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The Effects of Vertical Intergration on Product

Innovation

Ping LIN and Wen ZHOU

Working paper

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Among the first to study product innovation in vertically related industries. Able to obtain some clear-cut predictions:

VI hinders input innovation by the merging downstream firm (Proposition 1); Vertical mergers can reduce welfare by preempting potential upstream competition from a downstream innovating firm (Proposition 2); VI promotes input R&D by a non-merging downstream firm that leads to significant improvement (d exceeds a threshold level (Proposition 3). Vertical integration may reduce welfare by eliminating non-merging firm¡¦s R&D incentive (Prop. 4).