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on Payment Systems and Financial Technology |
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Issue of 2021‒09‒20
29 papers chosen by |
| By: | Girich Maria (RANEPA); Levashenko Antonina (RANEPA); Valamat-Zade A. (RANEPA); Magomedov Rustam (RANEPA) |
| Abstract: | Online platforms play a key role in digital economy. They make a significant contribution to increasing productivity and development of innovations, facilitate the easing of foreign economic activity, create environment for social development by supporting new forms of employment, involving small and medium-sized enterprises (SMEs) in the economy. The OECD member countries, as well as the Organization’s partner countries (primarily China), strive to create conditions for the development of online platforms and ensure their competitiveness in global markets. Currently, the EU has adopted the most detailed regulation aimed, on the one hand, at creating conditions for developing digital platforms, and on the other, at protecting local consumers of goods and services provided by global digital platforms against misconduct. In order to improve the tools for protecting Russian users of the services provided by global online platforms, it is advisable to carefully analyze the EU experience in protecting the interests of consumers of digital platforms. |
| Keywords: | Russian economy, online platforms, digitalization, digital platforms |
| JEL: | O3 O31 O32 O33 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2021-1142&r= |
| By: | Yang, Seungmi; Kwon, Youngsun |
| Abstract: | This paper aims to examine how two recent external shocks-the Covid-19 pandemic and 5G services-are transforming online shopping submarkets in Korea by estimating the effects of these two shocks on mobile shopping sales and conversion, which refers to substitution for shopping over fixed internet (termed internet shopping). Key findings are: Covid-19 boosted sales in 14 mobile shopping submarkets and decreased sales in two submarkets; 5G services also helped sales increases in 13 submarkets, while mobile technologies altogether contributed to sales increases in 14 submarkets; and mobile shopping conversions in online shopping submarkets have been driven mostly by mobile technologies, including 5G, and not by Covid-19. |
| Keywords: | Covid-19,5G,Mobile,Online,Shopping,Conversion |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238061&r= |
| By: | Babak Naysary (INTI International University, Faculty of Business, Nilai, Malaysia); Ruth Tacneng (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges); Amine Tarazi (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges) |
| Abstract: | This paper investigates the relationship between an individual's saving and borrowing practices and his/her propensity to use fintech services. More particularly, we examine whether having multiple saving and borrowing channels increases a person's likelihood to participate in online funding platforms, and use robo-advisors. Using a sample of over 2000 respondents to a survey we conducted in Malaysia, our main results indicate that individuals who save and borrow via multiple channels, and through external conduits, are more likely to use fintech services than their counterparts. This is consistent with the view that individuals who use multiple saving and borrowing conduits are more likely to perform mental accounting, a concept which is commonly used by fintech companies to facilitate personal wealth management. Further, our findings reveal that among respondents with multiple saving channels, those who put less importance on trust in financial products, and consider financial returns essential, are the most likely users of fintech services. Overall, our findings offer new insights by providing a better understanding of the factors that foster the use of fintech services. |
| Keywords: | alternative lending,trust,fintech,P2P lending platforms,crowdfunding,robo-advisors |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03335254&r= |
| By: | Tatjana Dahlhaus; Angelika Welte |
| Abstract: | We investigate how the COVID-19 pandemic has changed consumers’ payments habits in Canada. We rely on high-frequency data on cash withdrawals and debit card transactions from Interac Corp. and Canada’s Automated Clearing Settlement System. We construct daily measures of payment habits reflecting cash usage, average transaction values, and the share of transactions in which the customer or card holder and the acquiring machine (ATM or POS) are of the same bank. Using simple dummy regressions and local projection models, we assess how these indicators of payment habits have changed with the evolution of the COVID-19 pandemic. We find evidence that during the pandemic consumers adjusted their behaviour by avoiding frequent trips for cash withdrawals and point-of-sale purchases and making fewer transactions for higher amounts. They also made smaller-value cash withdrawals compared with the value of card payments, which could reflect a reduced use of cash for point-of-sale transactions. Consumers also made relatively more withdrawals from ATMs that are linked to their financial institution (on-us transactions). Finally, we highlight that estimates of economic activity based on card data alone could be biased if shifts in payment habits are not taken into account. We estimate that debit card payments might have overstated consumer expenditure growth by up to 7 percentage points over the course of the pandemic. |
