Resale price maintenance (RPM), slotting fees, loyalty rebates and otherrelated vertical practices can allow an incumbent manufacturer totransfer profits to retailers. If these retailers were to accommodateentry, upstream competition could lead to lower industry profits and thebreakdown of these...

We bring new evidence to bear on the role of intermediaries in frictional matching markets and on parties design contracts with them. Specifically, we examine two features of contracts between landlords and agents in the Manhattan residential rental market. In our data, 72 percent of listings...