The impact of maximum markup regulation on prices
研究取消最高批发和零售加价率监管后，寡头且非垂直整合市场中的价格变化，发现废除监管显著降低了零售和批发价格，间接表明加价上限为批发商合谋提供了焦点。
Markup regulation is a common yet understudied type of regulation. We analyze the repeal of maximum wholesale and retail markup regulation in an oligopolistic and vertically non-integrated market. By comparing the prices of products affected by regulation before and after the policy change and using unregulated products as a control group, we find that abolishing regulation led to a significant decrease in both retail and wholesale prices. The results provide indirect but consistent evidence that markup ceilings provided a focal point for collusion among wholesalers.