Publications et documents de travail
- Journals
    Bertrand Crettez and Lisa Morhaim
General Equilibrium Cryptocurrency Pricing in an OLG Model
We study the valorization of cryptocurrency in an overlapping generations model where agents have the choice between crypto- and central bank currency. We pay attention to three features of cryptocurrency: it is a risky asset (because of frauds and hacks), which one acquires by bearing transaction costs, and its supply reaches its upper limit in a finite time (e.g., Bitcoin). We consider both the standard case with linear–quadratic utility functions and the more general case where utility functions are not specified. We find that the effect of an increase in cryptocurrency on the currency prices depends on the transaction costs that individuals bear to get cryptocurrency. In particular, when these costs are convex non-increasing in the quantity of cryptocurrency, the cryptocurrency price may increase with this quantity. Otherwise, when the transaction costs are either increasing or concave non-increasing, the cryptocurrency price decreases with the quantity of cryptocurrency. We also show that the cryptocurrency and the central bank currency prices always move in opposite directions.
- documents de travail
    David Bounie, Youssouf Camara and John W Galbraith
Online and On-site Commerce and the Geographic Concentration of Economic Activity: Evidence from Transaction data
The geographical pattern of consumers' expenditures, whether made on-site or online, has implications for the concentration of economic activity and for regional economic development. Although data limitations have held back knowledge of this aspect of consumer behaviour, consumer transaction data offer the potential to investigate such geographical patterns, and the impact of online commerce on these patterns and on inter-regional retail trade linkages. Here we investigate these linkages using inter-regional retail trade measures from billions of domestic consumer transactions made through bank cards, in France in 2019. We find robust evidence that online consumer expenditures are less affected by geographic distance and more heavily concentrated in the already-large regional economies, relative to on-site expenditure; this suggests that the increasing movement toward online purchasing tends to increase the concentration of overall economic activity, and may have important implications for regional economic development.
- documents de travail
    David Bounie, Antoine Dubus and Patrick Waelbroeck
Market for Information and Selling Mechanisms
This article analyzes how the selling mechanisms used by a data intermediary impact the optimal information structure sold to competing firms. We analyze how take it or leave it offers, sequential bargaining, and auctions, change the bargaining power between the data intermediary and competing firms, impacting the price of information, and the amount of data collected on the market for information. We highlight conflicting interests between data intermediaries, data protection agencies and competition authorities, and we discuss regulatory implications.
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