Research on Individual Decision Making on Payment Instruments Choice

在本研究中，我们试图分析电子货币扩散对小额支付工具选择的影响。为此，我们对相同的消费者进行了为期两年的调查，并通过构建面板数据进行了实证分析，发现使用电子货币频率较高的消费者的支付工具选择行为与美国和西欧流行的现有微观经济学理论是一致的。另一方面，对于持续偏爱现金的消费者来说，很难用现有的理论模型来解释他们的决策行为。日本的小支付市场非常独特，现金主导着其他支付工具。当我们研究日本小额支付市场时，我们必须考虑其他交易成本，如账户余额查询的便利，这是以前的文献所忽视的。

In this research, we attempted to analyze the effect of diffusion of electronic money on individual decision making on small payment instrument choice. For that purpose, we conducted the survey on the same consumers for 2 years, and made the empirical analysis by constructing the panel data.We found that the payment instrument choice behavior of the consumers with high frequent use of e-money was consistent with the existing microeconomic theory which was popular among United States and Western Europe. On the other hand, as for the consumers who keep on prefer cash, it is difficult to consistently interpret their decision making behavior by the existing theoretical model.The small payment market in Japan is quite unique in that cash dominates other payment instruments. When we investigate Japanese small payment market, it is essential that we take into account the other transaction cost such as "facility for an account balance inquiry", which was ignored by the earlier literature.