We determine the endogenous degree of vertical integration in a model of successive oligopoly that captures both efficiency gains and strategic effects. We show that vertical merger waves can be expected to stop by themselves before integration is complete. Consequently, vertical foreclosure...

We examine the competitive effects of the vertical integration of gasoline refineries and retailers in the U.S. Adapting the first-order condition approach of static oligopoly games to the analysis of vertically related oligopolies, we develop a novel framework for directly evaluating the...

In this paper, we consider the extent to which R&D outsourcing and centralisation of R&D within the firm varies depending on the products that the firm produces and how applied the R&D is to a particular product. We find that, in general, the most applied type of R&D is more likely to be...