nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2019‒11‒11
fifty-six papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. The other side of the Coin: Risks of the Libra Blockchain By Louis Abraham; Dominique Guegan
  2. EFFECTS OF INFLUENCE OF ECONOMIC AND TECHNOLOGICAL DEVELOPMENT OF IT SEGMENTS ON DIGITAL TRANSFORMATION OF RETAIL TRADE By Inna S. Lola; Murat Bakeev; Anton Manukov
  3. Determinants of Mobile Broadband Use in Developing Economies: Evidence from Sub-Saharan Africa By Hasbi, Maude; Dubus, Antoine
  4. Internet of Things and the network economics of operator platforms By Knieps, Günter
  5. 2018 Bitcoin Omnibus Survey: Awareness and Usage By Christopher Henry; Kim Huynh; Gradon Nicholls; Mitchell Nicholson
  6. Regulation when platforms are layered By Lehr, William; Clark, David; Bauer, Steve
  7. Embedded Supervision: How to Build Regulation into Blockchain Finance By Auer, Raphael
  8. A Cross-Country Analysis of ICT: Diffusion, Economic Growth and Global Competitiveness By Banerjee, Aniruddha; Rappoport, Paul; Alleman, James
  9. Business opportunities in 5G mobile technology By Nyström, Anna-Greta; Gugenishvili, Ilia
  10. Cashless Bank Branches in Canada By Walter Engert; Ben Fung
  11. Airports - a Platform for IoT technology? By Baum, Peter
  12. Do Chinese Internet Users Exist Heterogeneity in Search Behavior? By Ren-jie Han; Shi-yuan Liu; Qian Li
  13. Digital Advertising and Purchasing: Fun or a New Type of Deception? By Julli, Kenneth
  14. Stakeholder analysis for digital campus development with 5G micro operators By Jurva, Risto; Matinmikko-Blue, Marja
  15. Net Neutrality Under EU Law – a Hindrance to 5G Success By Kantola, Raimo
  16. Technology, Education, Life and Non-life Insurance in Africa By Simplice A. Asongu
  17. Digital Infrastructure and Entrepreneurship: The Digital Era's Enabling Effect By Caceres-Diaz, Piero; Usero-Sanchez, María Belén; Montoro-Sanchez, Angeles
  18. Radio Access Network Traffic Forecast Analysis for Mobile Network Operators in Anticipation of 5G By Sarfaraz, Ali; Hämmäinen, Heikki
  19. The Digital Cable TV Pricing Mechanism and the Consumer Preferences: the Survey in Taiwan By Tseng, Kuo-Feng
  20. Momentum Effects in the Cryptocurrency Market After One-Day Abnormal Returns By Guglielmo Maria Caporale; Alex Plastun
  21. Research on the impact of the blockchain-authenticated information on consumers' perception towards traceable products: Evidence from JD By Song, Luona; Qi, Jiayin; Lu, Tingjie; Zhang, Kai
  22. Digitalisation in the lives of urban migrants: Evidence from Bogota By Martin-Shields, Charles; Camacho, Sonia; Taborda, Rodrigo; Ruhe, Constantin
  23. Do digital skills foster green diversification? A study of European regions By Artur Santoalha; Davide Consoli; Fulvio Castellacci
  24. High-Speed Internet, Financial Technology and Banking in Africa By Angelo D'Andrea; Nicola Limodio
  25. Media Repertoires of Japanese Old Users in the Digital Media Environment By Takemura, Tomoko
  26. The mobile tax bill: how mobile is impacted by sector-specific taxes By Castells, Pau; Pedrós, Xavier; Sivakumaran, Mayuran
  27. Multisided Markets & Platform Dominance By Alleman, James; Baranes, Edmond; Rappoport, Paul
  28. The impact of mobile technology on economic growth: global insights from 2000-2017 developments By Bahia, Kalvin; Castells, Pau; Pedrós, Xavier
  29. Developing a Customer-Driven Credit Card: Testing Consumer-Issuer Collaboration in the Barclays Ring Community By Akana, Tom
  30. What Drives International technology Diffusion? A Gravity Approach By Santacreu, Ana Maria
  31. Zero-Rating and Network Effects By Hoernig, Steffen; Monteiro, Francisco
  32. Regional differences in residential demand for very high bandwidth broadband internet in 2025 By Strube Martins, Sonia; Wernick, Christian
  33. Research on the Relationship between the Growth of OTT Service Market and the Change in the Structure of the Pay-TV Market By Park, Sungwook; Kwon, Youngsun
  34. Libra - Concept and Policy Implications By Groß, Jonas; Herz, Bernhard; Schiller, Jonathan
  35. Quantity and quality of work in the platform economy By Bogliacino, Francesco; Codagnone, Cristiano; Cirillo, Valeria; Guarascio, Dario
  36. How does liquidity affect consumer payment choice? By Stavins, Joanna
  37. Foreign Direct Investment, Information Technology and Economic Growth Dynamics in Sub-Saharan Africa By Simplice A. Asongu; Nicholas M. Odhiambo
  38. iCurrency? By Zura Kakushadze; Willie Yu
  39. The Effects of Social Media Use on the Well-Being of Users. The Wonderland of HaikuJAM By Andrén, Daniela
  40. Impact of mobile operators consolidation on unitary price By Aimene, Louise; Jeanjean, Francois; Liang, Julienne
  41. Bitcoin Coin Selection with Leverage By Daniel J. Diroff
  42. Why Consumers Commit Voluntarily to Collaborative Innovation with Firms by Using Social Media?: Case of Japanese consumers By Idota, Hiroki; Nakaya, Joji; Tsuji, Masatsugu
  43. Innovation ecosystems in small countries – The case of Luxembourg By Binsfeld, Nico; Whalley, Jason
  44. Will the data markets necessarily fail? A position paper By Nikander, Pekka; Elo, Tommi
  45. Efficiency of Mobile Network Operators from a Data Service Perspective By Reddy, Manohar Bayyapu; Bielov, Constantine; Finley, Benjamin; Kilkki, Kalevi; Mitomo, Hitoshi
  46. Who leads the IoT ecosystem? a Meta-frontier Approach By Cho, Hosoo; Ryu, Min Ho
  47. Utilizing 5G Enhanced IoT Services for Improved Decision-Making in Environmental Resource Management By Pearl, M. Alexander
  48. University Postgraduate Research Programmes: Digitization(ICT),Innovations and Applications By NWAOBI, GODWIN
  49. Deep Learning for Stock Selection Based on High Frequency Price-Volume Data By Junming Yang; Yaoqi Li; Xuanyu Chen; Jiahang Cao; Kangkang Jiang
  50. Facebook's Algorithms, Fake News, and Taiwan's 2018 Local Elections By Chen, Yi-Ning Katherine; Wen, Chia-Ho Ryan
  51. Does Social Media Promote Democracy? Some Empirical Evidence By Chandan K. Jha; Oasis Kodila-Tedika
  52. Does getting a mortgage affect credit card use? By Fulford, Scott L.; Stavins, Joanna
  53. Complements and Substitutes between Chatbots and Humans: Corporate Perspectives By Sudtasan, Tatcha; Pitivaranun, Pantaree
  54. Artificial Intelligence in Education: Can AI bring the full potential of personalized learning to education? By van der Vorst, Tommy; Jelicic, Nick
  55. The impact of AI on employment: a historical account of its evolution By Garcia-Murillo, Martha; MacInnes, Ian
  56. "Fighting Against Learning Crisis in Developing Countries: A Randomized Experiment of Self-Learning at the Right Level" By Masafumi Nakano; Akihiko Takahashi

  1. By: Louis Abraham (X - École polytechnique); Dominique Guegan (UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, University of Ca’ Foscari [Venice, Italy])
    Abstract: Libra was presented as a cryptocurrency on June 18, 2019 by Facebook. On the same day, Facebook announced plans for Calibra, a subsidiary in charge of the development of an electronic wallet and financial services. In view of the primary risk of sovereignty posed by the creation of Libra, the Central Banks quickly took very clear positions against the project and adressed a lot of questions to the responsible of the project focusing on regulation aspects and national sovereignty. The purpose of this paper is to provide a holistic analysis of the project to encompass several aspects of its implementation and the issues it raises. We address a set of questions that are part of the cryptocurrency environment and blockchain technology that supports the Libra project. We identify the main risks considering at the same time: political risk, financial risks, economical risks, technological risks and ethics focusing on the governance of the project based on two levels: one for the Association and the other for the Libra Blockchain. We emphazise the difficulty to regulate such a project as soon as it will depend on several countries whose legislations are very different. The future of this kind of project is discussed through the emergence of the Central Bank Digital Currencies.
