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Williamson (1971) - The Vertical Integration Of Production (view source)
Revision as of 18:29, 30 April 2010
, 18:29, 30 April 2010no edit summary
*This page is referenced in [[BPP Field Exam Papers]]
==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/Williamson%20(1971)%20-%20The%20Vertical%20Integration%20of%20Production.pdf 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 usually assumed in our theoretical analysis" (Arrow, 1969, p. 48), why integrate?