| Keywords: | Coronavirus disease (COVID-19); Domestic demand and components; Payment clearing and settlement systems; Recent economic and financial developments |
| JEL: | C22 C55 D12 E21 E42 E52 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:21-43&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Joseph Amankwah†Amoah (University of Kent, Kent, UK); Rexon T. Nting (London, UK); Godfred A. Afrifa (University of Kent, Kent, UK) |
| Abstract: | This study investigates how ICT affects gender economic inclusion via gender parity education channels. We examine the issue using data from 49 countries in sub–Saharan Africa for the period 2004–2018 divided into: (i) 42 countries for the period 2004–2014; and (ii) 49 countries for the period 2008-2018. Given the overwhelming evidence of negative net effects in the first sample, an extended analysis is used to establish thresholds of ICT penetration that nullify the established net negative effects. We found that in order to enhance female labor force participation, the following ICT thresholds are worthwhile for the secondary education channel: 165 mobile phone penetration per 100 people, 21.471 internet penetration per 100 people and 3.475 fixed broadband subscriptions per 100 people. For the same outcome of inducing a positive effect on female labor force participation, a 31.966 internet penetration per 100 people threshold, is required for the mechanism of tertiary school education. These computed thresholds have economic meaning and policy relevance because they are within the established ICT policy ranges. In the second sample, a mobile phone penetration threshold of 122.20 per 100 people is needed for the tertiary education channel to positively affect female labor force participation. |
| Keywords: | Africa; ICT; Gender; Inclusive development |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/010&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Alex Adegboye (Covenant University, Ogun State, Ota, Nigeria); Jeremiah Ejemeyovwi (Covenant University, Ogun State, Ota, Nigeria); Olaoluwa Umukoro (Covenant University, Ogun State, Ota, Nigeria) |
| Abstract: | This study assesses the relevance of mobile phone technology in complementing gender inclusive education (i.e. primary, secondary and tertiary) to promote public accountability (i.e. involving horizontal, vertical and diagonal accountability dynamics). The study utilizes the generalized method of moments (GMM) technique to establish the empirical evidence based on 48 Sub-Saharan African countries for the period 2005-2018. The following findings are documented from the linkages between mobile phone technology, inclusive education and public accountability. First, the interactions between mobile phone technology and inclusive education promote public accountability. Second, with regard to net effects, while unexpected negative signs are established, the corresponding positive interactive effects indicate that enhancing the penetration of mobile phone technology beyond some critical thresholds ensures positive net effects. Hence, policy makers should ensure that mobile phone technology penetration exceeds the established thresholds in order for gender inclusive education to positively affect public accountability. |
| Keywords: | Mobile phone technology, educational quality, public accountability, Africa |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:21/002&r= |
| By: | Jean-Guillaume Dumas (CASC - Calcul Algébrique et Symbolique, Sécurité, Systèmes Complexes, Codes et Cryptologie - LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Sonia Jimenez-Garcès (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes); Florentina Șoiman (CASC - Calcul Algébrique et Symbolique, Sécurité, Systèmes Complexes, Codes et Cryptologie - LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes) |
| Abstract: | After ten years of continuous development and innovation, the cryptomarket and the Blockchain technology are still very much challenged and far from the mainstream adoption. We thus propose a risk assessment, as well as a market analysis of the Blockchain technology and the cryptomarket. This study is conceived as a two-level analysis. We first start with the micro-level analysis by performing a detailed risk assessment. Here, we take into consideration technological issues, such as such as consensus, network, cryptographic primitives, quantum and smart contract attacks, together with financial concerns such as market, information, liquidity, supply, reputation and environmental risks. Moreover, we propose ways to determine the probability that technological vulnerabilities can trigger financial risk. Here, we tackle concepts such as financial behavior, responsible investment and Blockchain literacy, as possible tools for assessing risk. Then, we complete this study with a macro-level analysis, which consists of the crypto-market appraisal performed with the Porter's five forces model. This market analysis is performed with respect to its stakeholders, such as the business process managers, investors, regulators, firms, developers, miners, hackers, exchange and trading platforms, etc. The results are relative to: 1. an identified continuity between the technological risks and financial ones; 2. a way to determine the likelihood of triggering financial risks through technical vulnerabilities; 3. a long-term profitability of the stakeholders' strategy / position within the market. |
