energy consumption economic growth relationship and carbon dioxide emissions in china this paper applies the panel unit root heterogeneous panel cointegration and panel based dynamic ols to re investigate the co movement and relationship between energy consumption and economic growth for 30 provinces in mainland china from 1985 to 2007 the empirical results show that there is a positive long run cointegrated relationship between real gdp per capita and energy consumption variables furthermore we investigate two cross regional groups namely the east china and west china groups and get more important results and implications in the long term a 1 increase in real gdp per capita increases the consumption of energy by approximately 0 48 0 50 and accordingly increases the carbon dioxide emissions by about 0 41 0 43 in china the economic growth in east china is energy dependent to a great extent and the income elasticity of energy consumption in east china is over 2 times that of the west china at present china is subject to tremendous pressures for mitigating climate change issues it is possible that the gdp per capita elasticity of carbon dioxide emissions would be controlled in a range from 0 2 to 0 3 by the great effort

strategic buyers and exclusionary contracts this paper characterizes equilibrium exclusionary contracts between buyers an incumbent firm and a potential entrant when buyers can either vertically integrate or contract with the outside entrant in this setting exclusionary contracts are generally shown to be efficient and to deter inefficient entry that would otherwise occur with multiple unorganized buyers equilibrium contracts are shown to take a divide and conquer form and in some cases to deter some efficient entry in such cases efficient contracting can be restored by a policy that prohibits price discrimination and gives agents free reign to sign exclusionary agreements copyright 1994 by american economic association

the competitive effects of vertical agreements for many years there were few distinctions drawn between horizontal and vertical agreements both were considered anticompetitive and subject to per se condemnation under the antitrust laws recently however this approach has come under attack and what was once the conventional wisdom is no longer so indeed there is growing acceptance of the view that vertical agreements can rarely have anticompetitive consequences per se legality would then be the appropriate standard in this paper we investigate the competitive implications of a particular vertical agreement the imposition of exclusive dealing requirements by a manufacturer on his distributors however to maintain the focus of the analysis we do not consider ultimate welfare gains or losses in an early application of economic analysis to this practice aaron director and edward levi 1956 suggest that exclusive dealing would be anticompetitive if it raised entry costs for rivals our object following this conjecture see their p 293 is to examine the market conditions under which exclusive dealing impedes entry howard marvel 1982 dealt with the practice of exclusive dealing he provides an efficiency rationale for exclusive dealing ignores the prospect that anticompetitive effects may follow and concludes that exclusive dealing ought therefore to be treated as legal per se p 25 this paper examines the possible anticompetitive effects neglected by marvel i market conditions for exclusive dealing

resale price maintenance in an oligopoly with uncertain demand abstract this paper considers a model where oligopolistic manufacturers sell to consumers through competitive retailers who face demand uncertainty the setup is a symmetric duopoly with product differentiation and a perfectly competitive retail market in the game with unconstrained price competition there is price dispersion in the retail market in the game with resale price maintenance rpm manufacturers profits are higher retail inventories are at least as high and total surplus is at least as high the effect of rpm on consumer surplus is ambiguous rpm also precludes possible coordination failure between the manufacturers

the effects of different contractual arrangements the case of retail gasoline markets the change in the contractual arrangement at a gasoline station from a refiner controlled to a franchise operation implies different incentives for the individual who sets prices and determines hours but reflects no change in the product nor the market environment the outcome can lead to higher prices and reduced hours at the station affected the divorcement experience in maryland illustrates how change can be imposed by the legal system average self service and full serve prices rose and hours of operation fell relative to those of competitors even though refiner operations that were forced to franchise had previously had prices below the competition the evidence of an effect on the prices and hours of competitors is less convincing 16 references 2 tables

precommitment in competing vertical chains the design of distribution channels is an important marketing decision since a revision implies costly reorganization hence it makes sense to study strategic motives of alternative distribution devices a precommitment is a strategic move that affects the other players expectations on how oneself will behave and thus induces them to choose in one s own favor schelling 1960 how these tactics can be used by firms to favorably influence competition between vertical chains is the topic of the literature reviewed in this survey jel classification l22 l42 l81

determinants of energy consumption function in saarc countries balancing the odds abstract the objective of the study is to investigate the multivariate energy consumption function for south asian association for regional cooperation saarc countries namely bangladesh india nepal pakistan and srilanka particularly economic growth gdp relative prices of energy rep foreign direct investment fdi and different financial development indicators i e broad money supply liquid liabilities domestic credit provided by banking sector and domestic credit to private sector over a period of 1975 2011 the results reveal that granger causality running from all other variables to fdi which indicates a strong support for the hypothesis that energy consumption ec gdp rep and fd are important determinants in promoting the fdi both in short and long run in the context of bangladesh the results suggest for india indicate that gdp fdi rep and fd are useful in explaining the movements of ec in the short run similarly the granger causality results indicate that ec gdp rep and fd are the important determinants of fdi in case of nepal rep is the only variable whose movements in the short run determined by movements in the other four variables i e gdp fdi ec and fd however the ec also provide useful information about the variable fd the results of pakistan indicate the causal relationship among fdi and ec which supports the feedback hypothesis in the short and long run similarly both variables i e fdi and gdp supports the feedback hypothesis both in the long run and short run where as fd and ec fd and rep fdi and rep and finally rep and gdp supports the feedback hypothesis in the short run in case of srilanka this study did not find any strong support of the causality among the variables either in the short or long run except unidirectional granger causality running from fd to ec and ec to fdi

on the nexus of financial development economic growth and energy consumption in china new perspective from a gmm panel var approach abstract this paper studies the endogenous relationships among financial development energy consumption and economic growth in china by applying a gmm panel var approach with a panel data of 30 chinese provinces over the period 1996q1 2015q4 financial development is measured by six individual indicators and by a comprehensive indicator obtained through the pca method we also account for regional heterogeneity by dividing our sample into three regions eastern region central region and western region we underline our findings in three aspects first financial development measured by most individual indicators m2 credit revenue of the insurance industry and stock market value and the comprehensive one has a significantly negative impact on economic growth second energy consumption can significantly contribute to economic growth in all regions while no feedback effect is found except in the western region this result is further supported by the granger causality tests last financial development in the sense of m2 credit stock turnover and the comprehensive indicator can significantly lessen energy consumption in all regions but this inhibitory effect is found to be largest in the western region followed by the eastern region and be smallest in the central region the granger causality tests confirm further the existence of heterogeneity across regions a bidirectional granger causality between the two variables is found in the eastern region a unidirectional granger causality running from energy consumption to financial development is identified in the central region and no significant causal relationship shows up in the western region our findings provide valuable policy implications for china heading for a green economic growth

