Stefan, Buehler; Armin, Schmutzler - In: The B.E. Journal of Theoretical Economics 5 (2005) 1, pp. 1-27
We examine vertical backward integration in a reduced-form model of successive oligopolies. Our key findings are: (i) There may be asymmetric equilibria where some firms integrate and others remain separated, even if firms are symmetric initially; (ii) Efficient firms are more likely to...