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1

Kopsakangas-Savolainen, Maria, and Tuomas Takalo. "Competition Before Sunset: The Case of the Finnish ATM Market." Review of Network Economics 13, no. 1 (2014): 1–33. http://dx.doi.org/10.1515/rne-2012-0018.

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AbstractWe study service fee and network size competition in an ATM market between an incumbent and an independent deployer, and its optimal regulation. We also analyze an actual regulation of such a market by competition authorities in Finland. Compared with the first-best regulation, we find unregulated foreign and interchange fees too high and an unregulated size of the incumbent’s ATM network too small. However, if network sizes cannot be directly regulated, then competitive fees may also be too low from the welfare point of view. The Finnish regulation caps the incumbent’s foreign fee whi
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2

Reisinger, Markus, and Hans Zenger. "Interchange fee regulation and service investments." International Journal of Industrial Organization 66 (September 2019): 40–77. http://dx.doi.org/10.1016/j.ijindorg.2019.05.002.

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3

Mariotto, Carlotta, and Marianne Verdier. "Who Pays for Card Payments? A General Model on the Role of Interchange Fees." Review of Network Economics 16, no. 3 (2017): 307–49. http://dx.doi.org/10.1515/rne-2018-0003.

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Abstract When a consumer pays by card, the merchant’s bank pays to the consumer’s bank an interchange fee. In this article, we construct a general model of a card platform that unifies the literature on interchange fees. We enrich the existing frameworks by analyzing the choice of the interchange fee when consumer demand is elastic to retail prices. We show that the difference between the privately set structure of payment card fees and the socially optimal one depends both on banks’ and merchants’ pass-through of their costs to consumers. We argue that the maturity of the payment card market
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4

Zenger, Hans. "Perfect surcharging and the tourist test interchange fee." Journal of Banking & Finance 35, no. 10 (2011): 2544–46. http://dx.doi.org/10.1016/j.jbankfin.2011.02.016.

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5

Polasik, Michał. "The Effects of the Interchange Fee Reduction on the Polish Card Market." Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 51, no. 6 (2018): 331. http://dx.doi.org/10.17951/h.2017.51.6.331.

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6

Sarakhman, Oksana, Ruslana Shurpenkova, Tatiana Kalaitan, Оlena Sidelnyk, and Uljana Grudzevuch. "MARKET APPROACH TO INTERCHANGE COMMISSION REGULATION: ADVANTAGES AND DISADVANTAGES." Economic Analysis, no. 32(1) (2022): 208–18. http://dx.doi.org/10.35774/econa2022.01.208.

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Introduction. In Ukraine the lion's share of the commission fee for the services of the acquiring institution (the cost of trade acquiring) is the interchange fee (60% – 75%) – interbank exchange fee paid by the acquirer to the issuer of electronic means of payment for each direct or indirect person) non-cash transaction, made with a payment card, and varies between 1,4 – 1,8% of the transaction amount. The average cost of trade acquiring in Ukraine is 2% of turnover and plus approximately 300 hryvnias for terminal rent per month. Interchanging payment (funds paid by the acquirer's acquirer's
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7

SHY, OZ. "MEASURING SOME EFFECTS OF THE 2011 DEBIT CARD INTERCHANGE FEE REFORM." Contemporary Economic Policy 32, no. 4 (2014): 769–83. http://dx.doi.org/10.1111/coep.12045.

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8

Aurazo, Jose, and Jose Vasquez. "Merchant Card Acceptance: An Extension of the Tourist Test for Developing Countries." Review of Network Economics 18, no. 2 (2019): 109–39. http://dx.doi.org/10.1515/rne-2019-0030.

