Vertical Restraints in the Movie Exhibition Industry
نویسنده
چکیده
This paper analyzes vertical restraints imposed by distributors on movie theaters in the movie exhibition industry. A structural model of industry demand and supply is estimated using a uniquely detailed panel data set of attendance and movie rental contracts collected directly from a sample of U.S. movie theaters. Welfare analysis indicates lifting the restraints would make consumers, movie theaters and distributors better off. However, distributors face a prisoner’s dilemma and lack unilateral incentives to lift the restraints. The results show how vertical restraints can persist even when all market participants would be better off if they were removed. JEL Codes: L42, L82, D83 ∗Payment System Studies, Division of Reserve Bank Operations and Payment Systems, Board of Governors of the Federal Reserve System, Washington, DC 20551 (e-mail: [email protected])
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