时间： 3月27日周五上午10 :00-11:30

地点 ：承泽园329

Speaker：马步青

Abstract:

In recent years, firms have increasingly offered buy now, pay later (BNPL) services to facilitate consumers' purchasing decisions. These financial services enable consumers to divide their payments into multiple equal installments. This paper examines the effects of BNPL services on firms' profitability and consumer surplus. In a two-period model, a seller determines the optimal price, a lender establishes the interest rate, and consumers with heterogeneous income levels make purchase decisions accordingly. First, we show that BNPL often results in higher prices, which can exclude low-income consumers who need such services the most. Second, the price increase after BNPL's introduction may reduce consumer surplus and social welfare, especially when income heterogeneity is relatively small and product valuation is high. Third, when the seller and the lender share revenue from sales with BNPL, a higher revenue-sharing rate for the seller may result in a less favorable outcome for itself. Finally, we analyze several extensions to demonstrate BNPL's effects under the strategic saving behavior of consumers and its differences from credit cards.

Bio

马步青，中国科学技术大学特任研究员，博士毕业于中国科学技术大学，美国伊利诺伊香槟分校联合培养学生，香港科技大学和马里兰大学访问学者。主要研究方向为市场营销，以及营销和金融、运营管理的交叉。研究课题主要为平台服务决策、信息共享、消费者信贷和质量信号等。博士期间获得POMS(美国运营协会)的Emerging Economies Doctoral Student Award，中科院院长特别奖等。多项研究成果发表在Production and Operations Management（POM）等期刊接受，并多篇文章在 Management Science、 Production and Operations Management上修改。Production and Operations Management、Manufacturing& Service Operations Management等期刊审稿人。