    Keywords: Risk,Regulation,Libra,Blockchain Protocol,Centrel Bank Digital Currency,Cryptocurrency,Governance
    Date: 2019–10
    URL: http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-02325808&r=all
  2. By: Inna S. Lola (National Research University Higher School of Economics); Murat Bakeev (National Research University Higher School of Economics); Anton Manukov (National Research University Higher School of Economics)
    Abstract: This paper presents the results of measuring cross-sectoral economic and technological effects, allowing to determine the degree of dependence between the segments that produce digital technologies and implement them. The basis for empirical calculations was the survey data of leaders among Russian IT companies and retail organizations on the current state of digital and business activity. The purpose of the work is to identify the presence and establish the strength of the relationship between these segments in terms of existing localized industry effects, expressed in the transfer of technology from the IT segments to retail. The authors of the work identified and tested several specific hypotheses, the general meaning of which was to suggest that retail trade in the current stage of economic development in Russia is susceptible to emerging trends in the rapidly changing IT services sector that can quickly and efficiently respond to the growth of the IT companies digital activity by increasing investments in digital technologies and increasing the intensity of their application in business processes. In particular, hypotheses were tested regarding the impact of business activity in the IT services segments on the growth of electronic commerce turnover, the use of online marketplaces, Big data technologies, virtual and augmented reality technologies in retail trade organizations, as well as hypotheses suggesting a connection between the development of mobile applications in the IT segments and the use of mobile technologies, expectations regarding the growth of electronic goods turnover in retail organizations. The obtained results confirmed the majority of the hypotheses put forward, thereby supporting the authors' general assumption about the existence of specific effects of the development of the IT segments on intersectoral technological transfers, revealed the existing specifics of penetration and spread of modern technological trends in trade, and also showed that the IT is currently important component in the process of digital transformation of Russian retail trade organizations.
    Keywords: digitalization, digital technologies, IT segment, retail, cross-sectoral connections, conjuncture observations
    JEL: L81 L86 O33
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:hig:wpaper:102sti2019&r=all
  3. By: Hasbi, Maude; Dubus, Antoine
    Abstract: Broadband is seen as a vector of economic growth and social development. In the developing world, mobile technologies are widely adopted and mobile broadband is progressively rolled-out with high expectations on its impact on the countries' development. We highlight what the determinants of mobile broadband use are in four Sub-Saharan countries. Using micro-level data coming from household surveys over 5 years, from 2013 to 2017, we show that the ownership of a mobile phone is highly correlated with mobile broadband use. We also show that for non-mobile owners, the ownership of an active SIM card is a prerequisite for using mobile broadband. In addition, mobile money users tend to be more likely to use mobile broadband. This could highlight the existence of a learning effect. By using mobile money services, individuals gain more experience and are more inclined to use more advanced technologies, such as mobile broadband. Although we show that mobile broadband use is increasingly growing, a large part of the population, mainly composed of poor households living in rural areas, is still left behind. This raises concerns on the increase of the digital gap between people and territories.
    Keywords: Mobile Broadband Use,Developing Economy,Economic Growth,Inequality,Digital Gap
    JEL: I30 O12 L50 L96 O55
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205180&r=all
  4. By: Knieps, Günter
    Abstract: Disruption of tradition network industries and the emergence of innovative physical operator platforms provide challenging governance problems of contractual relationships among different actors involved. The problem solution competence of operator platforms (two-sided, multi-sided) is the entrepreneurial search for the required governance structures. Operator platforms need as input a combination of physical networks and network services with complementary (big data) virtual networks. The problem of division of labor between all-IP broadband network providers, virtual network service providers and platform operators arises concomitant with the implementation of adequate governance structures.
    Keywords: Internet of things,operator platforms,governance,sharing economy
    JEL: L51 L92 L96 O31
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205191&r=all
  5. By: Christopher Henry; Kim Huynh; Gradon Nicholls; Mitchell Nicholson
    Abstract: The Bank of Canada continues to use the Bitcoin Omnibus Survey (BTCOS) to monitor trends in Canadians’ awareness, ownership and use of Bitcoin. The most recent iteration was conducted in late 2018, following an 85 percent decline in the price of Bitcoin throughout the year. In 2017, almost half of Bitcoin adopters reported investing as their primary reason for owning it. This implies that the dramatic price drop could have affected whether Canadians continue to own Bitcoin and, if they do, what they use it for. The BTCOS has been conducted each year since 2016 with slight changes and improvements in every iteration. For 2018, we added questions on Canadians’ financial literacy, their plans to stop using cash and their preferences over features of online transactions. We also improved our way of calibrating sample estimates to represent the overall Canadian population with respect to demographic composition. The survey shows that from 2016 to 2018, both the share of Canadians who are aware of Bitcoin and who own bitcoin increased. But the share of past owners also increased, suggesting an influx of Bitcoin owners who sold their holdings after 2017. The main reason for owning Bitcoin continued to be for store of value or investment purposes, though this decreased slightly from 2017. Finally, Bitcoin owners differed from the overall population in two ways: they were less financially literate and more likely to say they plan to stop using cash.
    Keywords: Bank notes; Digital Currencies and Fintech; Econometric and statistical methods
    JEL: C12 E4 O51
    Date: 2019–11
    URL: http://d.repec.org/n?u=RePEc:bca:bocadp:19-10&r=all
  6. By: Lehr, William; Clark, David; Bauer, Steve
    Abstract: This paper represents a synthesis and extension of earlier work, applying the Lehr & Sicker (2018a,b) regulatory approach to the layered platform model of Claffy & Clark.3 Today's Internet ecosystem is comprised of multiple digital network platforms organized into a multi-layer architecture. Lower layer IP platforms provided by access and backbone ISPs collectively support the Internet, on which complementors may build higher-layer platforms, such as the digital network platforms provided by Google, Amazon, Facebook and Apple ("GAFA"). Each of these firms control and operate multiple platforms operating at multiple layers that comprise ecosystems within the larger Internet ecosystem to which they belong. Herein, we explore the viability of the Lehr & Sicker regulatory framework for a reformed and newly authorized FCC with authority to address the regulatory challenges confronting policymakers in this multi-layered ecosystem.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205193&r=all
  7. By: Auer, Raphael (Bank of International Settlements)
    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, i.e., a regulatory framework that provides for compliance in tokenized 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 decentralized 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; stablecoins; asset-based tokens; cryptoassets; cryptocurrencies; regtech; suptech; regulation; supervision; Basel III; proportionality; blockchain; distributed ledger technology; central bank digital currencies; proof-of-work; proof-of-stake; permissioned DLT; economic consensus; economic finality; fintech; compliance; auditing; accounting; privacy; digitalisation; finance; banking
    JEL: D20 D40 E42 E51 F31 G12 G18 G28 G32 G38 K22 L10 L50 M40
    Date: 2019–10–01
    URL: http://d.repec.org/n?u=RePEc:fip:feddgw:371&r=all
  8. By: Banerjee, Aniruddha; Rappoport, Paul; Alleman, James
    Abstract: Forty years ago, virtually the entire telecommunications sector was state owned, managed and controlled - owned, managed and controlled by the state since their inception. In the mid-1980s a movement towards privatization, liberalization and deregulation took hold. Now the sector has been privatized in most countries and subjected to regulatory reform. The major reform occurred in the late 1990s (Estache et al. 2006). Since then the internet and cellular-mobile industries have advanced significantly. Mobile service has exploded, particularly, in the developing world. This has changed the dynamics of the industry dramatically. The paper updates and expands the research on the contribution of Information and Telecommunications Technology's (ICT) on the growth of Gross Domestic Product (GDP) using cross-country analysis of selected countries. It follows the framework of Czernich (1991), et al.in it use of instrumental variables and Farhadi, et al. (2012) in its use of International Telecommunication Union's (ITU) ICT Development Index (IDI) but enhances the analysis by use of Global Competitiveness Index (GCI) and more recent data. It also uses the Conference Board Total Economic Database. This paper empirically evaluates the impact of ICT on economy growth in selected countries and vice versa. For the 2008-2017 period, it shows lack of evidence causality in both directions. This finding is in contrast to results obtained looking at earlier periods. A central question is, if these results hold going further, what changed? The paper is organized as follows: A brief Literature Review following this Introduction/Overview. It reviews the economic literature of Information and Telecommunications Technology's (ICT)impact on economic growth and development. The third section describes the data. The fourth section describes the methodology and; the results are in the fifth section. The final section presents Future Research and Remaining Questions.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205165&r=all
  9. By: Nyström, Anna-Greta; Gugenishvili, Ilia
    Abstract: The question of how actors perceive business opportunities has puzzled both researchers and practitioners for decades. In the era of artificial intelligence, machine learning, and the Internet of things, many actors of the technology-intensive industries question how to use new technology to create value, and how to monetize new service concepts. In this paper, we focus on the next mobile communications technology, 5G, as one of the potential value-creators for the future that holds business opportunities for its utilizers and deployers. The concept of business opportunities is strongly associated with research on entrepreneurship (cf. Carlsson et al., 2003). Entrepreneurial opportunities consist of a set of ideas, beliefs, and actions that enable the introduction of goods, services, raw materials, and organizing methods in the absence of current markets for them (Sarasvathy et al., 2003). The research stream of entrepreneurial opportunities (cf. Alvarez & Barney, 2007, 2010; Dimov, 2007, 2011; Eckhardt & Shane, 2003) can offer new insights into the development of opportunities in high technologyintensive fields, and especially as regards the development of 5G. Strategies for opportunity identification, exploitation, and value creation are vital in the 5G era, as non-ICT traditional business sectors begin to deploy wireless technologies (e.g., factories, automotive, etc.). Researchers expect that 5G will change the business models and business ecosystems; it will also better address the evolving needs of customers (cf. Kliks et al., 2018). Unlike already existing mobile communications systems, 5G allows integration of vertical industries, e.g., energy, media, health, factories, and the automotive industry (5G-PPP, 2016). Thus, specialized companies will be able to provide services and establish positions in the value chains and actor networks. This is a major transformation compared to an environment dominated by bilateral relationships between mobile operators and their customers...
