The Competitive Impact of Vertical Integration by Multiproduct Firms
研究了多产品行业中纵向一体化对定价激励的影响，利用美国碳酸饮料行业数据发现，纵向一体化虽消除双重加价降低部分产品价格，但会推高其他产品价格，产生反竞争效应。
We study the impact of vertical integration on pricing incentives in multiproduct industries. To do so, we exploit recent variation in vertical structure in the US carbonated-beverage industry. While the elimination of double marginalization with vertical integration is normally characterized as procompetitive, economic theory predicts that it may cause anticompetitive price increases in multiproduct industries. We indeed find that vertical integration causes price decreases in products with eliminated double margins but price increases in the other products sold by the integrated firm. These results provide new evidence of anticompetitive effects of vertical mergers.