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## 经济代写|产业经济学代写Industrial Economics代考|Incentives to discount selectively

In this section we consider the situation in which sellers can offer discounts selectively to a particular group of competitors’ buyers. Having the option of making a discount selective does not lower the unilateral incentive to discount. One reason for offering a selective discount would be to keep the offer secret from one’s competitors. When contracts contain meet-or-release provisions, however, the firms’ own customers will report discounts offered to them. Another reason to consider a selective discount is to avoid retaliation; a discount that is sufficiently large and selective may not be matched (since if the ‘victim’ matches, he must make the same offer on all his sales contracts with most-favored-customer clauses).

A selective discount that is matched will be no more profitable than an equal nonselective discount that is matched, since a matched non-selective discount will generate at least as many new (to the market) sales as a matched selective discount. Therefore, we shall restrict our consideration to selective discounts that are not matched.

In the analysis that follows, firm 1 is the ‘discounter’ and firm 2 is the ‘victim’ that considers a matching price cut. By assumption 4 each buyer with a reservation price above the initial list price $\bar{p}$ will purchase from one of the firms, and $\bar{q}_1=\bar{q}_2=D(\bar{p}) / 2$. At a price $p_d$ that is below $\bar{p}$, new buyers, with reservation prices between $p_d$ and $\bar{p}$,

increase market demand by $D\left(p_d\right)-D(\bar{p})$. In our model all new demand at lower prices originates with new buyers.

The discounter must select a discount price, $p_d$, and must decide on the degree of selectivity of the discount. If the discount offer is made to a fraction, $\lambda$, of the other firm’s customers, and if this discount is not matched by the victim, the discounter diverts a quantity of sales, $\lambda \bar{q}_2$, from the victim. The total sales quantity for firm 1 that results from an unmatched discount to $p_d$ will be denoted $\bar{q}_1+\lambda \bar{q}_2+\theta_d\left[D\left(p_d\right)-D(\bar{p})\right]$, where $\theta_d$ represents the fraction of new buyers that the discounter is able to reach. In the previous section’s analysis of non-selective discounting we assumed that $\theta_d$ was one (assumption 3). In this section we allow $\theta_d$ to be less than or equal to one because it may not be possible for a discounter to contact all potential new buyers while offering the discount to only a fraction of the rival’s current buyers. Since $\bar{q}_1=\bar{q}_2=\bar{Q} / 2$, we can express that output for an unmatched selective discount, $q\left(p_d, \lambda\right)$, as
$$q\left(p_d, \lambda\right)=\left(.5+.5 \lambda-\theta_d\right) \bar{Q}+\theta_d D\left(p_d\right)$$

## 经济代写|产业经济学代写Industrial Economics代考|Choice of practices

Each individual buyer may prefer to have a contract that preserves the option of obtaining the best available price. In particular, Salop (1985) notes that individual buyers in producer-goods markets may prefer contracts with best-price provisions to prevent competitors from gaining a cost advantage, even though the effect of the general use of these practices is to reduce sellers’ incentives to discount. Buyers in our model are small, and no buyer’s unilateral choice of contract provisions would have any effect on marketwide discounting activity. But a large, sophisticated buyer may realize that signing a contract with best-price provisions may reduce the sellers’ incentives to discount. In particular, a buyer’s most-favoured-customer clause reduces the incentive for the seller to offer a discount to some other buyer, and a buyer’s meetor-release clause reduces the incentive for some other seller to offer a non-selective discount.

Now consider firms’ incentives to adopt best-price provisions. When discounts must be non-selective, it would be in firms’ interests as a group to use best-price provisions, and collusion with respect to contractual practices, whether tacit or explicit, is easier to coordinate and to monitor than direct collusion on price. In addition, it may be in a firm’s interest to adopt meet-or-release and most-favoured-customer provisions unilaterally. This incentive to adopt the practices is clearest in the case of meet-orrelease clauses, because the exercise of the right to meet a rival’s discount will reduce the profitability of such a discount. Also, the firm’s own meet-or-release clause would not reduce the profit it would make by offering a discount. But, unlike the case of the meet-or-release clause, the most-favoured-customer clause can reduce the firm’s flexibility, both in responding to a rival’s selective discount and in initiating a discount, because a matching price reduction must be offered to all buyers with mostfavoured-customer clauses in their contracts. ${ }^5$

# 产业经济学代考

## 经济代写|产业经济学代写Industrial Economics代考|有选择地打折的激励

$$q\left(p_d, \lambda\right)=\left(.5+.5 \lambda-\theta_d\right) \bar{Q}+\theta_d D\left(p_d\right)$$

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