DEALER PRICING OF CONSUMER CREDIT*
研究经销商如何利用金融市场不完美性对消费者进行价格歧视，分析借贷利率差异如何影响消费者选择信贷或现金购买，并用分期付款、个人贷款和地区利率数据验证理论。
Price discrimination incentives may induce dealers to bear the financial cost of their customers' credit purchases. We focus on how financial market imperfections make it possible to segment the customer population. When borrowing and lending rates differ from each other and from the rate of interest on a durable good purchase, the structure of those rates influences customers' choices to purchase on credit or cash terms, and the scope for dealers' price discrimination. Empirical analysis of a set of installment‐credit, personal‐loan, and regional interest rate data offers considerable support to the assumptions and implications of our theoretical framework.