Footnote:
In: Journal of Banking & Finance, Vol. 35, No. 10, pp. 2544-2546, 2011
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 14, 2011 erstellt
Description:
Two widely discussed pricing benchmarks in the literature on payment cards markets are the "tourist test" interchange fee (Rochet and Tirole, 2011), which internalizes usage externalities in payment card markets, and "perfect surcharging" by merchants (Rochet and Tirole, 2002). This paper shows that these benchmarks are allocatively equivalent. Implications for the regulatory treatment of interchange fees and no-surcharge rules are discussed