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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). |