Buehler, Stefan; Schmutzler, Armin - In: Advances in Theoretical Economics 5 (2005) 1, pp. 1164-1164
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...