nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2019‒09‒23
twenty-one papers chosen by

  1. Digital Real Estate Transformation for Social Needs: A Case Study on Smart Environment for Visually Impaired People By Nikolai Siniak; Dmytro Zubov
  2. Embedded supervision: how to build regulation into blockchain finance By Raphael Auer
  3. Privacy and Money: It Matters By Emanuele Borgonovo; Stefano Caselli; Alessandra Cillo; Donato Masciandaro; Giovanni Rabitti
  4. Innovations in emerging markets: the case of mobile money By Pelletier, Adeline; Khavul, Susanna; Estrin, Saul
  5. Equilibrium Bitcoin Pricing By Bruno Biais; Albert Menkveld; Catherine Casamatta; Christophe Bisière; Matthieu Bouvard
  6. Impact of digitalization factor on the residential values in UK and Sweden By Sviatlana Engerstam; Jurgita Banyte; Vida Maliene
  7. Settlement and Blockchain Equilibria By Zahra Ebrahimi; Ariel Zetlin-Jones; Bryan Routledge
  8. En Chine, le paiement mobile est-il « monnaie courante » ? By Thierry Pairault
  9. Effect of Information Communication and Technology (ICT) on the Performance of Financial Institutions (A Case Study of Barclays Bank, Sunyani Branch) By Kyeremeh, Kwadwo; Prempeh, Kwadwo Boateng; Afful Forson, Matilda
  10. Application of machine learning in real estate transactions – automation of due diligence processes based on digital building documentation By Philipp Maximilian Müller
  11. How Do Private Digital Currencies Affect Government Policy? By Max Raskin; Fahad Saleh; David Yermack
  12. Comparing the forecasting of cryptocurrencies by Bayesian time-varying volatility models By Rick Bohte; Luca Rossini
  13. Influence of Blockchain Technology & Applications By Jan Veuger
  14. Multi-Dimensional Observational Learning in Social Networks: Theory and Experimental Evidence By Liangfei Qiu; Asoo Vakharia; Arunima Chhikara
  15. The e-monetary theory By Ngotran, Duong
  16. Rise of Digital Media to Triumph Brand Loyalty By Alam Kazmi, Syed Hasnain; Zaman, Syed Imran; Wahab, Abdul; Yan, Kou
  17. Retos y oportunidades del emprendimiento apalancado en tecnología digital By Camila Pérez Marulanda
  18. Testing the employment and skill impact of new technologies: A survey and some methodological issues By Barbieri, Laura; Mussida, Chiara; Piva, Mariacristina; Vivarelli, Marco
  19. Challenges in Machine Learning for Document Classification in the Real Estate Industry By Mario Bodenbender; Björn-Martin Kurzrock
  20. Fear of Robots and Life Satisfaction By Tim Hinks
  21. Playlisting Favorites: Is Spotify Gender-Biased? By Luis Aguiar Wicht; Joel Waldfogel; Sarah Waldfogel

  1. By: Nikolai Siniak; Dmytro Zubov
    Abstract: Smart sustainable development and inclusive growth policy in Europe have a significant social impact on the cities and regions. The investigation of the regions’ potential is a starting point for the social and economic development that leads to a higher quality of life. Together with developed smart infrastructures such as Industry 4.0, smart transport and cities have to be hospitable for people with disabilities. This concept is based on the combination of digital, economic, social, environmental, and other structures. Nowadays, digital technologies simplify the everyday activities of the blind and visually impaired (B&VI) people, their employment, and make the work conditions more B&VI friendly. The real estate facilities were drastically changed for the B&VI last decade. Internet of Things helps the B&VI to increase control over their lives and live independently. Examples of today available assistive devices are as follows: related to low vision (magnifiers; near/distance vision telescopes), for daily living (thermometers, barometers, and other meteorological sensors; lighting; color sensors; liquid level indicators; money handling devices), for information and communication (mobile communications; screen magnification software; Braille editing and translation software; web-browsers for non-visual output; computer vision), automatic doors and windows (smart locks; smart doorbells; smart curtains and shades), voice assistants (music and audiobooks; heating control; voice-activated phone calls; news and weather updates; calendars and reminders), home help (garden robots; robot hoovers). However, the standard smart assistive infrastructures have not been developed yet. The most prospect approach is the combination of the real estate facilities/services with the B&VI assistive soft-/hardware at the construction and facility management stage including related laws and standards.This paper discusses how the ICT technologies simplify the B&VI everyday activities and employment and make their work and living conditions in buildings more B&VI friendly and how it can influence on a real estate market and regional development. Even a small success rate implies a large socio-economic territorial benefit.