vertical contracts in the video rental industry a large body of theoretical work has explored the channels through which vertical contracts can induce efficiency improvements however it is also important to study vertical contracts empirically in order to gain insight into the relative size of different types of efficiency gains in this paper i empirically analyse a contractual innovation in the vertically separated video rental industry prior to 1998 video stores obtained inventory from movie distributors using simple linear pricing contracts in 1998 revenuesharing contracts were widely adopted i investigate the effect of the introduction of revenue sharing contracts on firms profits and consumer welfare i analyse a new panel data set of home video retailers that includes information on individual retailers contract and inventory choices as well as rentals and contract terms for 246 movie titles and 6137 retailers in the u s during each week of 1998 and 1999 and the first half of 2000 a structural econometric model of firms behaviour is developed that describes the nature of firms contract choices estimates from this model indicate that both upstream and downstream profits increase by 10 under the revenue sharing contract for popular titles for less popular titles the effects can be even larger i also estimate that consumers benefit when revenue sharing contracts are adopted

viewpoint canadian competition policy progress and prospects this paper discusses the state of competition policy in particular the economics of competition policy in canada today and considers its prospects going forward it argues that i the importance of competition policy has become accepted widely in canada and indeed throughout much of the world ii competition policy design and enforcement is in general well done in canada iii economists including many canadians have played a central role in the development of an efficient and effective competition policy in canada and elsewhere and iv competition policy in canada is today facing very serious challenges and economists should be concerned la politique de concurrence au canada progres et prospective ce memoire discute de l etat de la politique de concurrence en particulier l economie de la politique de concurrence au canada aujourd hui et examine ce qui l attend on suggere que i l importance de la politique de concurrence est devenue largement acceptee au canada et dans le gros du reste du monde ii le dessein et l application de la politique de concurrence sont en general bien faits au canada iii les economistes et plusieurs canadiens parmi eux ont joue un role central dans le developpement d une politique de concurrence efficace et effective au canada et ailleurs et iv la politique de concurrence au canada fait face a des defis tres serieux ces temps ci et les economistes devraient s en inquieter

using latent variable approach to estimate china s economy wide energy rebound effect over 1954 2010 the energy rebound effect has been a significant issue in china which is undergoing economic transition since it reflects the effectiveness of energy saving policy relying on improved energy efficiency based on the ipat equation and brookes explanation of the rebound effect this paper develops an alternative estimation model of the rebound effect by using the estimation model and latent variable approach which is achieved through a time varying coefficient state space model we estimate china s economy wide energy rebound effect over 1954 2010 the results show that the rebound effect evidently exists in china as a result of the annual average of 39 73 over 1954 2010 before and after the implementation of china s reform and opening up policy in 1978 the rebound effects are 47 24 and 37 32 with a strong fluctuation and a circuitously downward trend respectively indicating that a stable political environment and the development of market economy system facilitate the effectiveness of energy saving policy although the energy saving effect of improving energy efficiency has been partly realised there remains a large energy saving potential in china

prospects for the power sector in nine developing countries abstract based on information drawn primarily from official planning documents issued by national governments and or utilities this article examines the outlook for the power sector in the year 2000 in nine countries china india indonesia thailand the philippines south korea taiwan argentina and mexico this study found that the implicit rates of average annual growth of installed electric power capacity between 1991 and 2001 range from a low of 3 3 per year in argentina to a high 13 2 per year in indonesia in absolute terms china and india account for the vast majority of the growth the plan calls for a shift in the generating mix towards coal in six of the countries and continued strong reliance on coal in china and india the use of natural gas is expected to increase substantially in a number of the countries the historic movement away from oil continues although some countries are maintaining dual fuel capabilities plans call for considerable growth of nuclear power in south korea and china and modest increases in india and taiwan the feasibility of the official plans varies among the countries lack of public capital is leading towards greater reliance on private sector participation in power projects in many of the countries environmental issues are becoming a more significant constraint than in the past particularly in the case of large scale hydropower projects the financial and environmental constraints are leading to a rising interest in methods of improving the efficiency of electricity supply and end use the scale of such activities is growing in most of the study countries

common marketing agency as a device for facilitating collusion in a variety of markets firms voluntarily and independently delegate control over certain aspects of marketing to common agents in this article we present an explicit model of agency delegation where firms noncooperatively select agents name output prices and choose compensation schemes we exhibit an equilibrium in which all strategic variables not merely the marketing choices delegated to agents but prices as well are selected perfectly cooperatively this cooperative equilibrium is very simple and attractive each firm sets the collusive output price and employs a commission scheme to compensate the agent although each

interaction between output efficiency and environmental efficiency evidence from the textile industry in jiangsu province china environmental efficiency improvement has played a crucial role in the theory and practice of stimulating clean production this paper analyzes the interaction between environmental efficiency and output efficiency particularly whether they reinforce each other or compete with each other on the basis of a data set of 137 firms in the textile industry in china s jiangsu province in the first stage generalized data envelopment analysis is applied to calculate efficiency measures of energy waste water waste gas soot and output efficiency taking capital labor water and energy as inputs industrial output value as desirable output and waste water discharges waste gas and soot emissions as undesirable outputs in the second stage analysis a structural equation model with latent variables is applied to analyze the interaction between the latent variable environmental efficiency measured by the four observed environmental indicators and output efficiency taking also into account the endogenous variable profit the main outcomes of the structural equation model are the following firstly environmental efficiency negatively impacts on profit while profit positively impacts on environmental efficiency in a similar vein output efficiency is found to depress profit while profit increases output efficiency thirdly environmental efficiency has a positive impact on output efficiency while there is no effect of output efficiency on environmental efficiency fourthly taxes impair a firm s output efficiency from the findings it follows that a swap of general taxes for an energy tax is likely to improve both output efficiency and energy efficiency the latter outcome implies a win win situation which will facilitate the further implementation and adoption of environmental policy finally the paper illustrates the applicability of structural equation modeling in efficiency analysis

exclusionary vertical contracts and product market competition this article considers whether a monopolist is able to deter more efficient entrants through contracting with buyers in the antitrust literature the chicago school s stand is that such contracts cannot be anticompetitive hence vertical contracts should be accorded per se legal status in a four stage game with the following features 1 the incumbent enjoys a first mover advantage 2 the entrant must incur some sunk cost to enter the market and 3 entry is uncertain the author shows that vertical contracts can be anticompetitive if there exists product market competition thus the author advocates caution in treating all contracts as per se legal a three factor repeated measures experiment tested the effect of leadership style charismatic structuring and considerate on performance improvement on a manufacturing task over four trials findings from a repeated measures multivariate analysis of variance indicated that individual exposed to considerate leadership had superior initial performance but that this difference faded over time further analysis indicated that self efficacy fully mediated the relationship between leadership style and performance copyright 1999 by university of chicago press