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205202&r=all
  10. By: Walter Engert; Ben Fung
    Abstract: Cashless or tellerless bank branches have proliferated in several countries in recent years. In a cashless bank branch, teller or counter services such as cash withdrawals, deposits and cheque-cashing are not available. These services are instead provided via automatic teller machines. This note discusses the development of tellerless bank branches in Canada and analyzes the potential implications for cash demand.
    Keywords: Bank notes; Digital Currencies and Fintech; Financial services
    JEL: E41 E42 E51
    Date: 2019–10
    URL: http://d.repec.org/n?u=RePEc:bca:bocsan:19-29&r=all
  11. By: Baum, Peter
    Abstract: This paper is a case-study exploring how and what makes IoT a very successful technology applied in the specific context of an airport. The author focuses on how IT systems and users interact in a unique environment which shares many characteristics with a city, hence the author starts his investigation into the concept of the airport as a Smart City and the Airport-City-as-a-Platform. After analyzing the City-as-a-Platform literature, notably Anttiroiko's work on the raise of participatory innovation platforms in Finnish Cities, the author posits that although cities and airports are both platforms for IT and IoT systems, cities has an inherent welfare element that airport management lacks pace key performance indicators such as Levels of Service (LOS). Moreover, the track record of IoT in the airport context, including early IoT precursors systems such as sensors and RFID tracking tags, have a longer proven record of success in the airport context, while in many other industries IoT is still an emerging technology. The airport IoT success record and challenges lend itself to closer scrutiny, notably to consider in which phase of the technology life-cycle does the success lies. Driven by the experience of his colleagues in the Connected Airport sector, the author divides the technology life-cycle phases into three segments: technology choice, technology implementation and technology optimization and operation. In order to discern the success factors that work for IoT technology in the airport context, the author devised a survey to capture the areas where colleagues agree are the most conducive to success. For the purposes of this paper, the survey on "Implementation of IoT and Digital Transformation in the Airport Industry" was created and disseminated amongst airport IoT practitioners. The paper concludes with an analysis of results.
    Keywords: Airports,Smart Cities City-As-A-Platform,survey,IoT integration,IoT technology maturity
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205168&r=all
  12. By: Ren-jie Han; Shi-yuan Liu; Qian Li
    Abstract: Investor attention is an important concept in behavioral finance. Many articles have conducted cross-disciplinary research leading by this concept. In this paper, we use data extraction technology to collect a large number of Baidu Index keyword search volume data. After analyzing the data, we draw a conclusion that has not been paid attention to in all the past research. We find heterogeneity in searching by internet users in China. Firstly, in terms of search behavior, internet users are more inclined to use the PC end to obtain information when facing areas which need to be taken seriously by them. Secondly, attention is heterogeneous while searching. When Internet users search for information in mobile end, their attention is divergent, and search for seemingly unrelated keywords at the same time which limits their attention to information.
    Date: 2019–11
    URL: http://d.repec.org/n?u=RePEc:arx:papers:1911.00715&r=all
  13. By: Julli, Kenneth
    Abstract: The digital world operates differently from the old world of print media. Notably, online advertising and purchasing are performed in a fast paced and interactive process. When purchasing online, the first screen a consumer sees is similar to the print advertisements of old. However, unlike print advertising, the first digital screen gives way to an interactive process as the consumer clicks through pages to complete their online transaction. The Organisation for Economic Co-operation and Development (OECD) has observed that "trust is essential in situations where uncertainty and interdependence exist." Existing laws that govern misleading and deceptive advertising must be adapted to the new digital world. Consumers need to have trust that the prices they see online are the prices they will actually pay as they click through to complete their transaction. In recognition of the importance of digital platforms, and the high levels of trust consumers place in the digital world, governments are beginning to develop regulations specific to the digital world. Additionally, and more than ever, regulators such as the Canadian Competition Bureau are responding to evolving challenges in the digital economy. In particular, the Bureau's Deceptive Marketing Practices Directorate has committed to investigating misleading representations made online to foster a transparent digital economy in line with consumer protection...
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205185&r=all
  14. By: Jurva, Risto; Matinmikko-Blue, Marja
    Abstract: Assumingly very few sectors of society can avoid the digital transformation, which has been storming in the recent years. Despite of the digitalization being a global mega trend and an essence to survive in the modern world, it seems that many entities are still struggling in initiating the transformation process. Instead of dabbling alone to realize big changes, many actors have noted the strengths of co-development through ecosystems. A digital university campus where education and research of the highest class are conducted together represents an important arena for digitalization. This paper introduces research conducted to constitute an ecosystem to realize a digital university campus that is built on the latest communications infrastructure. To start the change process, it is consequential to recognize the stakeholders to define the requirements and targets of the transformational evolution. An analysis of the internal and external stakeholders of the digital campus is introduced based on interviews and discussions. Considering the 5G, IoT, MEC and cloud technologies to comprise the fundamental base of digital campus, a key topic in this research is to evaluate the model of operating and developing the digital infrastructure and services. Among the traditional actors of IT Administration and mobile network operator (MNO) a novel approach is introduced by examining the recent research outcome, which defines a local micro operator driven ecosystem to provide services through a local 5G network.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205186&r=all
  15. By: Kantola, Raimo
    Abstract: EU has adopted a law on Net Neutrality (NN) ruling that Internet access providers should treat all traffic equally irrespective of sender, receiver, content, service, application or device in use. The 5G community is developing a network that can be tailored to a use case, meaning that it intends to treat traffic differently for each use case. Tailoring can be at least in terms of traffic management, allocated types and amount of resources, redundancy, particular forms of security etc. Moreover, 5G network uses network function virtualization, i.e. cloud technology is applied to run the network itself while the law on NN does not mention the concept of the cloud. The interpretation is that if a cloud platform is owned by the Internet access provider, the cloud is just a part of the network and under the NN regulation. At the same time if a cloud-based computer is owned by a cloud or content provider, it is a terminal and thus not regulated. 5G introduces the idea of edge computing (EC) that can use virtualization and allows special treatment for some applications or services. This paper explores how significant is this controversy between the new concepts of networking in 5G and the EU regulation and what is its possible impact on the network providers. The paper studies to what extent and how the 5G ideas can be applied under the EU law and whether something should be done about the law and in particular the Guidelines that have been published by the Body of European Regulators for Electronic Communications (BEREC) to clarify the implementation of the law. Finally, we discuss the possible impact of the law on industry structure.
    Keywords: Net neutrality,5G,slicing,traffic treatment,traffic management,security,specialized service
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205187&r=all
  16. By: Simplice A. Asongu (Yaoundé/Cameroon)
    Abstract: This article examines the relevance of information and communication technology (ICT) in modulating the effect of education on life insurance and non-life insurance consumption in 48 African countries for the period 2004-2014. Education is measured with primary school, secondary school and tertiary school enrollments. ICT is measured with mobile phone, internet and broadband subscriptions. The empirical evidence is based on generalized method of moments. The following main findings are established. First, from the nexuses between education, ICT and life insurance, there are positive conditional effects from the interaction between: (i) broadband subscriptions and primary school enrollment; (ii) broadband subscriptions and secondary school enrollment and (iii) internet penetration and tertiary school enrollment. Second, from the nexuses between education, ICT and non-life insurance: (i) there is a negative net effect from the interactions between mobile phone penetration and primary education while positive net effects are apparent from the interactions between: mobile phone penetration and secondary school enrollment; secondary school enrollment and broadband subscriptions and; tertiary school enrollment and broadband subscriptions.