| Keywords: | Blockchain,Risk assessment,Financial risks,Technological characteristics,Stakeholders,Financial behavior,Blockchain literacy,Socially responsible investment |
| Date: | 2021–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03112920&r= |
| By: | Céline Baud; Cédric Durand (UNIGE - Université de Genève, Faculté des sciences de la société, Département d'histoire, économie et société, CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This contribution documents the contrasting fate of three key actors of the retail industry since the mid-nineties: Carrefour, Wal-Mart and Amazon. Stylized facts about their respective financial trajectories and a description of their engagement with digitalization allow to identify their distinct dynamics. Through a combination of accounting, business and economic analyses, this paper clarifies the underlying logics of profit making in the context of retail digitalization and provides new insights concerning the role of fixed costs leveraging in the digital age. |
| Keywords: | Retailing,digitalization,financialization,profits,accounting JEL codes: L81,L22,M41,D22,G32 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03332318&r= |
| By: | Carol Alexander; Jun Deng; Jianfen Feng; Huning Wan |
| Abstract: | How do supply and demand from informed traders drive market prices of bitcoin options? Deribit options tick-level data supports the limits-to-arbitrage hypothesis about market maker's supply. The main demand-side effects are that at-the-money option prices are largely driven by volatility traders and out-of-the-money options are simultaneously driven by volatility traders and those with proprietary information about the direction of future bitcoin price movements. The demand-side trading results contrast with prior studies on established options markets in the US and Asia, but we also show that Deribit is rapidly evolving into a more efficient channel for aggregating information from informed traders. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.02776&r= |
| By: | Guo, Li; Härdle, Wolfgang; Tao, Yubo |
| Abstract: | Cryptocurrencies return cross-predictability and technological similarity yield information on risk propagation and market segmentation. To investigate these effects, we build a timevarying network for cryptocurrencies, based on the evolution of return cross-predictability and technological similarities. We develop a dynamic covariate-assisted spectral clustering method to consistently estimate the latent community structure of cryptocurrencies network that accounts for both sets of information. We demonstrate that investors can achieve better risk diversification by investing in cryptocurrencies from different communities. A cross-sectional portfolio that implements an inter-crypto momentum trading strategy earns a 1.08% daily return. By dissecting the portfolio returns on behavioral factors, we confirm that our results are not driven by behavioral mechanisms. |
| Keywords: | Community detection,Dynamic stochastic blockmodel,Covariates,Co-clustering,Network risk,Momentum |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:irtgdp:2021016&r= |
| By: | Edquist, Harald |
| Abstract: | Based on panel data of 116 countries in 2014-2019, this paper investigates the association between mobile broadband speed and labor productivity. It finds no robust contemporaneous relationship, but there is a significant and robust effect when a one-year lag of mobile broadband speed is introduced (significant at 3.7 and 0.9 percent levels for fixed and random effects estimation, respectively). The interpretation of the results is that a 10 percent increase in mobile broadband speed in period t-1 is associated with 0.2 percent increase in labor productivity, cetris paribus. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238018&r= |
| By: | Oriane Lafuente-Sampietro (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article will investigate the links between convertible local currencies (CLCs) and economic localisation. Following on the qualitative study by Marshall and O'Neil (2018), we will answer the following question: to what extent do convertible local currencies foster the localisation of procurement and production by creating new commercial relationships between businesses that use them? We will use data from a quantitative survey conducted by the Mouvement SOL, a French net- work of CLCs, for individual (n=1597) and provider (n=542) users of French CLCs. We will also address how new providers are found through the currency and analyse the change in con- sumption and production practices. This first analysis will be supported by a case study on the Eusko, the largest convertible local currency in France. The Eusko case makes it possible to cross-reference the survey data from Eusko users with the transaction data from digital Eusko users in order to evaluate whether the results of forming commercial relationships between companies are consistent across both sources. We will also use digital Eusko transaction data to run a network analysis, enabling us to observe the development of commercial relationships inside the community over time. We found that between one fourth to one third of businesses in a CLC network find new business partners in their CLC community, connecting with 3.5 new partners on average. These results are more encouraging than the absence of localisation found by Marshall and O'Neil (2018). Transaction data also allows us to determine which sectors benefit the most from the circulation of CLC and thus draw a conclusion on the capacity of the currency to move from the localisation of procurement to the localisation of production. Our results on this point are more balanced. The retail sector benefits the most from the circulation of Eusko and actors in this sector ex- change 40% of the CLC received into national currency, limiting the flow of income exchanged within the CLC. |
