首页 | 本学科首页   官方微博 | 高级检索  
     检索      


STRATEGIC VERTICAL INTEGRATION WITHOUT FORECLOSURE*
Authors:E AVENEL
Institution:GAEL, INRA‐Université Pierre Mendès France, BP 47, 38040 Grenoble CEDEX 9, France.
email:eric.avenel@upmf‐grenoble.fr
Abstract:We determine the endogenous degree of vertical integration in a model of successive oligopoly that captures both efficiency gains and strategic effects. Foreclosure effects are purposely left aside. The profitability of integration originates in the greater ability of integrated firms to adopt a specific type of technologies. We show that vertical merger waves can stop by themselves before integration is complete because of strategic substitutability in vertical integration. This is in contrast to the strategic complementarity result in McLaren 2000] that leads to either complete integration or complete separation.
Keywords:L22  Merger waves  vertical integration  vertical foreclosure
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号