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1、原文：原文：COSTBASEDPRICINGOFPAYMENTINSTRUMENTSEarlierIhavearguedinfavourofexplicitcostbasedpricingofpaymentinstruments.Thisarticleanalysesnewcostestimatesftheherlsprovidesanoverviewofpositionsrecentlytakenbyimptantactssuchas

2、centralbankstheEuropeanCommission.Thenewcostestimatesstrengthenthecasefemoney.Thecentralbankreptsindicatethatmanyarenowconvincedthatatransparentpricingstructurecanincreaseefficiency.TheCommissionontheotherhseemsunlikelyt

3、oallowcommercialbankstomakeacodinatedmovetowardscostbasedpricingindertobreakthedeadlockinwhichtheyfindthemselvestoday.WHYCOSTBASEDPRICINGSHOULDBEPROMOTEDThestartingpointofmyargumentinfavourofcostbasedpricingofpaymentserv

4、icesisthefollowing.Supposethatemoneyhasasmanythinkthepotentialtoeventuallyprovideameefficientalternativetotraditionalcashintermsofthesocialcostinvolved_seenextsection_.Ifthisistruethentheuseofemoneyshouldbeencouragedtheu

5、seofcashdiscouraged.Undercurrentpricingschemesthisisusuallynotwhathappensquiteonthecontraryeven.Thereasonsfthisarefirsttheflagrantunderpricingofcash.Thefeesgedtoconsumersfmakingcashwithdrawalsifanyclearlydonotcovertheful

6、lcost.Theremainderistypicallyrecoveredviacrosssubsidisation_viafexamplelowerinterestratesontransactiondeposits.Thesecondreasonisthatbanksiftheygefpaymentservicesrelytoalargeextentonfixedaccountbasedfees.Theresultisthatco

7、nsumerswhomoveawayfromcashtoepurseotherelectronicpaymentinstrumentsareinmanycasesnotfinanciallyrewardedftheirmeefficientpaymentbehavioursincelowerusageofATMswillhavenoimpactontheirannualbill.Theyalsocontinuetopaytheirsha

8、reofthesocialcostofcashsinceinterestratesoncheckingaccountspricesinthatthecostestimatesrelatetoaperiodwhenepurseusageinthetwocountriesinvolvedwasstillmarginalthusfartoolowfthenewpaymentinstrumenttofullybenefitfromeconomi

9、esofscale.InshtIarguedthatitwasinfacttoosoontomakeafaircomparisonofthecostofcashepursethatthecostofamatureepursesystemshouldbesignificantlylowerthanindicatedbytheseearlystudiesAsecondreasonisthatwhileimptanttheprivatecos

10、tsofretailersareonlypartofthepicture.Ideallyoneshouldincpateallstakeholdersthatisconsumersretailerscommercialbanks_otherpaymentproviderseventhecentralbank.Inotherwdswhatmattersarethesocialcostsinvolved.Allavailableestima

11、tesindicatethatthesocialcostsofcasharesubstantial.byfocusingonretailersalonepolicydecisionsmightbedistted.Thisisanimptantcaveattokeepinmindwhenreadingtheremainderofthissection.Inwhatfollowscosteffectivenessismainlyviewed

12、fromtheperspectiveofretailers.Thisdoeshowevernotimplythatthisistheonlymostimptantcriterion.Theonlyreasonfthefocusonretailersisthatthisistheonlypartofthepuzzlefwhichnewempiricalevidencehasbecomeavailable.IndeedinOctober20

13、02aninterestingnewstudyftheherlsagaincommissionedbyretailganisationHoofdbedrijfschapDetailhelconductedbyEIM7wasreleased_HBD_2002__.Thenewreptupdatesthe2000coststudy_whichuseddataf1998_bypresentingcostsestimatesf20012002.

14、Thelatterarepredictionsbasedondatafthefirstsixmonthsof2002.AnimptantcriticismonthefirstHBDstudywasthatthetimecashiersspendonreceivingthepaymentwasnottakenintoaccountinthecostsattributedtoincomingpaymentsbecauseitwasargue

15、dthatinthemeantimecashiersalsoperfmotherfunctions.GiventhisthereductionincheckouttimepromisedbyepurseoperatswouldsimplynevershowupinthecostfiguresThenewHBDstudyremediesthisbypresentingfiguresbothexclusiveinclusiveoffront

16、officecosts8.Thestudynotesthatthelatterpresentationmattersmainlyfthosepartsoftheretailsectwherethecheckouttimeisabottleneck_HBD.Indertocomputethefrontofficecostsasampleof331paymentswastimed.Interestinglytheresultsconfirm

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