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on Payment Systems and Financial Technology |
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Issue of 2019‒04‒29
eighteen papers chosen by |
| By: | Yalamova, Rossitsa |
| Abstract: | "Decentralization and Democratization" is the main promise behind the distributed ledger technology that attracted enthusiasts looking for ways to prop our ailing global socio-economic system. Not surprisingly its best known application "Bitcoin" comes as the "panacea" against the worst offender in the neoliberal order, the Financial Industry. Trends, fads and myths about blockchain technology fuel the imagination allowing for proliferation of hypes and disappointment. This paper offers a discussion of possible blockchain applications for polycentric governance of socio-economic systems in light of building sustainability and resilience. On the opposite side I will analyze the possibility for misuse (e.g. the Internet of Things) of the technology to build ever stronger centralized control system lacking adaptive capacity and leading to total collapse. |
| Keywords: | Adaptive Systems,Blockchain,Globalization,Collapse of Complex Societies |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:opodis:201902&r=all |
| By: | Rodier, Caroline |
| Abstract: | Towards the close of the first decade of the 21st Century, ride-hailing services began to enter the transportation market through smart phone applications that allowed consumers to hail and pay for a ride from drivers using their own vehicle. The information and communication technologies used by these platforms allow for more reliable service, to more locations, with shorter wait times, and at a lower cost than traditional taxi services and, perhaps, public transit. Today, an estimated 15% of adults across the U.S. and 21% in major cities have personally used these services. The successful entrance of ride-hailing services into the transportation market has raised questions about their effect on the overall transportation system, including congestion, total vehicle miles traveled (VMT), and greenhouse gas emissions (GHGs). Reliable answers are limited, in large part, because of their rapid expansion and the lack of publicly available data from these private ride-sharing companies. However, there is now a small body of research, most conducted in 2016 and 2017, that provides some initial evidence on the impacts of these services. This research includes population representative survey data, targeted ride-hailing user survey data, and measured ride-hailing driver and passenger activity data. In addition, the recent interest in automated vehicles has produced modeling studies that also provide insight into the potential effects of ride-hailing services. The following framework was developed to identify the range of possible travel effects, both positive and negative, on users of ride-hailing services. This includes the effects of ride-hailing on auto ownership, trip generation, destination choice, mode choice, network vehicle travel, and land use. |
| Keywords: | Engineering |
| Date: | 2018–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt2rv570tt&r=all |
| By: | Fajardo, José |
| Abstract: | In this paper we study the daily return behavior of Bitcoin digital currency. We propose the use of generalized hyperbolic distributions (GH) to model Bitcoin's return. Our, results show that GH is a very good candidate to model this return. |
| Keywords: | Bitcoin, Cryptocurrency, Jumps, Generalized Hyperbolic distributions. |
| JEL: | C01 C02 C58 G0 |
| Date: | 2019–04–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93353&r=all |
| By: | Francesco Decarolis; Maris Goldmanis; Antonio Penta |
| Abstract: | The transition of the advertising market from traditional media to the internet has induced a proliferation of marketing agencies specialized in bidding in the auctions that are used to sell ad space on the web. We analyze how collusive bidding can emerge from bid delegation to a common marketing agency and how this can undermine the revenues and allocative efficiency of both the Generalized Second Price auction (GSP, used by Google and Microsoft-Bing and Yahoo!) and the of VCG mechanism (used by Facebook). We find that, despite its well-known susceptibility to collusion, the VCG mechanism outperforms the GSP auction both in terms of revenues and efficiency. |
| Keywords: | Collusion, digital marketing agencies, facebook, google, GSP, internet auctions, online advertising, VCG |
| JEL: | C72 D44 L81 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1657&r=all |
| By: | Akihiko Noda |
