Consumer switching costs reduce the price elasticity of existing customers while increasing competition for new ones, creating an “invest-and-harvest” incentive for firms. This paper examines the effect of this dual pricing incentive on firm behavior in a laboratory experiment both with and without switching costs and the ability to communicate. I find that switching costs reduce the price level for new consumers, while the price level for existing consumers is unaffected and the “harvesting” effect is comparatively muted. Markets with switching costs are more competitive and less tacitly collusive. Moreover, switching costs provide a focal point for price setting in the form of a minimum marginal cost mark-up, which is frequently chosen in tacit market sharing outcomes. The results have implications for antitrust policy.

消费者转换成本降低了现有客户的价格弹性，同时增加了对新客户的竞争，为企业创造了“投资和收获”的激励。本文在实验室实验中研究了这种双重定价激励对企业行为的影响，无论有没有转换成本和沟通能力。我发现转换成本降低了新消费者的价格水平，而现有消费者的价格水平不受影响，“收获”效应相对较小。有转换成本的市场竞争更激烈，默契共谋也更少。此外，转换成本以最小边际成本加成的形式提供了定价的焦点，这在默认的市场共享结果中经常被选择。结果对反垄断政策具有影响。