This paper studies the welfare effects of wholesale price discrimination between downstream firms operating under … may lower productive efficiency. Therefore, price discrimination increases welfare if regulation is the dominant source of … cost differences. This provides a novel welfare rationale for exempting wholesale markets from the recent ban on geo …

We study the impact of import protection on relationship-specific investments, organizational choice and welfare. We … show that a tariff on intermediate inputs can improve social welfare through mitigating hold-up problems. It does so if it …