| Abstract: | This study examines whether the market efficiencies of major cryptocurrencies (e.g., Bitcoin, Ethereum, and Ripple) change over time based on the adaptive market hypothesis (AMH) of Lo (2004). In particular, we measure the degree of market efficiency using Ito et al.'s (2014, 2016, 2017) generalized least squares-based time-varying model. The empirical results show that (1) the degree of market efficiency varies with time in cryptocurrency markets, (2) the market efficiency level of Bitcoin is higher than that of the other markets over most periods, and (3) the market efficiency of cryptocurrencies has evolved. We conclude that the results support the AMH for the established cryptocurrency market. |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1904.09403&r=all |
| By: | Gaenssle, Sophia; Budzinski, Oliver |
| Abstract: | We review the economics of superstars, originally developed for stars in traditional media, and discuss whether they are applicable for the (allegedly) novel phenomenon of stars in social media (influencer, micro-celebrities). Moreover, we analyse potentially new factors for creating social media superstardom that may be special to the nature of social media. Our overall result is that the economics of superstars, like the role of talent, market concentration effects, MacDonald-style and Adler-style effects, remain applicable and relevant for social media stars. In line with this assessment, we find that several (allegedly) new star factors in social media, like user-generated content, prosumption, disappearance of gatekeepers and authenticity, turn out to be only partly applicable or just slightly different to traditional concepts. However, algorithm management and upload strategies represent novel success factors relevant for social media superstardom that are not captured by traditional superstar theories. |
| Keywords: | social media,digital media,popularity,superstars,cultural economics,media economics,influencer,micro-celebrities,creators,user-generated content,prosumer,algorithm management,YouTube,Instagram,entertainment markets |
| JEL: | L82 Z10 L13 L15 L86 D43 D83 F23 M21 D91 L26 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tuiedp:123&r=all |
| By: | Wiesböck, Florian; Hess, Thomas |
| Abstract: | With this study, we want to take a first step in this direction and try to develop a basic understanding of the capabilities for digital innovations (henceforth: digital innovation capabilities (DIC)) from a digital technology perspective. Such a perspective argues that digital innovations are based on digitalization and digital transformation capabilities (Wiesböck 2018). Hence, the aim of this paper is to develop a digital technology-centered theoretical conceptualization of an organization's DIC. This way, we want to answer the following research question: How do an organization's digitalization capabilities and digital transformation capabilities define an organization's digital innovation capabilities? |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lmuwim:12018&r=all |
| By: | Circella, Giovanni; Alemi, Farzad; Tiedeman, Kate; Handy, Susan; Mokhtarian, Patricia |
| Abstract: | Emerging technologies and shared mobility services are quickly changing transportation. The popularity of these services is particularly high among millennials and those living in the dense central parts of cities. Still, the reasons behind the adoption of these services and their impacts on the use of other transportation modes and on total travel demand are largely unclear. How are shared mobility services changing transportation demand and supply? This report provides useful insights to answer this question. The research explores the use of various types of shared mobility services in California, focusing in particular on the factors affecting the adoption and frequency of use of ridehailing services (such as those provided by Uber and Lyft), and the impacts that the use of these services has on other components of travel behavior. The authors analyze a dataset that they collected with a detailed online survey in fall 2015 as the first round of data collection in a panel study of emerging transportation trends and adoption of technology in California. More than 2,000 respondents, including millennials (i.e., young adults born between 1981 and 1997) and members of Generation X (i.e., middle-aged adults born between 1965 and 1980), completed the survey. |
| Keywords: | Engineering |
| Date: | 2018–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt1kq5d07p&r=all |
| By: | Shaheen, Susan PhD; Cohen, Adam |
| Abstract: | In recent years, economic, environmental, and social forces have quickly given rise to the “sharing economy,†a collective of entrepreneurs and consumers leveraging technology to share resources, save money, and generate capital. Shared mobility—the shared use of a vehicle, bicycle, or other low-speed travel mode—is an innovative transportation strategy that enables users to have short-term access to a transportation mode on an as-needed basis. Business-to-consumer services, such as Zipcar and car2go, and peer-to-peer carsharing and shared ride services, such as Getaround, Turo, Lyft, and Uber, have become part of a sociodemographic trend that has pushed shared mobility from the fringe to the mainstream. Local, regional, and state laws, ordinances, codes, zoning, and environmental policies can have unintended impacts on the success and viability of shared mobility in California. |
