nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2020‒04‒13
twenty-two papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Factors influencing the intention to use cryptocurrency payments: An examination of blockchain economy By Guych, Nuryyev; Anastasia, Spyridou; Simon, Yeh; Jennet, Achyldurdyyeva
  2. Regulation of Data Localization Measures in WTO Law (Japanese) By TOJO Yoshizumi
  3. Analyzing the Online Advertising Market from the Perspective of Competition Policy (Japanese) By KAWAHAMA Noboru; TAKEDA Kuninobu
  4. One model does not fit all: a multi-scale analysis of eighty-four cryptocurrencies By Aurelio F. Bariviera
  5. The Rise of Fintech Lending to Small Businesses: Businesses’ Perspectives on Borrowing By Brett Barkley; Mark E. Schweitzer
  6. Metal for the masses: how indie metal labels have adapted for the digital era By Messick, Kyle J.
  7. Should digital marketing practices be more transparent? An empirical investigation on the roles of consumer digital literacy and privacy concerns in self-service technologies By Audrey Portes; Gilles N'goala; Anne-Sophie Cases
  8. Financial inclusion in Nigeria: determinants, challenges and achievements By Ozili, Peterson K
  9. Global Software Piracy, Technology and Property Rights Institutions By Simplice A. Asongu
  10. Grandpa, grandpa, tell me the one about Bitcoin being a safe haven: Evidence from the COVID-19 pandemics By Ladislav Kristoufek
  11. Public actors without public values: legitimacy, domination and the regulation of the technology sector By Taylor, Linnet
  12. Crisis-Critical Intellectual Property: Findings from the COVID-19 Pandemic By Frank Tietze; Pratheeba Vimalnath; Leonidas Aristodemou; Jenny Molloy
  13. Low-Income Consumers and Payment Choice By Oz Shy
  14. Tourism marketing and distribution through social media: Assessing business economic performance By Gartner, Simone; Nicholson, Alexander; Christou, Eleftherios
  15. Distance in Bank Lending: The Role of Social Networks By Oliver Rehbein; Simon Rother
  16. Tecnologías de Big data y biopolítica: mecanismos relacionales de procesamiento de datos en época de pandemia mundial viral By Herrera, Pablo Matías; Garcia Fronti, Javier
  17. Trustworthy artificial intelligence (AI) in education: Promises and challenges By Stéphan Vincent-Lancrin; Reyer van der Vlies
  18. Digital Health Divide in South Asia: Ethical Concerns, Challenges, and Recommendations By Hossain, Md Mahbub; Weng, Wenting; Bhattacharya, Sudip; Mazumder, Hoimonty; Faizah, Farah
  19. Where do we stand in cryptocurrencies economic research? A survey based on hybrid analysis By Aurelio F. Bariviera; Ignasi Merediz-Sol\`a
  20. Autocorrelation of returns in major cryptocurrency markets By Eugene Tartakovsky; Ksenia Plesovskikh; Anastasiia Sarmakeeva; Alexander Bibik
  21. Understanding the Robotic Restaurant Experience: A Multiple Case Study By Seyitoğlu, Faruk; Ivanov, Stanislav
  22. The Speed of Innovation Diffusion in Social Networks* By Itai Arieli; Yakov Babichenko; Ron Peretz; H. Peyton Young

  1. By: Guych, Nuryyev; Anastasia, Spyridou; Simon, Yeh; Jennet, Achyldurdyyeva
    Abstract: In summary, this study has applied TAM model to examine cryptocurrency payment adoption in Taiwanese hotels, examining the factors that are more likely to affect the behavioral intent. The empirical results suggest that intent to adopt cryptocurrency payments is affected by perceived usefulness, and perceived ease of use of these payments. In turn, perceived usefulness is affected by trust towards these payments. Interestingly, perceived usefulness was not shown to be significantly affected by different types of risks associated with cryptocurrency payments, including financial risk, technological risk, and social risk. Perceived ease of use, in turn, is affected by convenience of cryptocurrency payments; and is not shown to be significantly affected by trust.
