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An Economic Analysis of the Determination of Interchange Fees in Payment Card Systems

2003; De Gruyter; Volume: 2; Issue: 2 Linguagem: Inglês

10.2202/1446-9022.1019

2194-5993

Jean‐Charles Rochet, Jean Tirole,

Consumer Market Behavior and Pricing

The paper investigates, in a non-technical fashion, the economic determinants of interchange fees in payment card systems and the potential need for their regulation. Among other things, it demonstrates that the proposal for a cost-based regulation of interchange fees relies on an erroneous, vertically organized, model of the payment card industry.