Models of vertical market relations
I contrast various models of vertical contracting that view upstream interactions either through the lenses of bilateral contracting and negotiations or through the lenses of a "market interface" with uniform contractual terms. Existing models contrast starkly in their policy implications, in particular when imperfect horizontal competition, on either the upstream or the downstream level, interacts with differential buyer power. Depending on industry characteristics, different assumptions on contracting may be appropriate. Even though the quest for an all-encompassing modelling framework seems vain, existing models can still be made more flexible, so as to be of greater practical usage.
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- Hart, O. & Tirole, J., 1990. "Vertical Integration And Market Foreclosure," Working papers 548, Massachusetts Institute of Technology (MIT), Department of Economics.
- Patrick Rey & Thibaud Vergé, 2004.
"Bilateral Control with Vertical Contracts,"
RAND Journal of Economics,
The RAND Corporation, vol. 35(4), pages 728-746, Winter.
- Patrick Rey & Thibaud Verge, 2002. "Bilateral Control with Vertical Contracts," The Centre for Market and Public Organisation 02/048, Department of Economics, University of Bristol, UK.
- Patrick Rey & Thibaud Vergé, 2003. "Bilateral Control with Vertical Contracts," Industrial Organization 0309005, EconWPA.
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