主題｜Topic：Will that be Cash or Credit?
時間｜Time：06.07（周五）10: 00-11: 30
地點｜Venue：文澴樓709會議室｜Meeting Room 709，WENHUAN
主辦單位｜Organizer：澳门永利集团304官网手机
承辦單位｜Operator：北京大學-中南财經政法大學新結構經濟學研究中心
主講｜Speaker
姚文雄，美國佐治亞州立大學（Georgia State University）J. Mack Robinson 商學院AREA講席教授、房地産系教授、金融系教授和房地産中心主任。同時，擔任亞特蘭大聯邦儲備銀行高級研究員和香港金融管理局研究員，并在多所大學擔任客座教授。研究領域為家庭金融、房地産金融和住房政策。研究成果在American Economic Review， Econometrica，Journal of Finance，Journal of Financial Economics，Management Science，the Review of Financial Studies和Journal of Urban Economic等國際頂級學術刊物發表。
摘要｜Abstract
Using new data from Clover, the market-leading point-of-sale platform in the U.S., and Fiserv, the largest payments processor in the U.S., we document how consumers pay for goods and services. A key feature of the data is the availability of transaction data at the merchant level, where we observe cash, checking, debit card, and credit card payments. We find that there is substantial heterogeneity in payment methods across merchants, varying across industries, regions, and consumer demographics. This finding has important implications because merchants pay heterogeneous fees for accepting different payment methods. To help understand and interpret our findings, we develop and estimate a structural model to understand how payment choices and the associated fees impact merchants and consumers. We show that accounting for this heterogeneity in payment methods across merchants is essential for assessing the winners and losers of card rewards programs. We find that both cash and debit card users help subsidize card rewards, but the subsidies are perhaps smaller than previously believed, given the penetration and concentration of credit cards in the U.S.
