Investigation into the Market Viability of Bitcoin: Measuring the Digital Currency's Speculative Nature

학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2016. 2. 유병준.Ever since its creation by the presumed pseudonymous Satoshi Nakamoto, Bitcoin has garnered significant attention as an innovative online payment system. The purpose of this paper is to empirically confirm the existence of speculative nature within Bitcoin as posed in the previous literature, discover the degree to which the participation of a Bitcoin user is dependent on the speculative opportunities in the Bitcoin market and, accordingly, test Bitcoins chance against traditional currency. Using a panel data set from one of the largest Bitcoin traders in Asia, we find that $1 increase in arbitrage between market prices is associated with 0.1 more log-ins of users, thus confirming the existence of speculative nature among users. However, the paper also suggests that such a portion of speculative users might not be as much as dominating the entire user population. The findings of the paper show that there is considerable number of users who treat Bitcoin not as a short term investment vehicle, but as something that they intend to watch over for a longer period of time. Also, the findings report that the actual reason for Bitcoins incompetence as a form of currency against the conventional tools of trade may be attributable to its low level of network effects, not yet fully formulated.1. INTRODUCTION 1 2. LITERATURE REVIEW 5 3. DATA AND HYPOTHESES 9 3.1 DATA DESCRIPTION 9 3.2 HYPOTHESES 12 4. MODEL 17 5. RESULT 19 6. DISCUSSION AND CONCLUSION 25 REFERENCES 29 Appendix 32 Appendix 1: Bitcoin Trading Volume of Korbit Trading Exchange 32 Appendix 2: Existence of Price Gap 33 국문 초록 34Maste

고추에서 PVY와 PMMV 저항성 유전자와 연관된 분자 표지의 개발

학위논문(석사)--서울대학교 대학원 :원예학과,2002.Maste

한국 자동차 보험시장의 정보비대칭에 관한 연구

학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2017. 2. 박소정.This article draws on a set of data from the Korean automobile insurance industry to investigate the presence of asymmetric information and learning. I find that there exists a conditional correlation between the choice of Collision and Comprehensive coverage and the probability of accidents. This finding implies that the better insured actually cause more claims, although the difference in the number of claims seems less significant in economic contexts. I confirm that the degree of information asymmetry is more significant in contracts with new policyholders, young drivers with less than 3 years of driving experience, and senior drivers with more than 7 years of experience. Tests using premiums provide results consistent with tests considering variables related to the characteristics of policyholders, characteristics of their vehicles, and the contract choices they make.I. Introduction 1 II. Hypothesis Development 5 A. Related Literature 5 B. Predictions 9 III. Background Information and Data 12 A. Car Insurance in Korea 12 B. Sample Selection 14 C. Summary Statistics 15 IV. Empirical Analysis 18 A. The Presense of Asymmetric Information 18 B. Asymmetric Learning on Private Information 21 V. Conclusion 25 References 28 Abstract (Korean) 31Maste