Price Negotiation with Merchant Heterogeneity in the Payment Card Industry
利用商户、行业和城市层面的独特数据，研究支付卡行业中收单机构与商户之间的费用谈判，发现商户平均获得更大增量盈余，且卡渗透率上升可能推高商户费用。
Abstract We examine price negotiation in the payment card industry by exploiting a unique merchant-, industry-, and city-level data set. Motivated by the substantial variation in acquirer fees and heterogeneous merchant card transactions, we use Nash bargaining to model the negotiation over the acquirer fee between an acquirer and a merchant. We find that the merchants secure a larger incremental surplus than the acquirer on average. Moreover, merchants might face upward pressure on acquirer fees as the card penetration rate rises over time, and policies that weaken the acquirer's bargaining power could relieve the upward fee pressure.