Vertical Contracts and Downstream Entry*
研究上游垄断供应商与自由进入的下游市场之间的不同合约形式，发现批发价合约比两部收费能引发更多下游进入，从而提升总产出、消费者剩余和福利。
We study the implications of different contractual forms in a market with an incumbent upstream monopolist and free downstream entry. We show that traditional conclusions regarding the desirability of linear contracts radically change when entry in the downstream market is endogenous rather than exogenous. By triggering more entry than two‐part tariffs, wholesale price contracts can generate higher aggregate output, consumer surplus, and welfare. In light of this, the upstream monopolist may prefer to trade with wholesale price contracts as well as to give up part of its bargaining power when it is high.