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1、VerticalRelationsandRestraintsManytransactionstakeplacebetweentwofirms,ratherthanbetweenafirmandconsumersKeydifferencesinthesetypesoftransactions:Demandforanintermediategoodbeingsoldbyanupstreamcompanytoadownstreamcompanyisderivedfromthedemandcurvethedown
2、streamcompanyfaces.Thebuyersoftheintermediategood,thedownstreamcompanies,competewithoneanother.TypesofVerticalRelationships/RestraintsRelationshipsFranchiseLicensed/authorizeddealerAgentRestraintsExclusiveterritoriesRoyaltyagreementsResalepricemaintenance
3、DoubleMarginalizationAssumethereisanupstreamfirm,themanufactureroftheproduct,andadownstreamfirmthatsellstheproductinaretailoutlet.Assumeretailershavenocosts,justbuytheproductandthenresellitcostlessly.Alsoassumethatthemarginalcostofmanufacturingtheproducti
4、sconstant,c.ConsumerdemandfortheproductisP=a-bQ.DoubleMarginalization,con’tIfthemanufacturerandretailerwereanintegratedcompany,thefirmwouldsetMR=MCtomaximizeprofit:a-2bq=corq=(a-c)/2bPrice=a-b*(a-c)/2b=(a+c)/2Profit=[(a+c)/2-c]*(a-c)/2b=(a-c)2/4ba(a+c)/2c
5、MRDemand(a-c)/2bMonopolySolutionDoubleMarginalization,con’tIfthemanufacturerandretailerareseparatecompanies:Assumethatthepricetheretailerpaysthemanufacturerisr.Tomaximizeprofit,theretailersetsr=MR:a-2bq=rorq=(a-r)/2bPrice=a-b(a-r)/2b=(a+r)/2Profit=[(a+r)/
6、2-r]*(a-r)/2b=(a-r)2/4bDoubleMarginalization,con’tThustheretailer’sdemandforthemanufacturer’sproductisq=(a-r)/2b.Theinversedemandcurveforthemanufactureristhusr=a-2bq.Notethatthisisthesameastheretailer’smarginalrevenuecurve.Sothemanufacturer’sMRcurve=a-4bq
7、.DoubleMarginalization,con’tSettingMR=MC:a-4bq=c,orq=(a-c)/4bPrice=a-2b(a-c)/4b=(a+c)/2(Besuretousethemanufacturer’sdemandcurvetogetprice,nottheconsumer’sdemandcurve)Profit=[(a+c)/2-c]*(a-c)4b=(a-c)2/8bTheretailerpays(a+c)2andsells(a-c)/4batP=a-b*(a-c)/4b
8、=(3a+c)/4.DoubleMarginalizationa(3a+c)/4(a+c)/2cMRforretailerDemand(a-c)/2bMRformanufacturerDoubleMarginalization,con’tDoubleMarginalization:bothfirmsmarkthepriceupabovetheirowncosts.Bothcosumersandfirmsarebetteroff
