Allen N. Berger, Diana Hancock, Jeffrey C. Marquardt, A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in the Payments System, Journal of Money, Credit and Banking, Vol. 28, No. 4, Part 2: Payment Systems Research and Public Policy Risk, Efficiency, and Innovation (Nov., 1996), pp. 696-732
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Berger et al. (1996) studied this question.
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