id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1689	Carlton, Dennis	The Anticompetitive Effect of Vertical Most-Favored-Nation Restraints and the Error of Amex	2019	14	.pdf	application/pdf	4909	233	65	[Vol. 2019 finance high reward payments to cardholders.33 There is no doubt that as merchant fees rise, more rewards can be financed and that the high merchant fees create an incentive for credit card firms to use rewards to get customers to use their card.34 But that same incentive exists if that high fee resulted from a cartel of the card companies to set the merchant fee at a high level. [Vol. 2019 the competitive process arises from the elimination of the competition among credit card firms at the point of sale, competition that would occur if merchants could surcharge or otherwise steer consumers away from more expensive credit cards.	cache/cblr-1689.pdf	txt/cblr-1689.txt