This essay analyzes the circumstances under which a barter system based on merchants and centralized markets dominates an unstructured primitive barter system. For that purpose, we set up a spatial general equilibrium model where exchange is costly. In an unstructured barter system, as population increases, the transaction costs may become cumbersome and the cost of trade expansion surpasses it...

The development of new applications of electronic commerce (e-commerce) that require the payment of small amounts of money to purchase services or goods opens new challenges in the security and privacy fields. These payments are called micropayments and they provide a trade-off between efficiency and security requirements to pay low-value items. It is usual to assume low value fraud to achieve ...

Underreporting and undersampling biases in top tail wealth, although widely acknowledged, have not been statistically quantified so far, essentially because they are readily observable. Here we exploit the functional form of power law‐like regimes wealth to derive analytical expressions for these biases, use German microdata from a popular survey rich list illustrate that tiny differences non‐r...

We ask what redistributions of income and assets are feasible in a democracy, given the initial assets and their distribution. The question is motivated by the possibility that if redistribution is insufficient for the poor or excessive for the rich, they may turn against democracy. In turn, if no redistribution simultaneously satisfies the poor and the wealthy, democracy cannot be sustained. H...

Within developed economies, the field of m-payment appears to be driven by (disruptive) technological innovations. M-payments, similar to e-payments, have been regulated in such a way that banks and other established financial institutions have been able to maintain an unchallenged position in the payment ecosystem. However, disruptive technologies like Near Field Communication, but more import...

The emergence of live-streaming commerce has fueled the phenomena impulse buying. However, existing understanding this phenomenon is relatively limited. In study, we adopted stimulus-organism-response (SOR) paradigm to create an influence mechanism buying behavior in live streaming shopping. We investigated social presence and sales promotion (stimuli) on (response) through flow experience (org...