nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2021‒04‒12
28 papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  1. Behavioural Intention of Commercial Banks' Customers towards Financial Technology Services By Kwee Kim Peong
  2. Has financial inclusion made the financial sector riskier? By Ozili, Peterson K
  3. A Big Data Analysis of the Ethereum Network: from Blockchain to Google Trends By Dorsa Mohammadi Arezooji
  4. Online digital labour platforms in China working conditions, policy issues and prospects By Chen, Yiu Por,
  5. From banks to DeFi: the evolution of the lending market By Jiahua Xu; Nikhil Vadgama
  6. Exploring asymmetric multifractal cross-correlations of price-volatility and asymmetric volatility dynamics in cryptocurrency markets By Shinji Kakinaka; Ken Umeno
  7. Empowering Patients Using Smart Mobile Health Platforms: Evidence From A Randomized Field Experiment By Anindya Ghose; Xitong Guo; Beibei Li; Yuanyuan Dang
  8. The value of big data for analyzing growth dynamics of technology based new ventures By Maksim Malyy; Zeljko Tekic; Tatiana Podladchikova
  9. The Development of Digital Economy in Indonesia By Anindita, Carisa Tara
  10. Branding the performing arts in the digital age: Lessons from the Opéra de Paris By Juliette Ducros Passebois; Carole Martinez; Florence Euzéby
  11. Future of work: ethics By David Pastor-Escuredo
  12. Linking Community Banks and Fintech Platforms By Patrick T. Harker
  13. A Study on Consumer Perception of Digital Payment Methods in times of Covid Pandemic By K M, SIBY
  14. the development of digital economy in indonesia By fadliansyah, awang
  15. The Non-Linear Impact of Digitization on Remittances Inflow: Evidence From the BRICS By Emara, Noha; Zhang, Yuanhao
  16. Quantum crypto-economics: Blockchain prediction markets for the evolution of quantum technology By Peter P. Rohde; Vijay Mohan; Sinclair Davidson; Chris Berg; Darcy Allen; Gavin K. Brennen; Jason Potts
  17. Trends in eBusiness and eGovernment By Antonio S\'anchez-Bay\'on; Miguel \'Angel Garc\'ia-Ramos Lucero; Annie Ng Cheng San; Choy Johnn Yee; Krishna Moorthy; Alex Foo Tun Lee; Angelita Kithatu-Kiwekete; Shikha Vyas-Doorgapersad; Anthony Kiryagana Isabirye; Nobukhosi Dlodlo; Lydia Mbati; Edmore Tarambiwa; Chengedzai Mafini; Anastas Djurovski; Ephrem Habtemichael Redda; Jhalukpreya Surujlal
  18. Management of the Employeur Brand in the Digital Era: the case of call centers in Morocco By Zakaria Lissaneddine; Farid Chaouki; Florence Rodhain
  19. The Chemistry of MSME and Digital Platforms By syam, muhammad alvin arkananta
  20. Big Data in Finance By Itay Goldstein; Chester S. Spatt; Mao Ye
  21. The Pricing Strategies of Online Grocery Retailers By Diego Aparicio; Zachary Metzman; Roberto Rigobon
  22. Technology Ethics By Rashid, Muhammad Mustafa
  23. Liquidation, Leverage and Optimal Margin in Bitcoin Futures Markets By Zhiyong Cheng; Jun Deng; Tianyi Wang; Mei Yu
  24. Dynamic Posted-Price Mechanisms for the Blockchain Transaction-Fee Market By Matheus V. X. Ferreira; Daniel J. Moroz; David C. Parkes; Mitchell Stern
  25. Digital Business What's Next By Wicaksono, Hendro
  26. Online Banking Users vs. Branch Visitors: Why Are Their Portfolio Returns Different? By Nagano, Mamoru; Uchida, Yuki
  27. Collusion between two-sided platforms By Yassine Lefouili; Joana Pinho
  28. The Effect of Sport in Online Dating: Evidence from Causal Machine Learning By Boller, Daniel; Lechner, Michael; Okasa, Gabriel

  1. By: Kwee Kim Peong (Multimedia University, Jalan Ayer Keroh Lama, 75450, Malacca, Malaysia Author-2-Name: Kwee Peng Peong Author-2-Workplace-Name: MLK Management Services, Jalan TTC Taman Teknologi Cheng, 75250 Malacca, Malaysia Author-3-Name: Kui Yean Tan Author-3-Workplace-Name: Multimedia University, Jalan Ayer Keroh Lama, 75450 Malacca, Malaysia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - The objective of this study is to determine the process that takes place in the employment of financial technology in the financial services industry. It is of utmost important that FinTech firms and commercial banks understand the predictors that can influence their consumers' decision to adopt FinTech services and to increase loyalty toward their services. Methodology/Technique – An online survey was used in the present research to explore factors that can influence commercial bank users' intention to use FinTech services in Malaysia. The data for the current study was gathered from bank users who aged at least 18 years old and resided in Malacca, Malaysia whom accessed FinTech services via smartphone. This research also employed the convenient sampling in distributing online questionnaires to 400 respondents who had successfully completed and returned the