This paper develops a model of vertical markets with multiple upstream and downstream firms. Networks of vertical relationships, negotiated contract terms for those relationships, and downstream prices charged to end customers all arise endogenously. In addition, I provide an estimation...

"Network adequacy regulations" expand patients' access to hospitals by mandating a lower bound on the number of hospitals that health insurers must include in their networks. Such regulations, however, compromise insurers' bargaining position with hospitals, which may increase hospital...