1 1/26 How Do You Pay? The Role of Incentives at the Point-of-Sale Carlos Arango, Kim P. Huynh and Leonard M. Sabetti 2011 Bank of Canada Annual Conference November 17, 2011 The views expressed are those of the authors. No responsibility for them should be attributed to the Bank of Canada.
2 Motivation 2/26 Introduction The Bank of Canada needs to anticipate changes in the demand for cash relative to alternative means of payment: Where and how is cash used in the economy? Shifts in how consumers pay? Empirical investigation on choice of cash, debit and credit card usage at the point-of-sale (POS).
3 Motivation 3/26 Payment Frequencies, Volume and Value Volume Value TV < < Cash Debit Credit Note: Sample statistics are computed from the SQ-DSI dataset using 10,288 transactions. Payment choice and transaction value: Bounie & François (WP, 2006) and Klee (JME, 2009).
4 Summary of Results 1 Cash dominates at low transactions value (below $25) because of acceptance, ease of use/speed and cash on hand. 2 Above $25, debit and credit dominate. Credit cards rewards shift usage away from debit. 3 Other monetary incentives are significantly associated with different payment behaviour. Those with no debit transaction fees and revolvers (those who carry credit card debt) use more debit relative to credit. Motivation 4/26
5 2009 Methods of Payment Study 5/ Method of Payments Survey Sampling frame was based on marketing access panels. Two-parts: 1 Day 0: Survey Questionnaire (SQ). Consists of 52 questions with 6,868 respondents. 2 Day 1-3: Three-day Diary Survey Instrument (DSI). 3,465 respondents yielded about 17,000 usable transactions. Market research firm constructed sample weights: 1 Sample weights based on the Canadian Internet Usage Survey. 2 Random digital dialing (OMNIBUS) survey with payments section.
6 Survey Questionaire (SQ) Demographics:gender, age, income, education, employment, marital status, home ownership, family size, ethnicity and online/offline status. Payment Features: Debit card features: monthly fees, free transactions. Credit card features: rewards, revolver, interest rates. Payment Perceptions: Ease of use, cost, risk/fraud, acceptance and record keeping. Cash holding. Cash inventory practices (ATM withdrawals) Methods of Payment Study 6/26
7 Diary Survey Instrument (DSI) Cash holding at beginning of the diary. Transaction details: Payment instrument choice, Transaction value, Type of good, Payment instrument acceptance at the point-of-sale, Top reasons for payment choice: Ease, avoid fraud, avoid fees, rewards, payment delay and cashback. End-of-day check: # of transactions and cash balance Methods of Payment Study 7/26
8 2009 Methods of Payment Study 8/26 Survey payment diaries: Summary Organization OeNB TP RBA DNB DB BoC FRB Country.at.fr.au.nl.de.ca.us Perceptions NO NO NO NO NO YES YES Incentives NO NO YES NO NO YES YES Number of: Days Households 1,204 1, ,017 2,292 3, Transactions 14,075 11,945 17,000 4,368 25,500 17, Year All surveys contain information about demographics and information about transactions at the point-of-sale. OeNB: Austrian National Bank; TP: Telecom Paris; RBA: Reserve Bank of Australia; DNB: De Nederlandsche Bank; DB: Deutsche Bundesbank; BoC: Bank of Canada; FRB: Federal Reserve Bank of Boston. Other central banks such as Norway and Portugal also have payment diaries.