    Keywords: cryptocurrency payment, cryptocurrency acceptance, technology acceptance, blockchain economy
    JEL: G29 L83 O33
    Date: 2018–10–28
  2. By: TOJO Yoshizumi
    Abstract: An open internet and freedom of cross-border data distribution is critical for the evolution of digital trade. While governments are struggling to maximize the opportunities for economic growth via utilization of big data on the one hand, they face challenges in controlling the risks associated with data flows and achieving other public policy goals such as privacy and cybersecurity protection on the other. The latter legitimate concern accounts for the proliferation of data localization measures among many countries. The WTO Agreement, especially the General Agreement on Trade in Services (GATS), is the most important legal text governing data localization measures. While the GATS faces several limitations in regulating data localization measures due to the fact that most of the GATS was negotiated when the internet was in its infancy, in comparison, for the last decade, FTAs have developed rules on data flows in e-commerce chapters and complemented the multilateral rules. This is especially the case with the rules provided in CPTPP. FTAs, therefore, could also work as ’model rules’ for future multilateral negotiations.
    Date: 2020–02
  3. By: KAWAHAMA Noboru; TAKEDA Kuninobu
    Abstract: Mega platform operators are active in the advertising market. They make use of that profit to provide new services to consumers. In that respect, online advertising is at the core of the Internet ecosystem. Today many competition authorities are carrying out sector inquiries on this topic. There is one common concern they share is lack of transparency in the online advertising market, especially in the programmatic display advertising market. This paper classifies ad tech markets in order to analyze the advertising industry from the perspective of competition policy and sorts essential issues from the practices and discussions in foreign countries. Significant results of this study are as follows. First, competitive advantage in the advertising market is determined by ad tech, data, and advertisement inventory. Google seems to control all of these. Second, the publisher-side ad servers are considered a bottleneck for competition among ad exchanges. Third, sequential auctions carried out by Google create arbitrage opportunities for Google. These insights have implications for public policy and enforcement of competition law in Japan.
    Date: 2020–02
  4. By: Aurelio F. Bariviera
    Abstract: This letter expands the studies of the informational efficiency in the cryptocurrency market. Most studies have focused on Bitcoin, the foremost known cryptocurrency, and a few more coins. However, this market is more diverse, with cryptocurrencies entering and leaving the market on a weekly basis. This letter fills an important gap in the literature, by studying the informational efficiency using a multi-scaling methodology, which represents a new approach. We compute the generalized Hurst exponent of eighty-four cryptoassets daily returns. The multi-scaling methodology used in this paper find compelling evidence that cryptocurrencies have different degree of long range dependence, and --more importantly -- follow different stochastic processes. Some of them follow traditional monofractal models consistent with fractional Brownian motion, while others exhibit complex multifractal dynamics.
    Date: 2020–03
  5. By: Brett Barkley; Mark E. Schweitzer
    Abstract: Online lending through fintech firms is a rapidly expanding segment of the financial market that is receiving much attention from investors and increasing scrutiny from regulators. Research is only beginning to assess how fintech firms’ entry is altering the choices and outcomes of small businesses that borrow from them. The Federal Reserve Small Business Credit Survey is a unique data source on the experiences of business owners with new and more traditional sources of credit. We find that the businesses using online lenders are not representative of small and medium-size enterprise in the US. Businesses borrowing online are younger, smaller, and less profitable. Through reaching borrowers less likely to be served by traditional lenders fintech lenders have substantially expanded the small business finance market. We apply treatment effects estimators to flexibly control for composition differences in the borrowers. After controlling for compositional differences between online and bank borrower, we find that loan application amounts are generally smaller with fintech lenders; businesses that receive fintech loans expect more revenue and employment growth than those receiving a bank loan; and businesses that borrow from banks are more satisfied than businesses that borrow online, which are still more satisfied than businesses who were denied credit. These results highlight issues that the financial industry and regulators should examine as fintech lending to small businesses continues to expand.
    Keywords: Small business lending; online alternative lenders; fintech; firm growth
    JEL: G21 G23 G28 C31
    Date: 2020–04–03
  6. By: Messick, Kyle J.
    Abstract: One of the areas that has most readily adapted to the changing musical environment is within metal music culture. Dedicated fans have taken responsibility upon themselves to create smaller record labels that specialize both in bringing attention to new, rising bands, as well as to do the laborious work that is needed to make sure that historical, out-of-print metal albums continue to receive new listeners. Their dedication has resulted in tightly-woven communities between these labels, the bands, and music fans, and this has contributed to the resurgence of physical mediums including vinyl and cassettes. Strategies are discussed that help push sales of physical media, including the release of special and elaborate versions of albums, often with unique packaging, or with limited color variants of vinyl editions. This article includes interviews with individuals that run underground metal labels and that host metal music streams, and they share their experience of how metal has changed as the music industry and the consumption of music has moved into the digital era, and the pros and cons that come with that, including perceptions about streaming and streaming services. Comparisons are made between major corporate labels and indie record labels, and the proactive role of indie labels in keeping musical subcultures thriving is assessed.
