Defending Home against Giants: Exclusive Dealing as a Survival Strategy for Local Firms*
研究本土制造商面对跨国制造商进入时，如何通过独家合同与高效分销商结盟来抵御竞争，发现跨国企业越高效，本土企业越可能签订排他性协议。
We consider exclusive contracts a survival strategy for a local incumbent manufacturer facing a multinational manufacturer's entry. Although both manufacturers prefer to trade with an efficient local distributor, trading with inefficient competitive distributors is acceptable only to the entrant, because of the entrant's efficiency. Hence, such competitive distributors can be an outside option for the entrant. As the entrant becomes efficient, the outside option works effectively, implying that the entry does not considerably benefit the efficient local distributor. Thus, the local manufacturer is more likely to sign an anticompetitive exclusive contract with the efficient distributor as the entrant becomes efficient.