questionnaires. Findings – The empirical findings illustrate that trust, social influence, cyber-security risks and privacy risks are the most influential determinants that affect bank customers' behavioural intention to use FinTech services in Malaysia. Novelty – This research contributes to the theory of TAM, UTAUT and TPB by proposing a direct effect of trust, social influence, cyber-security risks and privacy risks on the adoption of FinTech services. The findings of the current study will be beneficial to policymakers, specifically financial institutions and FinTech firms as they will be informed on workable means to increase the quality of FinTech applications/websites. This can yield greater intentions to adopt FinTech. Stakeholders should play their important role in noticing and considering the influential factors that can impact the consumers' behavioural intention for using technologies in their policies to fulfil the users' needs. Type of Paper - Empirical
    Keywords: Trust; Social Influence; Cyber-Security Risks; Privacy Risks; Behavioural Intention to Use
    JEL: G02 G21
    Date: 2021–03–31
  2. By: Ozili, Peterson K
    Abstract: This paper examines whether high levels of financial inclusion is associated with greater financial risk. The findings reveal that higher account ownership is associated with greater financial risk through high nonperforming loan and high cost inefficiency in the financial sector of developed countries, advanced countries and transition economies. Increased use of debit cards, credit cards and digital finance products reduced risk in the financial sector of advanced countries and developed countries but not for transition economies and developing countries. The findings also show that the combined use of digital finance products with increased formal account ownership improves financial sector efficiency in developing countries while the combined use of credit cards with increased formal account ownership reduces insolvency risk and improves financial sector efficiency in developing countries.
    Keywords: financial inclusion, digital finance, Fintech, financial technology, nonperforming loans, efficiency, financial innovation, insolvency risk, credit card, debit card, formal accounts, account ownership, black swan
    JEL: G21 G28 O31
    Date: 2021
  3. By: Dorsa Mohammadi Arezooji
    Abstract: First, a big data analysis of the transactions and smart contracts made on the Ethereum blockchain is performed, revealing interesting trends in motion. Next, these trends are compared with the public's interest in Ether and Bitcoin, measured by the volume of online searches. An analysis of the crypto prices and search trends suggests the existence of big players (and not the regular users), manipulating the market after a drop in prices. Lastly, a cross-correlation study of crypto prices and search trends reveals the pairs providing more accurate and timely predictions of Ether prices.
    Date: 2021–04
  4. By: Chen, Yiu Por,
    Abstract: Digital labour platforms have been proliferating in China since 2005, making China one of the world’s largest platforms economies. This article summarizes the results of an ILO survey, conducted in 2019, of workers’ characteristics and working conditions on three major digital labour platforms. Using the survey data generated, this paper provides first-hand information on worker demographics, motivations, and experiences. This paper also compares the findings between the Chinese platforms and dominant Western platforms, the object of previous ILO studies. The paper concludes with a discussion about the need for institutional reforms and suggests some possible avenues for implementing policies to improve working conditions.
    Keywords: future of work, EDP personnel, electronic network, technological change, working conditions
    Date: 2021
  5. By: Jiahua Xu; Nikhil Vadgama
    Abstract: The Internet of Value (IOV) with its distributed ledger technology (DLT) underpinning has created new forms of lending markets. As an integral part of the decentralised finance (DeFi) ecosystem, lending protocols are gaining tremendous traction, holding an aggregate liquidity supply of over $40 billion at the time of writing. In this paper, we enumerate the challenges of traditional money markets led by banks and lending platforms, and present advantageous characteristics of DeFi lending protocols that might help resolve deep-rooted issues in the conventional lending environment. With the examples of Maker, Compound and Aave, we describe in detail the mechanism of DeFi lending protocols. We discuss the persisting reliance of DeFi lending on the traditional financial system, and conclude with the outlook of the lending market in the IOV era.
