This thesis strives to offer new insights in two main areas. First, in the well-researched domain of payment cards chapters 2 and 3 investigate an aspect that has hitherto been scantly examined, namely, the fact that merchant usage fees differ substantially among merchant sectors. Additionally,...

This thesis considers a dynamic panel data model with error components that are correlated both spatially (cross-sectionally) and time-wise. The model extends the literature on dynamic panel data models with cross-sectionally independent error components. The model for spatial dependence is a...