Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. iii Terms of use: Documents in AbstractWe measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences -for example, the level of cash usage differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-of-sale characteristics such as merchant card acceptance and venue.

The purpose of the Working Papers is to disseminate the results of research conducted by CIRANO research members in order to solicit exchanges and comments. These reports are written in the style of scientific publications. The ideas and opinions expressed in these documents are solely those of the authors.Les cahiers de la série scientifique visent à rendre accessibles les résultats des recherches effectuées par des chercheurs membres du CIRANO afin de susciter échanges et commentaires. Ces cahiers sont rédigés dans le style des publications scientifiques et n'engagent que leurs auteurs.CIRANO is a private non-profit organization incorporated under the Quebec Companies Act. Its infrastructure and research activities are funded through fees paid by member organizations, an infrastructure grant from the government of Quebec, and grants and research mandates obtained by its research teams. Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies duQuébec. Le financement de son infrastructure et de ses activités de recherche provient des cotisations de ses organisations-membres, d'une subvention d'infrastructure du gouvernement du Québec, de même que des subventions et mandats obtenus par ses équipes de recherche. CIRANO Partners -Les partenaires du CIRANO Corporate Partners -Partenaires corporatifs Autorité des marchés financiers Bank of Canada Bell Canada BMO Financial Group Business Development Bank of Canada Caisse de dépôt et placement du Québec

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This article investigates the strategies of a data broker when selling information to one or to two competing firms that can price discriminate consumers. The data broker can strategically choose any segment of the consumer demand (the information structure) to sell to firms that implement third-degree price discrimination. We show that data broker's equilibrium profits are maximized when (1) information identifies consumers with the highest willingness to pay; (2) consumers with a low willingness to pay remain unidentified; and (3) the data broker sells two symmetrical information structures. The data broker therefore strategically sells partial information on consumers to soften competition between firms.Extending the baseline model, we prove that these results hold under first-degree price discrimination. * We would like to thank

Modeling the demand for cash and deposits is a primary concern for central banks. Within a wide range of academic contributions, payment choice models based on transaction sizes (TS models) have been promoted. However, TS models induce strong predictions about the use of payment instruments. In particular, all equal-sized transactions are supposed to be paid with the same payment instrument. We propose a simple alternative model based on cash holding (CH model) that allows equal-sized transactions to be paid for in cash or with other payment instruments. Using micro-level payment data from two representative samples of the French population in 2005 and 2011, we test how well each model replicates the observed shares of cash payments in the French economy for each size of transaction. We find that the CH model outperforms TS models, as it better predicts the observed shares of cash payments with notably less demanding information on individuals.JEL Codes: E41, G2. * We are especially indebted to Nicolas Houy and Abel Franois, who have significantly contributed to the development of the ideas contained in this research. We also thank participants of the conference entitled "The Economics of Payments III" held at the Federal Reserve Bank of Atlanta for their helpful comments as well as the anonymous referee for her/his constructive comments and detailed suggestions on an earlier draft of the paper. Author