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A. Appendix and A. , Proof on Lemma 1 The indi¤erent consumer y H between buying through a given selling channel is given by u H (y H ) = u L (y H ) From (1), since the retail price is identical in both selling channels, we have ( I S )(y H ) = f B . Since I S is strictly increasing by assumption, it admits a reciprocal function ( I S ) 1 , and we have y H = ( I S ) 1 (f B )