    Keywords: Education; Technology; Insurance
    JEL: I28 I20 I30 O16 O55
    Date: 2019–01
    URL: http://d.repec.org/n?u=RePEc:aby:wpaper:19/048&r=all
  17. By: Caceres-Diaz, Piero; Usero-Sanchez, María Belén; Montoro-Sanchez, Angeles
    Abstract: Scholars have failed to give infrastructure due importance in entrepreneurship studies. Not too far from now, digital infrastructure has been recognized as the most conducive for entrepreneurial activity. Nevertheless, it has not been properly included in opportunitymotivated entrepreneurship (OE) studies, being OE the most propitious to economic growth. Accordingly, our research is the first one to focus on this link. By recognizing the importance of individuals' resources such as human, social, and financial capital for OE; an interaction model is considered. Using logistic regression analysis through a data set of 463,454 individuals from 37 countries (2011-2016), we validate this relationship and find it varies depending on the existing institutional system. Particularly, results suggest that fixed and mobile broadband fulfill distinct roles when relating to OE. Implications of this study may be of interest to policymakers.
    Keywords: Opportunity entrepreneurship,Broadband,External enablers
    JEL: L26 L96 H54
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205172&r=all
  18. By: Sarfaraz, Ali; Hämmäinen, Heikki
    Abstract: The forecast provides a view of how 3G, 4G, and 5G data traffic volumes will evolve over a 5-year period, reflecting the growth of 4G adoption together with operator strategies related to content and data monetisation. Combined with the mobile connections forecast, it provides a view of total network data traffic along with traffic per connection, split explicitly for each radio access technology. Data Collection inputs: 1. Current number of mobile connections as reported by Operator 2. Mobile connection forecast from GSMA with adjustments to reflect competitive impact not considered by the GSMA methodology 3. Historic data traffic volumes as reported by Operators, or if unavailable then Supplier assumptions based on regulator and/or competitor reported data Data Analysis is based on: 1. Data traffic forecast for 5-year period: total, per connection, growth rate, for 3G/4G/5G/combined 2. Difference in data usage between 3G,4G, 5G over time 3. Mobile connection forecast for 5-year period 4. Impact of content evolution, e.g. adoption of higher bandwidth video.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205211&r=all
  19. By: Tseng, Kuo-Feng
    Abstract: As the cable system accomplishing 100% digitalization in Taiwan, NCC (National Communications Commission) proposes an unbundled pricing mechanism to allow consumers to choose the cable television channels that they actually watch. This study conducted an online survey and 1358 effective questionnaires were completed to know their willing to pay for each channel. The results show that there is a negative slop of demand, lower price for more subscribers, but near three quarters to half of subscribers did not want to pay for the individual channel. The genres of lifestyle, foreign news and movies are the top preferences that consumers pay higher prices. Based on the results of the subscribers' willing to pay, most of the television channels could not survive in the a la carte pricing mechanism.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205219&r=all
  20. By: Guglielmo Maria Caporale; Alex Plastun
    Abstract: This paper examines whether there exists a momentum effect after one-day abnormal returns in the cryptocurrency market. For this purpose a number of hypotheses of interest are tested for the BitCoin, Ethereum and LiteCoin exchange rates vis-à-vis the US dollar over the period 01.01.2017-01.09.2019, specifically whether or not: H1) the intraday behaviour of hourly returns is different on overreaction days compared to normal days; H2) there is a momentum effect on overreaction days, and H3) after one-day abnormal returns. The methods used for the analysis include a number of statistical methods as well as a trading simulation approach. The results suggest that hourly returns during the day of positive/negative overreactions are significantly higher/lower than those during the average positive/negative day. Overreactions can usually be detected before the day ends by estimating specific timing parameters. Prices tend to move in the direction of the overreaction till the end of the day when it occurs, which implies the existence of a momentum effect on that day giving rise to exploitable profit opportunities. This effect (together with profit opportunities) is also observed on the following day. In two cases (BTCUSD positive overreactions and ETHUSD negative overreactions) a contrarian effect is detected instead.
    Keywords: cryptocurrencies, anomalies, momentum effect, overreactions, abnormal returns, patterns
    JEL: G12 G17 C63
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:ces:ceswps:_7917&r=all
  21. By: Song, Luona; Qi, Jiayin; Lu, Tingjie; Zhang, Kai
    Abstract: This paper examines the moderating effect of the blockchain-authenticated information to an individual's perceived level of uncertainty and thus influences personal affection and cognition processes in online shopping behaviors. The perceived level of uncertainty hides in consumers' emotions of online reviews and is captured through the code of TextMind (a simplified Chinese version of LIWC). The study reveals several interesting insights about blockchain-equipped products. First, the blockchain-authenticated information is perceived by final consumers to some extent and thus decreases the level of uncertainty compared with non-blockchain-involved products in the same category. Secondly, the increase of perceived uncertainty is confirmed by the percentage of two negative emotions each relates a different level of uncertainty (anxiety often refers to a higher level of uncertainty while anger is usually expressed when uncertainty is low). Thirdly, the results also show the double-edged effects of blockchain-authenticated information (e.g. traceability assurance of the product) as it may enrage consumers and thus decrease their brand loyalty if the guaranteed quality is not fit with that of actual products. The study provides vivid evidence of blockchain attempts in improving the current supply chain and offering extra values to related parties.
    Keywords: Online reviews,traceable products,blockchain technology,emotions,anxiety,anger
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205214&r=all
  22. By: Martin-Shields, Charles; Camacho, Sonia; Taborda, Rodrigo; Ruhe, Constantin
    Abstract: As increased migration, particularly to urban centres, and digitalisation play a greater role in development cooperation, more research on how these phenomena interact will become critical. Information communication technologies (ICTs) offer pathways for potentially making it easier for migrants to settle in, whether it be through e-government programmes or by accessing social networks that can help in finding housing and work. To better understand how ICTs fit into urban migrants' lives, we gathered new survey data in Bogota comparing how long-term residents, short-term residents, and Venezuelan migrants access and use ICTs. We identified a new factor that influences internet access among migrants after controlling for economic and social factors: duration of time in a neighbourhood. While migrants initially lag behind their neighbours in ICT and internet access, the longer they stay in one neighbourhood, the more likely they are to gain access to these technologies. Indeed, over time, our data shows that migrants become more likely than their neighbours to gain access to ICTs and the internet when they continue to stay in the same neighbourhood. Our results also show that uptake of e-government services remains a challenge. Citizens generally do not interact with their governments more than a few times a year, and migrants may not interact at all. Especially when working with vulnerable or "hidden" populations, development organisations need to put significant resources into education and outreach so that the populations they are trying to reach know about e-government services, and their value. The data collected in Bogota paints a potentially positive picture about using ICTs with migrants and migrant communities. By effectively engaging migrants early on and meeting basic initial needs such as housing or access to identification, development and humanitarian agencies could help migrants gain greater access to ICTs and make use of e-government platforms.
    Keywords: Migration,Digitalisation,E-government,Colombia
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:diedps:122019&r=all
  23. By: Artur Santoalha (TIK Centre, University of Oslo, Norway); Davide Consoli (INGENIO (CSIC-Universitat Politècnica de València), Spain); Fulvio Castellacci (TIK Centre, University of Oslo, Norway)
    Abstract: Within the debate on smart specialisation, there is growing attention towards the features that favour or thwart regions’ ability to pursue sustainable development through eco-innovation. Against this backdrop, the present paper proposes an empirical analysis of the role of local capabilities, of related diversification and of their interaction in a panel of 225 European regions (NUTS 2) between 2002 and 2013. The main novelty is the explicit consideration of digital skills, workforce capabilities associated with the use and development of digital technologies. We find that the e-skills endowment is positively correlated with the probability that regions specialise in new green technological domains. Moreover, digital competences positively moderate the effect of technological relatedness on green diversification. Our results highlight the potential of complementarities between two emerging general-purpose technologies, ICTs and eco-innovations, in the transition towards a greener economy.
