Switching costs and network effects bind customers to vendors if products are incompatible,
locking customers or even markets in to early choices. Lock-in hinders customers from …

Broadly speaking, a two-sided market is one in which 1) two sets of agents interact through
an intermediary or platform, and 2) the decisions of each set of agents affects the outcomes …

Competing standards often proliferate in the early years of product markets, potentially
leading to socially inefficient investment. This paper studies the effect of compatibility in the …

“How do banks make money?” is a deceivingly simple question. Banks make money by
charging interest on loans, of course. In fact, there used to be a standard, tongue-in-cheek …

This paper estimates a structural demand model for commercial bank deposit services in
order to measure the effects on consumers given dramatic changes in bank services …

We connect various streams of academic literature to analyze how alternative competition
and regulatory policies may affect the development of digital financial services, and …

Pricing should speed up the substitution of low cost electronic payments for expensive paper-
based transactions and cash. But by how much? Norway has explicitly priced individual …

The developed world exhibits substantial but poorly understood differences in the efficiency
and quality of low value payment services. This paper compares payment arrangements in …

This book documents and examines the history of technology used by consumers to serve
oneself. The telephone's development as a self-service technology functions as the narrative …

This paper studies banks' competitive behavior on the deposit side of the Italian retail
banking industry. We use a structural model to estimate demand for deposit services and …