One size fits all? The value of standardized retail chains
量化了餐饮业标准化连锁店对福利和利润的影响：连锁店虽需求更高但缺乏灵活性，若失去需求优势利润将下降28%，而禁止连锁店的地方政策会使消费者福利减少1.5%至5.4%，且对低收入消费者影响更大。
Abstract Multi‐outlet firms, or chains, account for most US retail spending. This article quantifies the welfare and profit effects of standardized chains in the restaurant industry: chains face higher demand than independents, but are less flexible in customizing product selection or prices across locations. I find that on average chains could earn 19% higher variable profits if they could customize their product optimally, but they would lose 28% of their variable profits if they were to lose their demand advantages. Local policies that ban chains would decrease consumer welfare by 1.5% to 5.4% of restaurant spending and disproportionately impact lower income consumers.