    Date: 2019–10
    URL: http://d.repec.org/n?u=RePEc:tik:inowpp:20191029&r=all
  24. By: Angelo D'Andrea; Nicola Limodio
    Abstract: This paper provides empirical evidence on the effect of high-speed internet on financial technology and banking in Africa. Our test combines data on 551 banks and 28,171 firms with the staggered arrival of fibre-optic submarine cables in Africa. High-speed internet promoted private-sector lending by banks, and credit and sales by firms. These results are consistent with an extensive adoption of financial technologies, like real-time gross settlement systems (RTGS), lowering transaction costs in African interbank markets. We find that liquidity management considerably changed for banks being weak interbank users prior to high-speed internet. In fact, such banks lowered their internal liquidity hoarding by 10%, increased interbank transactions by 40% and expanded lending by 37%. Analogously, firms in countries with weak pre-existing interbank markets presented stronger effects at the cable arrival. These results are consistent with high-speed internet promoting financial technology adoption, liquidity and credit.
    Keywords: Fintech, Banking, Investment, Financial Development
    JEL: G2 G21 O16 O12
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp19124&r=all
  25. By: Takemura, Tomoko
    Abstract: The purpose of this study is to explore media repertoires emerging from Japanese old media users and factors which can explain the use of different media repertoires to understand a new digital divide called "gray divide," the inequality in the access to and use of ICT within senior citizen sector. Data of this study was based on the Public Opinion survey "The Japanese and Television 2015" conducted by NHK Broadcasting Culture Research Institute. Gender, education, and age were the most powerful predictors of media use repertoires. This finding advances our understanding of the relationship between media use repertoires and influential factors.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205217&r=all
  26. By: Castells, Pau; Pedrós, Xavier; Sivakumaran, Mayuran
    Abstract: Many developing countries have introduced sector-specific taxes on the consumption of mobile services, which apply on top of general taxes, and therefore discourage the positive externalities that have been estimated to be associated with the use of mobile technology on workers' productivity and consumer welfare. This paper investigates the first order impact of these taxes on consumer prices. Firstly, we develop a measure of prices of mobile services and devices, and create a framework to calculate prices before and after tax, taking into account both general and sector-specific taxes, for more than 100 markets worldwide. We use this to provide country and regional benchmarks and to run preliminary bivariate analyses on how taxes impact prices; and how both of these relate to mobile connectivity outcomes. This provides updated analysis, as of 2017 - making a contribution to previous studies (e.g., ITU 2013). Secondly, we provide the results of a tracker of sector-specific tax changes, from 2011 to 2018, for over 100 markets - providing insights on how fiscal policies have changed in their treatment of mobile services and devices in latest years.
    JEL: L96 H20
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205173&r=all
  27. By: Alleman, James; Baranes, Edmond; Rappoport, Paul
    Abstract: The internet giants - Facebook, Amazon, Netflix and Google, among others - have transformed society with both positive and negative effects. The negative effects have been stark. There have been huge disruptions caused by e-commerce. More recently, subtler, but even more serious negative effects are only now being recognized: threats to democracy, violations of privacy, and monopolistic behavior. By traditional measures Facebook and Google are highly concentrated. Each has obtained de facto monopolistic or oligopolistic power with little concern on the part of government. Facebook and Google and other internet giants are multisided markets (MSM); their economic rents are "hidden" from the public. On the user-side of the market, prices are zero - "free." On the other side of the market, Facebook's and Google's revenues are derived from advertising which appears when the users click on advertiser's web sites. Facebook and Google can extract exorbitant prices for ads, since they are virtually the only source that can target ads directly to potential customers. This is where the economic rents are not so obvious. This paper addresses the monopolistic/monopsony aspect of the internet giants. In the singlesided market, monopoly pricing is well defined - as well as tests for predatory behavior; not so with multisided markets. Since the definition of markets is central to the legal enforcement of antitrust statutes, the paper examines non-transactional multisided markets for their potential for determining consumers' harm and welfare effects, as well as defining monopoly and predatory pricing in this context. Initial estimates of Google's and Facebook's social cost in terms of consumers' welfare loss are $54 and $33 billion, respectively and increasing cost to consumers at least $87 billion dollars. It demonstrates and quantifies that dominate internet platforms can create three major harms to consumers: - Increasing prices to consumers via added costs to the products being advertised, - Elimination (or non-emergence) of competition in markets to the products being advertised, - Increasing prices to consumers beyond the cost of advertising via the market power of the remaining firms in the market of the products being advertised The paper outlines potential remedies to ameliorate the problems.
    Keywords: Advertising,Antitrust,Consumers' Surplus,Internet,Platform Economics,Regulation,Two-Sided/Multisided Markets
    JEL: D42 D43 K21 L12 L13 L22 L51 L96
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205162&r=all
  28. By: Bahia, Kalvin; Castells, Pau; Pedrós, Xavier
    Abstract: The last two decades have seen a lot research devoted to understanding the economic impact of telecoms infrastructure; however, the explosion of mobile technology, especially in the last decade, has received much less attention. This study addresses important evidence gaps by considering the impact of different mobile technologies on economic growth and also assessesing whether mobile has an additive impact when fixed broadband is in place. Applying IV and DPD models, our results show that during the 2000-2017 period, a 10% increase in mobile penetration raises GDP per capita by 0.59- 0.76%, over and above the impact of fixed broadband. Disentangling mobile's average impact, we find a 10% increase in 2G mobile connectivity increases GDP per capita by 0.37-0.81%, while mobile broadband generates an additional impact of 0.12-0.72%. Our analysis suggests the magnitude of returns on mobile infrastructure upgrades does not diminish: mobile technology's impact is statistically on par with that of fixed broadband, and mobile broadband's average impact is also aligned with that of 2G connectivity. Moreover, the analysis shows that mobile's impact increases with a country's skills and with labour and capital from the services and industry sector, meaning there are important complementarities with mobile as a general purpose technology.
    Keywords: ICT,Mobile broadband,Economic growth,Instrumental variables
    JEL: F62 O11 O33 O47
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205164&r=all
  29. By: Akana, Tom (Federal Reserve Bank of Philadelphia)
    Abstract: The Consumer Finance Institute hosted a workshop in November 2018, featuring Paul Wilmore, then chief marketing officer of Barclays US, to discuss the Barclays Ring credit card program. Through the Ring online community, Barclays engages cardholders directly in the program management, sharing detailed profit and loss data, seeking input on program features, and soliciting ideas on how to better create a relationship between the issuer and the customer. Wilmore reviewed the history of the Ring program and provided an overview of the key successes and challenges Barclays has encountered. This paper summarizes Wilmore’s presentation and provides additional research on online communities.
    Keywords: credit cards; online community; participation inequality; gamification
    JEL: D14 D91 O35
    Date: 2019–10–07
    URL: http://d.repec.org/n?u=RePEc:fip:fedpdp:19-04&r=all
  30. By: Santacreu, Ana Maria (Federal Reserve Bank of St. Louis)
    Abstract: We derive a theory-based gravity-type equation that determines the main drivers of international technology diffusion under perfect enforcement of intellectual property rights. We estimate the gravity equation using bilateral royalty payments data for a sample of 53 countries and the period 1995-2012 to infer the amount of technology diffusion predicted by the model. We then analyze differences between the model and the data, and find that they are mainly driven by characteristics of the importing-technology country that are not captured by the model. We explore the role of three channels: (i) imperfect intellectual property rights protection, (ii) the structure of production, and (iii) profit-shifting motives. Controlling for these three channels significantly improves the fit of the model: (i) and (ii) are especially relevant for developing economies, whereas (iii) is important for tax havens.
    Keywords: Technology diffusion; royalty payments; intellectual property rights
    JEL: F12 O33 O41 O47
    Date: 2019–11–04
    URL: http://d.repec.org/n?u=RePEc:fip:fedlwp:2019-031&r=all
  31. By: Hoernig, Steffen; Monteiro, Francisco
    Abstract: We consider internet service providers' incentives to zero-rate, i.e. do not count towards data allowances, the consumption of certain services, in the absence of payments from content providers. In a general model with various types of network effects, service substitutes or complements, monopoly and duopoly, we show that ISPs adopt zero-rating and that it increases consumer surplus and total welfare if network effects are strong enough. Capacity investment increases (decreases) with network effects if services are complements (substitutes). Under competition, the decision to zero-rate depends the residual network effect, which includes the impacts of spillovers and brand differentiation.