9 Additive Random Utility Models I A consumer has three payment instrument alternatives at the point of sale. The utility of payment instrument j is : U j = V j + ɛ j, j = Cash, Debit and Credit. (2) Let V j be the observed utility of choice j and ɛ j be the random choice variation. Payment j is chosen: Prob[PMT = j] = Prob(U j U k ), j k = Prob(V j V k ɛ k ɛ j ). If F (ɛ j ) = e ɛ j exp( e ɛ j ) and Vj = x j β j then Multinomial Logit (MNL): Prob[PMT = j] = exp(x j β j) m l=1 exp(x l β l). (3) Model Specification 9/26
10 Model specification Multinomial logit (and probit). Observables consumer demographics, perceptions, payment and transaction characteristics. Consumer s choices of cash, debit and credit at the point-of-sale from diaries. Consumers holding all three payment instruments: cash, credit and debit (80 percent) Avoid modeling the adoption decision. Condition on transactions taking place at store (83 percent) Only POS transactions and no mail, online or phone purchases. Transaction values less than 400 dollars. Final estimation sample 10,288 transactions. Model Specification 10/26
11 Predicted Probabilities Visualization method to assess impact across characteristics. Probability of choice j conditional on a set of covariates (x g ) evaluated at profile g: P gj = exp(x g ˆβ j ) m l=1 exp(x g ˆβ l ). (6) P gj, could be computed over a range of possibilities. For the remainder of the exercise, we consider the following demographic profile: urban, married, Canadian, male, employed, homeowner in Ontario, earning 30-50K/year, with average values for all other variables. Results 11/26
12 Ease of use/speed: Top reason for cash Note: The perception of Ease of use/speed is evaluated at the observed level versus credit card speed importance. Shaded areas represent 95 percent confidence intervals. Results 12/26
13 Results 13/26 Debit Card Committed User Note: Debit Card User with free DC transactions, pays debit monthly fee, earns average rewards, no CC annual fee, not CC revolving. Calculated for average demographic profile. Credit & debit accepted everywhere. Shaded areas represent 95 percent confidence intervals.
14 Credit Card Reward Packages 178 different credit card types among DSI respondents. Roughly 60% of credit card respondents have rewards. Convert reward points/miles to ad-valorem cash rewards using various sources (Banks, FCAC, etc.). Carbó & Linares-Zegarra (JBF, 2011) and Agarwal, Chakravorti, and Lunn (2010) use RP = 1.00%. MOP, the average rewards is RP = 0.78%. Exploit this heterogeneity to measure the effect of rewards. Results 14/26
15 Results 15/26 Heterogeneity in Reward Schedules Reward Points (RP) None (0,0.5) [0.5, 1.0) [1.0, 5.0) Cash Value Volume Debit Value Volume Credit Value Volume Households Note: Based on 2,351 individuals with access to a credit card in DSI. Value represents share of purchases by payment method in dollars. Volume represents share of purchases by payment method in frequencies. Shares do not add up to one due to other payment categories such as cheques and stored-value cards.
16 Results 16/26 Credit Card Committed User Note: Credit card intensive user with average rewards, no free DC transactions, no debit monthly fee, pays CC annual fee, not CC revolving. Calculated for average demographic profile. Credit & debit accepted everywhere. Shaded areas represent 95 percent confidence intervals.
17 Credit Card Committed User & Revolving Note: Credit card intensive user with average rewards, no free DC transactions, no debit monthly fee, pays CC annual fee, and CC revolving. Calculated for average demographic profile. Credit & debit accepted everywhere. Shaded areas represent 95 percent confidence intervals. Results 17/26
18 Results 18/26 Price Incentives: Credit Card Rewards Rewards are specified in the following fashion: β 1 RW i + β 2 RW i TV i, (7) where RW i = I (RP i > 0)RP i TV i, RP i is the ad-valorem amount of rewards points and TV i is the transaction value. Extensive Margin or comparison of those with and without rewards: EXT [RP, x g ] = P gj (RP = 0.78, x g ) P gj (RP = 0, x g ). (10) Intensive Margin or elasticity of rewards on the probability of credit card (P CC ): E PCC,RW = P CC RW RW P CC. (11) TV
19 Results 19/26 Rewards versus No Rewards: Extensive Margin TV Cash DC CC Note: Difference in predicted probabilities for those with Rewards (evaluated at RP=0.78%) and those without rewards.
