We study the impact of vertical integration on pricing incentives in multiproduct industries. To do so, we exploit recent variation in vertical structure in the US carbonated-beverage industry. While the elimination of double marginalization with vertical integration is normally characterized as procompetitive, economic theory predicts that it may cause anticompetitive price increases in multiproduct industries. We indeed find that vertical integration causes price decreases in products with eliminated double margins but price increases in the other products sold by the integrated firm. These results provide new evidence of anticompetitive effects of vertical mergers.

中文翻译：

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多产品企业垂直整合的竞争影响

我们研究了垂直整合对多产品行业定价激励的影响。为此，我们利用了美国碳酸饮料行业垂直结构的最新变化。虽然通常通过纵向整合消除双重边际化具有竞争优势，但经济学理论预测，这可能会导致多产品行业的反竞争价格上涨。我们确实发现，垂直整合会导致消除双边利润的产品价格下跌，但被整合公司出售的其他产品的价格上涨。这些结果为纵向合并的反竞争效应提供了新的证据。