主题｜Topic：Will that be Cash or Credit?
时间｜Time：06.07（周五）10: 00-11: 30
地点｜Venue：文澴楼709会议室｜Meeting Room 709，WENHUAN
主办单位｜Organizer：文澜学院
承办单位｜Operator：北京大学-中南财经政法大学新结构经济学研究中心
主讲｜Speaker
姚文雄，美国佐治亚州立大学（Georgia State University）J. Mack Robinson 商学院AREA讲席教授、房地产系教授、金融系教授和房地产中心主任。同时，担任亚特兰大联邦储备银行高级研究员和香港金融管理局研究员，并在多所大学担任客座教授。研究领域为家庭金融、房地产金融和住房政策。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等国际顶级学术刊物发表。
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.
