Strategic Behavior in Whiskey Distilling, 1887–1895
研究了威士忌信托如何通过独家交易和低价策略阻止进入和竞争，但最终未能成功，原因在于市场结构和州级反垄断执法。
This article shows that the Whiskey Trust used exclusive dealing and unusually low prices to deter entry and competition. Evidence of this is based on a unique dataset that allows us to estimate a firm-level demand curve for the trust, and to construct direct estimates of marginal cost. This article also shows that the strategies employed by the trust failed to deter entry. Market structure and state-level antitrust enforcement account for the failure of these strategies.