    Date: 2021–04
  6. By: Shinji Kakinaka; Ken Umeno
    Abstract: We explore the scaling properties of price-volatility nexus in cryptocurrency markets and address the issue of the asymmetric volatility effect within a framework of fractal analysis. The MF-ADCCA method is applied to examine nonlinear interactions and asymmetric multifractality of cross-correlations between price and volatility for Bitcoin, Ethereum, Ripple, and Litecoin. Furthermore, asymmetric reactions in the volatility process to price fluctuations between uptrend (bull) and downtrend (bear) regimes are discussed from the viewpoint of cross-correlations quantified by the asymmetric DCCA coefficient, which is a different approach from the conventional GARCH-class models. We find that cross-correlations are stronger in downtrend markets than in uptrend markets for maturing Bitcoin and Ethereum. In contrast, for Ripple and Litecoin, inverted reactions are present where cross-correlations are stronger in uptrend markets. Our empirical findings uncover the dynamics of asymmetric volatility structure and provide new guidance in investigating dynamical relationships between price and volatility for cryptocurrencies.
    Date: 2021–02
  7. By: Anindya Ghose; Xitong Guo; Beibei Li; Yuanyuan Dang
    Abstract: With today's technological advancements, mobile phones and wearable devices have become extensions of an increasingly diffused and smart digital infrastructure. In this paper, we examine mobile health (mHealth) platforms and their health and economic impacts on the outcomes of chronic disease patients. To do so, we partnered with a major mHealth firm that provides one of the largest mobile health app platforms in Asia specializing in diabetes care. We designed and implemented a randomized field experiment based on detailed patient health activities (e.g., steps, exercises, sleep, food intake) and blood glucose values from 1,070 diabetes patients over several months. Our main findings show that the adoption of the mHealth app leads to an improvement in both short term metrics (such as reduction in patients' blood glucose and glycated hemoglobin levels) and longer-term metrics (such as hospital visits, and medical expenses). Patients who adopted the mHealth app undertook higher levels of exercise, consumed healthier food with lower calories, walked more steps and slept for longer times on a daily basis. A comparison of mobile vs. PC enabled version of the same app demonstrates that the mobile has a stronger effect than PCs in helping patients make behavioral modifications with respect to diet, exercise and life style, which ultimately leads to an improvement in their healthcare outcomes. We also compared outcomes when the platform facilitates personalized health reminders to patients vs. generic reminders. We found that personalized mobile message with patient-specific guidance can have an inadvertent effect on patient app engagement, life style changes, and health improvement. Overall, our findings indicate the potential value of mHealth technologies, as well as the importance of mHealth platform design in achieving better healthcare outcomes.
    Date: 2021–02
  8. By: Maksim Malyy (Skolkovo Institute of Science and Technology); Zeljko Tekic (Skolkovo Institute of Science and Technology; HSE University, Graduate School of Business); Tatiana Podladchikova (Skolkovo Institute of Science and Technology)
    Abstract: This study demonstrates that web-search traffic information, in particular, Google Trends data, is a credible novel source of high-quality and easy-to-access data for analyzing technology-based new ventures (TBNVs) growth trajectories. Utilizing the diverse sample of 241 US-based TBNVs, we comparatively analyze the relationship between companies' evolution curves represented by search activity on the one hand and by valuations achieved through rounds of venture investments on another. The results suggest that TBNV's growth dynamics are positively and strongly correlated with its web search traffic across the sample. This correlation is more robust when a company is a) more successful (in terms of valuation achieved) - especially if it is a "unicorn"; b) consumer-oriented (i.e., b2c); and 3) develops products in the form of a digital platform. Further analysis based on fuzzy-set Qualitative Comparative Analysis (fsQCA) shows that for the most successful companies ("unicorns") and consumer-oriented digital platforms (i.e., b2c digital platform companies) proposed approach may be extremely reliable, while for other high-growth TBNVs it is useful for analyzing their growth dynamics, albeit to a more limited degree. The proposed methodological approach opens a wide range of possibilities for analyzing, researching and predicting the growth of recently formed growth-oriented companies, in practice and academia.
