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Payment networks typically differentiate interchange fees across different merchant sectors. This paper shows that it is generally efficient for a regulator to leave the decision on the structure of interchange fees to payment networks.  相似文献   

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This paper explores the efficiency properties of a system of effluent fees in a mixed economy in which polluting agents take a variety of organizational forms: private monopoly, the managerial firm, regulated firms, and public bureaus. The analysis, including some crude empirical estimates, suggests that the welfare gains from pollution control are likely to dwarf in magnitude the potential losses from the various imperfections in the economy. The tentative conclusion is that the case for a system of fees that is invariant with respect to organizational form is not seriously compromised by likely deviations from competitive behavior.  相似文献   

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