Transcript
![Page 1: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/1.jpg)
The Failure of Competition in the Credit Card Market
By Lawrence M. Ausubel, University of Maryland
The American Economic Review, Volume 81, Number 1 (March 1991), 50–81.
Copyright © American Economic Association 1991. All rights reserved.
![Page 2: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/2.jpg)
![Page 3: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/3.jpg)
![Page 4: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/4.jpg)
![Page 5: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/5.jpg)
![Page 6: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/6.jpg)
![Page 7: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/7.jpg)
![Page 8: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/8.jpg)
![Page 9: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/9.jpg)
![Page 10: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/10.jpg)
![Page 11: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/11.jpg)
![Page 12: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/12.jpg)
![Page 13: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/13.jpg)
![Page 14: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/14.jpg)
![Page 15: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/15.jpg)
![Page 16: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/16.jpg)
![Page 17: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/17.jpg)
![Page 18: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/18.jpg)
![Page 19: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/19.jpg)
![Page 20: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/20.jpg)
![Page 21: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/21.jpg)
![Page 22: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/22.jpg)
![Page 23: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/23.jpg)
![Page 24: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/24.jpg)
![Page 25: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/25.jpg)
![Page 26: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/26.jpg)
![Page 27: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/27.jpg)
![Page 28: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/28.jpg)
![Page 29: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/29.jpg)
![Page 30: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/30.jpg)
![Page 31: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/31.jpg)
![Page 32: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/32.jpg)
![Page 33: The Failure of Competition in the Credit Card Market](https://reader036.vdocument.in/reader036/viewer/2022062504/58746d951a28ab0b328b9c78/html5/thumbnails/33.jpg)