126 research outputs found
Interoperability and Network Externalities in Electronic Payments
The causes of and extent of network externalitites in paymeny systems such as the ATM and the ACH-market have been analysed and tested in earlier studies. In this paper a similar study is made for the market for variables relevant to the evolution of the EFTPOS market in the G-10 countries, Australia and the Nordic countries for the period 1988-1999 is gathereed and used in a statistical description of the evolution of the market. Also the hypothesis regarding the positive effetcs of standardisation for the evolution of the market is tested. The results are highly significant an the coefficients have the expected signs. A model that describes the banks' adoption decision of EFTPOS technology is developed. It is assumed that if network externalities are present, the larger the use of common standards, the larger will be the transaction demand for this particular instrument. Within the specific context of the EFTPOS market, the model illustrates the trade off between network effects and competition effects often described in the literature. Existence of pure strategy equilibria requires that banks are not exceedingly asymmetric in terms of their relative sizes in the acquiring market. The full adoption with common standards outcome is more likely to result the smaller benefits banks derive from differentiation.payment systems; efficiency; network externalities
A Renewal Theorem for Strongly Ergodic Markov Chains in Dimension and Centered Case
In dimension , we present a general assumption under which the
renewal theorem established by Spitzer for i.i.d. sequences of centered
nonlattice r.v. holds true. Next we appeal to an operator-type procedure to
investigate the Markov case. Such a spectral approach has been already
developed by Babillot, but the weak perturbation theorem of Keller and Liverani
enables us to greatly weaken thehypotheses in terms of moment conditions. Our
applications concern the v\rho$-mixing Markov chains, and the iterative Lipschitz models, for which the
renewal theorem of the i.i.d. case extends under the (almost) expected moment
condition
Do Prices Reflect Costs? A study of the price- and cost structure of retail payment services in the Swedish banking sector 2002
We estimate private costs in the Swedish banking sector for the production of payment services and investigate to what extent the price structure reflects the estimated cost structure. We find that (i) banks tend to use two-part tariffs but (ii) variable costs are poorly reflected in transaction fees towards both consumers and corporate customers. (iii) there exist large cross subsidies between different payment services, foremost from acquiring card payments to cash distribution to the public, while payment services as a whole is not subsidized
Multidimensional renewal theory in the non-centered case. Application to strongly ergodic Markov chains.
International audienceLet be a -valued random walk (). Using Babillot's method [2], we give general conditions on the characteristic function of under which satisfies the same renewal theorem as the classical one obtained for random walks with i.i.d. non-centered increments. This statement is applied to additive functionals of strongly ergodic Markov chains under the non-lattice condition and (almost) optimal moment conditions
Función y lÃmites de la argumentación jurÃdica
Argumentation is the most important, if not the only, weapon for lawyers, judges and legal experts to do their job, but nowadays it seems excessively trusted. It has the structure of an incomplete demonstration, where, starting from premises (arguments, reasons), a descriptive or an evaluative consequence is proposed, though we can keep on the discussion indefinitely. Such discussion can be exercised by showing internal inconsistencies, by denying factual descriptions, by signalling an incompatibility among its evaluative arguments and other evaluations sustained by the same subject; by proposing new opposed arguments or emphasizing that the invoked reasons are not conclusive enough. But there is an extended idea that we can arrive to unquestionable conclusions: a basic idea within the present discourse about principles and rights. This discourse cannot function without a weighing method, but such method does not exist, in spite of an extended belief. That situation is dangerous to the legal discourse: instead, argumentation may be an instrument for discussions, agreements and decisions through institutional means. This can be done, to great advantage for law; but it hurts against hard ideological obstacles.
