Switching Costs in the Deposit Market
从存款人权衡银行服务质量和利率的角度，内生推导出转换成本，并说明在银行有远见时，转换成本会导致存款利率的买方垄断定价。
This paper derives switching costs endogenously as a tradeoff between service quality and the interest rate faced by a depositor who values the services provided by banks. In a market with known interest rates and uncertain service, the depositor must locate satisfactory bank service. The depositor who establishes a good reputation with the satisfactory bank enjoys improved relationship-specific service. The improvement produces utility gains from remaining with the bank. These gains result in tradeoff. In the long-run of this market, when banks are forward looking, such switching costs facilitate monopsonistic determination of deposit rates.