    Date: 2021–04
  9. By: Anindita, Carisa Tara
    Abstract: The current number of internet users in Indonesia has exceeded 50% of the total population, with an average expenditure of IDR 6.5 million per annum for online shopping. The value of e-commerce has reached US$ 87.8 or 52% of the e-commerce market in Southeast Asia. Millennial generation is very familiar with digital technology and becomes potential target to increase market share.
    Date: 2021–04–08
  10. By: Juliette Ducros Passebois; Carole Martinez (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel); Florence Euzéby
    Abstract: Digital age creates a new context for performing arts organizations. They have to imagine innovative marketing strategies to draw audiences' attention. The objective of this communication is to question how legitimate cultural organizations can manage their brand and what levers they can use to address news challenges. Relying on a new brand management paradigm, named "community paradigm", we focus on a case study methodology. The "3 e Scène", the Paris Opera 3 rd stage, a fully digital creative platform, appears as a good illustration of the new community branding paradigm. Multiple data were collected and analyzed: interviews with 3e scène stakeholders, secondary data and systematic observation of all 3e scène contents. By adopting a disruptive approach and offering content inspired and created by crowdcultures, the brand resonates with its time while connecting with wider audiences.
    Keywords: Branding,Digital,Performing Arts,Paris Opera
    Date: 2019–06–23
  11. By: David Pastor-Escuredo
    Abstract: Work must be reshaped in the upcoming new era characterized by new challenges and the presence of new technologies and computational tools. Over-automation seems to be the driver of the digitalization process. Substitution is the paradigm leading Artificial Intelligence and robotics development against human cognition. Digital technology should be designed to enhance human skills and make more productive use of human cognition and capacities. Digital technology is characterized also by scalability because of its easy and inexpensive deployment. Thus, automation can lead to the absence of jobs and scalable negative impact in human development and the performance of business. A look at digitalization from the lens of Sustainable Development Goals can tell us how digitalization impact in different sectors and areas considering society as a complex interconnected system. Here, reflections on how AI and Data impact future of work and sustainable development are provided grounded on an ethical core that comprises human-level principles and also systemic principles.
    Date: 2021–04
  12. By: Patrick T. Harker
    Abstract: Speaking at the Joint Virtual Fintech Partnership Symposium, Philadelphia Fed President Patrick Harker stressed the vitally important role community banks play in the economy and noted the risks smaller banks face in adopting new technologies. Hosted by the Federal Reserve Bank of Philadelphia and the Conference of State Bank Supervisors, the event highlighted fintech options for community banks and credit unions.
    Date: 2021–04–01
  13. By: K M, SIBY
    Abstract: The digitalization drive in payment methods since demonetization has made remarkable progress even in times of Covid pandemic. The present study analysed primary data collected from 107 respondents from Ernakulam district of Kerala to study the consumer perception of digital payment methods on the basis of demographic characteristics such as gender, age, education, profession, and employment. Correlation and ANOVA were used to analyse the data and found that there was no significant variance in consumer perception of digital payment methods even in times of Covid pandemic based on the key demographic characterist ic s.
    Keywords: Digital Payment Methods, Consumer Perception, Digital Wallets
    JEL: G10
    Date: 2021–03–01
  14. By: fadliansyah, awang
    Abstract: The current number of internet users in Indonesia has exceeded 50% of the total population, with an average expenditure of IDR 6.5 million per annum for online shopping. The value of e-commerce has reached US$ 87.8 or 52% of the e-commerce market in Southeast Asia.
    Date: 2021–03–22
  15. By: Emara, Noha; Zhang, Yuanhao
    Abstract: Due to the impact of COVID-19, it is important now more than ever to analyze the relationship between the improvement in digitization and the flow of remittances in order to fill the void that has come as a result of stay at home and quarantine orders. Using a comprehensive measure of digitization that encompasses the commonly used proxies of financial technology (Fintech) and employing a System Generalized Method of Moments (GMM) panel estimation methodology on annual data over the period 2004-2018, this paper examines the impact of digitization, as a proxy of Fintech, on the inflow of remittances for a sample of 34 developed and developing countries. Our analysis provides a case study on Brazil, Russia, India, China and South Africa (BRICS), known as five emerging markets with a great number of workers out of abroad and below the average level of digital transfers. Using the Digital Ecosystem Development Index developed by Katz and Calorda (2018), the results of the paper uncover a statistically significant nonlinear relationship between the improvement in digitization measures and the inflow of remittances with an exact threshold level. More specifically, our results for the full sample indicate that improvement in digitization may initially increase the remittances inflow leading to an increase in the stock of remittances received. Nevertheless, once the digitization index reaches its threshold level further improvement in digitization tends decrease as penetration increases, giving rise to a decline in the rate of remittances inflow. This result implies that the marginal effect of the digital penetration is larger when at its lower level, before the threshold level. For countries such as the BRICS, with a level of digitization below the average of our sample, policy makers should apply more aggressive and comprehensive policies to recoup the maximum gains of a digital ecosystem. Hence, our policy implications are directed towards increasing the investments in developing human capacity including carrying different skill development training programs to prepare individuals for the information age, expanding the internet coverage and speed especially in educational establishments, encouraging the use and access of electronic banking by consumers, producers, and governments, and taking cyber security and fraud protection more seriously to encourage the flow of remittances, especially in light of its renewed utility due to the recent pandemic.
