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Vertical Integration and Firm Boundaries : The Evidence

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Author Info
Lafontaine, Francine (Stephen M. Ross School of Business, University of Michigan)
Slade, Margaret (Department of Economics,University of Warwick)

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Abstract

Understanding what determines firm boundaries and the choice between interacting in a firm or a market is not only the fundamental concern of the theory of the firm, but it is also one of the most important issues in economics. Data on value added, for example, reveal that in the US, transactions that occur in firms are roughly equal in value to those that occur in markets. The economics profession, however, has devoted much more attention to the workings of markets than to the study of firms, and even less attention to the interface between the two. Nevertheless, since Coase’s (1937) seminal paper on the subject, a rich set of theories has been developed that deal with firm boundaries in vertical or input/output structures. Furthermore, in the last 25 years, empirical evidence that can shed light on those theories has been accumulating.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/publications/2007/twerp_799.pdf
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Publisher Info
Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 799.

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Length: 91 pages
Date of creation: 2007
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Handle: RePEc:wrk:warwec:799

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Related research
Keywords: Vertical integration ; firm boundaries ; vertical mergers ; firms versus markets;

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Find related papers by JEL classification:
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures

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  1. Michiel Bijlsma & Viktoria Kocsis & Victoria Shestalova & Gijsbert Zwart, 2008. "Vertical foreclosure, a policy framework," CPB Documents 157, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  2. Simon Loertscher & Markus Reisinger, 2009. "Competitive Effects of Vertical Integration with Downstream Oligopsony and Oligopoly," Discussion Papers 278, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  3. Bayo, Alberto & Galdon-Sanchez, Jose E. & Gil, Ricard, 2009. "The determinants of changes in the organization of production: Evidence from Spanish plant-level data," IESE Research Papers D/783, IESE Business School. [Downloadable!]
  4. Gabriel J Felbermayr & Benjamin Jung, 2009. "Trade Intermediation and the Organization of Exporters," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 309/2009, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
  5. Joseph P.H. Fan & Jun Huang & Randall Morck & Bernard Yeung, 2009. "Vertical Integration, Institutional Determinants and Impact: Evidence from China," NBER Working Papers 14650, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Oliver Hart, 2007. "Hold-up, Asset Ownership, and Reference Points," NBER Working Papers 13540, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Sharon Horsky & Steven C. Michael & Alvin J. Silk, 2008. "The Internalization of Advertising Services: An Inter-IndustryAnalysis," Harvard Business School Working Papers 09-007, Harvard Business School. [Downloadable!]
  8. Slade, Margaret E., 2006. "Merger Simulations of Unilateral Effects : What Can We Learn from the UK Brewing Industry?," The Warwick Economics Research Paper Series (TWERPS) 767, University of Warwick, Department of Economics. [Downloadable!]
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