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Market Structure And The Competitive Effects Of Vertical Integration
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Book Synopsis Market Structure and the Competitive Effects of Vertical Integration by : Simon Loertscher
Download or read book Market Structure and the Competitive Effects of Vertical Integration written by Simon Loertscher and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the competitive effects of backward vertical integration when firms exert market power upstream and compete à la Cournot downstream. Contrasting with previous literature, a small degree of vertical integration is always procompetitive because efficiency gains dominate foreclosure effects, and vertical integration even to full foreclosure can be procompetitive. Surprisingly, vertical integration is more likely to be procompetitive if the industry is otherwise more concentrated. Extensions analyze incentives to integrate and differentiated Bertrand competition downstream. Our analysis suggests that antitrust authorities should be wary of vertical integration when the integrating firm faces many competitors and should be permissive otherwise.
Book Synopsis The Competitive Effects of Vertical Integration in Platform Markets by : Jérôme Pouyet
Download or read book The Competitive Effects of Vertical Integration in Platform Markets written by Jérôme Pouyet and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze vertical integration between platforms providing operating systems to manufacturers of devices when there are indirect network effects between buyers of devices and developers of applications. Vertical integration creates market power over developers, and over non-integrated manufacturers but only under certain circumstances. That market power enables to coordinate pricing decisions across both sides of the market, which leads to a better internalization of network effects. Vertical integration does not systematically lead to foreclosure and can benefit all parties, even in the absence of efficiency gains. Its competitive impact depends on the strength and the structure of indirect network effects.
Book Synopsis Vertical Integration and Regulation by : Christoph Kleineberg
Download or read book Vertical Integration and Regulation written by Christoph Kleineberg and published by Springer. This book was released on 2019-01-17 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates under which circumstances vertical unbundling can lead to a more efficient market result. The assessment is based on an interdisciplinary approach combining law and economics. Drawing on the assessment, circumstances are subsequently presented under which unbundling might become necessary. Additionally, less severe means of regulatory intervention are suggested in order to protect competition. Given its scope, the book is chiefly intended for scholars and practitioners in the field of economic policy and regulation law; in addition, it will give interested members of the public a unique opportunity to learn about the underlying rationales of regulation law and regulation economics.
Book Synopsis The Antitrust Paradox by : Robert Bork
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Book Synopsis Competitive Effects of Vertical Integration by :
Download or read book Competitive Effects of Vertical Integration written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Strategic Aspects of Oligopolistic Vertical Integration by : C. Wu
Download or read book Strategic Aspects of Oligopolistic Vertical Integration written by C. Wu and published by Elsevier. This book was released on 2017-12-28 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this text some fundamental issues concerning the strategic impact of vertical structures of firms are discussed in a successive oligopoly model. Vertical integration strategy has been identified as one of the key strategies which determine the success or failure of enterprises. Many studies on vertical integration are based on business experiences and interviews with managers. However, the extensive application of game theory in business economics allows this study on vertical integration to be based on sound theoretic ground. Moreover, the significance of public enterprises in some Western European economies and the trends of economic transition in Eastern Europe justify the efforts to analyse vertical integration issues in the mixed market, which is created by the participation of a public firm into an industry otherwise characterised as a successive oligopoly.
Book Synopsis Market Structure and Industrial Performance by : Claudio R. Frischtak
Download or read book Market Structure and Industrial Performance written by Claudio R. Frischtak and published by Taylor & Francis. This book was released on 1994 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Markets for Technology by : Ashish Arora
Download or read book Markets for Technology written by Ashish Arora and published by MIT Press. This book was released on 2004-01-30 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades have seen a gradual but noticeable change in the economic organization of innovative activity. Most firms used to integrate research and development with activities such as production, marketing, and distribution. Today firms are forming joint ventures, research and development alliances, licensing deals, and a variety of other outsourcing arrangements with universities, technology-based start-ups, and other established firms. In many industries, a division of innovative labor is emerging, with a substantial increase in the licensing of existing and prospective technologies. In short, technology and knowledge are becoming definable and tradable commodities. Although researchers have made significant advances in understanding the determinants and consequences of innovation, until recently they have paid little attention to how innovation functions as an economic process. This book examines the nature and workings of markets for intermediate technological inputs. It looks first at how industry structure, the nature of knowledge, and intellectual property rights facilitate the development of technology markets. It then examines the impacts of these markets on firm boundaries, the division of labor within the economy, industry structure, and economic growth. Finally, it examines the implications of this framework for public policy and corporate strategy. Combining theoretical perspectives from economics and management with empirical analysis, the book also draws on historical evidence and case studies to flesh out its research results.
