Entry and pricing in a differentiated products industry: evidence from the ATM market
构建ATM市场结构均衡模型，利用断点回归识别参数，评估附加费监管的影响。研究发现禁止附加费使ATM进入减少12%、消费者福利下降24%，但企业利润增加27%。对理解差异化产品行业无管制进入的后果有参考价值。
We estimate a structural equilibrium model of the automatic teller machine market (ATM) to evaluate the implications of regulating ATM surcharges. We use data on bank characteristics, potential and actual ATM locations, and consumer locations; identify the model parameters with a regression discontinuity design; and develop methods to estimate the model without computing equilibria. A surcharge ban reduces ATM entry 12% and consumer welfare 24% but increases firm profits 27%. Total welfare under either regime is 4% lower than the surplus maximizing level. The article can help shed light on the implications of unregulated entry for differentiated products industries.