    Keywords: Remittances; Digitization; FinTech; Financial Inclusion; BRICS
    JEL: C23 G21 O47
    Date: 2020–10–21
  16. By: Peter P. Rohde; Vijay Mohan; Sinclair Davidson; Chris Berg; Darcy Allen; Gavin K. Brennen; Jason Potts
    Abstract: Two of the most important technological advancements currently underway are the advent of quantum technologies, and the transitioning of global financial systems towards cryptographic assets, notably blockchain-based cryptocurrencies and smart contracts. There is, however, an important interplay between the two, given that, in due course, quantum technology will have the ability to directly compromise the cryptographic foundations of blockchain. We explore this complex interplay by building financial models for quantum failure in various scenarios, including pricing quantum risk premiums. We call this quantum crypto-economics.
    Date: 2021–02
  17. By: Antonio S\'anchez-Bay\'on; Miguel \'Angel Garc\'ia-Ramos Lucero; Annie Ng Cheng San; Choy Johnn Yee; Krishna Moorthy; Alex Foo Tun Lee; Angelita Kithatu-Kiwekete; Shikha Vyas-Doorgapersad; Anthony Kiryagana Isabirye; Nobukhosi Dlodlo; Lydia Mbati; Edmore Tarambiwa; Chengedzai Mafini; Anastas Djurovski; Ephrem Habtemichael Redda; Jhalukpreya Surujlal
    Abstract: The first chapter is a critical review and a case study in eBusiness, with special attention to the digital currencies resource and its possibilities. 2. chapter attempts to incorporate the UTAUT model with perceived risk theory to explore its impact on the intention to use m-government services. 3. chapter aims to assess the level of gender inclusivity in the municipal e-procurement processes in the City of Johannesburg as a case study. It uses a GAD approach. 4. chapter examines the impediments that derail the intensive uptake of eLearning programmes in a particular higher education institution. The study adopted an inductive research paradigm that followed a qualitative research strategy. Data were collected by means of one-on-one in-depth interviews from selected faculty members at a nominated institution of higher learning. 5. chapter investigated the role of KMS in enhancing the export performance of firms operating within the manufacturing sector in Zimbabwe. The study used a quantitative approach in which a survey questionnaire was distributed to 555 managers drawn from 185 manufacturing firms based in Harare. Data analyses involved the use of descriptive statistics, Spearman correlations and regression analysis. In the sixth chapter, a survey was undertaken on 131 SMEs from the Pelagonija region in order to determine the current level of SME digitalization within the region. It is aimed to compare with the EU average and to make conclusions on the impact of the SME digitalization on region GDP growth as well as revenues collection. The last chapter s purpose was to develop a measuring and modelling framework, an instrument of IBSQ for the South African banking sector. Snowball and convenience sampling, both non-probability techniques were used to recruit participants for the study. A total of 310 Internet banking customer responses were utilised in the analysis.
    Date: 2021–04
  18. By: Zakaria Lissaneddine; Farid Chaouki; Florence Rodhain (MRM - Montpellier Research in Management - UM - Université de Montpellier - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM1 - Université Montpellier 1 - UPVD - Université de Perpignan Via Domitia - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVM - Université Paul-Valéry - Montpellier 3)
    Abstract: Businesses increasingly rely on human capital as a sustainable competitive advantage in order to compete in an economy characterized by continuous turbulence. Based on HR marketing practices in the digital age, they continue their quest to attract, recruit and retain high-potential candidates capable of generating the desired competitive advantages. The objective of this research aims to understand h network sites (SNS) in order to attract potential candidates, retain recruits and limit turnover. To address this problem, a multiple case study was carried out with managers from four call centers.
