A service provider sells to homogenous risk-averse consumers through a two-part tariff. The consumers have uncertain … tastes toward the service. They subscribe the service before the uncertainty resolves. In contrast with the common view that …'s marginal production cost, I show that when consumers have uncertain tastes, the service provider's optimal two-part tariff …

We quantify the gains from regulating maturity transformation in a model of banks which finance long-term assets with …