“…Whether …rms can also engage in exclusive dealing or merge vertically for anti-competitive purposes has been the object of a long-standing debate 1 For an analysis of vertical relations in the U.S. cable TV industry, see, e.g., Chipty and Snyder (1999), Crawford and Yurukoglu (2012), and Crawford, Lee, Whinston, and Yurukoglu (2015). 2 For recent empirical studies of U.S. private health care markets, see, e.g., Gowrisankaran, Nevo, and Town (2015) and Ho and Lee (2015). 3 We discuss this literature, and how our paper relates to it, in Section 7. in policy circles as well as in the academic literature.…”