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Payments on Digital Platforms: Resiliency, Interoperability, and Welfare 数字平台支付:弹性、互操作性和福利
Pub Date : 2021-02-17 DOI: 10.2139/ssrn.3923992
Jonathan Chiu, Tsz-Nga Wong
Abstract Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform’s business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability. A cash platform free rides on the existing payment infrastructure and profits from collecting transaction fees. A token platform earns seigniorage, albeit bearing the costs of setting up the system and holding reserves to mitigate the cyber risk. Tokens earn consumers a return, insulating transactions from the liquidity costs of using cash, but also expose them to the remaining cyber risk. The platform issues tokens if the interest rate is high, the platform scope is large, and the cyber risk is small. Unbacked floating tokens with zero transaction fees or interest-bearing stablecoins can implement the equilibrium business model, which is not necessarily socially optimal because the platform does not internalize its impacts on off-platform activities. The model explains why Amazon does not issue tokens, but Alipay issues tokens circulatable outside its Alibaba platforms. Regulations such as a minimum reserve requirement can reduce welfare.
数字平台,如阿里巴巴和亚马逊,经营一个在线市场,以促进交易。本文研究了平台在接受现金和发行代币之间的商业模式选择,以及对福利、弹性和互操作性的影响。现金平台利用现有的支付基础设施,并从收取交易费中获利。代币平台赚取铸币税,尽管要承担建立系统和持有准备金以降低网络风险的成本。代币为消费者带来回报,使交易免受使用现金的流动性成本的影响,但也使他们面临剩余的网络风险。如果利率高,平台范围大,网络风险小,平台发行代币。零交易费的无担保浮动代币或计息稳定币可以实现均衡商业模式,但这并不一定是社会最优的,因为平台没有将其对平台外活动的影响内化。这个模型解释了为什么亚马逊不发行代币,而支付宝发行的代币可以在阿里巴巴平台之外流通。最低准备金要求等规定可能会减少福利。
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引用次数: 8
How People Pay Each Other: Data, Theory, and Calibrations 人们如何相互支付:数据、理论和校准
Pub Date : 2021-02-05 DOI: 10.2139/ssrn.3780348
C. Greene, B. Prescott, Oz Shy
Using a representative sample of the U.S. adult population, we analyze which payment methods consumers use to pay other consumers (p2p) and how these choices depend on transaction and demographic characteristics. We construct a random matching model of consumers with diverse preferences over the use of payment methods for p2p payments. The model is calibrated to the share of p2p payments made with cash, checks, and electronic technologies from 2015 to 2019. We find about two-thirds of consumers have a first p2p payment preference of cash. One-third rank checks first. Approximately 94 percent of consumers rank electronic technologies second.
使用美国成年人口的代表性样本,我们分析了消费者使用哪种支付方式来支付其他消费者(p2p),以及这些选择如何依赖于交易和人口特征。我们构建了一个随机匹配模型,消费者对p2p支付方式的使用有不同的偏好。该模型是根据2015年至2019年使用现金、支票和电子技术进行的p2p支付的份额进行校准的。我们发现,大约三分之二的消费者在p2p支付中首选现金。三分之一先检查。大约94%的消费者将电子技术排在第二位。
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引用次数: 0
Wages, Minimum Wages, and Price Pass-Through: The Case of McDonald’s Restaurants 工资、最低工资和价格传递:麦当劳餐厅的案例
Pub Date : 2021-02-01 DOI: 10.2139/ssrn.3784134
O. Ashenfelter, Š. Jurajda
We use price and wage data from McDonald's restaurants to provide evidence on wage increases, labor-saving technology introduction, and price pass-through by a large low-wage employer facing a flurry of minimum wage hikes from 2016-2020. We estimate an elasticity of hourly wage rates with respect to minimum wages of 0.7. In 40% of instances where minimum wages increase, McDonald's restaurants' wages are near the effective minimum wage level both before and after its increase; however, we also uncover a tendency among a large subset of restaurants to preserve their pay 'premium' above the minimum wage level. We find no association between the adoption of labor-saving touch screen ordering technology and minimum wage hikes. Our data imply that McDonald's restaurants pass through the higher costs of minimum wage increases in the form of higher prices of the Big Mac sandwich. We find a 0.2 price elasticity with respect to wage increases, which implies an elasticity of prices with respect to minimum wages of about 0.14. Based on a listing of all US McDonald's restaurants from 2010 to 2020, we also find no effects of minimum wages on McDonald's restaurant entry and exit.