loyalty discounts and price cost tests abstract we analyze by means of a formal economic model the use of the discount attribution test to assess the competitive effects of loyalty discounts the discount attribution test is a variant of the price cost test where the discount is attributed only to the share of total demand that is regarded as effectively contestable in the model a dominant firm enjoys a competitive advantage over its rivals and uses market share discounts to boost the demand for its own products in this framework we show that the attribution test is misleading or at best completely uninformative our results cast doubts on the applicability of price cost tests to loyalty discount cases

the competitive effects of vertical agreements comment recent economic analyses of vertical restraints and integration emphasize the circumstances under which these arrangements are socially efficient efficiency claims have proven contentious however for exclusive dealing a vertical restraint that prohibits any outlet carrying a manufacturer s product from stocking substitute brands this paper analyzes the impact of exclusive dealing on competition and allocative efficiency opinions expressed on the impact of exclusive dealing range from the extreme view that it is invariably anticompetitive to the view that it is always procompetitive the u s supreme court has concluded that in hundreds if not thousands of communities where there is a single retailer for a product

the competitive effects of vertical agreements comment in a recent paper comanor and frech 1985 cf claim that a manufacturer enjoying a product differentiation advantage could impose exclusive dealing on distributors while also raising its wholesale price the two consumer groups in the model would then pay higher prices than under nonexclusive dealing cf also suggest that exclusive dealing is more likely to emerge when product differentiation is relatively strong cf s analysis does not carefully incorporate the constraints imposed by dealer rationality doing so within cf s model i reach opposite conclusions exclusive dealing will be accepted only if the manufacturer reduces its wholesale price to dealers relative to nonexclusive dealing price rises to one group of consumers but falls to the other moreover exclusive dealing is more likely to emerge when product differentiation is relatively weak

beer and the tie did divestiture of brewer owned public houses lead to higher beer prices in 1989 the united kingdom monopolies and mergers commission mmc recommended measures that eventually led brewers to divest themselves of 14 000 public houses the mmc claimed that their recommendations would lower retail prices and increase consumer choice since that time however retail prices have risen this paper contains an econometric analysis of the transition period the analysis is based on a model of the relationship between retail price and retail organisational form that emphasises how exclusive dealing clauses and strategic factors interact in 1989 in an important decision the united kingdom monopolies and mergers commission mmc recommended measures that eventually led brewers to divest themselves of 14 000 public houses the mmc claimed that their recommendations would lower retail prices and increase consumer choice there is considerable doubt however that their objectives were achieved indeed since the time that the recommendations were implemented retail prices have risen it is not clear however if prices would have increased in the absence of divestiture one goal of my research is to provide an answer to this question the mmc s recommendations created an exceptional opportunity to assess the effects that different contractual arrangements have on retail prices indeed one would like to investigate this relationship ceteris paribus unfortunately however the choice of vertical market structure is normally endogenous and it is impossible to condition on all of the factors that affect the contracting decision in the uk beer industry in contrast the government ordered changes in the type and terms of the contracts under which national brewers could operate their licensed premises increased separation between brewer and publican therefore was not due to changes in economic conditions moreover some premises the free houses that were not owned by a brewer were not affected by the beer orders the existence of a control group facilitates the analysis by strengthening the conclusions that one can draw in recent years economists have moved away from simple theories of vertical

multiproduct technology and market structure a recent line of research has exposed some technological determinants of the structure of industries that produce more than one good the analyses of both multiproduct perfect competition and natural monopoly require a generalized notion of average cost and in addition several newly identified technological characteristics pertinent only to joint production this paper provides an overview of these new results and suggests a unifying framework in which the theory can be further developed

on the dampening of competition effect of exclusive dealing the authors compare and contrast the profit and welfare effects of exclusive dealing sales through a common retailer and vertical integration as did y j lin 1990 the authors find that imperfectly competitive manufacturers prefer to impose exclusive dealing on their retailers unlike lin the authors find that welfare is higher under exclusive dealing than when products are sold through a common retailer this finding suggests a new interpretation of the standard stations v united states 1949 antitrust case copyright 1993 by blackwell publishing ltd

competing manufacturers in a retail supply chain on contractual form and coordination it is common for a retailer to sell products from competing manufacturers how then should the firms manage their contract negotiations the supply chain coordination literature focuses either on a single manufacturer selling to a single retailer or one manufacturer selling to many possibly competing retailers we find that some key conclusions from those market structures do not apply in our setting where multiple manufacturers sell through a single retailer we allow the manufacturers to compete for the retailer s business using one of three types of contracts a wholesale price contract a quantity discount contract or a two part tariff it is well known that the latter two more sophisticated contracts enable the manufacturer to coordinate the supply chain thereby maximizing the profits available to the firms more importantly they allow the manufacturer to extract rents from the retailer in theory allowing the manufacturer to leave the retailer with only her reservation profit however we show that in our market structure these two sophisticated contracts force the manufacturers to compete more aggressively relative to when they only offer wholesale price contracts and this may leave them worse off and the retailer substantially better off in other words although in a serial supply chain a retailer may have just cause to fear quantity discounts and two part tariffs a retailer may actually prefer those contracts when offered by competing manufacturers we conclude that the properties a contractual form exhibits in a one manufacturer supply chain may not carry over to the realistic setting in which multiple manufacturers must compete to sell their goods through the same retailer

presidential address antitrust restrictions on single firm strategies this article offers an overview of selected developments in the law and economics of antitrust regulation of single firm strategies the strategy generating the most cases historically is resale price maintenance here the law has moved sharply in both canada and the u s towards more solid economic foundations yet a gap between the law and economics remains the economics of resale price maintenance is reviewed within a framework that is much simpler and more general than the existing literature the law on a second strategy predatory pricing represents in my view a success story for the influence of economic theory in spite of the absence of a single accepted theory of predatory pricing the remaining single firm strategies are concerned largely with the exclusion by a dominant firm of rivals from a market i review with application to cases the two most basic questions concerning exclusionary strategies are exclusionary anticompetitive contracts ever entered into voluntarily by market participants on the other hand is complete or substantial foreclosure of a market through exclusionary strategies necessarily anticompetitive cette allocution presidentielle a l association canadienne d economique presente une vue d ensemble des developpements dans le droit et l economie de la reglementation antitrust sur les strategies d une firme unique la loi sur la strategie qui genere historiquement le plus de cas le maintien du prix de revente a change dramatiquement au canada et aux etats unis et derive vers une politique qui a des assises economiques solides mais il reste un ecart entre le droit et l economie on reexamine l economie du maintien du prix de revente a l aide d un cadre d analyse qui est a la fois plus simple et plus general que ce qui existe dans la litterature specialisee la loi pour ce qui est d une seconde strategie prix d eviction est a mon avis une grande reussite pour la science economique malgre l absence d une seule theorie du prix d eviction generalement acceptee un troisieme ensemble de strategies concerne l exclusion de ses rivaux d un marche par la firme dominante l auteur reexamine avec un recours extensif aux cas les deux questions de base pour ce qui est des strategies d exclusion est ce que les participants sur un marche entrent jamais volontairement dans un arrangement contractuel qui exclut et est anticoncurrentiel d autre part est ce que la saisie complete ou substantielle d un marche par des man uvres d exclusion est necessairement anticoncurrentielle

