Publications et documents de travail
- revues scientifiques
    Marianne Verdier
La blockchain et l’intermédiation financière
La blockchain est une technologie permettant d’effectuer et d’enregistrer des transactions ordonnées sous format numérique dans un réseau décentralisé sans avoir recours à un tiers de confiance. Les échanges sont sécurisés par l’usage d’algorithmes de cryptographie. Dans cet article, nous étudions l’impact de cette innovation sur l’activité des intermédiaires financiers. Nous montrons que la blockchain est susceptible de réduire les coûts associés à l’intermédiation financière, entraînant une évolution du rôle du tiers de confiance pour les transactions financières. Cependant, la réglementation doit encadrer son développement afin de sécuriser les échanges et de favoriser son adoption.
- revues scientifiques
    Yann Balgobin, David Bounie, Martin Quinn and Patrick Waelbroeck
Payment Instruments, Financial Privacy and Online Purchases
The protection of financial personal data has become a major concern for Internet users in the digital economy. This paper investigates whether the consumers’ use of non-bank payment instruments that preserve financial privacy from banks and relatives may increase their online purchases. We analyze the purchasing decisions and the use of bank and non-bank payment instruments of a representative sample of French Internet consumers in 2015. Using two econometric methods, namely a two-step regression and a Bayesian Markov Chain Monte Carlo model to account for a potential endogeneity problem, we find evidence that the use of a non-bank payment instrument positively influences consumers’ online purchases.
- revues scientifiques
    David Bounie, Abel Francois and Leo Van Hove
Merchant Acceptance of Payment Cards: ‘Must Take’ or ‘Wanna Take’?
In recent years, regulators in various parts of the world have capped interchange fees on debit and credit cards. The justification for the caps rests to a large extent on the argument that these cards have, for certain merchants, become must-take cards rather than ‘wanna-take cards’. That is, there are merchants who accept payment cards not because they bring net convenience benefits but out of fear of losing profitable business to card-accepting competitors. This paper presents an original approach that allows to quantify, for the first time, the relative importance of the two motivations. We find, for the case of France in 2008, that the must-take phenomenon effectively exists, but that it applies to only 5.8-19.8 per cent of the card-accepting merchants and to a mere 3.9-13.5 per cent of all retailers.
- revues scientifiques
    David Bounie, Morrisson Valérie and Martin Quinn
Do You See What I See? Ad Viewability and the Economics of Online Advertising
Between 40% and 50% of online ads served by publishers are actually never seen by Internet users, resulting in ineffective branding campaigns and a considerable waste of money for advertisers. In reaction, more and more advertisers use technologies to measure the viewability of advertising campaigns on publisher websites. This paper provides the first comprehensive economic analysis of the impact of the adoption of such technologies on the economics of online advertising. We construct a two-sided market model for advertising where publishers manage their website to attract Internet users and advertisers. We show that the adoption of ad viewability technology affects the number of viewable ads displayed by publishers, the price of ads and publisher profits, and user experience. We finally analyze the total welfare impact of ad viewability and examine how ad-blockers constrain publishers from both sides of the market.
- documents de travail
    Olena Havrylchyk, Carlotta Mariotto, Talal Rahim and Marianne Verdier
What drives the expansion of the peer-to-peer lending?
Peer-to-peerlending platforms are online intermediaries that match lenders with borrowers.We use data from the two leading online lenders, Prosper and Lending Club,to explore main driversof their expansion in the United States. We exploit the heterogeneity in local lending markets at the county level to analyzethree hypotheses forthe penetrationof online lenders: 1) crisis-related; 2) competition-related; and 3) Internet-related. Our findings support the competition-related hypothesisas online lendershave expanded more in areas with lower density of branch network and lower bank concentration that we interpret as weakerbrand loyalty. We also documentthat spatial, socio-economic and demographic characteristics determinethe expansionof online lenders.
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