时间/Time： 3月12日 周二 北京时间上午9:00-10:30

地点/Venue：ZOOM会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker：  Vincent Yao

主持人/Host：     胡佳胤 Jiayin Hu

Abstract

Using new data from Clover, the market-leading point-of-sale platform in the U.S., and Fiserv, the largest payments processor in the U.S., we document how consumers pay for goods and services. A key feature of the data is the availability of transaction data at the merchant level, where we observe cash, checking, debit card, and credit card payments. We find that there is substantial heterogeneity in payment methods across merchants, varying across industries, regions, and consumer demographics. This finding has importantimplications because merchants pay heterogeneous fees for accepting different payment methods. To help understand and interpret our findings, we develop and estimate a structural model to understand how payment choices and the associated fees impact merchants and consumers. We show that accounting for this heterogeneity in payment methods across merchants is essential for assessing the winners and losers of card rewards programs. We find that both cash and debit card users help subsidize card rewards, but the subsidies are perhaps smaller than previously believed, given the penetration and concentration of credit cards in the U.S.

主讲人介绍/Biography:

Vincent Yao is the AREA Chair Professor, Professor of Real Estate, Professor of Finance and Director of Real Estate Center in the J. Mack Robinson College of Business at Georgia State University in Atlanta, GA. He is also a senior research fellow at the Federal Reserve Bank of Atlanta, and a research fellow at the Hong Kong Monetary Authority. He holds visiting chair professorship at several universities. 
Professor Yao's current research interests are household finance, real estate finance, and housing policies. His papers have been published in the American Economic Review, Econometrica, the Review of Economic Studies, Journal of Finance, Journal of Financial Economics, the Review of Financial Studies, Management Science, and Journal of Urban Economics. 
Professor Yao received his B.A. from Renmin University of China and Ph.D. in Economics from the State University of New York at Albany.