Arbeitspapier
Adoption costs of financial innovation: Evidence from Italian ATM Cards
The discrete choice to adopt a financial innovation affects a household's exposure to inflation and transactions costs. We model this adoption decision as being subject to an unobserved cost. Estimating the cost requires a dynamic structural model, to which we apply a conditional choice simulation estimator. A novel feature of our method is that preference parameters are estimated separately, from the Euler equations of a shoppingtime model, to aid statistical efficiency. We apply this method to study ATM card adoption in the Bank of Italy's Survey of Household Income and Wealth. There, the implicit adoption cost is too large to be consistent with standard models of rational choice, even when sorted by age, cohort, education or region.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Staff Working Paper ; No. 2017-8
- Klassifikation
-
Wirtschaft
Demand for Money
Household Saving; Personal Finance
Multiple or Simultaneous Equation Models: Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- Thema
-
Bank notes
Econometric and statistical methods
Financial services
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Huynh, Kim P.
Schmidt-Dengler, Philipp
Smith, Gregor W.
Welte, Angelika
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2017
- DOI
-
doi:10.34989/swp-2017-8
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Huynh, Kim P.
- Schmidt-Dengler, Philipp
- Smith, Gregor W.
- Welte, Angelika
- Bank of Canada
Entstanden
- 2017
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