Oligopsony, Vertical Integration, and Output Substitution: Welfare Effects in U.S. Pulpwood Markets
研究了买方寡头垄断如何引发上游纵向一体化及产出替代，并估计了美国纸浆木材市场的福利效应，发现无谓损失较小但财富转移显著。
Oligopsonistic commodity markets can induce upstream vertical integration by the input demanders. The associated price distortion can also induce output substitution by the commodity's suppliers. These phenomena are considered in the context of pulpwood markets in the U.S. The estimated welfare effects of an oligopsony distortion indicate relatively small deadweight losses but considerable wealth transfers from open market producers to integrated pulpwood processing firms. Correcting the distortion would have little effect on aggregate output levels from the forest sector, but would alter the composition of output between industry and nonindustry sources.