Resale Price Maintenance and Forward Integration into a Monopolistically Competitive Industry
用CES模型分析上游垄断企业通过转售价格维持或向前整合进入下游垄断竞争行业的影响，发现两者均能提高利润但会减少社会福利，因为整合大幅减少下游产品种类，抵消了降价的好处。
In this paper we adopt the CES model of product differentiation for the downstream stage of the industry. With an upstream monopolist we first show that resale price maintenance is equivalent to forward integration and that both increase profits. Then we demonstrate that forward integration by an upstream monopolist will reduce welfare for the industry. Prices fall with forward integration, but the integrating firm contracts the number of downstream subsidiaries so drastically that the reduced diversity more than offsets the gains from lower prices.