    Date: 2020–03–13
  7. By: Audrey Portes (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon); Gilles N'goala (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Anne-Sophie Cases (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)
    Abstract: The growth of self-service technologies has led to an increasing demand for transparency. More and more services are delivered online and require that, in this information asymmetry situation, customers overcome their lack of technical knowledge and risks associated with their personal data disclosure and dissemination. This article proposes a three dimensional conceptualization of digital transparency (objectivity, limpidity, openness) and examines how customer's digital literacy and privacy concerns influence the way they perceive their provider's transparency and, indirectly, their engagement to their provider. Based on an empirical research study in e-commerce (N=445), this research demonstrates the differential effects of objective and subjective digital literacies on perceived transparency and examines how customers' privacy concerns lower each dimension of perceived transparency. Finally, since each dimension of perceived transparency actually influence customer engagement, this paper urges firms to pay a specific attention to customer segments with a lower digital literacy and a higher concern for privacy.
    Keywords: transparency,digital literacy,customer engagement,privacy concerns
    Date: 2020–06–02
  8. By: Ozili, Peterson K
    Abstract: This article analyse several indicators of financial inclusion in Nigeria. The findings reveal that people with at least a secondary education and unemployed people had higher levels of debit card ownership, higher levels of account ownership of any type, and higher levels of account ownership in a financial institution. Also, people with at least a secondary education had higher levels of borrowings from a bank or another type of financial institution, and had lower levels of savings at a financial institution. On the other hand, savings using a savings club or persons outside the family decreased among females, poor people and among people with a primary education or less. Furthermore, there were fewer credit card ownership by unemployed people while credit card ownership increased among employed people, the richest people and among people with at least a secondary education. Also, borrowings from family or friends decreased for most categories in 2014 and 2017. Finally, the econometric estimation shows that borrowings and savings outside financial institutions (using family, friends or saving clubs) significantly contributed to economic growth than borrowing and savings through financial institutions. The findings have implications.
    Keywords: financial inclusion, access to finance, financial exclusion, development, economic growth, poverty reduction, Nigeria, digital finance, cashless policy, financial education, financial literacy, Africa, robo advisor, regulatory sandbox
    JEL: G20 G21 G28 O31 O43 O55
    Date: 2020–03
  9. By: Simplice A. Asongu (Yaounde, Cameroon)
    Abstract: This study extends the literature on fighting software piracy by investigating how Intellectual Property Rights (IPRs) regimes interact with technology to mitigate software piracy when existing levels of piracy are considered. Two technology metrics (internet penetration rate and number of PC users) and six IPRs mechanisms (constitution, IPR law, main IP laws, WIPO Treaties, bilateral treaties and multilateral treaties) are used in the empirical analysis. The statistical evidence is based on: (i) a panel of 99 countries for the period 1994-2010 and (ii) interactive contemporary and non-contemporary Quantile regressions.The findings show that the relevance of IPR channels in the fight against software piracy is noticeably contingent on the existing levels of technology embodied in the pirated software. There is a twofold policy interest for involving modern estimation techniques such as interactive Quantile regressions. First, it uncovers that the impact of IPR systems on software piracy may differ depending on the nature of technologies used. Second, the success of initiatives to combat software piracy is contingent on existing levels of the piracy problem. Therefore, policies should be designed differently across nations with high-, intermediate- and low-levels of software piracy.
    Keywords: Piracy; Business Software; Software piracy; Intellectual Property Rights
    JEL: F42 K42 O34 O38 O57
    Date: 2020–01
  10. By: Ladislav Kristoufek
    Abstract: Bitcoin being a safe haven asset is one of the traditional stories in the cryptocurrency community. However, during its existence and relevant presence, i.e. approximately since 2013, there has been no severe situation on the financial markets globally to prove or disprove this story until the COVID-19 pandemics. We study the quantile correlations of Bitcoin and two benchmarks -- S\&P500 and VIX -- and we make comparison with gold as the traditional safe haven asset. The Bitcoin safe haven story is shown and discussed to be unsubstantiated and far-fetched, while gold comes out as a clear winner in this contest.
