PROFITABILITY OF PRODUCT BUNDLING*
利用copula模型刻画消费者估值的随机依赖关系，给出了产品捆绑销售盈利的新一般条件：当消费者对两种产品的估值负相关、独立或正相关程度足够有限时，混合捆绑比单独销售利润更高，且该结论在竞争环境下也成立。
Using copulas to model the stochastic dependence of values, this article establishes new general conditions for the profitability of product bundling. A multiproduct monopolist generally achieves higher profit from mixed bundling than from separate selling if consumer values for two of its products are negatively dependent, are independent, or have sufficiently limited positive dependence. The profitability of monopoly bundling also extends to situations where a multiproduct firm competes with a single‐product rival.