evolution,phases
    Date: 2019–05–24
  22. By: Chong, Terence Tai Leung; Wu, Zhang; Liu, Yuchen
    Abstract: The paper studies the effects of new product rumors about the iPhone on the stock price of the Apple company. We scrape iPhone rumors from, and obtain a dataset covering 1,264 articles containing 180 words on average bet-ween January 2002 and December 2015. Moreover, we construct a market-decided lexicon to transform qualitative information into quantitative data, and analyze what type of words and what information embedded in the rumors are apt to impact on Apple's stock price. Unlike previous studies, we do not rely on the widely-adopted Harvard-IV-4 dictionary, as the coefficients of the words from the dictionary are neither significant nor consistent with their polarities, compared with our results. The paper obtains three main findings. First, the spread of rumors has a significant impact on the stock price. Second, positive words, rather than negative words, play an important role in affecting the stock price. Third, the stock price is highly sensitive to the words related to the appearance of the iPhone.
    Keywords: stock price, iPhone, rumors, market-decided lexicon
    JEL: G14
    Date: 2019–01–25
  23. By: Robert J. Shiller
    Abstract: Concerns that technological progress degrades job opportunities have been expressed over much of the last two centuries by both professional economists and the general public. These concerns can be seen in narratives both in scholarly publications and in the news media. Part of the expressed concern about jobs has been about the potential for increased economic inequality. But another part of the concern has been about a perceived decline in job quality in terms of its effects on monotony vs creativity of work, individual sense of identity, power to act independently, and meaning of life. Public policy should take account of both of these concerns, inequality and job quality.
    JEL: B0 E02 J0 N3
    Date: 2019–02

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