Professor Greenlaw was nice enough to send me a paper titled “Leveraging Consumer Loyalty to Drive Mobile Payments Adoption” which examines why people have not yet gotten hooked on the trend to make payments over their smartphones. The development of mobile wallets has made it possible for consumers to minimize transaction costs and time. Wouldn’t it be so much easier to only have to carry around your phone when you go to the store rather than worrying about having enough cash or your credit or debit cards?
So why haven’t mobile wallets caught on yet? Quite simply, consumers are hesitant due to concerns about safety and privacy. Obviously having your phone stolen would be a huge problem. However there are always PINs, passwords, and security codes preventing theft, making a stolen phone just the same as a stolen debit card.
The key point to this paper is that in order to get more consumers to trust mobile payments, maybe firms need to tie loyalty benefits into it. Most people are familiar with the membership cards at grocery stores which are scanned for rewards during the transaction. Loyalty programs connected to mobile payments could incentivize consumers to adopt the more efficient payment method. The most successful program of this type is run by Starbucks which allows customers to collect rewards by paying through a mobile app.
So I guess the question is: Would you trade your leather wallet for a mobile one if you could receive loyalty benefits?
After searching the internet and looking at documents from other schools for half an hour, I was about ready to give up on finding a good theory to apply to my question. One site simply said look at your principles book; everything you might need is in there. If you can’t find something in there, then your problem is probably too complex or you’re approaching it the wrong way. Sounds too good to be true, huh? Luckily, I kept my principles textbook and was able to give it a try. After looking through the table of contents for less than a minute, I was able to find a solid theory that applies to what I’m doing. Of course, I’ll probably expand on it in the paper and add complexities, but it is a solid foundation to build off of for now. Anyone else who is having trouble I suggest just thinking back to Econ 201/2. Just flipping through an old notebook or your textbook, if you still have it, might help you more than you think.
Not sure if this is a fully reliable source, but it helped me out some: http://www.erf.org.eg/CMS/uploads/pdf/1219129724_Marcelo_-_How_do_we_do_research.pdf
The final quarter of 2013 was reported to end with a 2.4% growth in GDP, however that is down from what was originally predicted, which was 3.2%. This is also a bit of a let down seeing as the growth rate at quarter 3 of 2013 was 4.1%. Economists attribute this to the large cut in government spending as well as the shut down in October. However, Paul Ashworth, chief U.S. economist for Capital Economics claimed that the economic was “still impressive.”
Also, the real estate market has seen a decline in investment, which is the first time in three years. On a positive note consumption has seen an increase as well as net exports. Business investment is also trending upwards, but it is slower than it has been in the past. Nevertheless that economy continues to grow each quarter, which gives a positive outlook on the future.
Source : Link
The United States census bureau has come out with a very interesting interactive graph for household income. Follow this link to see it.
Hey guys, for anyone writing their theory component last min (not that I am at all….) here is a helpful link to remind you of all the types of theories.
Im researching whether the children of married parents are truly better off than the children of unmarried parents. I have done some research suggesting that children with married parents develop better cognitively as well as other aspects of development.
I have a rather limited set of theories to apply that I have learned since Ive only taken 3 econ classes previously…and none of tham really applied to my topic I think . So…any thoughts on what theories I should attempt to apply to my research? Any and all comments appreciated! thanks
I recently decided to look at the difference between command economies and market economies with respect to increases in Standard of living. There are multiple indicies out there which will help me evaluate whether or not the individuals in the countries are seeing an increase in their SOL. Currently one interesting case study is Cuba which is relaxing some of the command economy standards allowing for a more market economy. The theory I was intending to use would be of course the law of supply and demand, utility functions, and a clear emphases on micro level economics.
Reading through more and more sources, I am starting to find that I need to expand my review of literature to mathematical and physical papers that review Tsallis entropy. A more in depth understanding of applications of entropy, specifically Tsallis entropy which is referred to as a generalization of Boltzmann-Gibbs statistics. From there I may have a better grasp at applying it to the loan industry in measuring the entropy (or the uncertainty/unpredictability) in the supply chain of a loan.
Obama announced in his 2014 state of the Union address that he was planning on raising the federally mandated minimum wage (MW) from $7.25 to $10.10 an hour. This may seem like a good thing, but the raising and lowering of minimum wage does have a substantial effect on the labor market. The MW is a price floor meaning the level of wage cannot be lowered below it. Of course if the wage level is raised firms will be forced to pay the increased level, meaning they will have to compensate in one way or another for the rising price of labor. According to a report released last Tuesday by the nonpartisan Congressional Budget Office, the new wage could reduce employment by 500,000 jobs by 2016. However, there is a brighter side to this as 900,000 families would be lifted out of poverty and increase the incomes of 16.5 million low-wage workers in an average week.
Naturally you have the republican party supporting the current wage, saying a new wage would be a job killer, while the Democratic party wishes to see it raised so that it can alleviate poverty. In the middle you have economists stating both might be right. Also the white house has openly claimed that the budget office’s math may be wrong in this matter. Regardless of petty politics I believe that there is a clear answer, minimum wage as a wage floor for the price level, by definition will reduce the demand for labor. That being said there is still the benefit of those who still have work are at least now earning more money to support themselves and their household.
Source: Article by Annie Lowrey, New York Times: Business Day Section, 02/19/14
So after having done further digging I have discovered that there is a plethora of research on my research topic. The research is so thorough that I find it unlikely that I will be able to contribute anything further to the topic. My question to all is: Should I change the research topic? Or stay the course despite the obvious challenges.