1 Matching Annotations
  1. Jul 2015
    1. On average, each cash - using household pays $1 49 to card - using households and each card - using h ousehold receives $1, 133 from cash users every year. Because credit card spending and rewards are positively correlated with household income, the payment instrument transfer also induces a regressive transfer from low - income to high - income households in g eneral

      It is a persistent challenge to act in the interest of the group in lieu of one's own interest in absence of a guarantee against coordination failure. It should be widely recognized as an important virtue to do so.