Book Synopsis The Impact of Market Structure on Vertical Integration by : Mathias Erlei
Download or read book The Impact of Market Structure on Vertical Integration written by Mathias Erlei and published by . This book was released on 1994 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Vertical Integration by Grocery Retailers by : Russell C. Parker
Download or read book Vertical Integration by Grocery Retailers written by Russell C. Parker and published by . This book was released on 1962 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Vertical Integration and Market Foreclosure by : Oliver D. Hart
Download or read book Vertical Integration and Market Foreclosure written by Oliver D. Hart and published by . This book was released on 1990 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few people would disagree with the proposition that horizontal mergers have the potential to restrict output and raise consumer prices. In contrast, there is much less agreement about the anti-competitive effects of vertical mergers. The purpose of this paper is to develop a theoretical model showing how vertical integration changes the nature of competition in upstream and downstream markets and identifying conditions under which market foreclosure will be a consequence or even a purpose of such integration. In contrast to much of the literature, we do not restrict upstream and downstream firms to particular contractual arrangements, but instead allow firms to choose from a full set of contractual arrangements both when integrated and when not. We also allow non-integrated firms to respond optimally to the integration decisions of other firms, either by remaining nonintegrated, exiting the industry or integrating too (i.e. bandwagoning). In a final section we use our analysis to shed some light on a number of prominent vertical merger cases, involving computer reservation systems for airlines, the cement industry and the St. Louis Terminal Railroad.
Book Synopsis The Costs and Benefits of Ownership by : Sanford J. Grossman
Download or read book The Costs and Benefits of Ownership written by Sanford J. Grossman and published by . This book was released on 1984 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Vertical Relationships and the Firm in the Global Economy by : Khalid Sekkat
Download or read book Vertical Relationships and the Firm in the Global Economy written by Khalid Sekkat and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the vertical relationships of firms in an international context. These relationships, Khalid Sekkat argues, have gained further relevance due to the notable increase in vertical specialization of production across borders in the past few years.
Book Synopsis Vertical Integration and Market Entry in the Generic Pharmaceutical Industry by : Kensuke Kubo
Download or read book Vertical Integration and Market Entry in the Generic Pharmaceutical Industry written by Kensuke Kubo and published by . This book was released on 2011 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the relationship between vertical integration and market structure formation. It does so by combining the empirical industrial organization literature on vertical integration with that on market entry. The first empirical essay, Chapter 2, explores the motives for vertical integration in the US generic pharmaceutical industry. The industry is made up of numerous drug markets that open up to competition among generic manufacturers at different points in time. Each market consists of an upstream segment that manufactures active pharmaceutical ingredients, and a downstream segment that processes the active pharmaceutical ingredients into finished formulations and supplies them to final consumers. The econometric analysis shows that vertical integration in the generic drug industry is characterized by bandwagon behavior. While bandwagon effects have been widely discussed in the vertical integration literature, this study is one of the first to present empirical evidence on its existence. The analysis also indicates that vertical integration is partly driven by the need for a particular form of relationship-specific non-contractible investment -- the early development of active pharmaceutical ingredients by upstream units. The relationship-specificity of such investments is greater in markets where generic firms try to enter by challenging the patents held by originator pharmaceutical companies. I find that in such markets, individual firms have a higher propensity to vertically integrate. The second empirical essay, presented as Chapter 3, introduces an econometric model of a vertical entry game. The model is used to estimate rival effects -- the effect of rival entry on the post-entry profits of individual firms. These estimates allow us to make inferences about the competitive effects of vertical integration. Application of the model to the generic pharmaceutical industry yields the following result: vertical integration has significant efficiency effects that benefit unintegrated downstream firms. This implies that vertical integration is likely to be procompetitive from a static point of view. The parameter estimates are used to simulate the impact of a hypothetical policy that bans vertically integrated entry. The results indicate that such a ban tends to reduce the equilibrium number of downstream entrants. This suggests that the effect of vertical integration on market structure formation is also procompetitive.
