Difference between revisions of "Williamson (1971) - The Vertical Integration Of Production"
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imported>Ed (New page: ==Reference(s)== Williamson, Oliver E. (1971), "The Vertical Integration of Production: Market Failure Considerations," American Economic Review, 61:112-23. [http://www.edegan.com/pdfs/Wil...) |
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Revision as of 22:13, 4 April 2010
Reference(s)
Williamson, Oliver E. (1971), "The Vertical Integration of Production: Market Failure Considerations," American Economic Review, 61:112-23. pdf
Abstract
The study of vertical integration has presented difficulties at both theoretical and policy levels of analysis. That vertical integration has never enjoyed a secure place in value theory is attributable to the fact that, under conventional assumptions, it is an anomaly: if the costs of operating competitive markets are zero, "as is usu- ally assumed in our theoretical analysis" (Arrow, 1969, p. 48), why integrate?