20 Results 20/26 Rewards Elasticity TV RP = 0.5% RP = 0.78% RP = 1.0% RP = 1.5% (0.006) (0.010) (0.012) (0.018) (0.026) (0.039) (0.049) (0.068) (0.041) (0.058) (0.069) (0.085) (0.053) (0.070) (0.077) (0.081) Note: Elasticity of rewards evaluated at a range of reward points. Standard errors in parentheses.
21 Extensions 21/26 Extension: A work-in-progress Rewards are correlated with unobserved preferences for credit cards: 1 Respondent use credit cards more often due to rewards. 2 Rewards induce switching and learning about credit cards. 3 Card-issuers send pre-approvals to consumers who are credit-card intensive. ) Uj = X j β j + f (RP i TV i + ɛ j, RP i = X j β j + δz + ν j. Payment choice is a Multinomial Probit (MNP) while the reward points is a Tobit. Estimated via Simulated Maximum Likelihood.
22 Identification Strategy 1 Exclusion restriction (Z). Ching & Hayashi (JBF, 2010) suggests perceptions. Simon, Smith & West (JBF, 2010) suggest income dummies to proxy for annual fee and interest rates. 2 Functional forms: Joint normality or ɛ, ν N(0, Σ). We have estimates based on: no exclusion restrictions, annual fee, interest rates and both annual fee and interest rates. Extensions 22/26
23 Extensions 23/26 Accounting for Selection: Extensive Margin of Rewards MNP MNP-S TV Cash DC CC Cash DC CC Note: Difference in predicted probabilities evaluated at the average reward level (RP=0.78%) and those without rewards. Multinomial Probit (MNP) and Multinomial Probit with Selection: Annual Fee (MNP-S).
24 Extensions 24/26 Accounting for Selection: Intensive Margin of Rewards TV MNL MNP MNP-S Note: Elasticity of rewards evaluated at the average reward level (RP=0.78%). Multinomial Logit (MNL), Multinomial Probit (MNP) and Multinomial Probit with Selection: Annual Fee (MNP-S).
25 Conclusion 25/26 Conclusion Cash is used mostly in low value transactions (below $25). Acceptance and Ease of Use. Increase debit and credit usage as transaction value increases. i.e. low value note denominations. Portfolio features play an important role in substitution patterns. Rewards: consumers shift towards credit at the expense of debit. Low and varying reward/fees elasticities imply the impact of price regulation on payment behaviour and potential efficiency of price discrimination is not clear cut. Later this afternoon: Chiu, Dong, & Shao Societal Benefits of Credit as a Means of Payments.
26 Conclusion 26/26 Merci à tous! Thanks for your time!
1/23 The Impact of Retail Payment Innovations on Cash Usage Ben S.C. Fung a Kim P. Huynh a Leonard Sabetti b a Bank of Canada b George Mason University ECB-MNB Joint Conference Cost and efficiency of retail
CONFERENCE ON THE FUTURE OF RETAIL PAYMENTS: OPPORTUNITIES AND CHALLENGES WORKING PAPER SERIES NO 1386 / OCTOBER 2011 HOW DO YOU PAY? THE ROLE OF INCENTIVES AT THE POINT-OF-SALE by Carlos Arango, Kim P.