    Keywords: Zero-rating,Network effects,Net neutrality,Capacity Investment
    JEL: D21 L51 L96
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205182&r=all
  32. By: Strube Martins, Sonia; Wernick, Christian
    Abstract: WIK has developed a 'market potential' model in order to assess how bandwidth requirements may evolve in the near future (i.e. to 2025). Originally developed in 2011, this model was revised and updated in 2017 to reflect emerging applications and new developments. Originally developed for the forecast of bandwidth demand in Germany, it has been applied to estimate bandwidth demand in the UK and Flanders in Belgium, too. The comparison of the results of the demand forecast in different regions allows to identify how usage patterns and demographic structures impact bandwidth demand. This information can be used to develop measures which trigger broadband demand and digitisation. This paper focuses on the results of bandwidth demand forecasts in Germany, the UK and Flanders and the impact the difference between user profiles and household structure has on the forecast of bandwidth demand. Furthermore, we update the input data of the market potential model to reflect recent developments and new research. Our paper is structured as follows: We start with a short introduction on broadband availability and demand in Germany, UK and Flanders in Chapter 2. The methodology of the WIK market potential model is explained in chapter 3 followed by the allocation of applications to user types and the household structure in the different regions. The forecasts of bandwidth demand in Germany, the UK and Flanders in Belgium and conclusions are presented in chapter 4.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205198&r=all
  33. By: Park, Sungwook; Kwon, Youngsun
    Abstract: Over-the-top media firms such as Netflix, Amazon Prime, and Hulu are transforming the coopetition relationship among media firms in the broadcasting market and the structure of the broadcasting industry. New entrants like OTT media firms kept using various coopetition strategies including mergers and acquisitions in order to gain a foothold in the firmly entrenched broadcasting industry. A few OTT media firms already successfully made inroads into the media industry and are expanding their turf in many countries, triggering drastic changes in the structure of the broadcasting industry. The entry of OTT firms has also been increasing tension with fixed and mobile broadband network operators worldwide and induced NOs to become OTT media firms themselves. In this paper, we propose an empirical study on the major countries with large broadcasting market size. This paper shows that OTT services in major countries having the huge TV market commonly use "localization strategy", "partnership strategy", "content differentiation strategy", "revenue enhancement strategy", and "service optimization strategy". Add to these strategies, pay-TV incumbents use "envelopment strategy" and "diversification strategy" as well. In addition, OTT service revenues and fixed broadband subscriptions by major countries are set as independent variables, and the herfindahl-hirschman index of pay-TV market, which measures the market concentration, and the ratio of households subscribing to pay-TV services by major countries are set as dependent variables. Considering different characteristics of broadcasting market of each country, public funding, subscription revenue, advertising revenue, IPTV, satellite broadcasting platform, and cable broadcasting platform are set as dummy variables for applying the least square dummy variable analysis. As a result, it turns out that the increase in fixed broadband subscriptions has a statistically significant impact on the increase in the pay-TV market concentration and the cord-cutting phenomenon, but OTT service revenues do not affect.
    Keywords: OTT,Broadcasting industry,Media Coopetition,Catfish effect
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205203&r=all
  34. By: Groß, Jonas; Herz, Bernhard; Schiller, Jonathan
    Abstract: The announcement of the Libra Association to issue a private global currency has triggered a heated debate about the concomitantadvantages and risks. Proponents expectLibra to unfetter money from its "governmental chains" and liberalize and cheapen monetary transactions around the globe. Opponents argue that a private currency imposes unforeseeable risks forboth individualsand the whole financial system. Furthermore, Libra could hamper monetary policies of national central banks. This paper contributes to the debate in two ways. First, we offer a comprehensive overview of the concept of Libra and its possible benefits and downsides to analyze its market potential. Second, we discuss potential implications that a private currency as Libra poses for monetary policy and financial regulation.
    Keywords: Libra,Cryptocurrency,Monetary Policy,Currency Regime
    JEL: E42 E52 G28
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:esprep:205241&r=all
  35. By: Bogliacino, Francesco; Codagnone, Cristiano; Cirillo, Valeria; Guarascio, Dario
    Abstract: This critical and scoping review essay analyses digital labour markets where labour-intensive services are traded by matching requesters (employers and/or consumers) and providers (workers). It first discusses to what extent labour platform can be treated as two-sided or multi-sided markets, and the implications of these classifications. It then moves to address the legal and regulatory issues implied by these technologies. From a theoretical point of view, using a framework where innovation is not neutral in the labour market, platforms have implications for the quantity of jobs, for the kind of skills and tasks which are exchanged, and in terms of bargaining power of the contracting parties. It includes a critical evaluation of the empirical evidence from a variety of sources.
    Keywords: platforms,employment,quality of work,regulation
    JEL: L23 L86 J21 J24
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:glodps:420&r=all
  36. By: Stavins, Joanna (Federal Reserve Bank of Boston)
    Abstract: We measure consumers’ readiness to face emergency expenses. Based on data from a representative survey of US consumers, we find that financial readiness varies widely across consumers, with lowest-income, least-educated, unemployed, and black consumers most likely to have $0 saved for emergency expenses. For these consumers, even a temporary financial shock, either an unexpected negative income shock (such as a layoff or a short-term government shutdown) or an unexpected expenditure (such as a medical expense or a car repair), could have severe financial consequences. The literature likely underestimates the consequences, because consumers who are not financially prepared to cover unexpected expenses are more likely to borrow on their credit cards, adding to their existing debt. Thus the cost of relying on credit cards is likely very high for consumers who are already financially vulnerable. We use panel data to examine whether consumers who experienced a substantial drop in income from one year to the next, like one resulting from a layoff or a government shutdown, increased their credit card borrowing. We do not find evidence that a negative income shock raises consumers’ likelihood of revolving on credit cards or increasing the amount borrowed.
    Keywords: emergency savings; credit card debt; unexpected expenses
    JEL: D12 D14 E21
    Date: 2019–08–01
    URL: http://d.repec.org/n?u=RePEc:fip:fedbwp:19-7&r=all
  37. By: Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa)
    Abstract: The research assesses how information and communication technology (ICT) modulates the effect of foreign direct investment (FDI) on economic growth dynamics in 25 countries in Sub-Saharan Africa for the period 1980-2014. The employed economic growth dynamics areGross Domestic Product (GDP) growth, real GDP and GDP per capita while ICT is measured by mobile phone penetration and internet penetration. The empirical evidence is based on the Generalised Method of Moments. The study finds that both internet penetration and mobile phone penetration overwhelmingly modulate FDI to induce overall positive net effects on all three economic growth dynamics. Moreover, the positive net effects are consistently more apparent in internet-centric regressions compared to “mobile phone†-oriented specifications. In the light of negative interactive effects, net effects are decomposed to provide thresholds at which ICT policy variables should be complemented with other policy initiatives in order to engender favorable outcomes on economic growth dynamics. Practical and theoretical implications are discussed.
    Keywords: Economic Output; Foreign Investment; Information Technology; Sub-Saharan Africa
    JEL: E23 F21 F30 L96 O55
    Date: 2019–01
    URL: http://d.repec.org/n?u=RePEc:aby:wpaper:19/038&r=all
  38. By: Zura Kakushadze; Willie Yu
    Abstract: We discuss the idea of a purely algorithmic universal world iCurrency set forth in [Kakushadze and Liew, 2014] (https://ssrn.com/abstract=2542541) and expanded in [Kakushadze and Liew, 2017] (https://ssrn.com/abstract=3059330) in light of recent developments, including Libra. Is Libra a contender to become iCurrency? Among other things, we analyze the Libra proposal, including the stability and volatility aspects, and discuss various issues that must be addressed. For instance, one cannot expect a cryptocurrency such as Libra to trade in a narrow band without a robust monetary policy. The presentation in the main text of the paper is intentionally nontechnical. It is followed by an extensive appendix with a mathematical description of the dynamics of (crypto)currency exchange rates in target zones, mechanisms for keeping the exchange rate from breaching the band, the role of volatility, etc.
    Date: 2019–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:1911.01272&r=all
  39. By: Andrén, Daniela (Örebro University School of Business)
    Abstract: Internet usage in general and social networking platforms (SNPs) in particular have dramatically changed the way we spend our time. A relevant question is how this change in time-use affected the well-being of people in general and younger people in particular. We answer this question by reporting, for the first time, detailed information about time-use in SNPs and the well-being of Jammers, the users of HaikuJAM (HJ), a mobile app that aims to boost emotional well-being using collaborative writing techniques. HaikuJAM is output-dependent. Our explorative analysis finds that Jammers who spent most of their SNP time in HJ have, on average, a slightly higher level of both life satisfaction and other domain satisfactions (especially satisfaction with family and friends) than the other Jammers. They also have a few sociodemographic characteristics that are statistically significant different from the other Jammers (i.e., they are slightly older and more of them work and are married). Predominant Jammers also have higher expectations about the importance of the use of HaikuJAM for their well-being and their personal development. Our results suggests that the app features attract a specific group of users who have a relatively high level of satisfaction with their life in general and with their family and friends, in particular. It is quite possible that creative individuals who might be introverts and/or are lonely are using HaikuJAM not only to write but also to connect with other individuals who like to write. Despite the fact that our analysis is largely exploratory, our results suggest a few possibilities to addresses the causality between users’ time spent in a SNP and their well-being.