    Date: 2020–03
  11. By: Taylor, Linnet
    Abstract: The scale and asymmetry of commercial technology firms’ power over people through data, combined with the increasing involvement of the private sector in public governance, means that increasingly people do not have the ability to opt out of engaging with technology firms. At the same time, those firms are increasingly intervening on the population level in ways that have implications for social and political life. This creates the potential for power relations of domination, and demands that we decide what constitutes the legitimacy to act on the public. Business ethics and private law are not designed to answer these questions, which are primarily political. If people have lost the right to disengage with commercial technologies, we may need to hold the companies that offer them to the same standards to which we hold the public sector. This paper therefore argues for the development of an overarching normative framework for what constitutes non-domination with regard to digital technologies. Such a framework must involve a nuanced idea of political power and accountability that can respond not only to the legality of corporate behaviour, but to its legitimacy.
    Date: 2020–04–03
  12. By: Frank Tietze; Pratheeba Vimalnath; Leonidas Aristodemou; Jenny Molloy
    Abstract: Within national and international innovation systems a pandemic calls for large-scale action by many actors across sectors, to mobilise resources, developing and manufacturing Crisis-Critical Products (CC-Products) efficiently and in the huge quantities needed. Nowadays, this also includes digital innovations from complex epidemiological models, AI, to open data platforms for prevention, diagnostic and treatment. Amongst the many challenges during a pandemic, innovation and manufacturing stakeholders find themselves engaged in new relationships, and are likely to face intellectual property (IP) related challenges. This paper adopts an IP perspective on the COVID-19 pandemic to identify pandemic related IP considerations and IP challenges. The focus is on challenges related to research, development and urgent upscaling of capacity to manufacture CC-Products in the huge volumes suddenly in demand. Its purpose is to provide a structure for steering clear of IP challenges to avoid delays in fighting a pandemic. We identify 4 stakeholder groups concerned with IP challenges: (i) governments, (ii) organisations owning existing Crisis-Critical IP, described as incumbents in Crisis-Critical Sectors (CC-Sectors), (iii) manufacturing firms from other sectors normally not producing CC-Products suddenly rushing into CC-Sectors to support the manufacturing of CC-Products (new entrants), and (iv) voluntary grassroot initiatives that are formed during a pandemic. This paper discusses IP challenges related to the development and manufacturing of technologies and products for (i) prevention (of spread), (ii) diagnosis of infected patients and (iii) the development of treatments. We offer an initial discussion of potential response measures to reduce IP associated risks among industrial stakeholders during a pandemic.
    Date: 2020–04
  13. By: Oz Shy
    Abstract: Low-income consumers are not only constrained with spending, but also with the type and variety of payment methods available to them. Using a representative sample of the U.S. adult population, this paper analyzes the low possession (adoption) of credit and debit cards among low-income consumers who are also unbanked. Using a random utility model, I estimate the potential welfare gains associated with policy options suggested in the literature to provide subsidized and unsubsidized debit cards to this consumer population.
    Keywords: consumer payment choice; household income; diversity; unbanked consumers; random utility analysis; unbanked; financial inclusion; consumer surveys; consumer behavior
    JEL: D90 E42
    Date: 2020–02–01
  14. By: Gartner, Simone; Nicholson, Alexander; Christou, Eleftherios
    Abstract: The research presented in this manuscript investigates consumers’ experiences with technology-related service encounters, through examining the validity of Mick and Fournier’s paradoxes of technology adoption to the social media as a marketing channel in tourism and its impact on business economic performance. Qualitative research was performed to examine consumers’ attitudes when using social media as marketing and purchasing channels and the results were compared to those of Mick and Fournier. Findings appear comparable, indicating that when consumers adopt online distribution channels, they also develop positive and negative attitudes. Findings of this survey also indicate that the type of some of the paradoxes experienced by consumers may depend on the particular industry and the medium being investigated. Last, conclusions are presented in relation to the economic performance of the tourism businesses using social media as marketing and distribution channels.