the competitive effects of exclusive dealing evidence from the u s beer industry abstract several recent theoretical articles have modeled the effects of exclusive dealing contracts that restrict dealers to selling a single brand yet detailed empirical analysis of the impact of exclusivity on actual market outcomes has been lacking i analyze a unique set of firm level data on nearly 400 beer distributors in the united states the impacts of economies of scale and restrictions on distributor promotional activities on the use of exclusive dealing are measured as well as the effects of exclusivity on costs prices and output the results support the view that exclusive dealing serves to minimize manufacturer dealer incentive conflicts and enhances social welfare

exclusive dealing and common agency in international markets abstract this paper investigates the contractual choice between exclusive dealing and common agency in a simple international oligopoly model where products are sold through intermediaries we find that when trade barriers are high domestic firms tend to adopt exclusive dealing contracts whereas trade liberalization may lead firms to choose common agency social welfare can be raised be prohibiting exclusive dealing common agency when trade barriers are high low and products are close substitutes

the power industry in korea the business environment for the participation of the private sector the korean government has allowed the introduction of independent power producers ipps private firms were invited to build and operate two 500 mw bituminous coal plants and two 400 mw lng plants although the stated rationale for introducing ipps is raising efficiency through competition the real forces that drive such a policy are the necessity to secure enough funds from the private sector to raise the generating capacity of the country and the need to resolve siting issues the participating firms have to carefully review various legal factors such as laws governing the electrical power business antitrust regulations which include the monopoly regulation and fair trade act and credit control by the central bank and tax laws for the successful adoption of ipps appropriate institutional changes should also be made in terms of regulatory issues alternative methods of rate regulation need to be considered in addition the changing business environment requires careful analysis and modification of the current regulatory framework to keep pace with the rapid transition in industry size and structure

how does financial development affect energy consumption evidence from 21 transitional countries abstract financial development significantly impacts energy consumption this paper uses cross country panel data from 21 transitional countries for the period 2006 2015 while considering different financial development indicators and nonlinear relationships between financial development and energy consumption this is done by selecting five financial development indicators to measure financial development and testing linear and nonlinear relationships between financial development and energy consumption it found the following first there are no significant linear relationships between financial development and energy consumption financial development does have significant nonlinear impacts on energy consumption in transitional countries with estimated nonlinear parameters that are significant second financial development affects energy consumption in transitional countries in differing ways financial intermediation development positively affected energy consumption in all the countries studied stock markets development led decreased energy consumption in china and poland financial openness development reduced energy use except in georgia and the kygyz republic

rebates as incentives to exclusivity we show how rebates or fidelity discounts that take the form of lump sum payments made to retailers can be used by an incumbent manufacturer to achieve exclusivity and to deter the entry of a more efficient rival the results which hold whatever the degree of differentiation between retailers and whatever the cost advantage of the entrant are found despite minimizing asymmetries that may favour the incumbent as such there is no need to introduce buyers disorganization discriminatory offers economies of scale non coincident markets or liquidated damages to find that exclusivity can lead to anti competitive effects

exclusive dealing limiting outside activity and conflict of interest exclusive dealing is one of a number of non price vertical restraints that have become the subject of considerable scrutiny and rethinking both in the courts and in the academic literature 2 8 10 17 because of its association with antitrust law the emphasis of the exclusive dealing literature 3 7 13 16 21 has been on whether exclusive dealing can enhance or protect a firm s market power exclusive dealing and related restrictions on agent activities however are far more widespread than can credibly be attributed to antitrust considerations or interfirm strategic behavior the range of instances where exclusive dealing broadly construed applies is quite large including the familiar manufacturer retailer relationship as well as other situations where there may be a conflict of interest the decision to hire a worker to do a job or to have the job done by an independent contractor could be interpreted as the decision whether a firm wants its workers to exclusively deal their labor the exclusivity question arises in less formal or familiar settings as well should one for example permit a babysitter to have friends visit or should her attention be exclusively directed toward one s children should a university permit its faculty to engage in outside consulting or non university sponsored research or should it lay down rules restricting the time available for outside activities or the types of outside research that can be carried out antitrust courts and legal commentators over the past ten years especially since sylvania 4 have come to view non price vertical restraints more benignly than in the past 2 299 304 15 17 18 20 benign neglect however offers no help to a firm wondering whether to institute exclusive dealing not only may the costs and benefits of doing so be subtle but the decision may be controversial among the affected parties in the conventional exclusive dealing case retailers may not want a major supplier to cut them off if they continue to sell another manufacturer s product and will likely demand to be compensated for their lost business opportunities exclusive dealing may be viewed as the limiting version of a policy to limit outside activities by agents the purpose of this paper is to set out a very general neoclassical choice framework to discover conditions in which exclusive dealing or limitations on outside activities to mitigate conflicts of interest can enhance the operating efficiency of a vertical relationship a specific goal

naked exclusion efficient breach and downstream competition previous papers by eric b rasmusen j mark ramseyer and john s wiley jr 1991 and ilya r segal and michael d whinston 2000 argue that exclusive contracts can inefficiently deter entry in the presence of scale economies and multiple buyers we first show that these results no longer hold when buyers are final consumers who can breach these contracts and pay expectation damages we then show however that exclusive contracts can inefficiently deter entry if buyers are downstream competitors even in the absence of scale economies and even if breach is possible

downstream vertical foreclosure and upstream innovation i examine a link between downstream foreclosure and upstream innovation the crucial ingredient of the model is the presence of dynamic economies of scale upstream in the form of competition in r d the reason an upstream supplier has a captive buyer is to force rival suppliers to incur the disadvantages of low scale production and discourage them from innovating the downstream buyer is offered favorable terms and is convinced to sign an exclusive supply contract and accept captivity in this context downstream foreclosure may reduce consumer welfare

to reduce energy consumption and to maintain rapid economic growth analysis of the condition in china based on expended ipat model abstract as one of the important driving forces of world economic development china s rapid economic growth has not only supplied the world with a large number of manufactured goods but also caused china s sustained and rapid increase in energy consumption because of the characteristics of china s economic development and overall low productivity derive from them in many years according to the ipat model and its expansion this article figures out china s indicators of economic growth and changes in energy consumption brought by technological progress since 1986 empirical results show that despite many years efforts china s high speed economic growth is still largely dependent on massive energy consumption how to maintain rapid economic growth while reducing energy consumption china has faced the very problem it needs to address

