Legros, Patrick; Newman, Andrew - C.E.P.R. Discussion Papers - 2012
, technology, and welfare. Integration is pri- vately costly but is effective at coordinating production decisions; non-integration … is less costly, but coordinates relatively poorly. Output price influences the choice of ownership structure: integration … increases with the price level. At the same time, own- ership affects output, since integration is more productive than non-integration …