The Effects of Vertical Integration on Competing Input Suppliers
研究下游企业收购上游供应商后，如何通过成本降低和竞争对手的定价反应，反而可能降低而非提高对手的成本。
When a downstream firm buys an input supplier, it can reduce its costs of using that input. Other input suppliers typically respond by pricing more aggressively, given the demand reduction, which tends to lower input supply costs to other firms. Thus, a vertical merger may lower rivals' costs instead of raising them.