Shocks and Technology Adoption: Evidence from Electronic Payment Systems
利用印度废钞事件的数据，研究协调摩擦如何影响电子钱包的采用，发现暂时的大规模现金紧缩能持久提升采用率，且互补性使采用率提高45%。
We provide evidence on the importance of coordination frictions in technology adoption, using data from a large provider of electronic wallets during the Indian demonetization. Exploiting geographical variation in exposure to the demonetization, we show that adoption of the wallet increased persistently in response to the large but temporary cash contraction, consistent with the predictions of a technology adoption model with complementarities. Model estimates indicate that adoption would have been 45% lower without complementarities. Our results illustrate how large but temporary interventions can help overcome coordination frictions, though we caution that such interventions may also exacerbate initial differences in adoption.