    Keywords: adoption of innovations, economic performance, social media, distribution, tourism marketing
    JEL: L83 M31 O14
    Date: 2020–03–16
  15. By: Oliver Rehbein; Simon Rother
    Abstract: This paper provides empirical evidence that banks leverage social connections as an information channel. Using county-to-county friendship-link data from Facebook, we find that strong social ties increase loan volumes, especially if screening incentives are large. This effect is distinct from physical and cultural distances. Physical distance becomes significantly less relevant when accounting for social connections. Moreover, sufficiently strong social ties prevent cultural differences from constituting a lending barrier. The effect of social connectedness is more supply-side driven for small banks but demand-side driven for large banks. To bolster identification, we exploit highway connections, historical travel costs, and the quasi-random staggered introduction of Facebook as instruments. Our results reveal the important role of social connectedness as an information channel, speak to the nature of borrowing constraints, and point toward implications for bank-lending strategies and anti-trust policies.
    Keywords: bank lending, social networks, information frictions, culture, distance
    JEL: D82 D83 G21 O16 L14 Z13
    Date: 2020–03
  16. By: Herrera, Pablo Matías; Garcia Fronti, Javier
    Abstract: The promises and risks associated with the development of big data technologies are exacerbated by the global viral pandemic known as COVID-19, SARS-CoV-2, or coronaviruses. From an organizational point of view, a series of debates arise that, although in principle antagonistic, have outcomes in intermediate positions and question values of society. Faced with these questions, a very common practice in the face of the development of the coronavirus was to raise dystopian futures. Within this work, avoiding the proposal of "what is expected once it ends", the global viral pandemic is taken as the opening of a space to reflect on the development of Big data technologies and elaborate questions related to biopolitics. One of these questions is the following: how can practical categories, strategies, protocols and policies be developed to articulate and assign responsibilities in the relationship between humans and nonhumans? The answer to that question, surely, is not related to the approach of dystopian futures. Proposing scenarios based on "what is expected once it ends" is not a viable path. In this sense, the answer is related rather to the understanding of the agencies that exist in a mechanism in which, at least, humans, technologies, algorithms, data, and viruses interact. Understanding what is happening today is what enables policy development based on the allocation of responsibilities within the complex hybrid that represents the development of big data technologies.
    Keywords: Tecnologías de Big data; Biopolítica; Mecanismos relacionales de procesamiento de datos; Pandemia mundial viral
    JEL: O32 O33 O38
    Date: 2020–04–09
  17. By: Stéphan Vincent-Lancrin (OECD); Reyer van der Vlies (OECD)
    Abstract: This paper was written to support the G20 artificial intelligence (AI) dialogue. With the rise of artificial intelligence (AI), education faces two challenges: reaping the benefits of AI to improve education processes, both in the classroom and at the system level; and preparing students for new skillsets for increasingly automated economies and societies. AI applications are often still nascent, but there are many examples of promising uses that foreshadow how AI might transform education. With regard to the classroom, this paper highlights how AI can accelerate personalised learning, the support of students with special needs. At the system level, promising uses include predictive analysis to reduce dropout, and assessing new skillsets. A new demand for complex skills that are less easy to automate (e.g. higher cognitive skills like creativity and critical thinking) is also the consequence of AI and digitalisation. Reaching the full potential of AI requires that stakeholders trust not only the technology, but also its use by humans. This raises new policy challenges around “trustworthy AI”, encompassing the privacy and security of data, but also possible wrongful uses of data leading to biases against individuals or groups.
    Date: 2020–04–08
  18. By: Hossain, Md Mahbub; Weng, Wenting; Bhattacharya, Sudip; Mazumder, Hoimonty; Faizah, Farah
    Abstract: The continued development of digital health technologies is reforming health systems and services globally; however, the South Asian countries are experiencing a sub-optimal growth and use of such technologies. Thus, a digital divide in healthcare is affecting the potential transformations in health services and outcomes in this region. This implies inadequate access to the best possible health technologies for a majority of the population, raising ethical concerns for healthcare practice. We discuss such concerns and the underlying socio-ecological challenges at individual, community, society, and systems levels pertinent to the digital divide in healthcare and highlight the strategic recommendations to bridge the existing gaps. These challenges should be addressed through engaging key stakeholders in healthcare including patients, informal caregivers, healthcare providers, health services organizations, technological providers, local and regional regulatory organizations, and other entities who may inform the development and implementation of digital platforms for equitable health across populations in South Asia.
