Exclusive Dealing: Investment Promotion May Facilitate Inefficient Foreclosure
研究了排他性交易如何既促进在位卖方的投资，又可能封锁更有效率的进入者，提醒对以投资促进为由为排他性交易辩护应持谨慎态度。
This paper studies a model whereby exclusive dealing ( ED ) can both promote investment and foreclose a more efficient supplier. Since ED promotes the incumbent seller's investment, the seller and the buyer realize a greater surplus from bilateral trade under exclusivity. Hence, the parties involved may sign an ED contract that excludes a more efficient entrant in circumstances where ED would not arise absent investment. The paper therefore invites a more cautious attitude towards accepting possible investment promotion arguments as a defense for ED .