Working Paper/Document de travail 2011-23 How Do You Pay? The Role of Incentives at the Point-of-Sale by Carlos Arango, Kim P. Huynh and Leonard Sabetti Bank of Canada Working Paper 2011-23 October 2011
Why Do Banks Reward their Customers to Use their Credit Cards? Sumit Agarwal Sujit Chakravorti Anna Lunn Bank of Canada November 18, 2011 These views do not necessarily represent those of the Federal Reserve
31 The Changing Landscape for Retail Payments in Canada and the Implications for the Demand for Cash Carlos Arango, Kim P. Huynh, Ben Fung and Gerald Stuber, Currency Department The share of cash in overall
Payment Card Rewards Programs and Consumer Payment Choice Andrew Ching * University of Toronto Fumiko Hayashi ** Federal Reserve Bank of Kansas City July 18, 26 Payments System Research, Federal Reserve
Consumer Preferences and the Use of Cash: Evidence from the Diary of Consumer Payments Choice Working Paper Shaun O Brien June 2014 Abstract This paper provides new evidence on the determinants of cash
45 Ben Fung, Kim P. Huynh and Gerald Stuber, Currency Department The market share of cash in terms of the number of retail transactions continues to decrease, according to the Bank of Canada s most recent
How Consumers Pay: Adoption and Use of Payments Scott Schuh and Joanna Stavins No. 12-2 Abstract: Using data from a nationally representative survey on consumer payment behavior, we estimate Heckman two-stage
DNB Working Paper Changing payment patterns at point-of-sale: their drivers No. 471 / April 2015 Carin van der Cruijsen and Mirjam Plooij Changing payment patterns at point-of-sale: their drivers Carin
1 Working Paper 2012-WP-06 June 2012 Credit Card Debt and Payment Use Charles Sprenger and Joanna Stavins This paper was presented at NFI s May 14-15, 2009 conference in Indianapolis, IN entitled Improving
Payment Card Rewards Programs and Consumer Payment Choice * Andrew Ching Rotman School of Management University of Toronto 105 St. George Street Toronto, ON M5S 3E6 CANADA Phone: 416-946-0728 Fax: 416-978-5433
Federal Reserve Bank of Chicago Why Do Banks Reward their Customers to Use their Credit Cards? Sumit Agarwal, Sujit Chakravorti, and Anna Lunn REVISED December 20, 2010 WP 2010-19 Why Do Banks Reward their
Working Paper Series Carlos Arango, Yassine Bouhdaoui, David Bounie, Martina Eschelbach and Lola Hernández Cash management and payment choices: a simulation model with international comparisons No 1874
Steering Consumer Payment Choice Tamás Briglevics Federal Reserve Bank Boston and Boston College Oz Shy Federal Reserve Bank Boston May 16, 2012 Abstract Recent legislation and court settlements in the
Do U.S. Consumers Really Benefit from Payment Card Rewards? By Fumiko Hayashi Payment card rewards programs have become increasingly popular in the United States. Nearly all large credit card issuers offer
DNB Working Paper No. 429 / July 2014 Lola Hernandez, Nicole Jonker and Anneke Kosse DNB WORKING PAPER Cash versus debit card: the role of budget control Cash versus debit card: the role of budget control
39 Conference Summary: New Developments in Payments and Settlement Ben Fung, Currency Department, and Miguel Molico, Funds Management and Banking Department The Bank of Canada s annual economic conference,
Instructions to the Interviewer: Interviewer to note down the details in the grid given below Mobile banking definition for the survey: A financial transaction or information request (e.g., ministatement)
Overview of the Survey of Consumer Payment Choice (SCPC) Program Scott Schuh Federal Reserve Bank of Boston May 6, 21 Presented at the IACA 2 nd Central Bank Forum on Payment Surveys, Buenos Aires, Argentina
Effects of Credit Scores on Consumer Payment Choice Fumiko Hayashi and Joanna Stavins February 2012 RWP 12-03 Effects of Credit Scores on Consumer Payment Choice Fumiko Hayashi and Joanna Stavins February,
