I study a dynamic model of monopoly sales in which one long-term monopolist without exogenous commitment power interacts with a sequence of short-term consumers with private valuations. I provide a folk theorem which characterizes the payoffs of a sufficiently patient monopolist and I show that exogenous commitment power can obstruct the endogenous commitment from repeated game incentives. (C) 2019 Elsevier B.V. All rights reserved.
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