Making the Little Guy Pay: Payments- System Networks, Cross-Subsidization, and the Collapse of the Suffolk System
研究了19世纪初萨福克银行建立的银行券清算网络因定价低效和交叉补贴导致成员银行流失，最终被高效定价的竞争对手取代的过程。
In the early nineteenth century, the Suffolk Bank established a regional banknote clearing network. Despite the benefits offered, many of the system's member banks were unhappy with it and quickly affiliated with an alternative clearing network as soon as it appeared. The reason for the quick abandonment of the Suffolk system was that it failed to price its network clearing services efficiently. Pressured by large Boston banks to shift the costs of the system to small country banks, the Suffolk engaged in inefficient cross-subsidization. Once a competitor emerged that priced efficiently, it drove the Suffolk from the market.