ATM SURCHARGES: EFFECTS ON DEPLOYMENT AND WELFARE*
研究ATM附加费如何影响ATM部署和社会福利，发现附加费在某些情况下能提升福利，因为增加的部署可能抵消价格上涨带来的损失。
This paper analyzes the effects of ATM surcharges on deployment and welfare, in a model where banks compete for ATM and banking services. Foreign fees, surcharges and the interchange fee are endogenously determined. We find situations in which surcharges are welfare enhancing. Under strategic fee setting, the increase in deployment caused by surcharging might compensate the surplus loss caused by the increase in prices.