Demand Uncertainty, Inventories, and Resale Price Maintenance
研究面对不确定需求时，制造商如何通过阻止折扣零售商出现来支持零售库存，并分析此举对批发需求、利润和消费者福利的影响。
We show that a manufacturer facing uncertain demand and selling through a competitive retail market may wish to support adequate retail inventories by preventing the emergence of discount retailers. In our model, discounters offer low prices made possible by low probability of being saddled with unsold inventories in the event of slack demand. Full-price retailers are compensated for a higher probability of unsold inventories by a higher retail price when they sell. We show that preventing discounting increases the manufacturer's wholesale demand and profits, and we delineate demand conditions under which equilibrium inventory holding and consumer welfare increase.