我们利用麦当劳餐厅的价格和工资数据,为一家大型低薪雇主在2016-2020年面临一系列最低工资上涨时的工资上涨、节省劳动力的技术引进和价格传递提供证据。我们估计小时工资率相对于最低工资的弹性为0.7。在40%的最低工资上调的案例中,麦当劳餐厅的工资在上调前后都接近实际最低工资水平;然而,我们也发现了一种趋势,在很大一部分餐馆中,他们的工资“溢价”高于最低工资水平。我们发现,采用省力触摸屏订购技术与提高最低工资之间没有关联。我们的数据表明,麦当劳餐厅以巨无霸三明治价格上涨的形式转嫁了最低工资上涨的成本。我们发现相对于工资增长的价格弹性为0.2,这意味着相对于最低工资的价格弹性约为0.14。根据2010年至2020年美国所有麦当劳餐厅的名单,我们也发现最低工资对麦当劳餐厅的进出没有影响。
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引用次数: 11
The Effect of Perceptions of Usefulness, Perceptions of Ease, Perceptions of Usability on the Use of Mobile Banking 有用性感知、易用性感知、可用性感知对手机银行使用的影响
Pub Date : 2021-01-19 DOI: 10.2139/ssrn.3768877
A. Ardiansyah, Osly Usman
Information systems are important components that can support operational functions and activities in an organization or company. The existing information system has been widely used in various business fields, one of which is the banking system. Talking about banking cannot be separated from banking activities such as financial transactions. Transactions will be easier to do using mobile banking because, with mobile banking, financial transaction activities can be done quickly and easily. In today's globalization everyone has a lot of mobility, such as paying to buy using the internet and the number of sellers who sell on the internet. Therefore, it aims to explain and analyze the effect of 1) the variable perception of the usefulness of the use of mobile banking, 2) The variable of perceived ease of use of mobile banking, and 3) Perception of usability of the use of mobile banking. This study uses an explanatory research method with a quantitative approach. The object of this research is all Jakarta State University students who use mobile banking.
信息系统是支持组织或公司运作功能和活动的重要组成部分。现有的信息系统已广泛应用于各个业务领域,银行系统就是其中之一。谈论银行业务不能与金融交易等银行活动分开。使用手机银行交易将更容易,因为有了手机银行,金融交易活动可以快速、轻松地完成。在全球化的今天,每个人都有很大的流动性,比如使用互联网支付购买费用,以及在互联网上销售商品的卖家数量。因此,本文旨在解释和分析1)手机银行使用有用性感知变量、2)手机银行使用感知易用性变量、3)手机银行使用可用性感知变量的影响。本研究采用定量分析的解释研究方法。本研究的对象是所有使用手机银行的雅加达州立大学学生。
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引用次数: 1
Blockchain, Decentralisation and the Public Interest: The need for a Decentralisation Conceptual Framework for dApps 区块链、去中心化和公共利益:对dapp去中心化概念框架的需求
Pub Date : 2021-01-11 DOI: 10.2139/ssrn.3788887
J. Ellul
Blockchain and Distributed Ledger Technology (DLT) enable for disintermediation of services and decentralisation of the software processes enabling them. By doing so, processes can become transparent, verifiable, tamper-proof, and immutable. They have the capacity to provide an unchangeable history, or log, of all actions that have taken place which could be traced back to specific stakeholders. It can be said that such features allow for the implementation of use-cases that strive towards the common good such as financial inclusion, ethical supply chains, and community empowerment – however, decentralisation may not always work towards the common good (Ellul & Pace, 2018). The question of whether and how exactly blockchain can help towards the common good is, indeed, too wide-ranging. What exactly the term common good is has changed, and has been debated since Aristotelian times (Dupré, 1993). In this paper a narrower concept, public interest, and its relation to decentralisation will be explored, after which we aim to provide a conceptual framework that can aid in visualising the decentralisation complexities of DLT. The proposed conceptual framework can thereafter aid in determining a system’s relevance to de/centralisation goals in aid of the public interest.