    Date: 2020–04–01
  19. By: Aurelio F. Bariviera; Ignasi Merediz-Sol\`a
    Abstract: This survey develops a dual analysis, consisting, first, in a bibliometric examination and, second, in a close literature review of all the scientific production around cryptocurrencies conducted in economics so far. The aim of this paper is twofold. On the one hand, proposes a methodological hybrid approach to perform comprehensive literature reviews. On the other hand, we provide an updated state of the art in cryptocurrency economic literature. Our methodology emerges as relevant when the topic comprises a large number of papers, that make unrealistic to perform a detailed reading of all the papers. This dual perspective offers a full landscape of cryptocurrency economic research. Firstly, by means of the distant reading provided by machine learning bibliometric techniques, we are able to identify main topics, journals, key authors, and other macro aggregates. Secondly, based on the information provided by the previous stage, the traditional literature review provides a closer look at methodologies, data sources and other details of the papers. In this way, we offer a classification and analysis of the mounting research produced in a relative short time span.
    Date: 2020–03
  20. By: Eugene Tartakovsky; Ksenia Plesovskikh; Anastasiia Sarmakeeva; Alexander Bibik
    Abstract: This paper is the first of a series of short articles that explore the efficiency of major cryptocurrency markets. A number of statistical tests and properties of statistical distributions will be used to assess if cryptocurrency markets are efficient, and how their efficiency changes over time. In this paper, we analyze autocorrelation of returns in major cryptocurrency markets using the following methods: Pearson's autocorrelation coefficient of different orders, Ljung-Box test, and first-order Pearson's autocorrelation coefficient in a rolling window. All experiments are conducted on the BTC/USD, ETH/USD, ETH/BTC markets on Bitfinex exchange, and the XBT/USD market on Bitmex exchange, each on 5-minute, 1-hour, 1-day, and 1-week time frames. The results are represented visually on charts. Statistically significant autocorrelation is persistently present on the 5m and 1H time frames on all markets. The tests disagree on the 1D and 1W time frames. The results of this article are fully reproducible. Used datasets, source code, and a runnable Jupyter Notebook are available on GitHub.
    Date: 2020–03
  21. By: Seyitoğlu, Faruk; Ivanov, Stanislav (Varna University of Management)
    Abstract: The purpose of this study is to investigate the robotic restaurant experience of travellers around the world and understand the components of robotic restaurant experience. Following this aim, travellers who had experienced a robotic restaurant were purposefully selected as a sample group for the study. Since the robotic restaurants are limited around the world, multiple case study method has been chosen to gather richer data. A user-generated content technique which is a form of qualitative case study method has been benefited. The data of this study were gathered between 18-29 November 2019 from travellers’ reviews (n=587) describing experiences they had between February 2013-November 2019. The results reveal a model of components of robotic restaurant experience that include seven main themes: attraction for kids, robotic system, service quality, memorable experience, ambience related attributes, food related attributes (economic value and gastronomic aspects), and deficiencies (in robotic system, in service quality, in ambience related attributes and in food related attributes). This paper is first to investigate the robotic restaurant experience of travellers around the world. Moreover, it contributes to the research on restaurant experience and offers a model of components of the robotic restaurant experience.
    Date: 2020–04–03
  22. By: Itai Arieli (Faculty of Industrial Engineering and Management, Technion–Israel Institute of Technology); Yakov Babichenko (Faculty of Industrial Engineering and Management, Technion–Israel Institute of Technology); Ron Peretz (Department of Economics, Bar Ilan University); H. Peyton Young (London School of Economics and Nuffield College, University of Oxford)
    Abstract: New ways of doing things often get started through the actions of a few innovators, then diffuse rapidly as more and more people come into contact with prior adopters in their social network. Much of the literature focuses on the speed of diffusion as a function of the network topology. In practice, however, the topology may not be known with any precision, and it is constantly in flux as links are formed and severed. Here we establish an upper bound on the expected waiting time until a given proportion of the population has adopted that holds independently of the network structure. Kreindler and Young [33, 2014] demonstrated such a bound for regular networks when agents choose between two options: the innovation and the status quo. Our bound holds for directed and undirected networks of arbitrary size and degree distribution, and for multiple competing innovations with different payoffs.
    Date: 2019–08–22

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