    Keywords: Digital Transformation; employment blind and visually impaired; Smart sustainable development; Social Innovation; wearable assistive device
    JEL: R3
    Date: 2019–01–01
  2. By: Raphael Auer
    Abstract: The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, ie a regulatory framework that provides for compliance in tokenised markets to be automatically monitored by reading the market's ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralised market is modelled that replaces today's intermediary-based verification of legal data with blockchain-enabled data credibility based on economic consensus. The key results set out the conditions under which the market's economic consensus would be strong enough to guarantee that transactions are economically final, so that supervisors can trust the distributed ledger's data. The paper concludes with a discussion of the legislative and operational requirements that would promote low-cost supervision and a level playing field for small and large firms.
    Keywords: tokenisation, asset-backed tokens, stablecoins, cryptoassets, cryptocurrencies, regtech, suptech, regulation, supervision, Basel III, proportionality, blockchain, distributed ledger technology, digital currencies, proof-of-work, proof-of-stake, permissioned DLT, economic consensus, economic finality, fintech, compliance, auditing, accounting, privacy, digitalisation, finance, banking
    JEL: D40 D20 E42 E51 F31 G12 G18 G28 G32 G38 K22 L10 L50 M40
    Date: 2019–09
  3. By: Emanuele Borgonovo; Stefano Caselli; Alessandra Cillo; Donato Masciandaro; Giovanni Rabitti
    Abstract: In the economic literature, a medium of payment has two properties: liquidity and store of value. The fast and increasing development of digital currencies raises the question: is privacy a third attribute? We test these assertions through a laboratory experiment. From the theoretical viewpoint, the experiment relies on the simultaneous combination of Keynes’s traditional demand for money and Friedman’s forward looking intuition on the role of privacy. Results show that privacy positively matters and increases the overall appeal of a medium of payment, even more for risk prone individuals. Given privacy, the sacrifice ratio between liquidity risk and opportunity cost is relatively high. Within the current debate, the experiment suggests that the future competition between alternative currencies will depend on how the three properties will be mixed in a way consistent with the individual’s preferences.
    Keywords: Money Demand, Cryptocurrencies, Central Bank Digital Currencies, Behavioural Economics
    Date: 2019
  4. By: Pelletier, Adeline; Khavul, Susanna; Estrin, Saul
    Abstract: Mobile money is a financial innovation that provides transfers, payments, and other financial services at a low or zero cost to individuals in developing countries where banking and capital markets are deficient and financial inclusion is low. We use transaction costs and institutional theories to explain the growth and impact of mobile money. Having developed a new archival dataset that tracks mobile money deployment across 90 emerging economies during 16 years between 2000 and 2015, we address the question of relative economic impact of the banking and telecoms sectors in the provision of mobile money. We show that telecom groups and not banks are more likely to launch mobile money in countries where legal rights are weaker and credit information less prevalent. However, it is when mobile money is offered via a banking channel that the spillover effects on the economy are greater. Findings have significant implications for policy and strategy.
    JEL: G21 M13 O33
    Date: 2019–09–09
  5. By: Bruno Biais (HEC); Albert Menkveld (VU University Amsterdam); Catherine Casamatta (Toulouse School of Economics); Christophe Bisière (Université Toulouse Capitole); Matthieu Bouvard (McGill University, Desautels Faculty)
    Abstract: We offer an overlapping generations equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasizes that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on its future prices. The link between future and present prices implies that returns can exhibit large volatility unrelated to fundamentals. We construct an index measuring the ease with which bitcoins can be used to purchase goods and services, and we also measure costs incurred by bitcoin owners. Consistent with the model, estimated transactional net benefits explain a statistically significant fraction of bitcoin returns.
    Date: 2019
  6. By: Sviatlana Engerstam; Jurgita Banyte; Vida Maliene
    Abstract: The development of digital technologies that helped to integrate internet into every home has changed the world. This includes the opportunity to work online at home (e-office), to shop online (e-shops), or the possibility of renting your own home (e.g. Airbnb). Thereby, the digitalization factor has brought new challenges to property market, e.g., promoting working from home model decreases demand of office units; increasing online shopping reduces demand of retail units and increases demand for industrial units such like warehouses. According to Gartner, the digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; and it is the process of moving into a digital business (Gartner, 2019). The digitalization factor represents an impact of internet technologies on property market. The aim of this study was to examine the digitalization factor and its impact on residential property market dynamics in Sweden and the UK. The dynamics of residential property market have been analyzed by using both, quantitative and qualitative, data though application of narrative analysis and descriptive statistics. The data have been collected from the property and statistical databases, the academic literature, electronic sources, magazines and professional property market reviews. The research findings demonstrated that there is correlation between the digitalization factor and residential property market dynamics in both case study countries. However, the impact of digitalization factor on the residential property market dynamics variates in each case study country.