区块链和分布式账本技术(DLT)实现了服务的非中介化和软件流程的去中心化。通过这样做,流程可以变得透明、可验证、防篡改和不可变。它们有能力提供不可更改的历史记录或日志,记录所有已经发生的操作,这些操作可以追溯到特定的涉众。可以说,这些功能允许实现努力实现共同利益的用例,如金融包容性、道德供应链和社区赋权——然而,去中心化可能并不总是朝着共同利益的方向发展(Ellul & Pace, 2018)。区块链是否以及如何帮助实现共同利益的问题确实太广泛了。自亚里士多德时代以来,“共同利益”一词的确切含义已经发生了变化,并且一直存在争议(dupr, 1993)。在本文中,我们将探讨一个更狭窄的概念,即公共利益及其与去中心化的关系,之后我们的目标是提供一个概念框架,有助于可视化DLT的去中心化复杂性。因此,拟议的概念框架可以帮助确定一个系统与去中心化目标的相关性,以帮助公众利益。
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引用次数: 1
The Introduction of Digital Technologies Into the Economic Activity of the Country, as Well as the Impact of the Digital Factor on Human Life 将数字技术引入国家的经济活动,以及数字因素对人类生活的影响
Pub Date : 2021-01-10 DOI: 10.2139/ssrn.3801602
A. Baghirzade
Today banks and financial institutions, digital technologies strive to make full use of the available hardware and software capabilities to create an environment of customer loyalty.

The introduction of financial innovation began with the development of technology. The introduction of credit cards in the 1950s, the rise of ATMs in the 1960s, was the Fintech version of that time. Today this term will be more correctly used for digital banking technologies such as digital wallets, blockchain technologies, and more. Online budgeting tools, expense tracking, even automated chatbots for customer service are how Fintech is changing the financial services landscape. At every level, tasks (budgeting, customer service, and more) are solved in fast, efficient ways, often using automated technologies and machine learning algorithms. These technologies are rapidly changing and are propelling the financial services industry in new directions.

Thus, today digital financial technologies are not a guarantee of leading positions in the market, but basic requirements from banks for their existence.
今天的银行和金融机构,数字技术努力充分利用可用的硬件和软件能力来创造一个客户忠诚的环境。金融创新的引入始于技术的发展。20世纪50年代信用卡的引入,60年代自动取款机的兴起,都是那个时代的金融科技版本。今天,这个术语将更正确地用于数字银行技术,如数字钱包、区块链技术等。在线预算工具、费用跟踪、甚至客户服务的自动聊天机器人都是金融科技改变金融服务格局的方式。在每个层面上,任务(预算、客户服务等)都以快速、有效的方式解决,通常使用自动化技术和机器学习算法。这些技术正在迅速变化,并推动金融服务业向新的方向发展。因此,今天的数字金融技术不是市场领先地位的保证,而是银行生存的基本要求。
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引用次数: 0
Environmental Implications of R&D's Spillover Effects on Resource Use Efficiency and Renewable Energy Components 研发溢出效应对资源利用效率和可再生能源构成的环境影响
Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3927015
M. Khezri, A. Heshmati, K. Fraser
Given the lack of consensus among experimental studies on the effects of R&D and renewable energy on CO2 emissions, this study attempted to bridge the divide. Additionally, the study contributes by examining the role of pandemics in CO2 emissions through the use of a new pandemics index. Panel data models are estimated to examine the effects of determinants of CO2 emission using annual data from 2003 to 2017 in sample of 54 countries. Our findings indicate that increased trade openness, urbanization, and GDP per capita contribute significantly to the spread of CO2 emissions. Furthermore, the negative coefficient of squared GDP per capita emphasized the environmental Kuznets curve hypothesis. Additionally, the inclusion of spillover effects from R&D resulted in a statistically significant increase in its coefficient. Moreover, despite the increasing impact of R&D on CO2 emission reductions, its indirect effects resulted in increased energy use efficiency and a reduction in the damaging environmental effects of production expansion. While renewable energy production reduces CO2 emissions, these reductions can be mitigated or improved, and in some cases, even be positive, depending on the state of R&D in the countries studied. Furthermore, our findings indicate that epidemics had a negligible effect on CO2 emissions.
