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Two widely discussed pricing benchmarks in the literature on payment cards markets are the -tourist test- interchange fee Rochet and Tirole, 2010, which internalizes usage externalities in payment card markets, and -perfect surcharging- by merchants Rochet and Tirole, 2002.This paper shows that these benchmarks are allocatively equivalent. Implications for the regulatory treatment of interchange fees and no-surcharge rules are discussed.

Item Type: MPRA Paper -

Original Title: Perfect surcharging and the tourist test interchange fee-

Language: English-

Keywords: Interchange fees; Two-sided markets; Surcharging; Tourist test-

Subjects: L - Industrial Organization > L4 - Antitrust Issues and Policies > L42 - Vertical Restraints ; Resale Price Maintenance ; Quantity DiscountsL - Industrial Organization > L3 - Nonprofit Organizations and Public Enterprise > L31 - Nonprofit Institutions ; NGOs ; Social EntrepreneurshipG - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages-

Autor: Zenger, Hans


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