Loyalty discounts, offered to customers that meet purchase thresholds, can shift share from rival firms. In a differentiated product duopoly, only one firm employs a program that customers adopt in equilibrium. Whenever consumers strongly prefer the product of said firm, such discounts increase...

The existing literature on mergers in durable goods industries suggests that such mergers will produce much less harm to consumer welfare in the first few years following the merger than mergers in non-durable goods industries, particularly if the pre-merger stock can be kept in service for a...