    Keywords: digitalization factor; residential property market; Sweden; UK
    JEL: R3
    Date: 2019–01–01
  7. By: Zahra Ebrahimi (Carnegie Mellon University); Ariel Zetlin-Jones (Carnegie Mellon University); Bryan Routledge (Carnegie Mellon University)
    Abstract: Existing blockchain protocols based on the proof-of-work consensus mechanism, such as Bitcoin, necessarily feature a time lag of roughly one hour before users can ``trust'' the information on the blockchain. In Bitcoin, this lag results in a settlement lag before parties are willing to exchange real goods and services in exchange for tokens. The time delay plays a key role in securing the data on the blockchain from malicious attacks or those attempting to overwrite the history of the data. However, this time delay is not sufficient to secure the data from attacks when the value of transactions supported by the blockchain becomes sufficiently large. In this paper, we show how the settlement lag may be used to develop a new consensus mechanism which significantly improves the security of blockchain data and, in some cases, eliminates theoretical limitations on the economic value of transactions supported by blockchains. We further demonstrate how to optimize the settlement lag to maintain security while ensuring the usefulness of the blockchain to facilitate transactional services.
    Date: 2019
  8. By: Thierry Pairault (CECMC-CCJ - Centre d'études sur la Chine moderne et contemporaine - CCJ - Chine, Corée, Japon - EHESS - École des hautes études en sciences sociales - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique)
    Abstract: China rapidly emerged as a world leader in mobile payment applications. So in this paper we will ask what technologies are being used. What are the reasons, conditions and above all the reality of such a success in China? What contribution can China make to the development of mobile payment abroad and in particular in Africa?
    Abstract: La Chine est devenue en peu de temps une figure de proue mondiale pour les applications de paiement mobile. Aussi nous demanderons-nous dans ce travail quelles sont les technologies mises en oeuvre ? Quelles sont les raisons, les conditions et surtout la réalité d'un tel succès en Chine. Quelle contribution la Chine peut apporter au développement du paiement mobile hors de ses frontières-en particulier en Afrique ?
    Keywords: Africa,mobile payment,China,Chine,Afrique,paiement mobile
    Date: 2019–09–08
  9. By: Kyeremeh, Kwadwo; Prempeh, Kwadwo Boateng; Afful Forson, Matilda
    Abstract: The study sought to examine the contribution of Information and Communication Technology (ICT) on performance of banks in terms of service delivery in financial institutions in Ghana. The high competition in the Ghanaian banking industry has forced rapid changes as a result of technological innovation, increased awareness and demands from customers. The study adopted both exploratory and descriptive research design. Qualitative research method was used in collecting data and data was analyzed qualitatively. The main instrument for collecting data was the structured questionnaire. A sample size of 50 respondents consisting of 8 staff members and 48 customers of Barclays Bank was used for the study. A structured questionnaire was the main data collection instrument. The purposive and systematic sampling techniques were used to obtain the required sample size. The main tool which was used for the data analysis was Statistical Package for Social Sciences. Frequencies and percentages were used to present the data in a tabular form. The limitation affecting the study was time and financial constraints. The study revealed that ICT has an appreciable positive effect on performance due to improved customer service delivery. This affects the growth of Barclays Bank. ATM service flaws such as withdrawal discrepancies, issuance of faulty cards and long time for applied ATM cards to arrive deter most customers from accessing the service. Following from this study, it is recommended, Barclays Bank enhances the performance of their ATMs and their networks to increase customers satisfaction.
