Gray markets arise when an intermediary buys a product in a lower-priced, often emerging market and resells it to compete with the product’s original manufacturer in a higher-priced, more developed market. Evidence suggests that gray markets make the original manufacturer worse off globally by...

Gray markets arise when an intermediary buys a product in a lower-priced, often emerging market and resells it to compete with the product’s original manufacturer in a higher-priced, more developed market. Evidence suggests that gray markets make the original manufacturer worse off globally by...