Vertical Mergers and Market Foreclosure
构建模型分析纵向合并的三种效应：合并企业增加最终产品产量、降低未整合企业的中间品需求、退出中间品市场，并探讨这些效应对最终产品价格的影响。
yThe model in this paper illustrates three effects of vertical mergers when both stages are oligopolistic and vertically integrated and unintegrated producers coexist. First, the merging firm increases its final good output. Second, the resulting backward shift in the residual demand curve facing unintegrated final good producers ylowers their demand for the intermediate good. Third, the merged firm withdraws from the intermediate good market. The increased concentration pushes the intermediate good price upward. Which effect dominates depends on market structure. Under some conditions, a vertical merger causes the price of the final good to increase.