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Endogenous Formation of Joint Ventures with Efficiency Gains

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  • Sang-Seung Yi

Abstract

I study stable structures of efficiency-enhancing joint ventures among symmetric firms. Efficiency gains that accrue to a joint venture are assumed to increase with its size. The socially efficient industrywide joint venture is the stable outcome when membership of a joint venture is open to outside firms, but typically not when membership can be restricted. Members of a large joint venture want to restrict membership for strategic reasons -- e.g., in order to keep rival firms' costs high. Side payments among firms do not eliminate the strategic incentives of members of a large joint venture to limit membership

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 29 (1998)
Issue (Month): 3 (Autumn)
Pages: 610-631

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Handle: RePEc:rje:randje:v:29:y:1998:i:autumn:p:610-631

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Cited by:
  1. Sanjeev Goyal & Sumit Joshi, 2000. "Networks of Collaboration in Oligopoly," Tinbergen Institute Discussion Papers, Tinbergen Institute 00-092/1, Tinbergen Institute.
  2. Joshi, Sumit, 2008. "Endogenous formation of coalitions in a model of a race," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 65(1), pages 62-85, January.
  3. Deroian, F., 2008. "Dissemination of spillovers in cost-reducing alliances," Research in Economics, Elsevier, Elsevier, vol. 62(1), pages 34-44, March.
  4. Bajeux-Besnainou, Isabelle & Joshi, Sumit & Vonortas, Nicholas, 2010. "Uncertainty, networks and real options," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 75(3), pages 523-541, September.
  5. Doh‐Shin Jeon & Domenico Menicucci, 2011. "Interconnection among academic journal websites: multilateral versus bilateral interconnection," RAND Journal of Economics, RAND Corporation, RAND Corporation, vol. 42(2), pages 363-386, 06.
  6. Aloysius, John A., 2002. "Research joint ventures: A cooperative game for competitors," European Journal of Operational Research, Elsevier, Elsevier, vol. 136(3), pages 591-602, February.
  7. Rodrigues, Vasco, 2001. "Endogenous mergers and market structure," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 19(8), pages 1245-1261, September.
  8. Johan Eyckmans & Michael Finus, 2004. "An Almost Ideal Sharing Scheme for Coalition Games with Externalities," Working Papers, Fondazione Eni Enrico Mattei 2004.155, Fondazione Eni Enrico Mattei.
  9. Patrick Greenlee & Bruno Cassiman, 1999. "Product market objectives and the formation of research joint ventures," Managerial and Decision Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 20(3), pages 115-130.
  10. Mizuno, Keizo, 2013. "Managerial incentives and endogenous coalition formation with externalities," Mathematical Social Sciences, Elsevier, Elsevier, vol. 66(1), pages 33-43.
  11. Joshi, Sumit & Smith, Stephen C., 2008. "Endogenous formation of coops and cooperative leagues," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 68(1), pages 217-233, October.
  12. Horst Raff & Michael Ryan & Frank Stähler, 2006. "Asset Ownership and Foreign-Market Entry," CESifo Working Paper Series, CESifo Group Munich 1676, CESifo Group Munich.

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