reform of china s electric power industry challenges facing the government abstract china s electrical power industry requires substantial reform if the country s economic growth is to be sustained the 1997 electricity law the creation of a state power company and the abolition of the ministry of electric power are important first steps on the path of reform but it seems that a clear plan is lacking objectives of the reform should include increasing the capacity to deliver power constraining the costs of the power industry increasing end user efficiency and minimising environmental damage efforts should be directed at restructuring the industry in such a way that fair competition may be introduced at least in power generation and at establishing a viable regulatory agency both tasks have the potential to be thwarted by a range of vested interests at different levels of government and industry

why did china s energy intensity increase during 1998 2006 decomposition and policy analysis abstract despite the fact that china s energy intensity has continuously decreased during the 1980s and mostly 1990s the decreasing trend has reversed since 1998 and the past few years have witnessed rapid increase in china s energy intensity we firstly conduct an index decomposition analysis to identify the key forces behind the increase it is found that 1 the high energy demand in industrial sectors is mainly attributed to expansion of production scale especially in energy intensive industries 2 energy saving mainly comes from efficiency improvement with energy intensive sectors making the largest contribution and 3 a heavier industrial structure also contributes to the increase this study also makes the first attempt to bridge the quantitative decomposition analysis with qualitative policy analyses and fill the gap between decomposition results and policy relevance in previous work we argue that 1 energy efficiency improvement in energy intensive sectors is mainly due to the industrial policies that have been implemented in the past few years 2 low energy prices have directly contributed to high industrial energy consumption and indirectly to the heavy industrial structure we provide policy suggestions in the end

barriers and opportunities of using the clean development mechanism to advance renewable energy development in china studying the barriers and opportunities of using clean development mechanism cdm to advance renewable energy deployment in china has a practical significance to achieve its ambitious renewable energy plan which affects the global efforts to curb carbon emission this paper analyses the role of cdm in promoting renewable energy development in china by reviewing the cdm activities especially renewable energy cdm activities in china there are three barriers to utilizing cdm for renewable energy deployment namely the dilemma of additionality lower proportional certified emission reduction credit revenues on the investment and the lack of incentive for technology transfer whereas the opportunities of using cdm in promoting renewable energy development include the international carbon market redirection to renewable energy chinese renewable energy boom driven by a series of effective energy policies and additional finance from cdm supporting chinese renewable energy development based on the study on the barriers and opportunities the article considers that cdm is an indispensable incentive and a viable choice to promote renewable energy deployment in china crown copyright c 2010 published by elsevier ltd all rights reserved

exclusive contracts and demand foreclosure a firm may induce some customers to sign exclusive contracts in order to deprive a rival of the minimum viable size exclude it from the market and enjoy increased market power this strategy may result in socially inefficient exclusion even if the excluded firm is present at the contracting stage and can make counteroffers in addition allowing for breach penalty clauses decreases firms incentives to exclude rivals because such clauses allow a firm to use customers as a conduit for the transfer of another firm s profits

drivers for energy consumption a comparative analysis of china and india abstract china and india accounted for two thirds of the world s rise in energy use between 2000 and 2012 this paper aimed to calculate the p population a affluence t technology effects of energy use in china and india the world s two most populous and largest developing countries to this end a combination of the ipat method and the logarithmic mean divisia index technique and annual time series data on population energy consumption and gross domestic product during 1970 2012 are used in china a 12 53 fold growth of energy use emissions from 1970 to 2012 is driven by a combination of rapid growth in individual income and slow growth in population with offset by technological advancement since 1980 the accelerating rise in energy use since 2000 is a result of accelerating growth rates in individual income and a reversal of earlier declining in energy intensity technological advancement unlike china the long term rise in energy use exceeded the long term rise in individual income in india in addition a strong trend of decline in energy intensity has not yet occurred in india thus a 7 39 folds growth of indian energy use for 1970 2012 was a result of relatively rapid increase in population and relatively slow increase in income without effective offset by technological advancement it suggests that market oriented economic and energy reforms need to send the correct price signal to promote energy efficient technologies thus improving energy efficiency which is the key to a sustainable energy future in china and india

influence of sewage treatment on china s energy consumption and economy and its performances abstract the sewage treatment industry may affect china s energy saving and economic growth related goals to some degree this study investigated influence of sewage treatment on china s energy consumption and economic growth and its performances from 2008 to 2013 we adopted a set of indicator system based on energy emergy and money to depict these interactions including energy use per unit emission reduction euer cost per unit emission reduction cuer environmental benefit per unit investment ebui ratio of energy consumption from sewage treatment to national total energy consumption rest ratio of cost of sewage treatment to the gross domestic product rcsg structural coordination degree of sewage treatment scds and scale harmony degree of sewage treatment shds here emergy was used to quantify the environmental impact of water pollutants the study results show that energy efficiency of sewage treatment keeps relatively stable the economic cost of sewage treatment increases obviously the environmental performance of sewage treatment investment slightly rises and the sewage treatment has an increasing impact on the energy consumption and economic growth of this country as far as the relationships between different indicators or factors are concerned the structure of china s sewage treatment industry worsens obviously due to rising energy consumption and economic cost meanwhile the relationship between economic cost and energy consumption for sewage treatment domestic water consumption and discharged sewage s impact seriously deteriorated finally some corresponding issues are discussed and the related policy implications are put forward

wal mart innovation and productivity a viewpoint abstract technology effects business process development and productivity growth are considered in the context of a single company wal mart the starting point is the 2001 mckinsey global institute report which finds that over 1995 2000 a quarter of u s productivity growth is attributable to the retail industry and almost a sixth of that is attributable to wal mart wal mart is interesting as well because of its rapid growth in canada this is now canada s largest private sector employer we also consider other evidence relevant to public policy formation concerning wal mart and conclude with a discussion of options for partially filling important data gaps

retailer power recent developments and policy implications retailing is big business ranking firms by revenue retailing includes belgium s largest company delhaize le lion tesco and j sainsbury from the uk top ten the giant metro group in germany and wal mart stores number four in the usa and the eighth largest company in the world with 119 billion turnover and 825 000 employees fortune 3 8 98 retailing is getting more concentrated over time the top ten grocers in europe were 28 of the market in 1992 but 36 by 1997 1 the behaviour of retailers matters for consumers cross country studies of pricing for near identical products e g cars televisions compact discs branded sportswear groceries find big differences between prices across european countries and between europe and the usa 2 the european commission is to start examining why europeans pay substantially more on average than us consumers