| Keywords: | Economic localisation,Convertible local currency,Monnaie locale complémentaire,Monnaie alternative |
| Date: | 2021–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03324630&r= |
| By: | Shreya Biswas |
| Abstract: | The study examines the relationship between mobile financial services and individual financial behavior in India wherein a sizeable population is yet to be financially included. Addressing the endogeneity associated with the use of mobile financial services using an instrumental variable method, the study finds that the use of mobile financial services increases the likelihood of investment, having insurance and borrowing from formal financial institutions. Further, the analysis highlights that access to mobile financial services have the potential to bridge the gender divide in financial inclusion. Fastening the pace of access to mobile financial services may partially alter pandemic induced poverty. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.07077&r= |
| By: | Schoentgen, Aude; Wilkinson, Laura |
| Abstract: | The paper explores how ethical frameworks and concerns arise within digital technologies and examines the implementation of ethics by governments and private companies. It concludes by proposing a forward-looking approach and identifying potential challenges to implement ethics within the design and use of digital technologies. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238052&r= |
| By: | Jörn H. Block (emlyon business school); Alexander Groh; Lars Hornuf; Tom Vanacker; Silvio Vismara |
| Abstract: | Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research. |
| Keywords: | Initial Coin Offerings,Initial Token Offerings,Crowdfunding,Entrepreneurial Finance |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03337456&r= |
| By: | Oriane Lafuente-Sampietro (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Convertible local currencies are alternative monetary instruments issued by groups of citizens to circulate in a given territory. They are used by businesses and citizens who accept it as means of payments constituting, hence, a monetary community. Their impacts on economic activity are mainly related to their circulation within the user community. Businesses that have received local currency as payment must spend it with other members. A local currency, thus, acts as a constraint favoring the development of new commercial relations in the network and increasing the demand among local businesses involved in the scheme. In this article, we model the income circulation between convertible currencies users as a local multiplier, called the convertible local currency multiplier. By using the Local Multiplier 3 empirical approach (Sacks, 2002) on two convertible currencies transactions data, we compute an indicator summarizing the income generated for the monetary community by the change and expense of euros into a local currency. This new indicator enables not only consumers to estimate the impact of their actual consumption in local currency, but also potential public decision-makers to know the total effect of their expenses when they use local currency on their territory to finance some of their policies. For example, this indicator could be used to measure the direct and indirect effects of a subsidy paid in local currency to institutions, businesses or households. The computed multiplier is greater than two for both currencies, which is in the higher range of LM3 estimated in the literature. |
| Keywords: | Local multiplier,Local currency,Multiplier economics,Multiplicateur local,Monnaie locale alternative,Monnaie locale complémentaire |
| Date: | 2021–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03324625&r= |
| By: | Forscher, Teddy; Deakin, Elizabeth PhD; Walker, Joan PhD |
| Abstract: | The COVID-19 pandemic brought about dramatic shifts in travel, including shopping trips. We investigated changes in eshopping for food and non-food items by supplementing an April to May 2018 household travel survey (n=3,956 households) conducted by the Sacramento Area Council of Governments (SACOG) with a May 2020 follow-on panel survey (n=313 households) during one week early in the pandemic. Results demonstrate that impacts from added pickups and deliveries in the SACOG region during the first two months of the COVID-19 pandemic were limited and did not overwhelm curb management at retail, restaurant, and grocery establishments. Results also show that during the pandemic e-commerce tended to replace non-food shopping trips, but complemented restaurant and grocery trips. However, Forty percent of the sample households — predominantly lower income and/or older populations — still shopped only in-store for food while more affluent households appear to have isolated themselves from virus exposure through more extensive online shopping. We recommend extending the forms of accepted payment for online shopping and reducing fees and markups based upon payment method to reduce barrier to online shopping for those with limited resources. We identify possible consequences (e.g., more vehicle miles traveled and higher demand for curbside parking) if e-commerce food purchasing continues to grow post-pandemic or if in-person retail shopping returns to normal. |
