银行信用卡：非理性消费和市场力量外文翻译Word格式文档下载.docx

银行信用卡：非理性消费和市场力量外文翻译Word格式文档下载.docx

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外文翻译@#@原文@#@BankCreditCards:

@#@ConsumerIrrationalityversusMarketForces@#@MateriaSource：

@#@ @#@Winter @#@ @#@ @#@ @#@ @#@ @#@ @#@ @#@ @#@ @#@ @#@Author:

@#@ @#@ThomasF.Cargill,JeanneWendell@#@ThecreditcardindustryevolvedfromrelativelysmallbeginningsfollowingWorldWarI1tothecurrentpositionwherecreditcardsrepresentamajorfinancialserviceusedbythemajorityofhouseholdsacrossallincomeclasses（Table1）.（SeeCannerandLuckett（1992）andKennickellandShack-Marquez（1992）formoredetail.）Thisgrowthacceleratedinthe1970sand1980saspartofthedramaticincreaseinthevarietyoffinancialassetsandservicesthataccompaniedderegulation（CargillandGarcia1985）.Therigidityofexplicitbankcardinterestrates,inthefaceofvariationsinotherinterestrates,raisescontroversialpolicyissues.Theraterigiditysuggeststosomeobserverssignificantnoncompetitiveelementsinthecreditcardindustry,requiringenhancedregulatoryoversightandconstraintsonthebankcardindustry.In1985andagainin1991,Congressconsideredlegislationtoimposeanationalceilingoncreditcardinterestratesand/orrequirecreditcardinterestratestovaryinresponsetoaspecificindexsuchasthecostoffundstobanksoranopenmarketinterestratesuchastheTreasurybillrate.Theselegislativeproposalsdidnotreceivesufficientsupporttobeenacted.Atleastfivefactorscanbeidentifiedthatinfluencedthedecisionnottoimposeinterestrateconstraintsonbankcreditcards.@#@First,asfinancialderegulationledtodramaticincreasesincompetitionthroughoutthefinancialsystem,itwasdifficulttoacceptthehypothesisthatthecreditcardindustrywascharacterizedbynoncompetitivepricing.Second,thestructuralcharacteristicsoftheindustry,withalmost6,000depositoryinstitutionsissuingcards,suggestthatpricefixingwouldbedifficultatbest.Third,economictheoryandsomeempiricalworkonthecharacteristicsoftheindustryprovidemarket-basedexplanationsformuch,ifnotall,ofthecreditcardinterestraterigidity.Fourth,thedisruptiveeffectsofusurylimitsandRegulationQduringthe1970swerestillfreshinthemindsofpolicymakers.'@#@Fifth,creditcardinterestratesstartedtodeclineinlate1992andthecreditcardindustrybecamenoticeablymorecompetitive（CannerandLuckett1992,665-666）.@#@Thepolicydebateoverbankcardregulationhasnotendedfortworeasons.First,thespreadbetweencreditcardinterestratesandthecostoffundswilllikelyremainlargerthanthespreadobservedforotherformsofbankcredit.Second,thedebateislikelytoexpandfromstickyinterestratesandhighspreadstoissuesofdiscrimination,judgedbyotherdiscrimination-relatedconcernsinthebankingindustryinrecentyears.@#@Further,thecontroversyovertheneedforgovernmentinterventioninthecreditcardindustryreflectstwoopposingviewsintheacademicliteratureregardingthestrengthofmarketforcesintheindustry.Theinefficient-marketviewisdetailedinarecentcontributionbyAusubel（1991）,whiletheefficient-marketviewisexplainedbyCannerandLuckett（1992）andPozdena（1991）.@#@Life-StyleAnalysisofMajorBankCreditCardUsers@#@Theuseofcommercialbankcreditcardsisrisingtremendouslyandisbecominga"@#@wayoflife"@#@withmanyAmericanconsumers.In1970,thetwomajorbankcreditcards,MasterChargeandVisa,werereportedtobeissuedbywellover6,000banks.Moreover,eachofthemajorcardinstitutionsclaimedslightlymorethan20millioncardholders,withbothpredictingmajorincreasesbythe1980s.Withthetrendtowardincreasedcreditcardpurchasing,banksandretailinginstitutionsmustbecomeincreasinglyconcernedwithidentifyingthecreditcardusersegmentofthemarket.@#@PerhapsthefirstattemptstosegmentthecreditmarketweremadebySlocumandMathewsinthelate1960sandearly1970s.Specifically,theyexaminedtherelationshipbetweensocialclassandincomeasanindicatorofcreditcardusage.Inbothstudies,creditcardholdersdemonstrateddifferentshoppingbehavior/creditcardusagepatternswithrespecttosocialclassmembership.Forexample,membersofthelowersocialclassesweremorelikelytousetheircardsforinstallmentpurposeswhileupperclassesusedtheircardsmoreoftenforconvenience.Thesedifferenceswereobservedtoberelatedtosocialclassvalues,whichmaybeapplicableinsegmentingthecreditcardmarket.@#@Ausubel（1991,71）arguesthatthebankcardmarketdoesnotoperateasacompetitivespotmarketbecausecreditcardholdersareirrational.Theydonotsearchforlowcreditcardinterestratesbecausetheyexpecttousethecardsonlyfortransactionconvenience,notasasourceofcredit.Indoingso,accordingtothistheory,theysubstantiallyunderestimatetheprobabilitytheywillaccrueoutstandingbalancesandpayunnecessarilyhighratesofinterestontheseunanticipat