    Keywords: well-being; life satisfaction; social networking platform; social media; communit; time-use; collaborative writing; poetry; haiku; HaikuJAM App; Jammers; predominant Jammers.
    JEL: A12 D60 I31
    Date: 2019–11–05
    URL: http://d.repec.org/n?u=RePEc:hhs:oruesi:2019_008&r=all
  40. By: Aimene, Louise; Jeanjean, Francois; Liang, Julienne
    Abstract: We evaluate the impact of mobile operators merger on unitary price of data and voice by using country-level observations on data retail revenue, cellular data traffic, voice retail revenue, outgoing voice minutes. Using difference-in-differences estimation strategy, we estimate the effect of 4-to-3 operators merger by comparing the difference between the no-merging countries and the merging countries before and after the introduction of 4-to-3 operators merger. In accordance with the theoretical prediction provided in this paper, we find that mergers from four to three mobile operators tend to decrease data unitary price and increase voice unitary price
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205161&r=all
  41. By: Daniel J. Diroff (Akvelon, Inc.)
    Abstract: We present a new Bitcoin coin selection algorithm, "coin selection with leverage", which aims to improve upon cost savings than that of standard knapsack like approaches. Parameters to the new algorithm are available to be tuned at the users discretion to address other goals of coin selection. Our approach naturally fits as a replacement for the standard knapsack ingredient of full coin selection procedures.
    Date: 2019–11
    URL: http://d.repec.org/n?u=RePEc:arx:papers:1911.01330&r=all
  42. By: Idota, Hiroki; Nakaya, Joji; Tsuji, Masatsugu
    Abstract: It is necessary to grasp and utilize consumer's needs for firms to improve existing products and developing new products. Especially, collaboration with consumers for product innovation is indispensable. On the other hand, social media has been spreading all over the world. Network communities formed by social media are one of key factors of innovation achieved by collaborating with consumer innovators, which is referred to as consumer collaborative innovation. This paper studies how Japanese firms achieve consumer collaborative innovation based on authors' questionnaire survey data in Japan. In particular, the types of users and the strength of ties between firms and consumers and types of consumer innovators are focused on. In addition, consumers' motivation of collaboration such as the intrinsic and extrinsic motivations of lead users and collaborative innovators are elucidated. This paper finds the role of lead users and pecuniary rewards which are more important than other motivations. Based on results obtained, some measures to promote consumer collaborative innovation in Japan are proposed.
    Keywords: Consumer collaborative innovation,social media,network community,lead user,motivation,monetary rewards
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205183&r=all
  43. By: Binsfeld, Nico; Whalley, Jason
    Abstract: Since it emerged at the start of the decade, the ecosystem model of Martin Fransman (Fransman, 2010) has been widely applied to understand innovative processes within the information and communication technology (ICT) sector - see, for example, Binsfeld, Whalley, & Pugalis (2017b). The framework has recently been updated (Fransman, 2018) so that an innovation ecosystem is defined as "of a group of interdependent players and processes who together through their interactions, make innovation happen". He has also proposed a deeper examination of the dynamics of how innovation happens within innovation systems, and who is in charge of making innovation happen. This paper seeks to apply this evolved understanding of innovative processes to Luxembourg. More specifically, the paper will describe and comment about the evolution of the ICT ecosystem in recent years. The paper will also present and reflect on a series of recent government initiatives that have been launched with the intention of stimulating the development of the ecosystem. Through such an approach, we will demonstrate the pivotal role played by the government as the main driver behind innovation in the ecosystem. The paper also outlines Luxembourg's national skills strategy and explores the degree to which these various initiatives may be integrated together.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205170&r=all
  44. By: Nikander, Pekka; Elo, Tommi
    Abstract: With the billions of Internet of Things devices connected via the 5G and other networks, loads of useful data are produced. However, the majority of these data are disappearing into the silos of cloud and IoT companies. This problem is exacerbated by the current economic system creating perverse incentives that push companies to keep their data private and not to sell or share them. From the society point of view, this leads to severe inefficiencies. More structurally, Adam Smith's invisible hand does not work: in the data markets, the public and private interests are not aligned by the current market forces. Based on these observations, we present a conjecture wherein we state that any attempts to fix the market failure in the data markets within the current economic structures are bound to be inefficient. Only by redefining fundamental economic concepts, such as ownership and money, we can efficiently align the interests, clear the markets, and gain welfare potential. Furthermore, we briefly suggest an urban community currency experiment wherein this conjecture could be empirically tested.
    Keywords: 5G,data markets,market failure,non-rival,anti- rival,creative destruction,perverse incentives
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205201&r=all
  45. By: Reddy, Manohar Bayyapu; Bielov, Constantine; Finley, Benjamin; Kilkki, Kalevi; Mitomo, Hitoshi
    Abstract: The ubiquity of mobile devices such as smartphones, laptops, tablets, and mobile routers drives unprecedented mobile data traffic every year. However, the actual mobile data usage per subscriber or data volume delivered to the subscriber varies significantly between operators and nations. Understanding the reasons behind these differences is important for the mobile network operator's evolving business and telecom regulation in general. Towards this goal, this study analyzes the efficiency of delivering data services (data usage by subscribers) of 94 mobile operators from 28 countries through the method of data envelopment analysis (DEA). The study also provides a case study of the highly efficient but also very dissimilar data service markets of Finland and India. Overall, the results illustrate that many countries have a single highly efficient MNO due to its effort for market share growth (i.e. a disruptive operator). While in other countries all MNOs displayed good efficiency likely due to country level initiatives. Furthermore, majorly economic disparities between countries highly affect the differences in efficiency scores at the country level. The case study between Finland and India shows the causes for differences in mobile data services from the view of regulation policies, spectrum management, market competition and economic disparities.
    Keywords: Data envelopment analysis,efficiency,mobile network operator (MNO),data services
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205208&r=all
  46. By: Cho, Hosoo; Ryu, Min Ho
    Abstract: As 5G has recently been commercialized, IoT ecosystem is rapidly growing. There are variety of participants in IoT ecosystem and they continue to innovate in their own way. This paper divided participants of IoT ecosystem into four sub-industries: service, network, platform, and device. This paper applies stochastic frontier analysis (SFA) and compare the efficiency among these sub-industries, which give us information who leads innovation in the sub-industry or between the sub-industries. After analyzing the financial data of Korean IoT companies from 2008 to 2018, this paper show that platform industry had led the innovation of IoT ecosystem in the early stage (until 2007) and after then, network and device industries have led the innovation, while service industry lags relatively behind other industries during the period. Moreover, the empirical findings collectively indicate that meta-frontier index values (TE, TGR and TE*) have all been continuously decreasing, which means that some of highly efficient companies in the IoT ecosystem have consistently maintained their dominance.
    Keywords: IoT ecosystem,stochastic frontier analysis,meta-frontier analysis,IoT industry in Korea,innovation
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205209&r=all
  47. By: Pearl, M. Alexander
    Abstract: The possibilities offered by moving to a 5G infrastructure are fairly well known-decreased latency, enhanced connectivity options, and greatly improved speeds. These technological advancements will make multi-player gaming easier, decrease download time for HD media, and allow for exciting possibilities regarding development of driverless cars technologies. The possible applications for 5G technology to enhance business and leisure stretch as far as the imagination. However, this paper is not about the technical aspect of 5G technology and infrastructure, nor is this paper about how 5G opens up new economic possibilities in various markets. Instead, this paper focuses on how 5G dramatically enhances our ability to obtain data (especially in real time) which opens up significant opportunities regarding how we use data to inform and improve decision-making at all levels. I argue that the move to 5G infrastructure and technology facilitates our ability to develop and deploy new Internet of Things-based services (IoT) in critical areas-like the management of scarce environmental resources. This paper explores the possible ways in which 5G infrastructure can facilitate the creation of new IoT services that improve our responses to the two greatest interrelated environmental threats of our lifetime: climate change and water scarcity.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205205&r=all
  48. By: NWAOBI, GODWIN
    Abstract: Without advanced educational research, development will not occur and only technologically educated people can command the skills necessary for sustainable growth and development. However, the current generations of university postgraduate students are ushering in a new paradigm for research. Here, collaboration is made much easier, sharing of research knowledge is instant and the resultant synergies yield huge advances in research productivity and innovation. Therefore, this paper argues that ICT integration and digitization process will help university postgraduate (research) programmes to remain the same while at the same time is influencing it, determining and changing it. And giving that technological change is continuous and frequently disruptive, educational (research) policy planning should be dynamic and integrated within the framework of ecosystem innovation hub.