| Keywords: | Engineering |
| Date: | 2021–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt6mx0w7hj&r= |
| By: | Denter, Philipp; Ginzburg, Boris |
| Abstract: | Political agents often attempt to influence elections through "troll farms" that flood social media platforms with messages from fake accounts that emulate genuine information. We study the ability of troll farms to manipulate elections. We show that such disinformation tactics is more effective when voters are otherwise well-informed. Thus, for example, societies with high-quality media are more vulnerable to electoral manipulation. |
| Keywords: | Fake News, Disinformation, Troll Farms, Elections, Social Media, Information Aggregation, Fact-Checking |
| JEL: | D72 D83 |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109634&r= |
| By: | Hansjörg Albrecher (UNIL - University of Lausanne); Dina Finger (UNIL - University of Lausanne); Pierre-Olivier Goffard (UCBL - Université Claude Bernard Lyon 1 - Université de Lyon) |
| Abstract: | The resource-consuming mining of blocks on a blockchain equipped with a proof of work consensus protocol bears the risk of ruin, namely when the operational costs for the mining exceed the received rewards. In this paper we investigate to what extent it is of interest to join a mining pool that reduces the variance of the return of a miner for a specified cost for participation. Using methodology from ruin theory and risk sharing in insurance, we quantitatively study the effects of pooling in this context and derive several explicit formulas for quantities of interest. The results are illustrated in numerical examples for parameters of practical relevance. |
| Date: | 2021–09–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03336851&r= |
| By: | Tong, Antonia |
| Abstract: | The 21st century sees a sharp increase in political, military, and economic competition. A country's competitive position in the world is measured by the strength of its economy. Since 2009 bitcoin was created, the decentralized economy became the trending research topic on google in 2021. Many developing countries try their best to find a way to decentralize their high-cost operations and optimize possible resources. Decentralization, as opposed to centralization, is the procedure through which a firm's operations, especially those concerning planning and management, are spread or outsourced away from the centralized, dominant place, group, and bureaucracy. It is definitive as a component of the decentralized economy since it is a set of commodities that enable the community to have sovereignty over an individual’s wealth without requiring third parties, such as a bank. Regional essential services are chosen by publicly elected officials in a decentralized economy system, whereas policy decisions are decided by a parliament comprised of elected members from each region in a centralized economic system. Two types of parliamentary conduct are explored. This thesis offers a foundation for choice, comparative, and a category of schemes for managerial decision is established, and decentralized (in the classic sense), centralized, and unconstrained economic subclasses are studied in both the United States and China. It also identified and discussed the channels through which a decentralized economic system can contribute to the economic growth. In a basic illustrative structure, parameters for rating the schemes are developed and used. It is discovered that a universal predilection for one of the subcategories cannot be justified without significantly reducing the model's possibilities in the United States and China. |
| Date: | 2021–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:thesis:m986x&r= |
| By: | Hariharan, Naveen Kunnathuvalappil |
| Abstract: | Many enterprises have achieved a novel, quick, and low-cost technology to address the concerns of data storage and availability for customers, which is referred to as Cloud Computing. More and more financial service companies and organizations have shifted their offline services to cloud platforms to provide customers with more convenient and accurate services. Working with a cloud services provider offers a wide variety of benefits for banks and financial institutions. This includes greater flexibility and scalability, lower costs, and improved organizational efficiency. However, at the moment, they pose a certain level of data security risk to financial organizations. For financial institutions, keeping data secure is of the utmost importance. Financial information is extremely sensitive, making it valuable and especially vulnerable. The cloud service providers are making significant efforts to develop the cloud industry in order to maintain optimal security. After discussing cloud computing in the financial sector, this research outlined six major security concerns that financial institutions face in cloud computing. They are Information security Business securitySystem Security Host Security Data Security Network Security. We also discussed the major strategies by cloud computing providers to tackle these issues.Once the security challenges can be resolved properly, cloud computing will be further promoted in the finance sector. Financial institutions may leverage cloud computing in the future to develop novel business models and provide customers with an entirely new experience with financial services. |
| Date: | 2021–01–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:6jens&r= |