    Abstract: Les entreprises misent de plus en plus sur le capital humain comme avantage compétitif durable, afin de faire face à la concurrence dans une économie caractérisée par des turbulences continues. En s'appuyant sur des pratiques de marketing RH à l'ère du digital, elles poursuivent leur quête pour attirer, recruter et fidéliser des candidats à haut potentiel, capables de générer les avantages concurrentiels souhaités. L'objectif de cette recherche vise à comprendre comment les centres de la relation client au Maroc managent leur marque employeur via les réseaux sociaux numériques (RSN) afin d'attirer des candidats potentiels, fidéliser les recrues et limiter le turnover. Pour répondre à cette problématique, une étude de cas multiples a été réalisée auprès de managers de quatre centres de la relation client.
    Keywords: Employer brand management,Social Network Sites,Call centers,Turnover,e-reputation,Management de la marque employeur,Réseaux sociaux numériques,Centre de la relation client
    Date: 2020
  19. By: syam, muhammad alvin arkananta
    Abstract: for a brief summary, this article tell you about a solution that had been faced by MSMEs in Indonesia, their state now tend to go bankrupt within any moment. this article show how the digital platform can be the key to make MSMEs survive this dire situation of Covid-19 pandemic.
    Date: 2021–03–19
  20. By: Itay Goldstein; Chester S. Spatt; Mao Ye
    Abstract: Big data is revolutionizing the finance industry and has the potential to significantly shape future research in finance. This special issue contains articles following the 2019 NBER/ RFS conference on big data. In this Introduction to the special issue, we define the “Big Data” phenomenon as a combination of three features: large size, high dimension, and complex structure. Using the articles in the special issue, we discuss how new research builds on these features to push the frontier on fundamental questions across areas in finance – including corporate finance, market microstructure, and asset pricing. Finally, we offer some thoughts for future research directions.
    JEL: G12 G14 G3
    Date: 2021–03
  21. By: Diego Aparicio; Zachary Metzman; Roberto Rigobon
    Abstract: Matched product data is collected from the leading online grocers in the U.S. The same exact products are identified in scanner data. The paper documents pricing strategies within and across online (and offline) retailers. First, online retailers exhibit substantially less uniform pricing than offline retailers. Second, online price differentiation across competing chains in narrow geographies is higher than offline retailers. Third, variation in offline elasticities, shipping distance, pricing frequency, and local demo- graphics are utilized to explain price differentiation. Surprisingly, pricing technology (across time) magnifies price differentiation (across locations). This evidence motivates a high-frequency study to unpack the patterns of algorithmic pricing. The data shows that algorithms: personalize prices at the delivery zipcode level, update prices very frequently and in tiny magnitudes, reduce price synchronization, exhibit lower menu costs, constantly explore the price grid, and often match competitors’ prices.
    JEL: D9 L1 L2 M31 O33
    Date: 2021–04
  22. By: Rashid, Muhammad Mustafa
    Abstract: Technology Ethics is defined as the application of ethical thinking to the practical concerns of technology. In recent years with the rapid development of technology this field has reached prominence because new innovative technologies give us more power to act. Hence, in the past where our actions were limited by our weakness, in this day and age of technological advancement they are voluntarily constrained by our judgement and hence ethics. In recent years many new ethical questions have arisen due to innovations in medical communications, weapons technology, and workplace technologies. Therefore, for example, there used to be no brain death criteria as we do not have the technological prowess to ask that questions, but in this day and age with the technological prowess of being able to artificially maintain circulation and respiration this question has become much more serious. In the same way the rise of media communications gives rise to new questions when it comes to social media and we are still coming to terms with access to the information of so many people. Many issues have arisen such a fake news and how things can quickly go wrong on social media, and how criminals may have access to information of private individuals due to data breeches and hacks of company databases. (Green, n.d.)
    Keywords: Technology Ethics, IT Ethics, Piracy, Data Protection and Privacy, Ransoms and Ransomware, Ethics and AI,
    JEL: M00 M1 M10 M14 M15
    Date: 2020–12–19
  23. By: Zhiyong Cheng; Jun Deng; Tianyi Wang; Mei Yu
    Abstract: Using the generalized extreme value theory to characterize tail distributions, we address liquidation, leverage, and optimal margins for bitcoin long and short futures positions. The empirical analysis of perpetual bitcoin futures on BitMEX shows that (1) daily forced liquidations to out- standing futures are substantial at 3.51%, and 1.89% for long and short; (2) investors got forced liquidation do trade aggressively with average leverage of 60X; and (3) exchanges should elevate current 1% margin requirement to 33% (3X leverage) for long and 20% (5X leverage) for short to reduce the daily margin call probability to 1%. Our results further suggest normality assumption on return significantly underestimates optimal margins. Policy implications are also discussed.
