Large Firms, Consumer Heterogeneity, and the Profit Share
研究了在寡头竞争和消费者异质性模型中，大企业与利润份额上升的关系，发现消费者异质性使平均加价和利润份额分别比代表性消费者模型高出20和6.4个百分点，收入不平等加剧进一步推高了零售利润份额。
We examine the relationship between large firms and the rising profit share in a model that features oligopolistic competition and consumer heterogeneity. Conditional on the sales distribution, consumer heterogeneity increases firm-level markups and the profit share. Using NielsenIQ data on purchases at the household-barcode level, we quantify the role of consumer heterogeneity, finding that the average markup and the profit share are 20 and 6.4 percentage points larger than predicted by a representative consumer model. Extrapolating our results to the period 1990–2021, rising income inequality implies an increase of more than 4 percentage points in the retail profit share.