Who Pays For Your Rewards Redistribution Of The Credit Card Market
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Who Pays For Your Rewards Redistribution Of The Credit Card Market
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Author : Sumit Agarwal
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-10
Who Pays For Your Rewards Redistribution Of The Credit Card Market written by Sumit Agarwal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-10 with Business & Economics categories.
We study credit card rewards as an ideal laboratory to quantify redistribution between consumers in retail financial markets. Comparing cards with and without rewards, we find that, regardless of income, sophisticated individuals profit from reward credit cards at the expense of naive consumers. To probe the underlying mechanisms, we exploit bank-initiated account limit increases at the card level and show that reward cards induce more spending, leaving naive consumers with higher unpaid balances. Naive consumers also follow a sub-optimal balance-matching heuristic when repaying their credit cards, incurring higher costs. Banks incentivize the use of reward cards by offering lower interest rates than on comparable cards without rewards. We estimate an aggregate annual redistribution of $15 billion from less to more educated, poorer to richer, and high to low minority areas, widening existing disparities.
Who Pays For Your Rewards Redistribution In The Credit Card Market
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Author : Sumit Agarwal
language : en
Publisher:
Release Date : 2022
Who Pays For Your Rewards Redistribution In The Credit Card Market written by Sumit Agarwal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Consumer credit categories.
Who Gains And Who Loses From Credit Card Payments
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Author : Scott Schuh
language : en
Publisher: DIANE Publishing
Release Date : 2010-11
Who Gains And Who Loses From Credit Card Payments written by Scott Schuh and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11 with Business & Economics categories.
Merchant fees and reward programs generate an implicit monetary transfer to credit card users from non-card (or ¿cash¿) users because merchants generally do not set differential prices for card users to recoup the costs of fees and rewards. On average, each cash-using household pays $151 to card-using households and each card-using household receives $1,482 from cash users every year. The payment instrument transfer also induces a regressive transfer from low-income to high-income households in general. The authors build and calibrate a model of consumer payment choice to compute the effects of merchant fees and card rewards on consumer welfare. Reducing merchant fees and card rewards would likely increase consumer welfare.
Breaking Free From Broke
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Author : George Kamel
language : en
Publisher: Ramsey Press
Release Date : 2024-01-16
Breaking Free From Broke written by George Kamel and has been published by Ramsey Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-16 with Business & Economics categories.
America has become the land of the free and the home of the broke. Household debt is at an all-time high, and every day people—just like you—are feeling more cynical and hopeless about their financial futures. It’s time to stop believing countless lies from a system designed to take your money—lies like student loans are the golden ticket to a good-paying job, car payments are just part of life, and that you need to have a credit card. Ramsey Personality and personal finance expert George Kamel shares his story of going from a negative net worth to a millionaire in under 10 years by following Dave Ramsey’s Baby Steps. George’s delivery, highlighted by his snarky sense of humor, will keep you laughing and engaged from cover to cover (no put-you-to-sleep financial advice here). Through a millennial point of view, George exposes the toxic money system designed to keep you average (and broke) and offers solutions to help you break free from: Credit cards and credit scores Student and car loans Mortgage mistakes Investing traps Marketing and consumerism No matter where you’re starting from, you’ll learn that you have the power to buck the toxic money system and build wealth if you follow the same principles George used to become a millionaire.
Modern Economic Regulation
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Author : Christopher Decker
language : en
Publisher: Cambridge University Press
Release Date : 2023-05-31
Modern Economic Regulation written by Christopher Decker and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-31 with Business & Economics categories.
Brings economic regulation to life by tracing theoretical insights through to real-world applications in eight essential regulated sectors.
Two Sided Market R D And Payments System Evolution
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Author : Bin Grace Li
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-18
Two Sided Market R D And Payments System Evolution written by Bin Grace Li and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-18 with Business & Economics categories.
It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a twosided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary significantly through the endogenous R&D channel.
Power To The Players
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Author : Rob Smat
language : en
Publisher: Histria Books
Release Date : 2023-10-24
Power To The Players written by Rob Smat and has been published by Histria Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-24 with Social Science categories.
The sea shanties, YOLO's, and red bandanas aren't even half of the GameStop story. Did you know Robinhood didn't initiate their infamous trading halt? Did you know why Redditors refer to 2021 as the "sneeze" rather than the squeeze? Did you know that shares in your brokerage account might be counterfeits? If not, buckle up. Witness firsthand the real and utterly ludicrous hivemind that brought Wall Street to its knees in January 2021, and find out why GameStop was only the beginning of an even more unprecedented retail contagion, one which will challenge everything you think you know about our markets (all over again). If the meme mania of 2021 drew blood from Wall Street, what follows is the Shakespearean realization that Reddit's blade was in fact poisoned. In a digital world of frequently deleted, revised, and buried information, accurately piecing together events as they occurred is nearly impossible. Other authors and journalists have understandably struggled, but not author Rob Smat, who has been a witness to every part of the GameStop phenomenon, having lived it himself. Power to the Players is as much an unabridged history of the GameStop "sneeze" as it is a roadmap of how retail traders regrouped in the months and years that followed, when everyone else thought the story had ended in calamity. The truest of diamond hands never sold, and their power has only grown stronger since. Before, Redditors were only a nuisance to the status quo. Now, they are inevitable.
The Payment System
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Author : Tom Kokkola
language : en
Publisher:
Release Date : 2010
The Payment System written by Tom Kokkola and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Banks and banking, Central categories.
"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
Handbook Of Behavioral Economics Foundations And Applications 1
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Author :
language : en
Publisher: Elsevier
Release Date : 2018-09-27
Handbook Of Behavioral Economics Foundations And Applications 1 written by and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-27 with Business & Economics categories.
Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics
The New Economics Of Inequality And Redistribution
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Author : Samuel Bowles
language : en
Publisher: Cambridge University Press
Release Date : 2012-07-12
The New Economics Of Inequality And Redistribution written by Samuel Bowles and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-12 with Business & Economics categories.
Incorporating the latest results from behavioral economics and microeconomic theory, Samuel Bowles argues that conventional economics has mistakenly presented inequality as the price of progress. In place of this view, he offers a novel and optimistic account of the possibility of a more just economy.
