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E：当flate 金额比较大时，receiver会采取措施来减少自己的损失10)传统理论认同哪点
writer 不需要直接承担支票带来的社会成本。
11)文章的意思暗指收支票的人怎么样?
收支票的人和写支票的人都要榨取最大价值。
12)第三段开头高亮了旧观点，然后问这个高亮的旧观点指的是什么?
应该就是第二段里描述的内容。
旧观点是市场失灵。
※ 备注：
1)最长的一篇，四段。
2)反正细节题很好定位 结构很清楚不难 就是灰常长啊
※ 背景(疑似原文)：
Despite the growing availabilityand acceptance of electronic payment instruments—such as credit cards, debitcards, and automated clearinghouse (ACH) payments—by far the most popularnoncash payment instrument used in the United States is the paper check. In1995, approximately 80 percent of all noncash transactions were made by check(Bank for International Settlements, forthcoming). Furthermore, although use ofelectronic instruments has grown in the past several years, check use has grownas well: between 1987 and 1993, the average annual number of payments percapita increased by 26 payments for electronic instruments, but by 31 paymentsfor checks (Humphrey, Pulley, and Vesala, forthcoming). Clearly, individualsand businesses are not rapidly shifting away from checks to electronicinstruments.The popularity of checks persists even though checks cost societymore to produce and process than do electronic instruments. According tostandard economic theory, that may be a sign that the market for paymentinstruments is not working properly. In general, in an efficient market, whencompeting goods are available and one costs society more, the prices of thegoods will re?ect the relative costs of the resources used to produce them, andthe cheaper good will be substituted for the more expensive. In this way,society uses its resources to produce only the particular goods it wants in theparticular amounts it wants. In other words, resources are used efficiently.When use does not shift to the cheaper good, either the goods are not closesubstitutes or the market has failed, and there is a potential role for apublic authority to attempt to correct the failure. Market failure is acommonly accepted view of what’s happened in the market for paymentinstruments. According to this view, the users of checks are the check writers.And for those individuals and businesses, the private cost, or price, of usingchecks has been distorted by the value of check ?oat, or the time between thewriting and clearing of a check. During that time, of course, the funds canearn interest for the check writer rather than for the check receiver. The sizeof this bene?t is thought to have reduced the price of check use below the costto society of producing and processing checks. Since individuals and businessesdon’t face that higher social cost, they continue to use checks despite theexistence of other means of payment that are less costly to society. In short,checks are overused.
That view is suspect even if thedata still supported it, though. The view seems to assume that only the agenton one side of a transaction—the check writer—recognizes and takes advantage ofthe value of float. That assumption doesn’t correspond with expected rationalbehavior. Since float is a transfer payment from the check receiver to thecheck writer, with no allocative effects overall, rational agents are likely tonegotiate a mutually beneficial distribution of any significant value offloat.7 And, in fact, this type of negotiation is common for large paymentsbetween businesses, for which the value of float is potentially large. Inpractice, many business-to-business payments contractually stipulate paymenttransaction terms that internalize the effects of float.
V1还有一个貌似也是现象解释一屏半好像 就是说check的使用率很高，虽然它的什么social cost大, 在其他的什么支付方式都被更普遍使用的时候，check的使用率还是居高不下。后面就是解释..有一个什么conventional explanation说balabalabala..另一段好像是另外一个解释.
V2第三篇是说check为什么还是那么popular的，提到了一个关于float的东西。
V3第一段是说，现在电子化的支付方式很多，但是paper check 还是很受欢迎，占80%什么的第二段，讲paper check多说明市场不健康，似乎稍微讲了点原因第三段，重点说这个papercheck的弊端吧，writer怎么样怎么样，可是拿利息，不用承担什么什么风险第四点，驳斥了上面的理论，说现在对一些大的check，第三段里讲的吃亏的那一方也是rational的，会争取利益