Book Synopsis On Vertical Market Structure and Buyer Countervailing Power by : Xu-liang WU
Download or read book On Vertical Market Structure and Buyer Countervailing Power written by Xu-liang WU and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper redefines different types of vertical market structure, such as double monopoly, bilateral monopoly, and two-sided monopoly. The core issue can be stated as follows: When there is bilateral monopoly, what are the differences between two-sided monopoly and one-sided monopoly as far as welfare consequences of retailers' rising buyer power are concerned. The results show that in tow-sided monopoly situation, from consumer welfare perspective, the results of vertical integration are better than the results of vertical separation, whereas in one-sided monopoly situation, the results of vertical separation are better than the results of vertical integration, so the vertical market structure of one-sided monopoly or one-sided competition effectively overcomes double marginalization problem, to counter the forces at this time the buyer countervailing power hypothesis is somewhat reasonable. Taking Inter-period factor into account, this conclusion is even more credible.
Book Synopsis Essays on Vertical Integration, Vertical Contracts, and Competitive Effects by : Nuwan Indika Millagaha Gedara
Download or read book Essays on Vertical Integration, Vertical Contracts, and Competitive Effects written by Nuwan Indika Millagaha Gedara and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays on vertical integrations that occurred in the U.S. Carbonated Soft Drink (CSD) industry, i.e., PepsiCo and Coca-Cola acquired their biggest bottlers. In 2010, the Federal Trade Commission (FTC) raised concern that Coca-Cola and PepsiCo's acquisition of bottlers may have anticompetitive effects in the CSD industry. This dissertation analyses the recent structural changes in the CSD industry to investigate competition by modeling the vertical structure of the upstream (e.g., manufacturers) and downstream (e.g., bottlers) level. The first essay empirically investigates how vertical integration impacts prices in the presence of common agency: a downstream firm may also produce and distribute an upstream rival's products. We use the structural econometric models of demand and supply to analyze the recent structural changes in the CSD industry. Our results suggest that for products with eliminated double margins (Coca-Cola and PepsiCo), decreased prices. However, with regards to rival products (Dr Pepper Snapple Group), prices decreased for 12 oz 6 packs, and prices increased for 20 oz bottles. Specifically, the results show that vertical integration resulted in not only an anticompetitive effect but also a procompetitive effect. These mixed findings are consistent with the theoretical concern of pricing behavior in the presence of common agency and suggest caution when evaluating vertical integration in the CSD industry. The second essay analyzes the nature of competition by modeling the vertical contracts (linear and non-linear) between manufacturers and bottlers before and after the vertical integration. Our empirical findings suggest that during the respective pre-integration periods, Coca-Cola and PepsiCo each use nonlinear pricing contracts to supply their intermediate soft drink products to bottlers, with imposing retail price maintenance (RPM) under zero bottler margins. RPM is the practice whereby manufacturers make a contract with bottlers, that the bottlers will sell the manufacturer's product at certain prices. However, the post-integration period, upstream manufacturers that directly own downstream bottlers eliminated the double marginalization, whereas all other upstream manufacturers in the market actively compete in wholesale prices with rival manufacturers, leaving zero markups to their corresponding bottlers. Finally, we do not find evidence that manufacturers use different pricing contracts with bottlers for different product sizes (12 oz 6 pack and 20 oz bottles) during the pre-integration and post-integration periods.
Book Synopsis Vertical Mergers in Platform Markets by : Jérôme Pouyet
Download or read book Vertical Mergers in Platform Markets written by Jérôme Pouyet and published by . This book was released on 2016 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the competitive impact of vertical integration between a platform and a manufacturer when platforms provide operating systems for devices sold by manufacturers to customers, and, customers care about the applications developed for the operating systems. Two-sided network effects between customers and developers create strategic substitutability between manufacturers' prices. When it brings efficiency gains, vertical integration increases consumer surplus, is not profitable when network effects are strong, and, benefits the non-integrated manufacturer. When developers bear a cost to make their applications available on a platform, manufacturers boost the participation of developers by affiliating with the same platform. This creates some market power for the integrated firm and vertical integration then harms consumers, is always profitable, and, leads to foreclosure. Introducing developer fees highlights that not only the level, but also the structure of indirect network effects matter for the competitive analysis.