| By: | Paul, J.; Agatz, N.A.H.; Fransoo, J.C. |
| Abstract: | Despite the continued growth of e-grocery sales, few companies actually make any profits in this retail segment. Increasing market shares and associated drop densities may render profitable operations possible, but higher delivery fees seem essential to achieving profitability. Yet such higher fees may put e-groceries at a disadvantage as compared with the traditional store channel, which remains highly competitive. This study models customer choice between the e-grocery channel and the store channel as well as the effects of that choice on those channels’ operational costs and market shares. We identify conditions under which e-grocery retail can be profitable, and we estimate our model’s parameters using secondary industry data. Our results indicate that e-grocery is profitable when household density is high and store density is low. When customer valuation of the e-grocery channel increases substantially, the result may be cannibalization of the store channel’s sales to the extent that stores encounter losses. Thus there are three paths to e-grocery profitability:(i) a substantial increase in the relative consumer valuation of the online channel; (ii) a focus on areas with high household density and low store density; (iii) a long-term subsidy of the online channel until stores begin to close. |
| Keywords: | E-Grocery, Customer-channel model, Channel cannabalization |
| Date: | 2021–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:ems:eureri:135677&r= |
| By: | Lea Samek (OECD); Mariagrazia Squicciarini (OECD); Emile Cammeraat (OECD) |
| Abstract: | Building on recent OECD work, this paper analyses the skills sets (“skills bundles”) demanded in artificial intelligence (AI)-related online job postings. The analysis uses Burning Glass Technologies’ data for the United States and the United Kingdom and finds that skills related to the open source programming software Python and to machine learning represent “must-haves” for working with AI. Employers additionally value specialised skills related to robotics, AI development and applying AI. A comparison of the periods 2013-15 and 2017-19 shows that the latter two have become more interrelated over time, with “neural network” skills connecting both groups. Network analysis relating AI skills to general skills highlights the growing role of socio-emotional skills; and of skill bundles related to programming, management of big data and data analysis. Key results hold for both countries and time periods, though differences emerge across occupations and industries. |
| Keywords: | AI, Online jobs, Skill bundles, Skills |
| Date: | 2021–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaac:120-en&r= |
| By: | Jérôme Pouyet (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université, ESSEC Business School - Essec Business School); Thomas Trégouët (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université) |
| Abstract: | We analyze vertical integration between platforms providing operating systems to manufacturers of devices in presence of indirect network effects between buyers of devices and developers of applications. Vertical integration creates market power over non-integrated manufacturers and application developers. That market power provides the merged entity with the ability to coordinate pricing decisions across both sides of the market, which allows to better internalize network effects. Vertical integration does not systematically lead to foreclosure and can benefit all parties, even in the absence of efficiency gains. Its competitive impact depends on the strength and the structure of indirect network effects. |
| Keywords: | vertical integration,platform markets,network effects,foreclosure |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03328392&r= |
| By: | Steve J. Bickley; Ho Fai Chan; Benno Torgler |
| Abstract: | The history of AI in economics is long and winding, much the same as the evolving field of AI itself. Economists have engaged with AI since its beginnings, albeit in varying degrees and with changing focus across time and places. In this study, we have explored the diffusion of AI and different AI methods (e.g., machine learning, deep learning, neur al networks, expert systems, knowledge- based systems) through and within economic subfields, taking a scientometrics approach. In particular, we centre our accompanying discussion of AI in economics around the problems of economic calculation and social planning as proposed by Hayek. To map the history of AI within and between economic sub- fields, we construct two datasets containing bibliometrics information of economics papers based on search query results from the Scopus database and the EconPapers (and IDEAs/RePEc) repository. We present descriptive results that map the use and discussion of AI in economics over time, place, and subfield. In doing so, we also characterise the authors and affiliations of those engaging with AI in economics. Additionally, we find positive correlations between quality of institutional affiliation and engagement with or focus on AI in economics and negative correlations between the Human Development Index and share of learning-based AI papers. |
| Keywords: | Artificial Intelligence; Machine Learning; Economics; Scientometrics; Science of Science; Bibliometrics |
| JEL: | B40 N01 A14 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:cra:wpaper:2021-28&r= |
| By: | Hwang, ShinYoung |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb21:238030&r= |