    Keywords: Information Communication Technology, service delivery,technological innovation,
    JEL: G2 G20 G21 G24
    Date: 2019–09–12
  10. By: Philipp Maximilian Müller
    Abstract: To minimize risks and increase transparency, every company needs reliable information. The quality and completeness of digital building documentation is more and more a factor as “deal maker” and “deal breaker” in real estate transactions. However, there is a fundamental lack of instruments for leveraging internal data and a risk of overlooking the essentials.In real estate transactions, the parties generally have just a few weeks for due diligence (DD). A large variety of Documents needs to be elaborately prepared and make available in data rooms. As a result, gaps in the documentation may remain hidden and can only be identified with great effort. Missing documents may result in high purchase price discounts. Therefore, investors are increasingly using a data-driven approach to gain essential knowledge in transaction processes. Digital technologies in due diligence processes should help to reduce existing information asymmetries and sustain data-supported decisions.The paper describes an approach to automate Due Diligence processes with a focus on Technical Due Diligence (TDD) using Machine Learning (ML), esp. Information Extraction. The overall aim is to extract relevant information from building-related documents to generate a semi-automated report on the structural (and environmental) condition of properties.The contribution examines due diligence reports on more than twenty office and retail properties. More than ten different companies generated the reports between 2006 and 2016. The research work provides a standardized TDD reporting structure which will be of relevance for both research and practice. To define relevant information for the report, document classes are reviewed and contained data prioritized. Based on this, various document classes are analyzed and relevant text passages are segmented. A framework is developed to extract data from the documents, store it and provide it in a standardized form. Moreover the current use of Machine Learning in DD processes, the research method and framework used for the automation of TDD and its potential benefits for transactions and risk management are presented.
    Keywords: Artificial Intelligence; digital building documentation; Due diligence; Machine Learning; Real estate transactions
    JEL: R3
    Date: 2019–01–01
  11. By: Max Raskin; Fahad Saleh; David Yermack
    Abstract: This paper provides a systematic evaluation of the different types of digital currencies. We express skepticism regarding centralized digital currencies and therefore focus our economic analysis on private digital currencies. Specifically, we highlight the potential for private digital currencies to improve welfare within an emerging market with a selfish government. In that setting, we demonstrate that a private digital currency not only improves citizen welfare but also encourages local investment and enhances government welfare.
    JEL: E42 E5 E58
    Date: 2019–09
  12. By: Rick Bohte; Luca Rossini
    Abstract: This paper studies the forecasting ability of cryptocurrency time series. This study is about the four most capitalized cryptocurrencies: Bitcoin, Ethereum, Litecoin and Ripple. Different Bayesian models are compared, including models with constant and time-varying volatility, such as stochastic volatility and GARCH. Moreover, some crypto-predictors are included in the analysis, such as S\&P 500 and Nikkei 225. In this paper the results show that stochastic volatility is significantly outperforming the benchmark of VAR in both point and density forecasting. Using a different type of distribution, for the errors of the stochastic volatility the student-t distribution came out to be outperforming the standard normal approach.
    Date: 2019–09
  13. By: Jan Veuger
    Abstract: Blockchain might be the future of digitalizing assets into small pieces called tokens, of which the process is called tokenization. Transaction costs and speed are reduced, and entering into so called Real Estate Investment Trusts for investing in real estate are no longer an issue. Through tokenization, anyone from this planet can invest in real estate.Context: According to Savills (2017), the total value of world real estate reached $217 trillion in 2015. It only includes developed real estate and could have been much larger when we had counted the vast amount of non-developed land on the planet. One major boundary is the accessibility and the tradability of money. In the current situation, real estate is traded via Real Estate Investment Trusts (short: REITs). The problem with these REITs is the accessibility. Only the few people who can investment above the threshold can invest in real estate. Thereby, currency is another problem, because potential investors in Hong Kong cannot invest in Dutch real estate. This leads to a lack of liquidity on the financial real estate market. Blockchain might be the solution to this lack of global liquidity in real estate. In this way, real estate is purchased via smart contracts, traded via blockchain, and invested in by tokens: all very quickly. In this way, the world has no longer the financial borders from today. In theory, anyone can invest in real estate and make profit.The main question of this research paper is: In what way can tokenizing real estate by blockchain substitute the conventional way of investing in non-listed real estate?The sub questions of this theoretical framework in order to answer the main question are:What is the conventional way of trading non-listed real estate? How does this work? What are its boundaries? What is blockchain? How can it be adopted in real estate? What are smart contracts? What are its (dis)advantages? What is tokenization? How does it work? What are its (dis)advantages? What form of token is important in relation to tokenizing real estate successfully? What are the (legal) hurdles of tokenizing assets? What is the perspective of tokenization?
