Explaining adoption and use of payment instruments by US consumers
构建结构模型分析美国消费者对支付工具的采用和使用，发现现金是零售场景中借记卡的主要替代品，支票是账单支付场景的主要替代品，且低收入消费者在借记卡涨价时损失更大。
Motivated by recent policy intervention into payments markets, we develop and estimate a structural model of adoption and use of payment instruments by U.S. consumers. Our structural model differentiates between the adoption and use of payment instruments. We evaluate substitution among payment instruments and welfare implications. Cash is the most significant substitute to debit cards in retail settings, whereas checks are the most significant in bill‐pay settings. Furthermore, low income consumers lose proportionally more than high income consumers when debit cards become more expensive, whereas the reverse is true when credit cards do.