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首页> 外文期刊>Atlantic economic journal >The Effect of Advertising on Collusion in the U.S. Brewing Industry: A Trigger Strategy Approach
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The Effect of Advertising on Collusion in the U.S. Brewing Industry: A Trigger Strategy Approach

机译：广告对美国啤酒行业共谋的影响：触发策略方法

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摘要

In response to a dramatic reduction in the number of firms and enormous advertising expenditures in the U.S. brewing industry, we explore the effect of advertising cooperativeness on the likelihood of collusion. With advertising and price as strategic variables, we analyze an infinitely repeated symmetric game and model the degree of collusion using the trigger strategy. We find that constructive advertising can decrease the critical discount factor above which collusion is sustainable by trigger strategies and thus can support collusion, while combative advertising is likely to break the collusion. The results may help fill the gap between empirical evidence and theoretical predictions regarding advertising and collusion. We perform an empirical illustration using firm level data from 1950 to 2001 of Anheuser-Busch and Miller, the two largest domestic beer producers. The evidence confirms our conjecture that the U.S. brewing industry exhibits collusion and that the firm advertising, especially that of Miller, is of the constructive type.
机译：为了应对美国啤酒行业公司数量的急剧减少和巨大的广告支出，我们探讨了广告合作对共谋可能性的影响。以广告和价格为战略变量，我们分析了无限重复的对称博弈，并使用触发策略对共谋程度进行了建模。我们发现，建设性广告可以降低关键折现率，在此之上，通过触发策略可以持续进行合谋，从而可以支持合谋，而好斗性广告则有可能破坏合谋。结果可能有助于填补关于广告和串通的经验证据和理论预测之间的空白。我们使用两家最大的国内啤酒生产商Anheuser-Busch和Miller从1950年到2001年的公司数据进行实证说明。证据证实了我们的推测，即美国酿造业存在共谋行为，而坚定的广告，尤其是米勒的广告，是建设性的。

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