assessing co2 emissions in china s commercial sector determinants and reduction strategies abstract the commercial sector is one of the key sectors in china s economic transformation and carbon emissions control this paper applies var and stirpat models to investigate the major influencing factors of co 2 emissions in china s commercial sector over the period 1980 2014 according to the empirical results per capita gdp urbanization and energy structure have positive effects on co 2 emissions while energy intensity has negative effect on co 2 emissions in the long term besides per capita gdp ranks as the most important driving factors of co 2 in china s commercial sector followed by urbanization energy structure and energy intensity in that order this paper argues that reducing energy intensity and improving energy structure are the means to realize co 2 emission reductions in the commercial sector in the short and long term respectively besides this paper forecasts that co 2 emissions in china s commercial sector will be 1942 mt by 2030 which is huge and about half of the co 2 emissions of the european union in 2014 the findings have important implications for policy makers to enact co 2 emission reduction policies

the strategic choice of managerial incentives do firms with separate owners and managers maximize profits we address this question for an oligopoly where managers compete in quantities or prices as in the cournot or bertrand models and owners choose their managers incentives we find that there is a strategic aspect in the problem of selecting incentives and that profit maximizing behavior does not result in particular in the oligopoly we study the behavior of firms competing in quantity price more closely resembles perfectly competitive collusive behavior than cournot bertrand behavior

strategic aspects of vertical delegation abstract this paper offers an overview of the strategic aspects of situations where either institutionally or contractually a firm delegates some of its decisions to another firm a subsidiary an internal division etc delegation may have several kinds of strategic benefits in the short term it may improve the competitive position of the firm or induce a more lenient behavior from its competitors in the long run it may be used to deter the entry of potential competitors to foreclose market access or to induce actual competitors to exit the paper analyzes the trade off between these possible benefits and the agency costs of delegation and emphasizes the key issues of credibility and commitment

selective contracts foreclosure and the chicago school view abstract i examine a mechanism by which exclusive supply contracts may inefficiently deter entry into the market in the model the incumbent supplier selectively offers contracts only to some buyers and convinces them to consent by guaranteeing them low prices the contracts strengthen the monopoly position of the incumbent supplier and allow it to extract rents from the remaining buyers that were not offered contracts aside from the favorable contract terms buyers have another reason to consent to the exclusivity scheme the latter raises the input costs of rival buyers that were not offered contracts the model has potential applications to the recent microsoft antitrust case 1994 i define exclusive supply contract as an agreement under which an upstream firm becomes the exclusive supplier of a downstream firm the downstream firm is prohibited from buying from other suppliers

energy consumption in china past trends and future directions abstract in 2003 china s energy consumption amounted to 1678 million tonnes coal equivalent mtce making china the world s second largest consumer behind only the united states china is now also one of the largest oil importers in the world with an economy that is expected to maintain a rate of growth of 7 8 for decades china s role in the world energy market becomes increasingly influential this makes it important to predict china s future demand for energy the objective of this paper is to apply the bayesian vector autoregressive methodology to forecast china s energy consumption and to discuss potential implications the results of this paper suggest that total energy consumption should increase to 2173 mtce in 2010 an annual growth rate of 3 8 which is slightly slower than the average rate in the past decade the slower growth reflects expected slower economic growth and a decline in energy consumption due to structural changes in the chinese economy

green accounting for greener energy abstract the first step towards the widespread use of renewable energy sources and preservation of our environment for the people of the future is to adopt the green accounting standards that translate socially and environmentally responsible behavior into monetary terms the only language businesses understand these standards have the potential of switching on the red light for all pollution causing power plants and those depleting the natural capital in any way be it over harvesting the forests or exhausting the underground treasures coal oil natural gas etc this paper will show how green accounting can help in changing the focus from the economic welfare to the total societal welfare acknowledging the fact that human society is an integral part of the natural world the paper will also briefly present the software developed by the authors that introduce the green accounting principles into the investment appraisal process aiming at encouraging investments into renewable energy the tool is also useful as a platform facilitating calibration of economic financial instruments like environmental taxes of governmental incentives that are usually to boost renewable energy sector the comparative analysis of investment into biofuel powered combined heat and power production plant using two types of investment valuation standards one based on conventional cash flow analysis the other based on green accounting standards is detailed in the paper the analysis is performed as a part of the european commission framework program project aftur undertaken by the consortium consisting of respectful european research establishments in renewable energy area as well as major european biofuel powered turbine producers the results show that the wider adoption of green accounting standards would induce the unprecedented growth of the renewable energy sector because it would make the investment into renewable energy attractive for investors

competition with exclusive contracts and market share discounts we analyze firms that compete by means of exclusive contracts and market share discounts conditional on the seller s share of customers total purchases with incomplete information about demand firms have a unilateral incentive to use these contractual arrangements to better extract buyers informational rents however exclusive contracts intensify competition thus reducing prices and profits and in all pareto undominated equilibria increasing welfare market share discounts by contrast produce a double marginalization effect that leads to higher prices and harms buyers we discuss the implications of these results for competition policy jel d43 d83 d86 k21 l14 l42 in this paper we study firms that compete by means of exclusive contracts or mar ket share discounts i e discounts that depend on the seller s share of a customer s total purchases these are common yet seldom studied forms of competition the literature has mainly focused on incumbents use of exclusive contracts or marketshare discounts to deter new entrants whilst paying less attention to competitors deploying similar pricing strategies we show that exclusive contracts intensify competition reducing equilibrium prices whereas market share discounts have a double marginalization effect and hence result in higher prices these findings have a bearing on the current lively policy debate 1 fueled by the fact that antitrust authorities view competition by means of exclusive contracts or marketshare discounts with some suspicion to say the least the authorities main concern appears to be that a dominant firm can use exclusivity or market share discounts to eliminate not only potential competitors but also existing ones a prime instance of this is the case of intel intel whose main competitor amd has been operating for years in the microchip sector offered electronics manufacturers discounts that depended on their buying a minimum share of their total purchases of microchips from intel some customers to qualify for the discount had to opt for an exclusive supply contract that

industrial energy efficiency with co2 emissions in china a nonparametric analysis abstract global awareness on energy security and climate change has created much interest in assessing economy wide energy efficiency performance a number of previous studies have contributed to evaluate energy efficiency performance using different analytical techniques among which data envelopment analysis dea has recently received increasing attention most of dea related energy efficiency studies do not consider undesirable outputs such as co 2 emissions in their modeling framework which may lead to biased energy efficiency values within a joint production framework of desirable and undesirable outputs in this paper we construct both static and dynamic energy efficiency performance indexes for measuring industrial energy efficiency performance by using several environmental dea models with co 2 emissions the dynamic energy efficiency performance indexes have further been decomposed into two contributing components we finally apply the indexes proposed to assess the industrial energy efficiency performance of different provinces in china over time our empirical study shows that the energy efficiency improvement in china s industrial sector was mainly driven by technological improvement

