This paper clarifies the differences between retail and wholesale price-parity agreements in vertical industries. In contrast to traditional wide and narrow retail price-parity arrangements, the competitive effects of wholesale price-parity depend on the complexity of the vertical supply chain, the business model operated by sellers and distributors, and the strength of competition between direct and indirect distribution channels. While retail price-parity agreements are almost always anticompetitive, wholesale price-parity agreements may positively affect consumer welfare when direct and indirect distribution channels are close substitutes. To demonstrate the relevance of our analysis for competition policy, we illustrate our findings by referring to an industry that has recently attracted policy and regulatory interest on both sides of the Atlantic: the airline ticket distribution industry. We find that, in this industry, while wholesale price-parity agreements always harm airlines, Global Distribution Systems (GDSs) have preferences more aligned with consumers: when consumers benefit from these provisions, GDSs benefit too.

中文翻译：

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批发价格平价协议的简单经济学：以机票分销行业为例*

本文阐明了垂直行业中零售和批发价格平价协议之间的差异。与传统的宽窄零售平价安排相比，批发平价的竞争效果取决于垂直供应链的复杂性、销售商和分销商经营的商业模式以及直接和间接分销之间的竞争强度渠道。虽然零售价格平价协议几乎总是反竞争的，但当直接和间接分销渠道是相近的替代品时，批发价格平价协议可能会对消费者福利产生积极影响。为了证明我们的分析与竞争政策的相关性，我们通过引用最近在大西洋两岸引起政策和监管兴趣的行业来说明我们的发现：机票分销行业。我们发现，在这个行业中，虽然批发价格平价协议总是损害航空公司，但全球分销系统 (GDS) 的偏好与消费者更加一致：当消费者从这些条款中受益时，GDS 也会受益。