Third-party Transactions Research Articles

Estimating the Distaste for Price Gouging with Incentivized Consumer Reports

Thirty-four states prohibit price increases during emergencies, and individuals take costly actions to report violators. We measure experimentally the willingness to pay to report sellers who increase prices of personal protective equipment. Over 75 percent of subjects pay to report, even if others are willing to buy at those prices. We argue that reports contain information about a desire to prevent or punish third-party transactions at unfair or illicit prices. Reports are partially driven by a distaste for firm profits or markups, implying that the distribution of surplus between producers and consumers matters for welfare. (JEL C93, D22, D63, D91, H12, K22)

What if we could travel without passport? First sight to blockchain-based identity management in tourism

ABSTRACT Blockchain technology, as a distributed digital ledger, enables users to control their credentials without being breached by third parties. From a tourism perspective, it allows tourists to pass through checkpoints and/or bookings without waiting and having to go through third-party transactions. Hence, this paper aims to discuss traditional identity management (IdM) system challenges and what blockchain might offer as a counterpoint to conventional travel experiences within the tourism domain. We have tried to identify challenges, issues, and implementation areas of IdM in the tourism industry domain.

A secure framework of blockchain technology using CNN long short-term memory hybrid deep learning model

Generation Z is embracing blockchain technology, which is appropriate for the digital age. Internet of things (IoT) can benefit from blockchain technology IoT. The proliferation of IoT technology has led to breakthroughs in distributed system architecture. For the blockchain network to store, communicate, and exchange data, it needs a randomized data management system. This shows how difficult it may be to provide consistent and safe data replication in a distributed system, an issue blockchain technology may overcome. We need a solid prediction model that improves results. This article describes an innovative way to overcome the limitations of third-party transactions using Bitcoin. In this article, convolutional neural networks-long short term memory (CNN-LSTM) deep learning forecasting models are introduced. Convolutional layers help extract relevant data from instances. It has an long short-term memory (LSTM) layer, which lets it find long-and short term dependencies. The experiment's goal was to test the multivariate statistical model we suggested and compare its performance to well-established models. The addition of convolutional layers to a forecasting model may improve its accuracy, according to an experiment. The research shows that this strategy has a better chance of success and is more trustworthy than others.

Prediction and Evaluation Method of e-Commerce Service Satisfaction Based on Intelligent Computing Method.

Among the many service industries, e-commerce, which is based on the Internet and relies mainly on platforms and third-party transaction models, has developed rapidly. All localities have actively deployed their regional e-commerce development strategies to improve the core competitiveness of the regional economy. The rapid development of e-commerce provides a favorable development environment and construction environment for the spatial agglomeration of e-commerce service industry. We use the intelligent computing method to calculate the e-commerce service degree prediction experimental results that show that according to the curves of the three algorithms, we can also see that the curve values of the intelligent computing and fuzzy statistical algorithm models are very stable and the experimental results are also very stable. It shows that the performance of the intelligent computing algorithm is the most superior; the second-level indicators are the after-sales service of the merchant, the popularity of the merchant, and the attitude of the merchant's customer service; in the establishment of the logistic satisfaction evaluation index system, we found that the logistic satisfaction is the first-level indicator; the secondary indicators are the speed of logistics, the safety of logistics, the service attitude of logistics, and the price of logistics; after running on the test set, the model accuracy rate of the fuzzy statistical algorithm is 89.12%, and the accuracy rate can reach 89.56%. The accuracy rate of the intelligent algorithm can reach 92.46%, and the accuracy rate can reach 93.27%, which is the one with the highest index value among the three experimental models. Among the many service industries, e-commerce, which is based on the Internet and relies on platforms and third-party transaction models, is developing rapidly. All localities have actively deployed their regional e-commerce development strategies to improve the core competitiveness of the regional economy. The rapid development of e-commerce provides a favorable development environment and construction environment for the spatial agglomeration of e-commerce service industry.

Data breach in the travel sector and strategies for risk mitigation

The airline industry relies heavily on personal data for transactions. This paper discusses the British Airways data breach of 2018, how the attack unfolded and problems that led to the attack. It provides examples of other airline-breach incidents through the years, how they were handled, and shows different types of risks airlines face today that should be addressed. Personal data has become increasingly attractive to hackers, and this paper highlights privacy law compliance, the importance of protecting and securing data in the industry including vulnerabilities and levels of acceptable risk in third-party transactions. It reviews various publications and resources about the cyberattack and describes risk mitigation strategies that airlines should implement that would significantly reduce cyber risks. As threat actors adapt with methods of cyberattacks, proper steps should be taken to mitigate these risks.

Blockchain-Based Sharing and Tamper-Proof Framework of Big Data Networking

With the development of information technology, big data has had a positive impact on the development of various industries. However, the continued growth of data has led to difficulties in data sharing. Blockchain, with its information sharing characteristics and decentralized management principles, is expected to become the new engine for building a future data sharing platform. Blockchain-based data sharing is useful for recording user transactions and sharing of multi-platform data. However, this technology not only has challenges in information storage, but also risks in third-party transactions. In this article, we propose a big data sharing and transaction framework based on blockchain. This framework uses the blockchain decentralization and openness idea to establish a big data transaction platform for multiple users. For the problem of distributed secure storage of big data in the blockchain, we propose a data-tamperproof mechanism that introduces a cryptographic algorithm to prevent transaction data from being tampered with during user storage. The purpose of this article is to ensure transaction security and data reliability when trading in the blockchain.