| Keywords: | Engineering, Shared Mobility |
| Date: | 2018–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt83b2n13t&r=all |
| By: | Rodier, Caroline; Michaels, Julia |
| Abstract: | Ride-hailing services, which allow consumers to order and pay for rides through smart phone applications, have grown to a substantial proportion of the transportation market. Today, an estimated 15% of adults across the U.S. and 21% living in major U.S. cities have used ride-hailing services. The growth of ride-hailing services has raised questions about their overall effects on the transportation system. While they clearly offer a new form of mobility, there is concern they may increase congestion and air pollutant emissions. A limited number of studies have attempted to quanitfy changes associated with the increased use of ride hailing services. UC Davis researchers examined how ride-hailing affects the total amount of driving (measured in vehicle miles traveled, VMT) as well as greenhouse gas (GHG) emissions. The researchers developed a framework of categories for analyzing the multiple aspects of transportation that may be affected by ride-hailing. These categories are: automobile ownership; number of vehicle trips generated; choice of mode of travel; empty (passenger-less) travel between drop-off and pick-up points, known as “network travel†; and destination choice and land use. Thirteen (13) studies were analyzed using this new framework: 8 used surveys of riders or recorded data on rider and driver activity; and 5 used simulated (“modeled†) travel in and around cities by automated taxis. By compiling multiple studies in the framework, stronger and more certain conclusions could be reached. View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, Automobile ownership, Greenhouse gases, Mode choice, Travel behavior, Trip generation, Vehicle miles of travel |
| Date: | 2019–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt4vz52416&r=all |
| By: | Antonello Zanfei (Department of Economics, Society & Politics, Universit? di Urbino Carlo Bo); Andrea Coveri (Department of Economics, Society & Politics, Universit? di Urbino Carlo Bo); Mario Pianta (Scuola Normale Superiore, Florence) |
| Abstract: | The modern process of digitalization of the world economy entails global flows of investment in technology-based industries and knowledge activities located upstream of value chains. This work exploits the wealth of information offered by the fDi Markets database to provide an overview about the geographical patterns of FDIs and of specialization in digital industries and in technological activities.We showremarkable differences across both advanced and emerging economies in this respect. Europe is both a big attractor and a big investor in digital related business, but relies on emerging economies more to offshore production than to set up R&D labs in these countries. By contrast, North American economies are more prone to engage in knowledge intensive FDIs towards the most dynamic emerging countries than is the case of Europe.Emerging economies also play a large variety of rolesinglobal flows of investment in digital industries.However, with the relevant exceptions of China, India and the Four Asian Tigers, inward and outward FDIsof Emerging economies are predominantlyproduction-oriented, with a lower involvement in R&D, Design and ICT activities. Hence, the observed patterns of FDIs appear to consolidate existing hierarchies in digital related global production networks, creating limited upgrading opportunities in the case of most emerging economies. |
| Keywords: | Foreign direct investment, globalization, digitalization, global value chains. |
| JEL: | F12 F21 F23 L23 M21 O30 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:urb:wpaper:19_03&r=all |
| By: | Chenchen Zhang |
