自2008年《中华人民共和国反垄断法》实施以来，关于上游企业操控下游经销商零售价格的案例逐渐被关注。例如，国家发改委对汽车行业的反垄断调查，茅台、五粮液案件和近期的婴儿奶粉案件的调查及数亿元的罚款。这些纵向垄断案件在经济学上被称为转售价格维持协议。本课题以婴儿奶粉行业的数据为例，着重对转售价格维持协议进行实证研究，建立实证经济计量模型并进行参数估计。以前的文献主要集中在理论研究，但实证研究将对政府部门做决策提供实际意义上的支持。这样的实证模型一旦建立，可以用来分析多个行业中的反垄断问题，量化消费者的福利损失，得出的结论可以作为国家发改委裁定上游企业是否采用转售价格维持协议的证据之一。另外，本课题还对现有的理论研究进行拓展（主要是加入非确定性需求）。最后，本课题结合法学知识和经济学模型对中美反垄断法处罚方法中的不同点进行比较，得出在不同情况下哪国的法律条款更有效和更能保护消费者利益的结论。

Since China’s Anti-monopoly Law has been effective in 2008, there have been many cases about upstream firms manipulating retail prices. For example, the National Development and Reform Commission (NDRC) have been investigating the automobile industry and the liquor industry. And lately six manufacturers in the infant formula industry have been fined for 670 million RMB. These anti-monopoly cases are about vertical restraint, in particular, resale price maintenance (RPM). This project uses retail data from infant formula industry to empirically analyze the practice of RPM. We build an empirical model and do estimation. Most papers in current literature have been focus on theoretical analysis of RPM. However, empirical analysis may provide more practical evidence and support for NDRC. These types of empirical models can be applied in multiple industries which existing the practice of RPM to estimate the damage of consumer welfare. Moreover, this project tries to add more contribution on theoretical models about RPM by adding demand uncertainty. Finally, this project will also use economic theory to compare the enforcement and penalties of China and U.S. antitrust law. This could give us an conclusion that under which circumstances consumer benefit more from either U.S. antitrust law or China’s Anti-monopoly Law..