A reassessment of market power among credit card banks

Sherrill Shaffer and Lorein Thomas

Applied Financial Economics, 2007, vol. 17, issue 9, 755-767

Abstract: An improved empirical specification of credit card conduct agrees with several prior studies in rejecting perfectly competitive equilibrium, indicates structural disequilibrium in the industry and is consistent with monopolistic competition. Measures of liquidity management costs, omitted from prior studies, are shown to be important factors in a properly specified model of pricing conduct in credit card lending.

Date: 2007
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DOI: 10.1080/09603100600771042

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