Consumer Rationality and Credit Cards
解释为何消费者在高利率下使用信用卡看似非理性，但低交易成本和流动性服务使其优于银行贷款，并说明信用卡利率为何不完全随资金成本变动。
Borrowing on credit cards at high interest rates might appear irrational. However, even low transactions costs can make credit cards attractive relative to bank loans. Credit cards also provide liquidity services by allowing consumers to avoid some of the opportunity costs of holding money. The effect of alternative interest rates on the demand for card debits can explain why credit card interest rates only partially reflect changes in the cost of funds. Credit card interest rates that are inflexible relative to the cost of funds are not inconsistent with a competitive equilibrium that yields zero profits for the marginal entrant. Copyright 1995 by University of Chicago Press.