HOW DOES INCOMPATIBILITY AFFECT PRICES?: EVIDENCE FROM ATM'S*
研究了ATM市场中1996年治理变革导致的不兼容性如何影响银行定价，发现不兼容性使存款账户定价与自有ATM的关系更正向、与竞争对手ATM的关系更负向，且总体价格水平上升，在高人口密度地区更明显。
If consumers value ‘mix and match’ combinations of network complements, incompatibility between different sellers' components should affect prices. In ATM markets, a 1996 governance change exogenously generated such incompatibility, by allowing banks to impose surcharges when other banks' deposit customers use their ATM's. In our data, incompatibility makes the relationship between deposit account pricing and own ATM's more positive, and makes the relationship between deposit account pricing and competitors ATM's more negative. The level effect on prices is positive. The pattern of results is more pronounced in high population density markets, where customers may care more about ATM's.