Network issues and payment systems
Highways, railroads, pipelines—we see or hear about these types of physical networks almost every day. But information systems, such as the Internet, and payment systems, such as ATMs and credit cards, also involve networks. Hence, understanding the economics of networks and the unique features of network-dependent industries is crucial to modern life. In this article, James McAndrews outlines some of the unique features of network-dependent industries. He also analyzes some related payment-system issues and demonstrates that determining appropriate public policy would be difficult without a knowledge of the economics of payment networks.
Volume (Year): (1997)
Issue (Month): Nov ()
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References listed on IDEAS
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"Installed Base and Compatibility, With Implications for Product Preannouncements,"
411, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Katz, Michael L & Shapiro, Carl, 1985. "Network Externalities, Competition, and Compatibility," American Economic Review, American Economic Association, vol. 75(3), pages 424-40, June.
- Neil Gandal & Michael Kende & Rafael Rob, 1997. "The Dynamics of Technological Adoption in Hardware/Software Systems," CARE Working Papers 9706, The University of Texas at Austin, Center for Applied Research in Economics.
- Theodosios Temzelides, 1997. "Are bank runs contagious?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 3-14.
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