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1、外文翻译TheEconomicsofTwo-SidedPaymentCardMarkets:Pricing,AdoptionandUsageMaterialSource:JELClassification:L10,D40,O30Author:JamesMcAndrewsandZhuWangThispaperprovidesanewtheoryfortwo-sidedpaymentcardmarketsbypositingbettermicrofoundations.Adoptingpaymentcardsbyconsumersandmerchantsrequiresafixedcost,bu
2、tyieldslowermarginalcostsofmakingpayments.Consideringthistogetherwiththeheterogeneityofconsumerincomeandmerchantsize,ourtheoryderivescardadoptionandusagepatternconsistentwithcross-sectionandtime-seriesevidence.Ouranalysesalsohelpexplaintheobservedcardpricingpattern,particularlytherisingmerchant(int
3、erchange)feesovertime.Thisisbecauseaprivatecardnetwork,besidesinternalizingthetwo-sidedmarketexternality,hastheincentivetoinflatethecardtransactionvalue.Weshowthatprivatelydeterminedcardpricing,adoptionandusagetendtodeviatefromthesocialoptimum,andimposingaceilingoninterchangefeesmayimproveconsumerw
4、elfare.Keywords:PaymentCards,Two-sidedMarket,InterchangeFees.1.IntroductionAscreditanddebitcardsbecomeincreasinglyprominentformsofpayments,thestructureandperformanceofpaymentcardmarketsaredrawingincreasingscrutiny.Manycontroversialissuesareraisedaboutinterchangefees—thefeespaidtocardissuerswhenmerc
5、hantsaccepttheircreditordebitcardsforpurchase.Interchangefeesaretypicallysetbycardnetworksandinmanyinstancestheyareconsideredbycompetitionauthoritiestobetoohigh.2Particularly,interchangefeesintheUSareamongthehighestintheworld,andtheyhavebeenincreasinginrecentyearsdespitefallingcostsinthecardindustr
6、y.FollowingthepioneeringworkofBaxter(1983),animportantantitrustliteraturehasdiscussedthepotentialanticompetitiveeffectsofthecollectivedeterminationofinterchangefeeswithinpaymentcardsystems.However,nosystematictheoreticalanalysiswasavailableuntilveryrecentlywhenseveralformalmodelsofthepaymentcardind
7、ustryweredeveloped(e.g.,Schmalensee2002,RochetandTirole2003,Wright2003,2004).Thesemodelsaimtoprovideamorerigorousanalysisofpricingandvolumesincardpaymentsystems.Theframeworkthattheyusehighlightstheexistence