    Keywords: blockchain; cryptocurrency; Ethereum; REITs; tokenization
    JEL: R3
    Date: 2019–01–01
  14. By: Liangfei Qiu (Warrington College of Business, University of Florida, USA); Asoo Vakharia (Warrington College of Business, University of Florida, USA); Arunima Chhikara (Warrington College of Business, University of Florida, USA)
    Abstract: The prevalence of consumers sharing their purchases on social media platforms (e.g., Instagram, and Pinterest) and the use of this information by potential future consumers have substantial implications for online retailing. In this study, we examine how product characteristics and the type of information provider jointly moderate the purchase decision in a social network setting. We first propose an analytical observational learning framework integrating the impact of product differentiation and social ties. Then, we use two experimental studies to validate our analytical results and provide additional insights. Our key findings are that the effect of learning from strangers is stronger for vertically differentiated products than for horizontally differentiated products. However, the effect of learning from friends does not depend on whether the underlying product is horizontally or vertically differentiated. What is more interesting is the nuanced role of social ties: For horizontally differentiated products, the effect of learning increases with the strength of social ties. In addition, “contact-based” tie strength is more important than “structure-based” tie strength in accelerating observational learning. These findings provide a motivation for online retailers to generate alternative strategies for increasing product sales through social networks. For example, online retailers offering horizontally differentiated products have strong incentives to cooperate with social media platforms (e.g., Instagram and Pinterest) in encouraging customers to share their purchase information.
    Keywords: Multi-Dimensional Observational Learning; Social Ties; Product Differentiation
    JEL: C91 C93 D83
    Date: 2019–09
  15. By: Ngotran, Duong
    Abstract: The author develops a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, he assesses the efficacy of unconventional monetary policy since the Great Recession. After quantitative easing, keeping the interest on reserves near zero too long might create deflation. The central bank can safely get out of the "low rate-cum-deflation" trap by "raising rate and raising money supply".
    Keywords: interest on reserves,quantitative easing,unwinding QE,e-money,excess reserves,raise rate raise money supply
    JEL: E4 E5
    Date: 2019
  16. By: Alam Kazmi, Syed Hasnain; Zaman, Syed Imran; Wahab, Abdul; Yan, Kou
    Abstract: Modern era of management has seen a rise in the level of customer engagement, which was not that much of importance earlier. Earlier, brands tend to compete on the products or service they offer. In the recent digital era, it is much more than what a brand has to offer. The emergence of digital media has boosted the importance of customer engagement. Now, customers can easily get in touch with the companies through digital channels. Corporations use these channels to let customers aware about their offerings, ask for suggestions and recommendations, and solve the queries of the customers. This research is focus on ascertaining the relationship between customer engagement, customer satisfaction, and customer loyalty, and to identify how these factors impacts the repeat purchases in telecommunication sector. The research is based on descriptive research design; quantitative research design was trailed for questionnaire developing 5-point Likert scale technique.
    Keywords: customer engagement; customer satisfaction; customer loyalty; repeat purchase
    JEL: A10 M15 M31 O14
    Date: 2018–08–26
  17. By: Camila Pérez Marulanda
    Abstract: El objetivo de este estudio es identificar las principales barreras que enfrenta el emprendimiento apalancado en tecnología digital en Colombia y proponer soluciones de política pública que permitan superarlas para impulsar su crecimiento hacia futuro. Los resultados que aquí se presentan se basan en un taller en el cual participaron emprendedores, universidades y entidades que apoyan el emprendimiento, desarrollado por Fedesarrollo en conjunto con la firma Háptica.
    Keywords: Tecnología Digital, Políticas Públicas, Emprendimiento, Ecosistema de Emprendimiento
    JEL: O14 L26 L20 L38
    Date: 2019–08–30
  18. By: Barbieri, Laura (Università Cattolica di Piacenza); Mussida, Chiara (Università Cattolica di Piacenza); Piva, Mariacristina (Università Cattolica di Piacenza); Vivarelli, Marco (Università Cattolica di Milano)
    Abstract: The present technological revolution, characterized by the pervasive and growing presence of robots, automation, Artificial Intelligence and machine learning, is going to transform societies and economic systems. However, this is not the first technological revolution humankind has been facing, but it is probably the very first one with such an accelerated diffusion pace involving all the industrial sectors. Studying its mechanisms and consequences (will the world turn into a jobless society or not?), mainly considering the labor market dynamics, is a crucial matter. This paper aims at providing an updated picture of main empirical evidence on the relationship between new technologies and employment both in terms of overall consequences on the number of employees, tasks required, and wage/inequality effect.
