From the very earliest antitrust cases to the present, courts have struggled with a fundamental conflict involving contracts between buyers and sellers of intermediate goods. Namely, on the one hand, contractual arrangements binding a buyer to a particular seller frequently are necessary to...

Price discrimination by consumer's purchase history is widely used in regulated industries, such as communication or utilities, both by incumbents and entrants. I show that such discrimination can have surprisingly negative welfare effects -- even though prices and industry profits fall, so does...