Mobile Call Termination
分析移动网络收取的呼叫终止费，整合固定网络和移动网络两种文献，发现实践中统一收费，并通过批发套利和需求替代解释理论与实践的差异。
We analyse charges levied by mobile telephone networks to deliver calls. We integrate\ntwo literatures: one analysing calls from the fixed network, where predicted\nunregulated termination charges are too high, and one analysing calls from rival mobile\nnetworks, where predicted charges are too low. In practice, however, networks\nadopt uniform charges for terminating both kinds of traffic, as do regulators. We show\nhow incorporating wholesale arbitrage and demand-side substitution helps reconcile\ntheory with practice. In our framework, the unregulated charge is uniform and typically\nlies between the efficient and monopoly benchmarks. There remains a rationale\nfor regulation, albeit reduced.