On the Competitive Mechanism Concerning the Third-Party Transaction in Chinese Market

AbstractThis paper seeks to position the third-party transaction (TPT) in the macrostructure of Chinese market in terms of Concentration Ratio and Herfindahl-Hirschman Index. By extending both Cournot oligopolistic and Stackelberg oligopolistic competition models, a new oligopolistic competition model is established for China’s TPT market. Based on multidimensional game, a pricing game model is theorized accordingly to elucidate the TPT platform. The influence of various factors on the price of the TPT platform is verified with numerical simulation. The formation of monopoly is an inevitable consequence of the “one superpower and multi powers” market structure given the unregulated development of TPT enterprises as the prerequisite. In addition, through the studies on telecom payment market, such unregulated development can also cause the “big-three” domination for the TPT enterprises in the “multi powers” market structure. Based on our modelizations, this paper serves to provide prospect recommendations for policy-making of state supervision authorities.

Quantifying Repugnance to Price Gouging with An Incentivized Reporting Experiment

Anti-price gouging laws are ubiquitous and people take costly actions to report violators to law-enforcement agencies, which suggests that they value punishing price increases during emergencies. We argue with a model that consumer reports contain information about repugnance to price gouging, or willingness to prevent third-party transactions (Roth, 2007). We conduct a field experiment during the first wave of COVID-19 to measure individuals’ willingness to pay to report sellers who increase prices of personal protective equipment. The willingness to pay to report is non-negligible, polarized, and responsive to the seller's price. We also find that repugnance is partly due to distaste for seller profits, depending on the product.

Related Party Transactions and Audit Fees: Evidence from China

This paper investigates the effect of related-party transactions (RPTs) on audit fees in China. RPTs may violate the arm’s-length assumption of regular market-based transactions, impairing the representational faithfulness and verifiability of accounting data and, as a consequence, increase clients’ auditor-assessed business risk. The presence and magnitude of such transactions are therefore likely to increase audit fees. On the other hand, audit fees could be lower for firms with RPTs because auditors face less difficulty in verifying them, as opposed to third-party transactions. We first consider the effect of RPTs on audit fees, and document relatively high audit fees associated with RPTs. This lends support to the conjecture that RPTs are seen as increasing audit risk. We then extend this baseline case by considering the effects on audit fees of different classes of RPTs, of the different parties involved in RPTs and, finally, of the interaction between product-market competition and RPTs. We first document a negative (positive) association between RPTs involving sales and purchase of goods and services (RPTs related to intercorporate loans). We also find that audit fees are relatively high for RPTs involving loans and capital transfers when listed parents transact with their subsidiaries. Finally, we find that audit fees are relatively low for RPTs within competitive industries.

Related-Party Transactions and Audit Fees: Evidence from China

ABSTRACTThis paper investigates the effect of related-party transactions (RPTs) on audit fees in China. RPTs may violate the arm's-length assumption of regular market-based transactions, impairing the representational faithfulness and verifiability of accounting data and, as a consequence, increase clients' auditor-assessed business risk. The presence and magnitude of such transactions are therefore likely to increase audit fees. On the other hand, audit fees could be lower for firms with RPTs because auditors face less difficulty in verifying them, as opposed to third-party transactions. We first consider the effect of RPTs on audit fees, and document relatively high audit fees associated with RPTs. This lends support to the conjecture that RPTs are seen as increasing audit risk. We then extend this baseline case by considering the effects on audit fees of different classes of RPTs, of the different parties involved in RPTs and, finally, of the interaction between product-market competition and RPTs. We first document a negative (positive) association between RPTs involving sales and purchase of goods and services (RPTs related to intercorporate loans). We also find that audit fees are relatively high for RPTs involving loans and capital transfers when listed parents transact with their subsidiaries. Finally, we find that audit fees are relatively low for RPTs within competitive industries.

Banking: A New Monetarist Approach

We develop a model where: (i) banks take deposits and make investments; (ii) their liabilities facilitate third-party transactions. Other models have (i) or (ii), not both, although we argue they are intimately connected: we show that they both emerge from limited commitment. We describe an environment, characterize desirable allocations, and interpret the outcomes as banking arrangements. Banks are essential: without them, the set of feasible allocations is inferior. As a technical contribution, we characterize dynamically optimal credit allocations with frictions, show they involve backloading, and analyse how this interacts with banking. We also confront the theory with economic history. Copyright 2013, Oxford University Press.

Transfer pricing by the Canadian oil industry: a company analysis

The Canadian oil industry has been the subject of several debates with respect to charges of transfer pricing. On the basis of a large data set, which includes all oil shipments into the US and Canada from 1974–84, the first direct test of manipulative transfer pricing, based on actual company behaviour, is performed. Particular attention is paid to the multicollinearity problem which arises in this context. Through regression analysis it emerges that the six largest Canadian affiliates of multinational corporations paid crude-oil import prices which were generally equal to or lower than prices of third-party transactions for a country in a given year. This is a fairly robust result which highlights the existence of manipulative transfer pricing. In the present case, the practice was beneficial to Canada.

Issues and New Directions in Public Expenditure Management

The public expenditure management system is in a state of flux. Traditional approaches of expenditure management have serious limitations in addressing current and future tasks. The new approaches toward improved expenditure management, which emphasize the creation of task-oriented agencies, performance agreements, and competitive tendering and contracting, have considerable potential in meeting the tasks. But it is essential to address the detailed operational aspects of these new approaches so that they do not contribute to a shadow government or a government that continues to be weak in regard to contracts and third-party transactions.

Issues and New Directions in Public Expenditure Management

The public expenditure management system is in a state of flux. Traditional approaches of expenditure management have serious limitations in addressing current and future tasks. The new approaches toward improved expenditure management, which emphasize the creation of task-oriented agencies, performance agreements, and competitive tendering and contracting, have considerable potential in meeting the tasks. But it is essential to address the detailed operational aspects of these new approaches so that they do not contribute to a shadow government or a government that continues to be weak in regard to contracts and third-party transactions.