Technical change, competition and vertical integration
在梳理纵向一体化理论的基础上，提出技术过时的不确定性会降低一体化倾向，并通过模型和93个行业的数据验证了技术变革频率与竞争强度如何共同影响最优一体化水平。
Abstract This paper starts with a survey of the received theories of vertical integration. We then extend these theories by arguing that while uncertainty in general will make integration more effective, a particular type of uncertainty, the possibility of technological obsolescence, works the other way. After making this point at a conceptual level, we build a model to study how the frequency of technological change interacts with the intensity of competition to influence the optimal level of integration. The predictions of the model are then tested and very strongly supported by data from 93 industries.