DSpace Collection:
http://dspace.library.iitb.ac.in/jspui/handle/100/13803
2016-02-14T01:55:39ZIncentivising ATM-cash and cheques over electronic transactions - A policy gap
http://dspace.library.iitb.ac.in/jspui/handle/100/18425
Title: Incentivising ATM-cash and cheques over electronic transactions - A policy gap
Authors: Das, Ashish
Abstract: The country is moving through a phase of dynamic changes in the payment system. This is primarily due to technology coming into play to revolutionise the payment space. Reserve Bank of India (RBI) and the government both have realised the benefits and importance to venture into promoting the electronic payment system of the country to bring in ease, efficiency and accountability. RBI has added a new league of banks called payment banks while the government has planned to incentivise electronic payments in a big way.
Other than maintaining brick and mortar branches, an important head of operational expense for banks pertains to management of cash and cheques. This is a cost not only for banks but also for the government and ultimately through various forms for the economy in general.
There is a high cost of cash to the economy that is not explicitly stated. These include both direct cost (printing/transporting notes, weeding out soiled notes, combating counterfeiting by several means including periodically introducing new series of currency notes and withdrawing existing ones, etc.) and indirect cost (loss of tax revenue, creation/prevalence of black money, etc.). Moreover, cash facilitates crime and above all cash is not ‘swachcha’ (imagine the germs that currency notes carry when we receive balance cash from a fishmonger, a vegetable vendor, an auto-riksha driver or even from an ATM). Moving towards cashless economy is the appropriate way to address these ills. People should make cashless transactions a habit and RBI should impart this important message of financial/depositor education through Depositor Education and Awareness Fund (DEAF).
The digital payments infrastructure already in place can give boost to payments made digitally provided the same convenience and acceptability as that for cash can be attained by policy reorientation. At present RBI’s policies and bank practices are not oriented towards explicitly creating an ecosystem which gives the end users (customers) freedom of choice between payment modes; where there is no imbalance imposed by anomalous incentive/disincentive structures; where cash/paper transactions are not incentivised over cashless/paperless transactions; and where payments which are cheaper for banks to execute are priced favourably over payments which are expensive for banks to execute. In this regard, the policy makers should focus to answer the following question:
“Is it not possible to provide freedom of choice to customers by allowing them few free debit transactions each month and letting them pick economical/efficient/convenient mobile/computer/net based IMPS/NEFT alternatives over the cost-intensive/less-efficient ATM-cash/cheque ones?”
It is prudent to migrate to measures that incentivise cashless/paperless transactions since they are more economical, beneficial and efficient than cash/paper transactions. This Report presents a way forward for encouraging the cost effective electronic payments over cash and cheques. It focuses on the incentives and disincentives in the existing payment space and provides rational policy path, for possible implementation by RBI and the government.2016-01-27T00:00:00ZOptimal two-level choice designs for estimating main effects and specified two-factor interactions
http://dspace.library.iitb.ac.in/jspui/handle/100/17353
Title: Optimal two-level choice designs for estimating main effects and specified two-factor interactions
Authors: Chai, Feng-Shun; Das, Ashish; Singh, Rakhi
Abstract: Over two decades, optimal choice designs have been obtained for estimating the main effects and the main plus two-factor interaction effects under both the multinomial logit model and the linear paired comparison model. However, there are no general results on the optimal choice designs for estimating main plus {\it some} two-factor interaction effects. We consider a model involving the main plus two-factor interaction effects with our interest lying in the estimation of the main effects and a specified set of two-factor interaction effects. The specified set of the two-factor interaction effects include the interactions where only one of the factors possibly interact with the other factors. We first characterize the information matrix and then construct universally optimal choice designs for choice set sizes 3 and 4.2015-10-11T00:00:00ZOptimal Paired Choice Block Designs
http://dspace.library.iitb.ac.in/jspui/handle/100/17352
Title: Optimal Paired Choice Block Designs
Authors: Singh, Rakhi; Das, Ashish; Chai, Feng-Shun
Abstract: Choice experiments mirror real world situations closely and helps manufacturers, policy-makers and other researchers in taking business decisions on their product characteristics based on its perceived utility. In a paired choice experiment, several pairs of options are shown to respondents. The respondents are asked to give their preference among the two options for each of the choice pairs shown to them. In order to conduct an experiment, a choice design is customarily used to efficiently estimate the parameters of interest which essentially consists of either the main effects only or the main plus two-factor interaction effects of the attributes. Traditionally,
every respondent is shown the same collection of choice pairs under an
untenable assumption that the respondents are alike in every respect. Also, as the
attributes or the number of levels under each attribute increases, the number of
choice pairs in an optimal paired choice design increases rapidly. To address these
concerns, under the multinomial logit model or the linear paired comparison model, we first incorporate the respondent effects and then present optimal designs for the parameters of interest. We provide optimal paired choice designs for estimating the main effects for symmetric and asymmetric multi-level attributes with smaller number of choice pairs shown to each respondent. We also provide optimal paired choice designs for estimating the main effects only and the main plus two-factor interaction effects under the main plus two-factor interaction effects model.2015-09-16T00:00:00ZOn optimal two-level supersaturated designs
http://dspace.library.iitb.ac.in/jspui/handle/100/17349
Title: On optimal two-level supersaturated designs
Authors: Singh, Rakhi; Das, Ashish
Abstract: A popular measure to assess two-level supersaturated designs is the $E(s^2)$ criteria. Recently, Jones and Majumdar (2014) introduced the $\mbox{{\it UE}}(s^2)$ criteria and obtained optimal designs under the criteria. Effect-sparsity principle states that only a very small proportion of the factors have effects that are large. These factors with large effects are called {\it active} factors. Therefore, the basis of using a supersaturated design is the inherent assumption that there are very few active factors which one has to identify. Though there are only a few active factors, it is not known a priori what these active factors are. The identification of the active factors, say $k$ in number, is based on model building regression diagnostics (e.g. forward selection method) wherein one has to desirably use a supersaturated design which on an average estimates the model parameters optimally during the sequential introduction of factors in the model building process. Accordingly, to overcome possible lacuna on existing criteria of measuring the goodness of a supersaturated design, we meaningfully define the $ave(s^2_k)$ and $ave(s^2)_\rho$ criteria, where $\rho$ is the maximum number of active factors. We obtain superior $\mbox{{\it UE}}(s^2)$-optimal designs in ${\cal D}_U(m,n)$ and compare them against $E(s^2)$-optimal designs under the more meaningful criteria of $ave(s^2_k)$ and $ave(s^2)_\rho$. It is seen that $E(s^2)$-optimal designs perform fairly well or better even against superior $\mbox{{\it UE}}(s^2)$-optimal designs with respect to $ave(s^2_k)$ and $ave_d(s^2)_\rho$ criteria.2015-02-04T00:00:00Z