银行信用卡:非理性消费和市场力量外文翻译.docx
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银行信用卡:非理性消费和市场力量外文翻译.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
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- 银行 信用卡 非理性 消费 市场 力量 外文 翻译