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Abstract The paper extends the tourist test proposed by Rochet and Tirole (2011) to the situation of emerging countries which are characterized by informality (tax evasion through cash payments). We introduce a government which faces a cost associated to cash (resources to fight against crime minus seigniorage) and tax evasion in the base model. The main idea is that merchants benefit from tax evasion since they do not provide a receipt in cash transactions and thus pocket a fraction of the VAT. In the presence of informality, the tax benefit of cash reduces the merchants’ net operating benefi
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9

de Castro, Daniel Tavares, Emerson Erik Schmitz, and Monique de Abreu Azevedo. "An empirical analysis of debit card interchange fee regulation: Evidence from Brazil." Latin American Journal of Central Banking 4, no. 1 (2023): 100078. http://dx.doi.org/10.1016/j.latcb.2022.100078.

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10

Evans, D. S., H. Chang, and S. Joyce. "THE IMPACT OF THE U.S. DEBIT-CARD INTERCHANGE FEE REGULATION ON CONSUMER WELFARE." Journal of Competition Law and Economics 11, no. 1 (2015): 23–67. http://dx.doi.org/10.1093/joclec/nhu032.

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11

Aurazo, Jose, and Milton Vega. "Card Acceptance by Small Merchants: An Application of the Tourist Test to Peru." Review of Network Economics 20, no. 2 (2021): 101–37. http://dx.doi.org/10.1515/rne-2021-0024.

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Abstract This paper presents a first estimation of the tourist test threshold for interchange fees that makes Peruvian small merchants indifferent between accepting cash and debit cards at the point of sale. We use the tourist test model (initially proposed by Rochet and Tirole), including tax evasion (Aurazo and Vasquez’s model) as an extra factor in the merchants’ decision between cash and card payments. Also, we revisit the existing empirical approaches and propose a new empirical approach, coined as the cash-flow approach, which assumes that small merchants estimate the overall cost in ter
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12

TIROLE, Jean, and Jean Charles ROCHET. "Must-Take Cards: Merchant Discounts and Avoided Costs." Journal of the European Economic Association 9, no. 3 (2011): 462–95. https://doi.org/10.1111/j.1542-4774.2011.01020.x.

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Antitrust authorities often argue that merchants cannot reasonably turn down payment cards and therefore must accept excessively high merchant discounts. The paper attempts to shed light on this “must-take cards” view from two angles. First, the paper gives some operational content to the notion of “must-take card” through the “avoided-cost test” or “tourist test”: would the merchant want to refuse a card payment when a non-repeat customer with enough cash in her pocket is about to pay at the cash register? It analyzes its relevance as an indicator of excessive interchange fees. Second, it ide
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13

Bedre-Defolie, Özlem, and Emilio Calvano. "Pricing Payment Cards." American Economic Journal: Microeconomics 5, no. 3 (2013): 206–31. http://dx.doi.org/10.1257/mic.5.3.206.

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Payment card networks, such as Visa, require merchants' banks to pay substantial “interchange” fees to cardholders' banks on a per transaction basis. This paper shows that a network's profit-maximizing fee induces an inefficient price structure, oversubsidizing card usage and overtaxing merchants. We show that this distortion is systematic and arises from the fact that consumers make two distinct decisions (membership and usage), whereas merchants make only one (membership). In general, we contribute to the theory of two-sided markets by introducing a model that distinguishes between extensive
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14

Barbosa, Klenio, Bruno de Paula Rocha, Luan Michel Pereira, and Luiz Fernando Passos. "Payment card interchange fee regulation and financial institutions: The effects on traditional and fintech financial conglomerates*." Finance Research Letters 64 (June 2024): 105491. http://dx.doi.org/10.1016/j.frl.2024.105491.

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15

Siragusa, Mario, Maurits Dolmans, Romano F. Subiotto QC, Paul Gilbert, and John Messent. "Payment services in the EU: price regulation to protect a duopoly." Competition Law Journal 18, no. 4 (2020): 175–89. http://dx.doi.org/10.4337/clj.2019.04.06.