    Keywords: technology, innovation, employment, skill, task, routine
    JEL: O33
    Date: 2019–09–11
  19. By: Mario Bodenbender; Björn-Martin Kurzrock
    Abstract: Data rooms are becoming more and more important for the real estate industry. They permit the creation of protected areas in which a variety of relevant documents are typically made available to interested parties. In addition to supporting purchase and sales processes, they are used primarily in larger construction projects.The structures and index designations of data rooms have not yet been uniformly regulated on an international basis. Data room indices are created based on different types of approaches and thus the indices also diverge in terms of their depth of detail as well as in the range of topics. In practice, rules already exist for structuring documentation for individual phases, as well as for transferring data between these phases. Since all of the documentation must be transferable when changing to another life cycle phase or participant, the information must always be clearly identified and structured in order to enable the protection, access and administration of this information at all times. This poses a challenge for companies because the documents are subject to several rounds of restructuring during their life cycle, which are not only costly, but also always entail the risk of data loss. The goal of current research is therefore a seamless storage as well as a permanent and unambiguous classification of the documents over the individual life cycle phases.In the field of text classification, machine learning offers considerable potential in the sense of reduced workload, process acceleration and quality improvement. In data rooms, machine learning (in particular document classification) is used to automatically classify the documents contained in the data room or the documents to be imported and assign them to a suitable index point. In this manner, a document is always classified in the class to which it belongs with the greatest probability (ex: due to word frequency). An essential prerequisite for the success of machine learning for document classification is the quality of the document classes as well as the training data. When defining the document classes, it must be guaranteed on the one hand that these do not overlap in terms of their content, so that it is possible to clearly allocate the documents thematically. On the other hand, it must also be possible to consider documents that may appear later and be able to scale the model according to the requirements. For the training and test set, as well as for the documents to be analyzed later, the quality of the respective documents and their readability are also decisive factors. In order to effectively analyze the documents, the content must also be standardized and it must be possible to remove non-relevant content in advance.Based on the empirical analysis of 8,965 digital documents of fourteen properties from eight different owners, the paper presents a model with more than 1,300 document classes as a basis for an automated structuring and migration of documents in the life cycle of real estate. To validate these classes, machine learning algorithms were learned and analyzed to determine under which conditions and how the highest possible accuracy of classification can be achieved. Stemmer and stop word lists used specifically for these analyses were also developed for this purpose. Using these lists, the accuracy of a classification is further increased by machine learning, since they were specifically aligned to terms used in the real estate industry.The paper also shows which aspects have to be taken into account at an early stage when digitizing extensive data/document inventories, since automation using machine learning can only be as good as the quality, legibility and interpretability of the data allow.
    Keywords: data room; Digitization; document classification; Machine Learning; real estate data
    JEL: R3
    Date: 2019–01–01
  20. By: Tim Hinks (University of the West of England, Bristol)
    Abstract: This paper examines whether fear of robots is correlated with life satisfaction. After controlling for individual effects and country effects and using both standard ordinary least squares and a linear multilevel regression model we find fear of robots correlates with lower reported life satisfaction. There are differences in the fear of robots and life satisfaction by age group, by how long countries have been members of the European Union and by whether we control for attitudes towards other things. We call for more research into attitudes towards technology and new technologies in particular, how these impact on current life satisfaction and other aspects of quality of life and to think more about how technological change and people’s attitudes towards these can be more aligned.
    Date: 2019–01–02
  21. By: Luis Aguiar Wicht (European Commission – JRC); Joel Waldfogel; Sarah Waldfogel
    Abstract: The growth of online platforms has raised questions about their power and the possibility that it could be exercised with bias, including by gender. Women account for about a fifth of the most successful artists at Spotify, prompting some concerns about bias. We explore the roles of female participation, along with promotion decisions at the platform - in particular playlist inclusion - in explaining the female share of successful songs and artists at Spotify in 2017. We employ two broad tests for gender bias. First, we ask whether songs by female artists are differently likely to appear on global playlists, conditional on the past success of the artists, song characteristics such as genre, and gender. Second, we test for bias in New Music Friday playlist ranking decision based on outcomes, asking whether songs by female artists stream more, conditional on their New Music Friday rankings. We find some evidence consistent with bias (in favor of women at Today's Top Hits as well as in the New Music rankings, and against women at some global playlists). These biases, however, do little to explain the low female share of streaming on Spotify, which we instead attribute to the relatively low share of female songs entering the platform.
    Keywords: Spotify, gender bias
    Date: 2018–12

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