    Keywords: Digitization, ICTs, University, Research, Postgraduate- programmes, Innovation, TechHub, Nigeria, Africa, Incubation, Internet, Education, Knowledge, Information Networks, Technology, Infrastructures
    JEL: A20 A23 C80 C88 D8 I2 I23 O3 O31 O32 O33
    Date: 2019–10–28
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:96730&r=all
  49. By: Junming Yang; Yaoqi Li; Xuanyu Chen; Jiahang Cao; Kangkang Jiang
    Abstract: Training a practical and effective model for stock selection has been a greatly concerned problem in the field of artificial intelligence. Even though some of the models from previous works have achieved good performance in the U.S. market by using low-frequency data and features, training a suitable model with high-frequency stock data is still a problem worth exploring. Based on the high-frequency price data of the past several days, we construct two separate models-Convolution Neural Network and Long Short-Term Memory-which can predict the expected return rate of stocks on the current day, and select the stocks with the highest expected yield at the opening to maximize the total return. In our CNN model, we propose improvements on the CNNpred model presented by E. Hoseinzade and S. Haratizadeh in their paper which deals with low-frequency features. Such improvements enable our CNN model to exploit the convolution layer's ability to extract high-level factors and avoid excessive loss of original information at the same time. Our LSTM model utilizes Recurrent Neural Network'advantages in handling time series data. Despite considerable transaction fees due to the daily changes of our stock position, annualized net rate of return is 62.27% for our CNN model, and 50.31% for our LSTM model.
    Date: 2019–11
    URL: http://d.repec.org/n?u=RePEc:arx:papers:1911.02502&r=all
  50. By: Chen, Yi-Ning Katherine; Wen, Chia-Ho Ryan
    Abstract: This explorative study examines how Facebook's News Feed, fear of missing out (FOMO), news literacy, experience of fake news, disappointment at local election results, trust in the News Feed, and perceptions of algorithms affect users' attitude toward Facebook as a political news source and fake news regulations. After collecting 1453 valid online feedbacks, we find that the experiences of forwarding and receiving fake news play different roles. The experience of forwarding fake news raises trust in the News Feed and perceived risks of algorithmic biases (untruthfulness), while the experience of receiving fake news undermines trust and increases risk perceptions of algorithmic biases (both untruthfulness and decontexualisation). In addition, trust and risk perceptions of algorithmic biases significantly predict subjects' support for fake news regulations and preferred methods of such regulations. Lastly, FOMO, habitual usage, and tablet usage are evident predictors of fake news experiences and disappointment at the election results.
    Keywords: algorithm,disinformation,fake news,FOMO,Taiwan elections
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205174&r=all
  51. By: Chandan K. Jha (New York, USA); Oasis Kodila-Tedika (Kinshasa, Democratic Republic of Congo)
    Abstract: This study explores the relationship between social media and democracy in a cross- section of over 125 countries around the world. We find the evidence of a strong, positive correlation between Facebook penetration (a proxy for social media) and democracy. We further show that the correlation between social media and democracy is stronger for low-income countries than high-income countries. Our lowest point estimates indicate that a one-standard deviation (about 18 percentage point) increase in Facebook penetration is associated with about 8-point (on a scale of 0–100) increase for the world sample and over 11 points improvement for low-income countries.
    Keywords: Democracy; Information; Facebook; Internet; Social Media
    JEL: D72 D83 O1
    Date: 2019–01
    URL: http://d.repec.org/n?u=RePEc:aby:wpaper:19/031&r=all
  52. By: Fulford, Scott L. (Consumer Financial Protection Bureau); Stavins, Joanna (Federal Reserve Bank of Boston)
    Abstract: Buying a house changes a household’s balance sheet by simultaneously reducing liquidity and introducing mortgage payments, which may leave the household more exposed to other shocks. We find that this change affects credit card use in two ways: A debt effect increases credit card spending, while a credit effect leads to higher credit limits. In the short run, a new mortgage acquisition has a robust and statistically significant positive effect on credit card utilization — the fraction of a consumer’s credit card limit that is used — of approximately 11 percentage points. Before the 2008 financial crisis, the credit effect exceeded the debt effect in the long run, pushing down long-term utilization. In our sample period after the financial crisis, the debt effect dominated in the long run, and credit card utilization rates rose upon the acquisition of a new mortgage, consistent with larger down payments leaving households more constrained.
    Keywords: credit cards; mortgage; credit card utilization; debt
    JEL: D14 E21
    Date: 2019–05–01
    URL: http://d.repec.org/n?u=RePEc:fip:fedbwp:19-8&r=all
  53. By: Sudtasan, Tatcha; Pitivaranun, Pantaree
    Abstract: The aim of this study is to determine the perceptions of business on the abilities of human labor and robots or Artificial Intelligence, where different types of labors, human and AI, suit different types of job duties. Chatbot is selected as a case because it has passed the introduction stage of its life cycle. It is now widely accepted and has become one of the major trends in business and corporate utilization among advanced countries such as Japan, China and USA. The study focuses on service sector in the position of customer service, call center, and lecturer. The results show that corporates perceive Chatbot as potential opportunity to work as receptionist, operator, call center, customer service staff and lecturer. The results imply that with only the factors of efficiency, productivity, cost of time, wage, and cost of production there are going to be difficulties for human labors to work in these duties. Government, therefore, should revamp the system and scheme of education in Thailand which is support in both worker skills and working skills with more complex, creative, critical, and service orientation in order to differentiate and maintain balances between the uses of advanced technologies and human jobs.
    Keywords: Human worker,chatbot,corporate perspectives,complements,substitutes
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205215&r=all
  54. By: van der Vorst, Tommy; Jelicic, Nick
    Abstract: In this study we explore the potential impact of educational AI applications in personalized learning. According to Bloom (1984) students that are tutored one-to-one perform two standard deviations better than students who learn via traditional educational methods. Due to the limited amount of teachers and costs associated, personalized one-to-one learning is not generally feasible from a societal point of view. Breakthroughs in the field of machine learning offer promising avenues to aid in personalized learning. AI may hence be the 'holy grail' in unlocking the potential of one-to-one learning, by enabling applications to offer personalized teaching to each individual student. We assess the potential impact of AI in personalized learning from a socio-technical perspective. Therefore, we investigate the technological possibilities, as well as any aspects that may impact adoption, e.g. legal, societal and ethical. To conclude we formulate policy options that can stimulate the adoption of AI-driven personalized learning applications.
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205222&r=all
  55. By: Garcia-Murillo, Martha; MacInnes, Ian
    Abstract: Artificial Intelligence (AI) is likely to have a significant impact on work. Examples from the past demonstrate that it has created jobs but also displaced workers. The primary question this study aims to answer is what have been the effects that previous revolutionary computing technologies have had and how have institutional values shaped the way workers were affected. The paper involves a historical analysis of the experiences that society in the United States has had with technological innovation. The research relies on academic, government, and trade publications of earlier periods in the development of computer technology. In this effort, we examine the literature on institutional economics to help us understand the way society has transitioned and the forces that have shaped the outcomes. Institutional economics has two main branches that explain change: the ceremonial and the instrumental. The ceremonial values perspective focuses on the customs and conventions that prevail in a community. The instrumental perspective focuses on a society's processes of inquiry, acquisition of knowledge, and use of scientific inquiry to solve problems Our analysis suggests that in all of these periods initial implementations suffered from installation problems, system bugs, and troubleshooting frustrations that generated employment; however, as the technology improves, it is likely to enhance productivity, but displace, workers. Up to this point, the U.S. government has not been able to respond adequately to the challenge. We attribute this to the ceremonial values that public officials and society entertain about personal responsibility and small government.
    Keywords: Artificial intelligence (AI),Technological displacement,Economic transition,Ceremonial values,Instrumental values,Public policy
    Date: 2019
    URL: http://d.repec.org/n?u=RePEc:zbw:itse19:205178&r=all
  56. By: Masafumi Nakano (Graduate School of Economics, The University of Tokyo); Akihiko Takahashi (Faculty of Economics, The University of Tokyo)
    Abstract: This paper proposes a novel approach to the portfolio management using an AutoEncoder. In particular, the features learned by an AutoEncoder with ReLU are directly exploited to the portfolio construction. Since the AutoEncoder extracts the characteristics of the data through the non-linear activation function ReLU, its realization is generally difficult due to the non-linear transformation procedure. In the current paper, we solve this problem by taking full advantage of the similarity of the ReLU and the option payoff. Especially, this paper shows that the features are successfully replicated by applying so-called the dynamic delta hedging strategy. An out of sample simulation with crypto currency dataset shows the effectiveness of our proposed strategy. Furthermore, we investigate the background of our proposed methodology, which suggests that the rst principal component is quite important.
    Date: 2019–10
    URL: http://d.repec.org/n?u=RePEc:tky:fseres:2019cf1128&r=all

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