鉴于研发和可再生能源对二氧化碳排放影响的实验研究缺乏共识,本研究试图弥合分歧。此外,该研究还通过使用新的流行病指数,审查了流行病在二氧化碳排放中的作用。利用2003年至2017年54个国家样本的年度数据,估计面板数据模型将检验二氧化碳排放决定因素的影响。研究结果表明,贸易开放程度、城市化程度和人均GDP的增加对二氧化碳排放的扩散有显著影响。此外,人均GDP平方负系数强调了环境库兹涅茨曲线假设。此外,纳入R&D溢出效应后,其系数显著增加。此外,尽管研发对二氧化碳减排的影响越来越大,但其间接效应导致能源利用效率的提高和生产扩张对环境的破坏性影响的减少。虽然可再生能源生产减少了二氧化碳排放,但这些减少可以减轻或改善,在某些情况下甚至是积极的,这取决于所研究国家的研发状况。此外,我们的研究结果表明,流行病对二氧化碳排放的影响可以忽略不计。
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引用次数: 0
Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales 重新审视资产贱卖折扣:来自商用飞机销售的证据
Pub Date : 2020-12-28 DOI: 10.2139/ssrn.3763826
J. Franks, Gunjan Seth, Oren Sussman, Vikrant Vig
Using a sample of commercial aircraft transactions, the paper decomposes the raw fire sale discount on sales of aircraft by distressed airlines into three components: (i) quality impairment due to under-maintenance, (ii) misallocation to lower productivity users, and (iii) a liquidity component due to the immediacy of the sale. Results indicate that financially distressed airlines sell aircraft that have a lower life expectancy and lower productivity. We combine the two effects into a quality impairment adjustment that explains around one half of the raw liquidation discount. For the remaining discount of around 9%, we find no direct evidence of misallocation to lower productivity users and industry outsiders. Rather, the post-sale users of distressed aircraft have significantly higher productivity than the distressed sellers, while their productivity is similar to that of other (non-distressed) users. In summary, our results indicate that the inefficiencies associated with fire sales are likely to be lower than have been previously documented.
利用商业飞机交易的样本,本文将陷入困境的航空公司出售飞机的原始贱卖折扣分解为三个组成部分:(i)由于维护不足造成的质量减值,(ii)对生产率较低的用户的错配,以及(iii)由于立即出售造成的流动性组成部分。结果表明,财务困难的航空公司出售的飞机预期寿命和生产率都较低。我们将这两种影响结合到一个质量减值调整中,这可以解释大约一半的原始清算折扣。对于剩余的约9%的折扣,我们没有发现直接的证据表明低生产率用户和行业外部人员分配不当。相反,陷入困境的飞机售后用户的生产率显著高于陷入困境的卖方,而他们的生产率与其他(非陷入困境的)用户相似。总之,我们的研究结果表明,与火灾销售相关的低效率可能比以前记录的要低。
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引用次数: 3
New Challenges to Enlightenment: Why Socio-Technological Conditions Lead to Organized Immaturity and What to Do About it 启蒙的新挑战:为什么社会技术条件导致有组织的不成熟以及如何应对
Pub Date : 2020-12-22 DOI: 10.2139/ssrn.3753612
A. Scherer, C. Neesham
Organized immaturity can be defined as the erosion of the individual’s capacity for public use of reason, due to surveillance and control mechanisms of socio-technological systems, ideologies, or autocratic leaders and regimes. Such pushbacks on the Enlightenment have been a concern for philosophers and social theorists. Today, technological advancements of the Fourth Industrial Revolution (such as social media, Internet of Things, smart cities) are inducing new and even more sophisticated forms of organized immaturity. Left to their own devices, systems initially designed to meet human needs tend to slide from service to paternalism, with undesirable reduc-tionist, totalizing and infantilizing effects. To counteract the effects of organized immaturity on individuals and society, we suggest two social mechanisms. Firstly, disorganizing (or anti-organizing) organized immaturity seeks to protect or increase negative freedom (‘freedom from’) of individuals. Secondly, organizing individual and collective maturity emphasizes the strengthening of positive freedom (‘freedom to’) of individuals as well as social groups and col-lectives.