exclusive dealing before bork and beyond abstractantitrust scholars have come to accept the basic ideas about exclusive dealing that bork articulated in the antitrust paradox indeed they have even extended his list of reasons why exclusive dealing can promote economic efficiency yet they have also taken up his challenge to explain when exclusive dealing might possibly cause harm and have modeled a variety of special cases where it does some albeit not all of these are sufficiently plausible to be useful to prosecutors and judges

upfront payments and exclusion in downstream markets although upfront payments are often observed in contracts between manufacturers and retailers little is known about their competitive effects or the role retailers play in securing them in this article we consider a model in which two competing retailers make take it or leave it offers to a common manufacturer we find that upfront payments are a feature of equilibrium contracts and in all equilibria only one retailer buys from the manufacturer these findings support the claims of small manufacturers who argue that they are often unable to obtain widespread distribution for their products because of upfront payments copyright 2007 rand

evaluating the relationships among economic growth energy consumption air emissions and air environmental protection investment in china abstract this paper analyzed the interactions among china s economic growth and its energy consumption air emissions and air environmental protection investment during 2000 2007 conventional energy and emergy are applied to quantify energy consumption and emissions impact respectively the five indicators based on money energy and emergy including ratio of nonrenewable energy to renewable energy rnr energy use per unit gdp eupg environmental cost per unit gdp ecpg impact of emissions per unit energy consumption iepec and environmental benefit per unit environmental protection investment ebpei are presented to depict the relationships among economic growth and energy consumption and impact of air emissions and air environmental protection investment the results show that energy consumption rapidly rises with china s fast economic growth however energy efficiency and environmental loading intensity from energy consumption are reduced simultaneously but their improvements fall far behind economic growth rate impact of air emissions mainly composed of impact of emissions on human health especially dust is slightly decreased the performance of air environmental protection investment is obviously declined in the study period generally speaking the conflict among economy energy and air environment protection is slightly mitigated but still acute due to great dependence of china s economy on fossil energy and inefficient environmental protection measures finally this paper discusses the corresponding issues and then puts forward some related suggestions

exclusive contracts foster relationship specific investment exclusive contracts prohibit one or both parties from trading with anyone else contrary to earlier findings we show that investments that are specific to the contracting parties may be encouraged by exclusivity results depend on the nature of investments and the bargaining solution the major part of the analysis shows that exclusivity deals designed to assure the supply of essential inputs promote investment infinite penalties for breach even if ex post renegotiable may result in excessive investment in which case a positive but finite damage payment yields the first best outcome

strategic effects of three part tariffs under oligopoly the distinct element of a three part tariff 3pt compared with linear pricing lp or a two part tariff is its quantity target within which the marginal price is zero this quantity target instrument enriches the firm s strategy set in dictating the competition to a specific level even in the absence of a usual price discrimination motive with general differentiated linear demands the competitive effect of a 3pt in contrast to lp depends on the degree of substitutability between products competition is intensified when two products are more differentiated yet softened when two products are more substitutable

discount chains and brand policy retail chains are observed in many industries the question addressed here is whether retail chains can exploit buyer power by excluding some brands in a theoretical model with two differentiated producers and a single retailer we show that a retailer will require exclusivity exclude a brand if the brands are sufficiently symmetric in demand potential exclusivity will increase welfare if the excluded brand is a close substitute for the brand carried by the retailer our theoretical results are also set in relation to some findings from the norwegian grocery industry jel classification l12 l42

an experimental study of exclusive contracts abstract this paper reports results from a laboratory experiment based on exclusive contracts that may theoretically lead to inefficient naked exclusion of a potential rival the data indicate that changes in the number of buyers in the market have no significant effect on exclusion rates but the likelihood of inefficient exclusion is decreased both when a larger fraction of signed buyers are needed to deter a rival s entry and when buyers engage in non binding communication these results have antitrust implications both in terms of helping to identify at risk market characteristics and suggesting potential competition enhancing strategies a sub game of the experiment where buyers make signing decisions can be illustrated as a coordination game with the unique feature that payoffs are affected by a separate but interested party the incumbent seller i find that the height of the potential function and relevant basin of attraction especially when combined with quantal response estimation have larger predictive power in this sub game than several other equilibrium selection criteria

equilibrium incentives for exclusive dealing in a differentiated products oligopoly we consider the incentives for oligopolistic manufacturers to adopt exclusive dealing manufacturers producing differentiated brands can choose to distribute through exclusive retail dealerships or nonexclusive dealerships with nonexclusive dealing manufacturers face an interbrand externality because brand enhancing investments made by one manufacturer may benefit the brands of other manufacturers although exclusive dealing eliminates this externality oligopolistic manufacturers may not choose exclusive dealing exclusive dealing enhances the incentive to invest but the promotional investments are a form of competition between manufacturers thus manufacturers might earn higher profits with nonexclusive dealing making lower promotional investments we find cases in which nonexclusive dealing is a dominant strategy we also find cases in which some but not all manufacturers adopt exclusive dealing moreover even if adoption of exclusive dealing by all manufacturers is the equilibrium it can arise from a prisoner s dilemma in that each manufacturer would prefer nonexclusive dealing

split awards procurement and innovation in many procurement settings it is possible for a buyer to split a production award between suppliers in this article we develop a model of split award procurement auctions in which the split choice is endogenous we characterize the set of equilibrium bids and allocations for optimizing agents in an environment in which suppliers are fully informed about each other s costs split award equilibria simultaneously exhibit strong collusive features and cost efficiency properties despite the former property of the equilibria upstream investment considerations may lead a buyer to prefer a split award auction format to a winner take all auction format

geographical and environmental perspectives for the sustainable development of renewable energy in urbanizing china with rapid urbanization and industrialization china has become both the largest energy consumer and co2 emitting country in the world as a clean and low carbon energy source renewable energy is a good choice to substitute for the exhausted fossil energy the chinese central and local governments have made a series of policies and optimistic plans to promote a rapid development of renewable energies china s renewable energy development has become a key to the sustainable development of socioeconomic system unlike most of the current studies which mainly identified the challenges regarding policies and technologies around renewable energy or performed specific analyses for a certain kind of renewable energy this paper summarizes the spatial disparity and consistency among the major renewable energies coal resources energy consumption and its major influencing factors in china and reviews the positive and negative environmental impacts of major renewable energies based on the geographical and environmental perspectives this paper recommends that the chinese government constructs the national energy production bases according to the resource distribution integrates different energies on the basis of their natural features and spatial consistency adjusts the overall layout of socio economic development consistent with renewable energies and promotes a moderate renewable energy development to maximize the environmental benefits c 2013 elsevier ltd all rights reserved

