Why Free Markets Can Sometimes Turn into "Peacock Markets": The Evolution of Credit Cards
>p>The credit card market has evolved into what is defined here as a "peacock market." Analogous to extravagant and inefficient male peacock displays, a "peacock market" has developed to become dominated by elaborate signals that are no longer connected in a meaningful way to price, quality, or efficiency.>/p>>p>The focus of this analysis is on how the institutional framework of the credit card market has evolved. It is concluded that while recent and proposed regulations are beneficial, a peacock market-based strategy is already embedded in current institutional thinking and will be very difficult to reverse.>/p>
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