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The EU Interchange Fee Regulation (‘IFR’) introduced price caps on the fees paid between banks in respect of credit and debit card payments. The Second Payment Services Directive (‘PSD2’) forces some payment schemes to open up their networks to any banks that want to use them. These rules, together with a wealth of related and ancillary provisions, are the legislative fallout from a series of antitrust investigations into Visa and Mastercard. But the rules are not limited to Visa and Mastercard, nor are they limited to schemes that operate in the same way as Visa and Mastercard. They extend to
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16

Guo, Hangfei, Mingming Leng, and Yulan Wang. "Interchange fee rate, merchant discount rate, and retail price in a credit card network: A game-theoretic analysis." Naval Research Logistics (NRL) 59, no. 7 (2012): 525–51. http://dx.doi.org/10.1002/nav.21505.

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17

Bartes, Frantisek, and Jitka Studenikova. "Payment System Competitiveness." Equilibrium 5, no. 2 (2010): 93–101. http://dx.doi.org/10.12775/equil.2010.027.

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Competitiveness is one of the key conditions of functional market system. With the time passing, people changed their understanding of economic systems, from barter to paper money. In nowadays world, when the IT becomes a big part of common life, the electronic money, e-purses, pay pall and other payment systems are more used and important. The payment systems differ one from each other and we can talk about payment instruments market. But what if this market does not work well. The aim of this article is to find out the rules, conditions on the market of payment instruments. The author tries
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18

Williams, Chris. "Funder C.A.T. – Ho!" Competition Law Journal 23, no. 3 (2024): 162–71. https://doi.org/10.4337/clj.2024.03.04.

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How should a court go about determining what is a reasonable return for a litigation funder in the UK’s collective proceedings regime? This article considers that question and examines some of the methods funders use to underwrite and price investments in opt-out class actions in the Competition Appeal Tribunal. ‘We strongly oppose this reported settlement which was struck without our agreement. It is both too low and premature’. These words, made in a statement issued by Innsworth Advisors Limited, followed the announcement on 3 December 2024 that Walter Merricks CBE had agreed to settle his
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19

Zenger, Hans. "Differentiated interchange fees." Economics Letters 115, no. 2 (2012): 276–78. http://dx.doi.org/10.1016/j.econlet.2011.12.093.

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20

Rochet, Jean-Charles, and Julian Wright. "Credit card interchange fees." Journal of Banking & Finance 34, no. 8 (2010): 1788–97. http://dx.doi.org/10.1016/j.jbankfin.2010.02.026.

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21

Schmalensee, Richard. "Payment Systems and Interchange Fees." Journal of Industrial Economics 50, no. 2 (2003): 103–22. http://dx.doi.org/10.1111/1467-6451.00170.

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22

Górka, Jakub. "ATM Network Development in Poland and ATM Interchange and Surcharge Fees." Gospodarka Narodowa 249, no. 7-8 (2011): 89–112. http://dx.doi.org/10.33119/gn/101100.

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23

Gow, S. H., and L. C. Thomas. "Interchange fees for bank ATM networks." Naval Research Logistics 45, no. 4 (1998): 407–17. http://dx.doi.org/10.1002/(sici)1520-6750(199806)45:4<407::aid-nav6>3.0.co;2-9.

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24

Bean, LuAnn. "Interchange fees: A cost-cutter's update." Journal of Corporate Accounting & Finance 18, no. 1 (2006): 9–14. http://dx.doi.org/10.1002/jcaf.20256.

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25

Ding, Rong, and Julian Wright. "Payment Card Interchange Fees and Price Discrimination." Journal of Industrial Economics 65, no. 1 (2017): 39–72. http://dx.doi.org/10.1111/joie.12120.

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26

Bourreau, Marc, and Marianne Verdier. "Interchange Fees and Innovation in Payment Systems." Review of Industrial Organization 54, no. 1 (2018): 129–58. http://dx.doi.org/10.1007/s11151-018-9648-6.

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27

Carvalho, Monica, Miguel A. Lozano, José Ramos, and Luis M. Serra. "Synthesis of Trigeneration Systems: Sensitivity Analyses and Resilience." Scientific World Journal 2013 (2013): 1–16. http://dx.doi.org/10.1155/2013/604852.

