PAYING FOR ATM USAGE: GOOD FOR CONSUMERS, BAD FOR BANKS?*
比较了三种ATM共享交易定价模式对福利的影响，发现银行每增加一项收费反而利润下降，而消费者在不免费时福利更高，且附加费在出行成本高时能增加ATM部署并改善消费者状况。
We compare the effects on welfare of the three most common regimes for pricing shared ATM transactions: (i) free usage, (ii) foreign fees, and (iii) foreign fees and surcharges. Paradoxically, banks' profits decrease each time banks set an additional fee while consumers' welfare is higher when ATM usage is not free. Surcharging boosts ATM deployment and makes consumers better off if travel costs to reach cash are high. Our results are consistent with recent empirical works and also shed light on the Australian reform that consists in removing the interchange fee.