This paper considers a successive oligopoly model in which a vertically-intergrated firm(VI firm) can buy or sell intermediate goods. We find that when there are only a small number of VI firms in the market, they tend to buyor even to store up intermediate goods. In our setting, a vertical...

One question development economists are especially interested in, but so far left unanswered, is how the societal income distribution would be affected by introducing a family-planning program to reduce the reproduction rate of the poor, which is usually high in developing countries. The purpose...