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This paper presents sensitivity and resilience analyses for a trigeneration system designed for a hospital. The following information is utilized to formulate an integer linear programming model: (1) energy service demands of the hospital, (2) technical and economical characteristics of the potential technologies for installation, (3) prices of the available utilities interchanged, and (4) financial parameters of the project. The solution of the model, minimizing the annual total cost, provides the optimal configuration of the system (technologies installed and number of pieces of equipment) a
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28

Donze, Jocelyn, and Isabelle Dubec. "The role of interchange fees in ATM networks." International Journal of Industrial Organization 24, no. 1 (2006): 29–43. http://dx.doi.org/10.1016/j.ijindorg.2005.07.010.

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29

Gligorescu, Anton, Long Chen, Kim Jensen, Neda Nasiri Moghadam, Torsten Nygaard Kristensen, and Jesper Givskov Sørensen. "Rapid Evolutionary Adaptation to Diet Composition in the Black Soldier Fly (Hermetia illucens)." Insects 14, no. 10 (2023): 821. http://dx.doi.org/10.3390/insects14100821.

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Genetic adaptation of Hermetia illucens (BSF) to suboptimal single sourced waste streams can open new perspectives for insect production. Here, four BSF lines were maintained on a single sourced, low-quality wheat bran diet (WB) or on a high-quality chicken feed diet (CF) for 13 generations. We continuously evaluated presumed evolutionary responses in several performance traits to rearing on the two diets. Subsequently, we tested responses to interchanged diets, i.e., of larvae that had been reared on low-quality feed and tested on high-quality feed and vice versa to evaluate costs associated
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30

Brahma, Latika Rani, Dipankar Saikia, Monimala Saikia, and Lohit Ch Dutta. "Effect of Sole and Combination of Food Plants on Degumming of Cocoon and Physical Properties of eri (Samia ricini Donovan) Silk Yarn." Journal of Experimental Agriculture International 46, no. 9 (2024): 419–25. http://dx.doi.org/10.9734/jeai/2024/v46i92838.

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The study revealed that castor fed worms registered for maximum yarn yield and size with minimum degumming loss and degumming period followed by kesseru fed worms. Though borpat fed worms registered lower values in respect of yarn yield with higher degumming loss and longer degumming period, the food plants had no significant effect on physical properties of the yarns viz, breaking load, tenacity, elongation percentage and imperfection. Interchange of food plants was found to have a decreasing trend in yarn yield and yarn size than sole food plants, however, there was no significant difference
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31

Wright, Julian. "The Determinants of Optimal Interchange Fees in Payment Systems." Journal of Industrial Economics 52, no. 1 (2004): 1–26. http://dx.doi.org/10.1111/j.0022-1821.2004.00214.x.

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32

Shmanev, Timofey. "Passenger Service Based on the Principle of “Clean Feet”. A Series of Articles. Part 1." Proceedings of Petersburg Transport University 20, no. 4 (2023): 967–74. http://dx.doi.org/10.20295/1815-588x-2023-4-967-974.

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Purpose: Conducting a comparative analysis of the existing sources of the formation of the interpretation and use of the term and terms similar in meaning and essence: “transport hub” and “transport interchange hub” and their assessment. Methods: The main tools for the analysis and management of the passenger complex in the implementation of permanent activities are: cause-and-effect relationships, algorithmization, mapping, data analysis, etc. Results: The characteristics of the definitions of the concept of types of SP (stop point), TH (transport hub), TIH (transport interchange hub ) and TI
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33

Jonker, Nicole, and Mirjam Plooij. "Tourist Test interchange fees for card payments: down or out?" Journal of Financial Market Infrastructures 1, no. 4 (2013): 51–72. http://dx.doi.org/10.21314/jfmi.2013.016.

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34

HOSSACK, NICHOLAS. "GUARANTEES, INTERCHANGE AND FEES-CURRENT ISSUES WITH LONG-TERM IMPLICATIONS." Economic Papers: A journal of applied economics and policy 25, S1 (2006): 121–28. http://dx.doi.org/10.1111/j.1759-3441.2006.tb00422.x.

