INNOVATION IN VERTICALLY RELATED MARKETS*
研究了垂直行业结构对上游过程创新的影响，发现下游市场结构（古诺竞争或伯特兰竞争）会改变垂直整合对创新的作用方向。
We examine the impact of vertical industry structure on upstream process innovation. We find that vertical integration (VI) generally enhances innovation under downstream Cournot competition, but can diminish innovation under downstream Bertrand competition. We also find that under Bertrand competition, VI can increase innovation when the direct incentives for innovation are limited, but can reduce innovation when the direct incentives are pronounced.