La argumentación es la más importante, si no la única, herramienta de la que disponen abogados, jueces y juristas para hacer su tarea; pero en nuestros tiempos se deposita en ella una confianza desmesurada. Tiene la forma de una demostración incompleta, donde, a partir de premisas (argumentos, razones), se propone una conclusión, descriptiva o valorativa, que siempre puede seguir discutiéndose. Tal discusión puede ejercerse mostrando incoherencias internas, negando argumentos de hecho, señalando incompatibilidad de sus argumentos valorativos con otras valoraciones que también se sostengan, proponiendo nuevos argumentos de sentido opuesto o enfatizando el escaso poder concluyente de las razones aducidas. Existe, sin embargo, la idea de que es posible arribar a conclusiones indiscutibles, idea que preside el actual discurso de los principios y los derechos. Este discurso argumental no funciona sin un método de ponderación, pero tal método no existe, a pesar de la creencia generalizada. Esa situación pone el grave peligro al discurso jurÃdico, cuya oportunidad consiste en usar la argumentación para debatir, acordar y adoptar decisiones por medios institucionales. Esto puede hacerse, con grandes ventajas para el derecho; pero choca con dificultades ideológicas que es arduo superar
France, Japan and a greater Aukus
France was understandably disappointed by Aukus. Japan had also entered a 2016 bid for the construction of 12 conventional submarines, which the French won, only to be rejected in September 2021. However, France and Japan drew different conclusions when Aukus was announced. This brief argues that the direction the Japanese government has taken is more likely to carry weight vis-Ã -vis China. In a world where security is increasingly built in concentric circles, France is likely to become peripheral in the Indo-Pacific. This brief is based on fieldwork conducted in July and August 2023 as a University of Tokyo RCAST (ROLES) Visiting Senior Research Fellow
Interoperability and Network Externalities in Electronic Payments
The causes of and extent of network externalities in payment systems such as the ATM and the ACH-market have been analysed and tested in earlier studies. In this paper a similar study is made for the market for electronic card payments, i.e. the EFTPOS-market. A panel data set of variables relevant to the evolution of the EFTPOS market in the G-10 countries, Australia and the Nordic countries for the period 1988-1999 is gathered and used in a statistical description of the evolution of the market. Also the hypothesis regarding the positive effects of standardisation for the evolution of the market is tested. The results are highly significant and the coefficients have the expected signs. A model that describes the banks' adoption decision of EFTPOS technology is developed. It is assumed that if network externalities are present, the larger the use of common standards, the larger will be the transaction demand for this particular instrument. Within the specific context of the EFTPOS market, the model illustrates the trade obetween network effects and competition effects often described in the literature. Existence of pure strategy equilibria requires that banks are not exceedingly asymmetric in terms of their relative sizes in the acquiring market. The full adoption with common standards outcome is more likely to result the smaller benefits banks derive from dierentiation
Sobre los derechos
Los sistemas jurÃdicos se presentan a menudo como conjuntos de derechos, que las normas ponen en vigor. En este artÃculo trato de aclarar el concepto de derecho subjetivo de acuerdo con los diferentes matices en los que, de hecho, se interpreta tal idea. En efecto, si el derecho se mira desde el punto de vita del legislador, el deseo de hacer que cierta acción sea efectivamente accesible para el titular del derecho correspondiente admite diferentes grados o niveles de intensidad, y cada uno de ellos puede representarse mediante diferentes configuraciones de deberes y competencias. El primer nivel, el más débil de todos, es la permisión negativa: hacer p no está prohibido. En el segundo nivel, el legislador considera el tema y lo juzga bastante importante para emitir una norma que expresamente garantice a los ciudadanos la permisión de hacer p. En el tercer nivel, aun sin una permisión explÃcita, el legislador quiere impedir a la autoridad delegada prohibir p. ProhÃbe, pues, a dichas autoridades emitir una norma que incluya esa prohibición. En el cuarto nivel o grado, el superior trata de impedir a la autoridad delegada desobedecer aquel propósito. Para hacerlo, establece que la prohibición de p está fuera de la competencia de cualquiera de sus delegados. En el quinto, el hecho de que p está permitido y no puede prohibirse no es bastante para el legislador, que insiste en que el sujeto que desee hacer p no se vea estorbado por terceros. En el sexto nivel, el legislador reconoce que, aun si nadie opone un obstáculo a p, algunas personas no son por sà mismas capaces de llevar a cabo esa acción. Para resolver esta última dificultad, el legislador establece, para todos los sujetos, o para algunos de ellos en cierta situación favorable, o aun para alguna autoridad delegada, la obligación de dar ayuda efectiva a cualquier persona que desee hacer p pero encuentre alguna dificultad para ello. Individualizados y definidos esos seis niveles de intensidad de derechos, pueden proponerse ejemplos para cada nivel. El propósito de este trabajo no es mantener ni cambiar las prioridades existentes, ni tampoco negar la importancia de los derechos ni proponer que los tribunales los ignoren. Es mostrar la realidad operativa de los derechos, comparada con el énfasis diverso que se les atribuye en el discurso polÃtico, que ahora es profundamente recibido en el campo jurÃdico. El análisis de los niveles expuestos puede ser una herramienta útil para comprender ciertas dificultades del discurso jurÃdico comparado con su práctica
Quasi-compactness of Markov kernels on weighted-supremum spaces and geometrical ergodicity
Let be a Markov kernel on a measurable space \X and let
V:\X\r[1,+\infty). We provide various assumptions, based on drift conditions,
under which is quasi-compact on the weighted-supremum Banach space
(\cB_V,\|\cdot\|_V) of all the measurable functions f : \X\r\C such that
\|f\|_V := \sup_{x\in \X} |f(x)|/V(x) < \infty. Furthermore we give bounds
for the essential spectral radius of . Under additional assumptions, these
results allow us to derive the convergence rate of on \cB_V, that is the
geometric rate of convergence of the iterates to the stationary
distribution in operator norm. Applications to discrete Markov kernels and to
iterated function systems are presented.Comment: 45 page
The costs of paying: Private and social costs of cash and card systems
Despite the central role of payments in theoretical and policy oriented economics, there is surprisingly little known about the costs of different payment instruments. We estimate social and private costs of cash, debit and credit card payments in Sweden in 2002. The combined social cost of providing these payment services is approximately 0.4 per cent of GDP. Debit and credit cards are socially less costly than cash for payments above EURO 8 and EURO 18, respectively. Corresponding thresholds for consumers' private costs are somewhat higher. Data indicate a too extensive use of cash relative to card payments in terms of both private and social costs
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