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value payments systems. …
Persistent link: https://www.econbiz.de/10009635956
We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the full information first-best allocation cannot be...
Persistent link: https://www.econbiz.de/10011604650
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We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the full information first-best allocation cannot be...
Persistent link: https://www.econbiz.de/10003310815
feature of such a system. -- No surcharge ; credit cards ; payments ; money ; search …
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