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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16951 |
DP16951 Opportunism in Vertical Contracting: A Dynamic Perspective | |
Jihwan Do; Jeanine Miklos-Thal | |
发表日期 | 2022-01-22 |
出版年 | 2022 |
语种 | 英语 |
摘要 | This paper proposes a dynamic approach to modeling opportunism in bilateral vertical contracting between an upstream monopolist and competing downstream firms. Unlike previous literature on opportunism which has focused on games in which the upstream firm makes simultaneous secret offers to the downstream firms, we model opportunism as a consequence of asynchronous recontracting in an infinite-horizon continuous-time model. We find that the degree of opportunism depends on the absolute and relative reaction speeds of the different bilateral upstream-downstream firm pairs and on the firms' discount rate. Patience, fast reaction speeds, and asymmetries in reaction speeds across upstream-downstream pairs are shown to alleviate the opportunism problem. Our results are relevant for vertical merger policy and for competition policy on vertical restraints. |
主题 | Industrial Organization |
关键词 | Vertical contracting Opportunism Dynamic oligopoly Vertical mergers Vertical restraints |
URL | https://cepr.org/publications/dp16951 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545890 |
推荐引用方式 GB/T 7714 | Jihwan Do,Jeanine Miklos-Thal. DP16951 Opportunism in Vertical Contracting: A Dynamic Perspective. 2022. |
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