Vertical Separation with Private Contracts
研究了制造商在零售商无法观察合同的情况下，选择通过独立零售商销售而非直销的动机，发现纵向分离能减少竞争并提高利润，且私人合同比公开合同更有利。
We consider a manufacturer's incentive to sell through an independent retailer, rather than directly to final consumers, when contracts with retailers cannot be observed by competitors. If retailers conjecture that identical competing manufacturers always offer identical contracts (symmetric beliefs), manufacturers choose vertical separation in equilibrium. Even with private contracts, vertically separated manufacturers reduce competition and increase profits by inducing less aggressive behaviour by retailers in the final market. Manufacturers' profits may be higher with private than with public contracts. Our results hold both with price and with quantity competition and do not hinge on retailers' beliefs being perfectly symmetric. We also discuss various justifications for symmetric beliefs, including incomplete information.