Publications et documents de travail
28/11/12
- revues scientifiques
    David Bounie, Bora Eang, Marvin Sirbu and Patrick Waelbroeck
Superstars and Outsiders in Online Markets: An Empirical Analysis of Electronic Books
Recent rapid growth in electronic book sales has raised a critical question for publishers and bookstores: do e-books cannibalize or increase print sales? In this article, we compare the best-selling titles sold on www.Amazon.com in print or electronic Kindle formats during the period from November 2007 to July 2010. Using econometric methods, we find that the cannibalization of print sales by e-books is more likely to occur for superstar titles written by successful authors. However, we find that a new segment of successful electronic titles that are not best-selling in print format emerge; these books would probably have been unpopular without the new Kindle store and therefore this new distribution channel has expanded the market. We refer to these titles as digital outsiders. The latter are characterized not only by lower prices but also by older release dates. They also include titles that are only released in electronic format. We then argue that electronic books increase the market viability of old print releases. Finally we identify a category that we call print-preferred books that are top sellers in print but not as e-books for reasons of color, graphics, or the need to navigate non-linearly, a style to which the current generation of e-book readers are not well adapted.
21/08/12
- revues scientifiques
    Yassine Bouhdaoui and David Bounie
Modeling the Share of Cash Payments in the Economy: An Application to France
Modeling the demand for cash and deposits is a primary concern for central banks. Within a wide range of academic contributions, payment choice models based on transaction sizes (TS models) have been promoted. However, TS models induce strong predictions about the use of payment instruments. In particular, all equal-sized transactions are supposed to be paid with the same payment instrument. We propose a simple alternative model based on cash holding (CH model) that allows equal-sized transactions to be paid for in cash or with other payment instruments. Using micro-level payment data from two representative samples of the French population in 2005 and 2011, we test how well each model replicates the observed shares of cash payments in the French economy for each size of transaction. We find that the CH model outperforms TS models as it better predicts the observed shares of cash payments with notably less demanding information on individuals.
12/06/12
- revues scientifiques
    David Bounie, Dana Diminescu and Abel Francois
On the Effect of Mobile Phone on Migrant Remittances: A Closer Look at International Transfers
Recent empirical studies based on surveys bring evidence that international remittances are more the result of familial intertemporal contracts than self-insurance motivations. Exploiting transaction-level remittance data carried out by 3,294 migrants between 2004 and 2009 in France from a mobile money transfer service to recipients located in Sub-Sahara Africa, Middle East, Eastern Europe and Madagascar, we find using descriptive statistics and econometric tests that migrants send preferably more money to themselves than to family and non-family members. This result tends to support the idea that the mobile technology impacts migrant remittances and then the standard findings in the remittance literature as migrants seem to be more concerned by the accumulation of savings (self-insurance motivations) than about altruistic or household insurance motivations.
19/04/12
- revues scientifiques
    David Bounie, B. Eang, Marvin A. Sirbu and Patrick Waelbroeck
Online Price Dispersion: An International Comparison
Online price dispersion has remained a puzzle for many years. In this article, we test the effects of a range of factors identified in the literature including vendor strategy, market structure, vendor heterogeneity and the time dimension. We use a dataset collected from the Amazon.com, Amazon.uk and the Amazon.fr marketplaces for books, CDs and DVDs from March to November 2006. First, using posted prices, we show that vendors make few modifications to their prices over time (once every 20 to 30 days), and those variations that they do make are relatively small (on average 15 cents). Secondly, we compare posted prices to transaction prices and we show that transaction prices do not necessarily correspond to the lowest posted price but rather centered around the median prices. Thirdly, we show that online price dispersion increases with the number of sellers mainly because new sellers price their product significantly lower that the current median price. Fourth, we show that there is a significant reputation premium of about 10 to 15%. A well established seller can charge a price 10 to 20% higher than the average seller. Our estimation results support the idea that price dispersion is sensitive to the maturity of the market. Consistent with our finding that price dispersion increases with the number of sellers, less mature markets, such as France with fewer sellers, exhibit lower price dispersion. Similarly, we find that large sellers account for a greater proportion of transactions in France than in the U.S. Lastly, we find that public policy can affect price dispersion: a French law limiting discounting on new books results in lower price dispersion in the French book market relative to book markets in the US and UK and relative to the French market for other goods.
10/04/12
- revues scientifiques
    David Bounie and Yassine Bouhdaoui
Efficient Payments: How Much Do They Cost for the Central Bank?
Previous works related to optimal denominations for coins and banknotes consider that the “principle of least effort” that defines an efficient payment is the most important criterion for two main reasons. Firstly, it is more convenient for transactors and, secondly, it limits the production costs of denominations incurred by the central bank. Exploiting production cost data for the U.S. currency system in 2010, we show using simulations that efficient payments actually increase the annual production costs of the Federal Reserve by $156 million. As a consequence, we raise a larger issue for central banks which consists in issuing an efficient denominational mix that is more convenient for transactors and that reduces the production costs of denominations.
01/02/12
- revues scientifiques
    David Bounie and Laurent Gille
International Production and Dissemination of Information: Results, Methodological Issues, and Statistical Perspectives
In recent years, several projects have attempted to quantify the information on various media. This research is original but subject to numerous methodological problems (concerning originals, copies, value, etc.) and it raises more general accounting and statistical questions (about satellite accounts and statistical systems) from the point of view of the organization of knowledge. The objective of this article is twofold. First, after summarizing our own estimates, we comment on the main methodological concerns these works raise. Second, we draw more general conclusions about redefining an accounting framework and a statistical system based on comparable international standards.
01/01/12
- revues scientifiques
    David Bounie, Bora Eang, Marvin Sirbu and Patrick Waelbroeck
Une analyse empirique de la dispersion des prix sur Internet
Une analyse empirique de la dispersion des prix sur Internet La dispersion des prix reste un paradoxe pour l’économie de l’Internet. Dans cet article, nous testons les effets d’un ensemble de facteurs identifiés dans la littérature théorique et empirique et relatifs à la dimension temporelle, aux stratégies des vendeurs, à la structure du marché et à la différenciation des vendeurs. Nous mesurons et nous estimons les effets de chaque facteur à l’aide de données collectées sur la plate-forme de vente française Amazon Marketplace sur les marchés du livre, des CD et DVD sur la période de mars à novembre 2006. Nous montrons que i) les vendeurs n’utilisent pas de stratégies de prix aléatoires et n’ajustent pas leurs prix fréquemment ; ii) la dispersion des prix augmente avec le nombre de vendeurs et dans le temps ; iii) les caractéristiques des vendeurs n’expliquent qu’une faible partie de la dispersion des prix en ligne ; iv) une part non négligeable de la dispersion des prix observée reste inexpliquée.
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