| By: | Olivier Mevel (UBO UFR DSE - Université de Bretagne Occidentale - UFR Droit et sciences économiques - UBO - Université de Brest, LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - UBS - Université de Bretagne Sud - UBO - Université de Brest - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique Bretagne-Pays de la Loire - IMT - Institut Mines-Télécom [Paris]); Thierry Morvan (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Nélida Morvan (UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes) |
| Abstract: | This paper aims to study drive-in users' satisfaction and expectations concerning a new service formula that comes as a complement to existing services (hypermarkets, supermarkets). We sought to determine the elements of differentiation likely to trigger the emergence of new priorities for retailers who wish to modify the click-and-collect model. We conducted an empirical survey on a sample of 1078 individuals in Brittany and in the "Loire Atlantique" region. Our work identifies the following areas for improvement, as sources of differentiation: the design of the brand's website, the information sent to the user, the range of products on offer and the complementary customised solutions for users. |
| Abstract: | L'objectif de cet article est d'étudier la perception du degré de satisfaction ainsi que les attentes des consommateurs vis-à-vis du parcours client, et des mix marketing et logistique déployés par une nouvelle formule de service en grande distribution, en complément des formules déjà existantes (hypermarché, supermarché, etc.). Plus précisément, nous avons souhaité déterminer les éléments de différenciation susceptibles de faire notamment émerger de nouveaux axes à privilégier pour des enseignes souhaitant faire évoluer leur formule drive. Pour ce faire, nous avons mené une enquête empirique auprès de 1078 individus résidant en région Bretagne et en Loire Atlantique. Nos travaux révèlent les points d'amélioration suivants, sources de différenciation : le design du site internet de l'enseigne, les informations transmises à l'utilisateur, l'assortiment proposé, les services complémentaires plus personnalisés. |
| Keywords: | Food retail,click and collect,Marketing mix/logistics mix,Distribution alimentaire,drive,mix marketing/mix logistique |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03269554&r= |
| By: | Elena Georgarakis; Thomas Bauwens; Anne-Marie Pronk; Tarek AlSkaif |
| Abstract: | While the potential for peer-to-peer electricity trading, where households trade surplus electricity with peers in a local energy market, is rapidly growing, the drivers of participation in this trading scheme have been understudied so far. In particular, there is a dearth of research on the role of non-monetary incentives for trading surplus electricity, despite their potentially important role. This paper presents the first discrete choice experiment conducted with prosumers (i.e. proactive households actively managing their electricity production and consumption) in the Netherlands. Electricity trading preferences are analyzed regarding economic, environmental, social and technological parameters, based on survey data (N = 74). The dimensions most valued by prosumers are the environmental and, to a lesser extent, economic dimensions, highlighting the key motivating roles of environmental factors. Furthermore, a majority of prosumers stated they would provide surplus electricity for free or for non-monetary compensations, especially to energy-poor households. These observed trends were more pronounced among members of energy cooperatives. This suggests that peer-to-peer energy trading can advance a socially just energy transition. Regarding policy recommendations, these findings point to the need for communicating environmental and economic benefits when marketing P2P electricity trading platforms and for technical designs enabling effortless and customizable transactions |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.02452&r= |
| By: | Diego Alberto López Tamayo (BBVA Research México); Aurora A. Ramírez-Álvarez (El Colegio de México) |
| Abstract: | El estudio de los determinantes del precio en plataformas de alojamiento colaborativo son un tema de investigación reciente y el mercado mexicano está poco explorado. En este artículo, se identifican una serie de atributos intrínsecos, extrínsecos y de plataforma para aplicar un modelo de precios hedónicos a 13,810 listados en la CDMX que permite explicar las diferencias en los niveles de precios y la contribución marginal de los atributos al precio por noche. Los resultados muestran que permitir un mayor número de huéspedes, ofrecer más amenidades, mayor flexibilidad en la reservación, contar con el estatus de anfitrión profesional y una mayor experiencia (antigüedad) en la plataforma tienen un impacto positivo y significativo en el precio por noche. Por otra parte, la falta de privacidad (una habitación compartida), estar ubicado más lejos de puntos de interés en la ciudad, la incidencia delictiva en la zona y una ubicación cercana a accesos de rutas de transporte colectivo tienen un impacto negativo y significativo en el precio. Estos hallazgos confirman, en gran parte, resultados de estudios anteriores y proporcionan un primer acercamiento al mercado mexicano de alojamiento colaborativo. |
| Keywords: | Share economy, Airbnb, Mercados digitales, Fijación de precios, Precios hedónicos |
| JEL: | R21 R31 Z30 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:emx:ceedoc:2021-07&r= |