有组织的不成熟可以定义为,由于社会技术系统、意识形态或专制领导人和政权的监督和控制机制,个人在公共场合运用理性的能力受到侵蚀。这种对启蒙运动的抵制一直是哲学家和社会理论家所关注的问题。今天,第四次工业革命的技术进步(如社交媒体、物联网、智慧城市)正在引发新的、甚至更复杂的有组织不成熟形式。如果放任自流,最初为满足人类需求而设计的系统往往会从服务滑向家长式作风,产生令人不快的简化主义、全盘化和幼稚化效果。为了抵消组织不成熟对个人和社会的影响,我们提出了两种社会机制。首先,无组织(或反组织)有组织的不成熟寻求保护或增加个人的消极自由(“自由”)。其次,组织个人和集体的成熟强调加强个人以及社会群体和集体的积极自由(“自由”)。
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引用次数: 7
(ПРОИЗВОДИТЕЛЬНОСТЬ ТРУДА КАК ИНСТРУМЕНТ ПОВЫШЕНИЯ ЭКОНОМИЧЕСКОГО РОСТА И СОЦИАЛЬНОГО БЛАГОПОЛУЧИЯ ГРАЖДАН РОССИИ) Labor Productivity as a Tool for Increasing Economic Growth and Social Well-being of Russian Citizens
Pub Date : 2020-12-17 DOI: 10.22394/1726-1139-2020-8-123-131
V. Belov
Russian Abstract: Современная экономическая ситуация как в мире, так и в России характеризуется значительным снижением темпов экономического развития разных стран, что, несомненно, сказывается и на уровне благосостояния большинства граждан: наблюдаются снижение реальных доходов населения, увеличение числа бедных, снижение покупательской способности граждан, рост количества безработных и прочие негативные социальные явления. Причин сложившейся ситуации множество, к некоторым из них можно отнести следующие: неблагоприятная для России мировая конъюнктура рынка энергоресурсов, связанная с падением цен на мировых рынках на стратегическое сырье (нефть); из-за пандемии коронавируса всеобщая приостановка производственно-хозяйственной деятельности во всем мире, нарушение цепи поставок материалов и готовой продукции на производственные мощности предприятий и конечные рынки сбыта, замкнутость в социально-экономическом развитии отдельных государств в национально-территориальных границах; накопившиеся, но пока не получившие своего полного разрешения, внутренние пространственно-экономические проблемы в самой России

English Abstract: The article considers one of the most important economic indicators – labor productivity, determines the dependence of economic and social growth on its increase, analyzes the target indicators of the national project of the same name, and suggests measures aimed at improving the methodology for calculating labor productivity at the enterprise, which should contribute to a more correct reflection of the real situation in the country.
俄罗斯的Abstract:当今世界和俄罗斯的经济状况都显著下降,这无疑会影响到大多数公民的福祉:实际收入下降、穷人增加、购买力下降、失业人数增加以及其他负面社会现象。造成这种情况的原因有很多,其中一些可以归因于:俄罗斯不利的全球能源市场环境,因为全球市场价格下跌(石油);由于日冕病毒大流行,全球经济活动普遍暂停,材料和成品供应中断,企业生产能力和最终销售市场中断,国家领土边界内个别国家的社会经济发展陷入孤立;在俄罗斯的english Abstract中,累积但尚未得到充分解决的内部空间和经济问题:文章considers one of The most important economic indicators - labor productivity determines The dependence of economic and social《on its increase analyzes The target indicators of The national project of The same name and suggests措施aimed at improving The methodology for rechnender raum labor productivity at The enterprise, should contribute to a more套倒影of The real situation in The country。
{"title":"(ПРОИЗВОДИТЕЛЬНОСТЬ ТРУДА КАК ИНСТРУМЕНТ ПОВЫШЕНИЯ ЭКОНОМИЧЕСКОГО РОСТА И СОЦИАЛЬНОГО БЛАГОПОЛУЧИЯ ГРАЖДАН РОССИИ) Labor Productivity as a Tool for Increasing Economic Growth and Social Well-being of Russian Citizens","authors":"V. Belov","doi":"10.22394/1726-1139-2020-8-123-131","DOIUrl":"https://doi.org/10.22394/1726-1139-2020-8-123-131","url":null,"abstract":"<b>Russian Abstract:</b> Современная экономическая ситуация как в мире, так и в России характеризуется значительным снижением темпов экономического развития разных стран, что, несомненно, сказывается и на уровне благосостояния большинства граждан: наблюдаются снижение реальных доходов населения, увеличение числа бедных, снижение покупательской способности граждан, рост количества безработных и прочие негативные социальные явления. Причин сложившейся ситуации множество, к некоторым из них можно отнести следующие: неблагоприятная для России мировая конъюнктура рынка энергоресурсов, связанная с падением цен на мировых рынках на стратегическое сырье (нефть); из-за пандемии коронавируса всеобщая приостановка производственно-хозяйственной деятельности во всем мире, нарушение цепи поставок материалов и готовой продукции на производственные мощности предприятий и конечные рынки сбыта, замкнутость в социально-экономическом развитии отдельных государств в национально-территориальных границах; накопившиеся, но пока не получившие своего полного разрешения, внутренние пространственно-экономические проблемы в самой России<br><br><b>English Abstract:</b> The article considers one of the most important economic indicators – labor productivity, determines the dependence of economic and social growth on its increase, analyzes the target indicators of the national project of the same name, and suggests measures aimed at improving the methodology for calculating labor productivity at the enterprise, which should contribute to a more correct reflection of the real situation in the country.","PeriodicalId":14586,"journal":{"name":"IO: Productivity","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85313052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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IO: Productivity
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