buyer power and intrabrand coordination we analyze the competitive effects of vertical contracts in a contracting situation where rival retailers offer contracts to a manufacturer in contrast to bernheim and whinston 1998 who study the situation in which competing manufacturers offer contracts to a common retailer we find that two part tariffs even if contingent on exclusivity or not do not suffice to implement the monopolyoutcome richer arrangements including e g conditional fixed fees and upfront payments are thus required to internalize all contracting externalities the welfare implications are ambiguous on the one hand richer contracts ensure that no efficient retailer is excluded on the other hand they allow firms to maintain monopoly prices despite intrabrand competition simulations suggest that the latter effect may be more significant

the demand boost theory of exclusive dealing this paper unifies various approaches to the analysis of exclusive dealing that so far have been regarded as distinct the common element of these approaches is that firms depart from efficient pricing raising marginal prices above marginal costs we show that with distorted prices exclusive dealing can be directly profitable and anticom petitive provided that the dominant firm enjoys a strong competitive advantage over rivals the dominant firm gains directly rather than in the future or in adjacent markets thanks to the boost in demand it enjoys when buyers sign exclusive contracts we discuss the implication of the theory for antitrust policy

energy consumption and economic growth evidence from china at both aggregated and disaggregated levels using a neo classical aggregate production model where capital labor and energy are treated as separate inputs this paper tests for the existence and direction of causality between output growth and energy use in china at both aggregated total energy and disaggregated levels as coal oil and electricity consumption using the johansen cointegration technique the empirical findings indicate that there exists long run cointegration among output labor capital and energy use in china at both aggregated and all three disaggregated levels then using a vec specification the short run dynamics of the interested variables are tested indicating that there exists granger causality running from electricity and oil consumption to gdp but does not exist granger causality running from coal and total energy consumption to gdp on the other hand short run granger causality exists from gdp to total energy coal and oil consumption but does not exist from gdp to electricity consumption we thus propose policy suggestions to solve the energy and sustainable development dilemma in china as enhancing energy supply security and guaranteeing energy supply especially in the short run to provide adequate electric power supply and set up national strategic oil reserve enhancing energy efficiency to save energy diversifying energy sources energetically exploiting renewable energy and drawing out corresponding policies and measures and finally in the long run transforming development pattern and cut reliance on resource and energy dependent industries

capturing strategic rent full line forcing brand discounts aggregate rebates and maximum resale price maintenance this paper examines the implications of a retailer s shelf space stocking decisions on the optimal marketing strategy of an upstream multiproduct monopolist when the retailer s opportunity cost of shelf space is known full line forcing brand discounts and maximum resale price maintenance are sufficient to achieve the monopolist manufacturer s first best profit when these strategies are adopted the retailer s profit is reduced to the scarcity rents obtainable on her shelf space when the retailer s opportunity cost of shelf space is unknown the use of aggregate rebates can act as a screening device to maximize channel profit copyright 1991 by blackwell publishing ltd

vertical separation and horizontal mergers the author considers a duopoly setting consisting of two manufacturer retailer pairs in which the observable contract between each manufacturer retailer pair specifies a two part tariff without intraband competition the author shows that an upstream merger is anticompetitive under very general demand and cost conditions downstream merger is analyzed using linear demand and constant marginal cost and is shown not to be anticompetitive both with and without intraband competition and for both price and output competition between retailers in the premerger regime copyright 1995 by blackwell publishing ltd

the economic theory of vertical restraints the types of contracts arising in a typical vertical manufacturer retailer relationship are more sophisticated than a simple uniform price in addition to setting per unit prices manufacturers and retailers also revert to non linear pricing and non price instruments these instruments or contracts are referred to as vertical restraints and can take the form of franchise fees resale price maintenance exclusive dealing exclusive territories and slotting allowances the use and the effects of one type of instrument versus another depend crucially on specific market assumptions upstream and downstream and on the division of bargaining power between manufacturers and retailers this paper surveys the industrial organization literature on retail pricing and shows that vertical restraint instruments have important effects on producer and consumer prices market structure efficiency and welfare

the dampening of competition effect of exclusive dealing using the dampening of competition approach to understanding vertical relationships this paper shows that in the absence of intrabrand retailer competition firms earn greater profits using exclusive dealing the paper explains the frequent simultaneous appearance of exclusive dealing and exclusive territoriality the results are used to analyze the famous 1949 standard stations case the author concludes that the 1949 court did the right thing for a wrong reason copyright 1990 by blackwell publishing ltd

global estimates of energy growth nexus application of seemingly unrelated regressions as the world struggles to emerge from a global recession and financial crisis countries are looking for solutions to improve domestic economic performance and put people back to work global energy demand and prices have been resilient during the recession leading policy makers in countries with the potential to produce energy to look to that sector as a potential engine for economic growth the objective of this study is to undertake an empirical study on linkages among energy consumption economic growth fdi relative price and financial development i e broad money supply m2 in low income middle income high income non oecd high income oecd south africa middle east and north africa mena and the aggregate data of the world over a period of 1975 2011 data is analyzed by the im pesaran shin ips test of unit root to find out the order of integration the long run relationship is investigated through the pedroni 37 test of panel cointegration at last the seemingly unrelated regression sur method is used for estimation of the impact of growth factors on energy consumption in these regions the results reveal that each variable seem to have a unit root at level so we could investigate cointegration of the series at level on the basis of pedroni test we can bring to a close that series are cointegrated the results of seemingly unrelated regression sur suggests that gdp per capita has a positive impact on energy consumption in low income middle income south africa mena and aggregate data of the world however in high income oecd and non oecd regions there is no significant relationship been found in both regions fdi plays a pivotal role in increasing energy demand in middle income high income oecd and non oecd region which implies that whatever other benefits may accrue from fdi it should not be expected to generate sufficient energy in south africa mena and the world directly fdi enhancement policies should be supplemented to stimulate growth in those regions broad money supply exerts positive impact on energy demand in low income middle income high income non oecd and mena regions finally relative prices has either a positive impact i e middle income region and or a negative impact on energy consumption i e low income high income oecd and mena region the results conclude that lower energy prices reduce input costs for nearly all goods and services in the regions thus making them more affordable

exclusive contracts and market dominance we propose a new theory of exclusive dealing the theory is based on the assumption that a dominant firm has a competitive advantage over its rivals and that the buyers willingness to pay for the product is private information in this setting the dominant firm can impose contractual restrictions on buyers without necessarily compensating them implying that exclusive dealing contracts can be both profitable and anticompetitive we discuss the general implications of the theory for competition policy and illustrate by examples its applicability to antitrust cases jel d21 d43 d82 d86 k21 l13 l40