The Credit CARD Act and the Durbin Amendment in the Dodd-Frank Act, despite their purpose, may end up concentrating the payment card industry and harming small banking institutions. Ronald Mann (Columbia)

This paper uses data from the 2008 Survey of Consumer Payment Choice to discuss the adoption, use, and discarding of various common payment instruments. Using a nationally representative sample of individual-level data, it presents evidence in unparalleled detail about how consumers use...