DNB Working Paper In love with the debit card but still married to cash No. 461 / February 2015 Carin van der Cruijsen, Lola Hernandez and Nicole Jonker In love with the debit card but still married to
The Safety of Cash and Debit Cards: A Study on the Perception and Behavior of Dutch Consumers Anneke Kosse Cash and Payment Systems Division, De Nederlandsche Bank This paper investigates the impact of
2 nd Annual CAP Member Research Presented by: Tricia Benn Director of Research, Business and Professional Research Group Rogers Publishing October, 2007 Agenda Summary Of Findings Methodology Demographic
CONSUMERS REACT TO NEW DEBIT CARD FEES RESULTS FROM OCTOBER 2011 TRIG US OMNIBUS SURVEY CONSUMERS REACT TO NEW DEBIT CARD FEES Changes in regulations and continued pressure on Financial Institution s income
Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Consumers Use of Debit Cards: Patterns, Preferences, and Price Response
HOW EFFECTIVE ARE REWARDS PROGRAMS IN PROMOTING PAYMENT CARD USAGE? EMPIRICAL EVIDENCE Santiago Carbó-Valverde (University of Granada and Federal Reserve Bank of Chicago) José M. Liñares-Zegarra* (University
IDENTITY THEFT: WHO S AT RISK? Gretchen S. Anderson Senior Research Advisor, email@example.com September 2014 Methodology OBJECTIVES & METHODOLOGY AARP Fraud Watch Network and AARP The Magazine commissioned
RETAIL PAYMENTS: INTEGRATION AND INNOVATION Working PaPer SerieS no 1141 / december 2009 HoW effective are rewards ProgramS in PromoTing PaYmenT card USage? empirical evidence by Santiago Carbó-Valverde
How People Pay: Evidence from Grocery Store Data Elizabeth Klee 1 Board of Governors of the Federal Reserve System Preliminary. Please do not cite or quote without permission. September 30, 2004 1 Board
ASIC Report 419 Wave 1: March August 2014 Australian Securities and Investments Commission December 2014 Contents INTRODUCTION 3 KEY FINDINGS 9 Financial attitudes 10 Keeping track of finances 11 Planning
Does Spending Respond to Credit Card Statement Date: Evidence from India 1 Sumit Agarwal α, Amit Bubna β, and Molly Lipscomb µ Abstract While the permanent income hypothesis suggests that consumers should
Attitudes and Preferences in Relation to Internet Banking in The Caribbean Prepared By: Dr. Justin Robinson Dr. Winston Moore Background to Study The financial services industry is important to overall
MODELING CONSUMER DECISION MAKING AND DISCRETE CHOICE BEHAVIOR J ULY 9-11, 2001 To register, complete the enclosed registration form and fax it to: 212.995.4502 or mail to: Stern School of Business Executive
Working Paper SerieS NO 1685 / june 2014 Consumer Cash Usage A Cross-Country Comparison with Payment Diary Survey Data John Bagnall, David Bounie, Kim P. Huynh, Anneke Kosse, Tobias Schmidt, Scott Schuh
Measuring the digital world. TM Online Credit Card Report April 2011 FOR FURTHER INFORMATION, PLEASE CONTACT: Sarah Lenart comscore, Inc. (703) 234 8689 firstname.lastname@example.org Stephanie Houck comscore, Inc.
Choosing the Right Credit Card for You Credit Cards and You series About FCAC With educational materials and interactive tools, FCAC provides objective information about financial products and services
Household s Life Insurance Demand - a Multivariate Two Part Model Edward (Jed) W. Frees School of Business, University of Wisconsin-Madison July 30, 1 / 19 Outline 1 2 3 4 2 / 19 Objective To understand
Merchant Acceptance, Costs, and Perceptions of Retail Payments: A Canadian Survey By Carlos Arango and Varya Taylor Department of Banking Operations Bank of Canada Ottawa, ON K1A 0G9 email@example.com
Cash, Check or Bank Card? The effects of transaction characteristics on the use of payment instruments David Bounie a and Abel François a,b a Télécom Paris, Department of Economics and Social Sciences,
CHAPTER 1: INTRODUCTION DEBIT CARDS IN MALAYSIA Concept of Debit Card as a means of payments in Malaysia The acceptance of electronic payment systems among Malaysian consumers has increased from year to