| Abstract: | The last few years have seen the emergence of a right-wing populist discourse on Chinese social media that combines the claims, vocabulary, and style of right-wing populisms in Europe and North America with previous forms of nationalism and racism in Chinese cyberspace. In other words, it provokes a similar hostility towards immigrants, Muslims, feminism, the so-called ‘liberal elites’, and progressive values in general. This article examines how, in debating global political events such as the European refugee crisis and the American presidential election, well-educated and well-informed Chinese internet users appropriate the rhetoric of ‘Western-style’ rightwing populism to paradoxically criticise Western hegemony and discursively construct China’s ethno-racial and political identities. Through qualitative analysis of 1,038 postings retrieved from a popular social media website, this research shows that by criticising Western ‘liberal elites’, the discourse constructs China’s ethno-racial identity against the ‘inferior’ non-Western other, exemplified by non-white immigrants and Muslims, with racial nationalism on one hand; and formulates China’s political identity against the ‘declining’ Western other with realist authoritarianism on the other. We conclude by conceptualising the discourse as embodying the logics of anti-Western Eurocentrism and anti-hegemonic hegemonies. This article 1) provides critical insights into the changing ways in which self/other relations are imagined in Chinese popular geopolitical discourse; 2) sheds light on the global circulation of extremist discourses facilitated by the internet; and 3) contributes to the ongoing debate on populism and the ‘crisis’ of the liberal world order. |
| Keywords: | China, Far-Right, Extreme-right, social networks |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbcvp:2013/285974&r=all |
| By: | Shaheen, Susan PhD; Cohen, Adam |
| Keywords: | Engineering |
| Date: | 2018–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt38q8b91c&r=all |
| By: | Yang, Shiyan; Shladover, Steven E.; Lu, Xiao-Yun; Spring, John; Nelson, David; Ramezani, Hani |
| Keywords: | Engineering |
| Date: | 2018–06–25 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt92359572&r=all |
| By: | Shaheen, Susan PhD; Martin, Elliot Phd; Bansal, Apaar |
| Keywords: | Engineering |
| Date: | 2018–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt7s8207tb&r=all |
| By: | Jenn, Alan |
| Abstract: | Incentives for plug-in electric vehicles (PEVs) are typically designed to encourage broad consumer adoption of the new technology. However, maximizing the emissions benefits from electrifying the transportation sector also requires incentives targeted at stakeholders with high travel intensity, i.e., those with particularly high passenger occupancy and/or vehicle-miles traveled (VMT). This policy brief focuses on one such class of stakeholders: transportation network companies (TNCs) such as Uber and Lyft. It examines empirical data of electric vehicle use in TNCs and discusses research findings on the potential impacts of electrifying TNCs. It also raises important considerations for the development of future policy. View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, electric vehicles, vehicle miles traveled, incentives, plug-in electric vehicles, transportation network companies, ridesharing |
| Date: | 2019–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt12s554kd&r=all |
| By: | Zhou, Kun; Wang, Yanqiao; Li, Jingquan; Wachs, Marty; Walker, Joan; Meng, Huadong; Friedman, Jason; Zhang, Wei-Bin |
| Keywords: | Engineering |
| Date: | 2018–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt3mk6q1k0&r=all |
| By: | Hao, Peng; Wang, Chao |
| Abstract: | Traffic congestion at arterial intersections and freeway bottlenecks degrades the air quality and threatens the public health. Conventionally, air pollutants are monitored by sparsely distributed Quality Assurance Air Monitoring Sites. Sparse mobile crowd-sourced data, such as cellular network and Global Positioning System (GPS) data, contain large amount of traffic information, but have low sampling rate and penetration rate due to the cost limit on data transmission and archiving. The sparse mobile data provide a supplement or alternative approach to evaluate the environmental impact of traffic congestion. This research establishes a framework for traffic-related air pollution evaluation using sparse mobile data and traffic volume data from California Performance Measurement System (PeMS) and Los Angeles Department of Transportation (LADOT). The proposed framework integrates traffic state model, emission model and dispersion model. An effective tool is developed to evaluate the environmental impact of traffic congestion for both arterials and freeways in an accurate, timely and economic way. The proposed methods have good performance in estimating monthly peak hour fine particulate matter (PM 2.5) concentration, with error of 2 ug/m3 from the measurement from monitor sites. The estimated spatial distribution of annual PM 2.5 concentration also matches well with the concentration map from California Communities Environmental Health Screening Tool (CalEnviroScreen), but with higher resolution. The proposed system will help transportation operators and public health officials alleviate the risk of air pollution, and can serve as a platform for the development of other potential applications. |
| Keywords: | Engineering |
| Date: | 2018–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt7q6760rz&r=all |