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Navigable Slide Index

1. Introduction
2. Outline of talk
3. Why bother?
4. Efficiency in retail payment
5. Monetary policy
6. Competition in retail payments
7. Competition: key policy questions
8. Competition on what?
9. Margins of competition at the issuer level
10. Competition: unresolved empirical question
11. Are retail payments two sided?
12. Newer payment systems/instruments
13. Mature retail payment instruments
14. Key parameters in two sided models: theory
15. From theory to evidence
16. Models of retail payments
17. Consumer choice of payment instrument(s)
18. Consumer payment choice: theory (1)
19. Consumer payment choice: theory (2)
20. Estimating elasticities of consumer demand
21. Evidence on attribute elasticities
22. Incorporating "behavioral" theory
23. Behavioral fallibility
24. Potential broad implications
25. Behavioral theory and empirical puzzles
26. Why do issuers offer float?
27. Why does payment choice vary so strongly?
28. Reviewing key questions
29. Reviewing open key questions
30. Methods for answering the open questions
31. Brief recap of implications (1)
32. Brief recap of implications (2)
33. Thank you
34. Reference

Topics Covered

• Policy motivation: systemic risk, efficiency, monetary policy and forensics
• Competition
• Key policy questions
• Are retail payments 2-sided markets?
• Key parameters in 2-sided models
• Consumer choice
• Typical theory setup and implications
• Elasticities
• 'Behavioral' theories
• Decision making
• Future directions
• Implications for policy, regulation and oversight

Links

Series:

• Effective Oversight of Payment and Settlement Systems

Categories:

• Finance, Accounting & Economics
• Marketing & Sales

Talk Citation

Publication History

• Published on April 6, 2010