請問money pump是啥意思?

原句: ...This subsidy represents a "money pump" that pipes money from some accounts to others and causes the best accounts to be overcharged; this in turn creates an opportunity for a new entrant to target the best customers, cut the pipe and rebate much of what would otherwise have been an overcharge,... 顯示更多 原句:
...This subsidy represents a "money pump" that pipes money from some accounts to others and causes the best accounts to be overcharged; this in turn creates an opportunity for a new entrant to target the best customers, cut the pipe and rebate much of what would otherwise have been an overcharge, while still earning significant profits. Indeed, we have seen this phenomenon contribute to the rapid growth of some US credit card issuers, such as Capital One Financial....

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This has profound strategic implications, especially for banks that are still engaging in scale-based competition. It is often more profitable to focus on attracting the best customers than to attempt to reduce costs; indeed, a recent First Manhattan study demonstrates that the most profitable banks are no longer the largest.

Significantly, understanding the importance of differences in customer prof-itability does not immediately translate into the ability to identify profitable customers or even profitable market segments. Companies therefore often resort to uniform pricing based on an average mark-up on their average costs. That is, if companies cannot distinguish between desirable and undesirable customers, they charge them all the same price; this is equivalent to overcharging the best customers and using the surplus generated to subsidize the remainder.

This subsidy represents a "money pump" that pipes money from some accounts to others and causes the best accounts to be overcharged; this in turn creates an opportunity for a new entrant to target the best customers, cut the pipe and rebate much of what would otherwise have been an overcharge, while still earning significant profits. Indeed, we have seen this phenomenon contribute to the rapid growth of some US credit card issuers, such as Capital One Financial.
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