    Date: 2021–02
  24. By: Matheus V. X. Ferreira; Daniel J. Moroz; David C. Parkes; Mitchell Stern
    Abstract: In recent years, prominent blockchain systems such as Bitcoin and Ethereum have experienced explosive growth in transaction volume, leading to frequent surges in demand for limited block space, causing transaction fees to fluctuate by orders of magnitude. Under the standard first-price auction approach, users find it difficult to estimate how much they need to bid to get their transactions accepted (balancing the risk of delay with a preference to avoid paying more than is necessary). In light of these issues, new transaction fee mechanisms have been proposed, most notably EIP-1559. A problem with EIP-1559 is that under market instability, it again reduces to a first-price auction. Here, we propose dynamic posted-price mechanisms, which are ex post Nash incentive compatible for myopic bidders and dominant strategy incentive compatible for myopic miners. We give sufficient conditions for which our mechanisms are stable and approximately welfare optimal in the probabilistic setting where each time step, bidders are drawn i.i.d. from a static (but unknown) distribution. Under this setting, we show instances where our dynamic mechanisms are stable, but EIP-1559 is unstable. Our main technical contribution is an iterative algorithm that, given oracle access to a Lipschitz continuous and concave function $f$, converges to a fixed point of $f$.
    Date: 2021–03
  25. By: Wicaksono, Hendro
    Abstract: The presentation gives a brief introduction to industrial revolutions and their enabling technologies, entrepreneurship types, and leadership transformation. It also explains the transformation of business models and disruptions in different sectors due to the innovative implementation of new technologies.
    Date: 2021–04–02
  26. By: Nagano, Mamoru; Uchida, Yuki
    Abstract: This study investigates why portfolio returns of online banking users are higher than those of non-online users. We first demonstrate that households that are eager to improve their level of financial literacy are more likely to use online banking. Second, a marginal increase in risk appetite increases portfolio returns of online users; however, this is not the case for non-online users. Third, online banking promotes debt repayment, and this further encourages risk tolerant investments. In sum, we conclude that financial literacy efforts moderate a positive relationship between use of online banking, risk appetite, and portfolio returns. The positive relationship between use of online banking and debt repayment further increases risk appetite.
    Keywords: Online Banking;Portfolio Investmen;Risk Appetite;Debt Repayment;Mortgage Debt
    JEL: G00 G02 G11
    Date: 2021–04–01
  27. By: Yassine Lefouili (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Joana Pinho (Universidade Católica Portuguesa)
    Abstract: We study the price and welfare effects of collusion between two-sided platforms and show that they depend on whether collusion occurs on both sides or a single side of the market, and whether users single-home or multi-home. Our most striking result is that one-sided collusion leads to lower (resp. higher) prices on the collusive (resp. competitive) side if the cross-group externalities exerted on the collusive side are positive and sufficiently strong. One-sided collusion may, therefore, benefit the users on the collusive side and harm the users on the competitive side. Our findings have implications regarding cartel detection and damages actions.
    Keywords: Cross-group externalities,Collusion,Two-sided markets
    Date: 2020–09
  28. By: Boller, Daniel; Lechner, Michael; Okasa, Gabriel
    Abstract: Online dating emerged as a key platform for human mating. Previous research focused on socio-demographic characteristics to explain human mating in online dating environments, neglecting the commonly recognized relevance of sport. This research investigates the effect of sport activity on human mating by exploiting a unique data set from an online dating platform. Thereby, we leverage recent advances in the causal machine learning literature to estimate the causal effect of sport frequency on the contact chances. We find that for male users, doing sport on a weekly basis increases the probability to receive a first message from a woman by 50%, relatively to not doing sport at all. For female users, we do not find evidence for such an effect. In addition, for male users the effect increases with higher income.
    Keywords: Online dating, sports economics, big data, causal machine learning, effect heterogeneity, Modified Causal Forest
    JEL: J12 Z29 C21 C45
    Date: 2021–04

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