The Performance Pay Premium How Big Is It and Does It Affect Wage Dispersion? Alex Bryson, John Forth and Lucy Stokes Durham Business School, 14 th May 2014 Funded by the ESRC (Grant Ref. ES/i035846/1)
Demand for Life Insurance in Malaysia Yiing Jia Loke 1+ and Yi Yuern Goh 2 1 School of Social Sciences, Universiti Sains Malaysia 2 HSBC Bank, Penang. Abstract. The insurance sector in Malaysia has shown
ISSN 1178-2293 (Online) University of Otago Economics Discussion Papers No. 1504 JUNE 2015 Does Charity Begin at Home or Overseas? Stephen Knowles 1 and Trudy Sullivan 2 Address for correspondence: Stephen
Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations Sumit Agarwal a, Souphala Chomsisengphet b, and Chunlin Liu c Abstract Using unique data from multiple
Choosing the Right Credit Card for You Credit Cards and You series About Financial Consumer Agency of Canada (FCAC) With educational materials and interactive tools, the Financial Consumer Agency of Canada
The General Social Survey on Victimization at Statistics Canada Colin Babyak Statistics Canada May 23, 2012 Summary of the Presentation Overview of the Canadian General Social Survey (GSS) Strengths of
Discussion Paper/Document d analyse 2015-4 2013 Methods-of-Payment Survey Results by Christopher S. Henry, Kim P. Huynh and Q. Rallye Shen Bank of Canada Discussion Paper 2015-4 April 2015 2013 Methods-of-Payment
Card acceptance and surcharging: the role of costs and competition * Preliminary version, please do not cite or quote without permission of the author August 2009 Nicole Jonker Cash and Payment Systems
Consumer Homing on Payment Cards: From Theory to Measurement * Chris Snyder Dartmouth College Jonathan Zinman Dartmouth College August 2007 DRAFT, VERY PRELIMINARY ABSTRACT Consumer homing behavior matters
69 Cash withdrawals at the point of sale: motives for use and implications for cash holding The present article aims to investigate the role played by point- of- sale (POS) withdrawals ie withdrawals of
Business Risk Management payments and risk balancing: Potential implications for financial riskiness of Canadian farms Nicoleta Uzea a, Kenneth Poon b, David Sparling a,1, Alfons Weersink b a Richard Ivey
Page 1 of 12 Applicant Information Parent or Guardian Information Prefix First Last test test Middle Suffix Mailing Address 1726 W 25th St City State Zip Los Angeles CA 90018 County of Residence Country
Saving For Retirement? Start by Paying Off Your Credit Cards David Blanchett, CFA, CFP Head of Retirement Research Morningstar s Investment Management division August 16, 2012 Introduction Credit cards
Tobacco and Alcohol Consumption of Pregnant Women in Canada CENTRE OF EXCELLENCE FOR EARLY CHILDHOOD DEVELOPMENT OMNIBUS RESEARCH REPORT Canadians Perceptions and Opinions Regarding Tobacco and Alcohol
Gold Checking Frequently Asked Questions: What are the benefits of Gold Checking? High- dividend on balances up to $15,000. Nationwide ATM fees refunded up to $25 a month. Free Online and Mobile Banking
Visa Canada The following tables set forth the interchange reimbursement fees applied on Visa financial transactions completed in Canada. 1 Visa uses interchange reimbursement fees as transfer fees between
No. 15 3 How Are U.S. Consumers Using General Purpose Reloadable Prepaid Cards? Are They Being Used as Substitutes for Checking Accounts? Claire Greene and Oz Shy Abstract: Owners of general purpose reloadable
An Analysis of Default Risk in the Home Equity Conversion Mortgage (HECM) Program Stephanie Moulton, John Glenn School of Public Affairs, The Ohio State University Donald Haurin, Department of Economics,
www.pewresearch.org AUGUST 26, 2013 Home Broadband 2013 Some 70% of American adults have a high-speed broadband connection at home; an additional 10% of Americans lack home broadband but do own a smartphone.