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35

Verdier, Marianne. "Interchange fees and incentives to invest in payment card systems." International Journal of Industrial Organization 28, no. 5 (2010): 539–54. http://dx.doi.org/10.1016/j.ijindorg.2009.10.009.

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36

Moore-Colyer, Meriel, Amy Westacott, Lucile Rousson, Patricia Harris, and Simon Daniels. "Where Are We Now? Feeds, Feeding Systems and Current Knowledge of UK Horse Owners When Feeding Haylage to Their Horses." Animals 13, no. 8 (2023): 1280. http://dx.doi.org/10.3390/ani13081280.

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Despite our improved understanding of equid digestive health and accurate rations formulations, obesity in the UK horse population remains high. Study aims: (1) to determine how owners are feeding their horses and what influences their choices, (2) to understand owners’ knowledge of haylage and (3) to identify key areas that require additional education. Data were collected in 2020 from 1338 UK horse owners via two online surveys. Survey 1 (S1) was on general feeding practices, and Survey 2 (S2) was specifically on the feeding of haylage. Data were processed using chi square analyses + Bonferr
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37

Kim, Youngchul, Wesley O. Pipes, and Paul-Gene Chung. "Control of activated sludge bulking by operating clarifiers in a series." Water Science and Technology 38, no. 8-9 (1998): 1–8. http://dx.doi.org/10.2166/wst.1998.0784.

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A full scale experiment with an activated sludge process in a pharmaceutical manufacturing plant showed that the operation of two settling tanks in series, with the first tank full of sludge, resulted in selection of sludge particles which had a lower than average filament content for retention in the process. Series operation of the two clarifiers was very successful in controlling sludge bulking. The functioning of the settling tanks as selectors of sludge particles which settle and thicken well has not been considered to any great extent. Two laboratory-scale activated sludge plants fed wit
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38

Gans, Joshua S., and Stephen P. King. "Approaches to Regulating Interchange Fees in Payment Systems." Review of Network Economics 2, no. 2 (2003). http://dx.doi.org/10.2202/1446-9022.1022.

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Significant attention worldwide has been paid to the regulation of credit card interchange fees. In part, this attention has followed concerns expressed about the level of these fees in Europe, the U.S. and Australia. The Reserve Bank of Australia recently conducted an extensive inquiry into the interchange fees associated with credit cards and has moved to regulate those fees. At the same time, research economists have considered determinants of the socially optimal interchange fee. In this paper, we use the Australian experience to highlight alternative methods of regulating interchange fees
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39

Reisinger, Markus, and Hans Zenger. "Interchange Fee Regulation and Service Investments." SSRN Electronic Journal, 2019. http://dx.doi.org/10.2139/ssrn.3241289.

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40

Mariotto, Carlotta, and Marianne Verdier. "Double Internalization and Interchange Fee Bias." SSRN Electronic Journal, 2014. http://dx.doi.org/10.2139/ssrn.2535558.

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41

Rochet, Jean-Charles, and Jean Tirole. "Externalities and Regulation in Card Payment Systems." Review of Network Economics 5, no. 1 (2006). http://dx.doi.org/10.2202/1446-9022.1085.

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The paper offers a roadmap to the current economic thinking concerning interchange fees. After describing the fundamental externalities inherent in payment systems and analysing merchant resistance to interchange fee increases and the associations' determination of this fee, it derives the externalities' implications for welfare analysis. It then discusses whether consumer surplus or social welfare is the proper benchmark for regulatory purposes. Finally, it offers a critique of the current regulatory approach, and concludes with a call for more novel and innovative thinking about how to recon
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42

Shabgard, Bita, and Javier Asensio. "The price effects of reducing payment card interchange fees." SERIEs, April 27, 2023. http://dx.doi.org/10.1007/s13209-023-00278-y.

