I characterize the menu of bundles (price-quantity combinations) offered by
a monopolist when consumers can buy several bundles, share bundles with ot
hers, or do beds in a two-type setting, I find that although perfect arbitr
age prevents any price discrimination, partial arbitrage in the form of mul
tiple or joint purchases may actually lead to more pronounced price discrim
ination than when consumers ean only pick one single bundle. further, clear
predictions emerge for the price pattern, contrasting with the existing li
terature: with multiple purchases only, the firm offers strict quantity dis
counts; with joint purchases only, discounts are infeasible.