How Banks Can Self-Monitor Their Lending To Comply with the Equal Credit Opportunity Act James H. Gilkeson, Drew B. Winters, and Peggy D. Dwyer T he Equal Credit Opportunity Act (ECOA) prohibits lenders
The Cheap-talk Protocol and the Estimation of the Benefits of Wind Power Todd L. Cherry and John Whitehead Department of Economics Appalachian State University August 2004 1 I. Introduction The contingent
SOCIETY OF ACTUARIES THE AMERICAN ACADEMY OF ACTUARIES RETIREMENT PLAN PREFERENCES SURVEY REPORT OF FINDINGS January 2004 Mathew Greenwald & Associates, Inc. TABLE OF CONTENTS INTRODUCTION... 1 SETTING
Card acceptance and surcharging: the role of costs and competition 1 Preliminary version Please do not quote without the author s permission April 2011 Nicole Jonker 2 Cash and Payment Systems Division
Presentation Toulouse, June 4, 2014 The impact of energy prices on energy efficiency: Evidence from the UK refrigerator market François Cohen*, Matthieu Glachant** and Magnus Söderberg** * GRI, LSE, **CERNA,
SERIEs (2014) 5:399 417 DOI 10.1007/s13209-014-0107-9 ORIGINAL ARTICLE ATM withdrawals, debit card transactions at the point of sale and the demand for currency Santiago Carbó-Valverde Francisco Rodríguez-Fernández
Medical Bills and Bankruptcy Filings Aparna Mathur 1 Abstract Using PSID data, we estimate the extent to which consumer bankruptcy filings are induced by high levels of medical debt. Our results suggest
Rating music: Accounting for rating preferences Manh Gupte Purdue University (firstname.lastname@example.org) Th paper investigates how consumers likes and dlikes influence their decion to rate a song. Yahoo! s survey
Cash Continues to Play a Key Role in Consumer Spending: Evidence from the Diary of Consumer Payment Choice By: Barbara Bennett, Douglas Conover, Shaun O Brien, and Ross Advincula April 2014 The views in
Why Do People Use Debit Cards? Evidence From Checking Accounts Marc Anthony Fusaro College of Business Arkansas Tech University Russellville AR 72801 Abstract Debit cards are the fastest growing consumer
Do Supplemental Online Recorded Lectures Help Students Learn Microeconomics?* Jennjou Chen and Tsui-Fang Lin Abstract With the increasing popularity of information technology in higher education, it has
Earnings responses to payroll and income taxes Exploiting variation in Dutch pension rates (CPB Netherlands Bureau for Economic Policy Analysis) Casper van Ewijk (University of Amsterdam, CPB, Netspar)
Can ecash & Virtual Currency Compete with Other Electronic Payments? Oz Shy Consumer Payments Research Center Federal Reserve Bank of Boston Presented at the Accredited Standards Committee (ASC) X9 All
National Survey of Franchisees 2015 An Analysis of National Survey Results FRANCHISEGRADE COM Vital Insight for your investment. FranchiseGrade.com, National Survey of Franchisees, 2015 Contents Introduction...
4% of online Americans use location-based services Kathryn Zickuhr, Web Coordinator Aaron Smith, Senior Research Specialist 11/4/2010 http://pewinternet.org/reports/2010/location-based-services.aspx Pew
A supplement from Nov 2015 The Benefits of Uniform Checking Account Disclosures Data and methods Experimental research Nationally representative findings in this report are based on an online experiment
TABLE OF CONTENTS Research Overview Mobile Gamer Profile Mobile Game Play Device Usage Mobile Game Play Activity Mobile Gaming Purchase Behavior Key Takeaways PopCap Games Mobile Gaming Research - Confidential
Multiple Choice Models II Laura Magazzini University of Verona email@example.com http://dse.univr.it/magazzini Laura Magazzini (@univr.it) Multiple Choice Models II 1 / 28 Categorical data Categorical
Strategic Review of Innovation in the Payments System: Results of the Reserve Bank of Australia s 21 Consumer Payments Use Study june 211 John Bagnall, Sophia Chong and Kylie Smith* Contents 1. Introduction
The Effects of Demographics on Consumer Perceptions of Identity Theft in Rural and Urban Settings Axton Betz, Ph.D. Student, Iowa State University 1 Identity theft is a serious crime in which an individual