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AbstractIn this paper we empirically address the issue of whether reductions in card payment interchange fees have a significant impact on prices paid by consumers. The answer to this question is at the core of most competition policy cases and regulations that have been applied to card payment markets. Relying on Rochet and Tirole’s (RandJEcon 33:549–570, 2002) model of this sector as a two-sided market, we identify the two channels through which interchange fee reductions may influence retail prices: the impact on cards’ demand and on the merchant service charge, which may be passed through
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43

Veljan, Alen. "A critical review of the European Commission’s Multilateral Interchange Fee Regulation." Journal of Payments Strategy & Systems, September 1, 2018. http://dx.doi.org/10.69554/kesc6479.

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Following the implementation of the European Commission’s Multilateral Interchange Fee Regulation in 2015, interchange fees in the European card payments market recorded their highest ever reduction in size and regional scope. This paper reviews the motives and grounds of the regulation in relation to issuing banks’ revenue losses. Using data collected from Visa, MasterCard and the European Central Bank over a period of eight years, the paper assesses the relationship between interchange fees and selected payment metrics. In contrast to forecasts made by the European Commission, the results in
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44

Lopez-Gallo Dey, Fabrizio, and Jose L. Negrin. "Effects of Interchange Fee Changes on Merchant Service Fees and Cardholders' Benefits." SSRN Electronic Journal, 2005. http://dx.doi.org/10.2139/ssrn.707133.

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45

Weiner, Stuart E., and Julian Wright. "Interchange Fees in Various Countries: Developments and Determinants." Review of Network Economics 4, no. 4 (2005). http://dx.doi.org/10.2202/1446-9022.1078.

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Interchange fees and related issues in payment card markets have been the focus of considerable attention recently. The academic community and public officials have begun to scrutinize these markets. Meanwhile, these markets continue to experience dynamic change as card payments account for an ever-growing share of overall payments. This paper provides an overview of interchange fee developments and issues, and also presents a preliminary analysis of some possible contributing factors. The principal conclusion of the paper is that interchange arrangements vary considerably across countries, an
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46

Levitin, Adam J. "An Analysis of the Proposed Interchange Fee Litigation Settlement." SSRN Electronic Journal, 2012. http://dx.doi.org/10.2139/ssrn.2133361.

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47

Azzurro, Ernesto, and Manuela D’Amen. "Climate change paves the way for a new inter‐ocean fish interchange." Frontiers in Ecology and the Environment, September 11, 2022. http://dx.doi.org/10.1002/fee.2459.

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48

Farrell, Joseph. "Assessing Australian Interchange Regulation: Comments on Chang, Evans and Garcia Swartz." Review of Network Economics 4, no. 4 (2005). http://dx.doi.org/10.2202/1446-9022.1081.

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In this short comment, I provide my views on "The Effect of Regulatory Intervention in Two-Sided Markets: An Assessment of Interchange-Fee Capping in Australia" (published in this issue) that was presented at the Antitrust Activity in Card-Based Payment Systems: Causes and Consequences conference.
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49

Chang, Howard, David S. Evans, and Daniel D. Garcia Swartz. "The Effect of Regulatory Intervention in Two-Sided Markets: An Assessment of Interchange-Fee Capping in Australia." Review of Network Economics 4, no. 4 (2005). http://dx.doi.org/10.2202/1446-9022.1080.

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We examine the impact to date of the Reserve Bank of Australia's decision to reduce interchange fees on credit cards in Australia by almost half. We find that, in the short run, issuers have recovered between 30 and 40 percent of the loss of interchange fees. Merchants have benefited from lower fees but it is questionable whether those benefits have been substantially passed on to their customers. The per-transaction price at the point of sale has not changed significantly and there is relatively little evidence thus far that the intervention has affected the volume of card transactions in Aus
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50

Shy, Oz. "Measuring Some Effects of the 2011 Debit Card Interchange Fee Reform." SSRN Electronic Journal, 2013. http://dx.doi.org/10.2139/ssrn.2376628.

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