Affiliation, integration, and information: ownership incentives and industry structure
通过理论模型和案例研究，探讨了合同不完整性如何导致行业必然碎片化，以及合同改进对品牌集中度的影响。
This paper presents theory and evidence on horizontal industry structure. At issue is the question: what makes industries necessarily fragmented? The theoretical model examines trade‐offs associated with affiliation and integration, and how they are affected by the contracting environment. I show how contractual incompleteness can lead industries to be necessarily fragmented. I also show that contractual improvements will tend to lead to a greater concentration of brands, but whether they lead industries to be more or less concentrated depends on what becomes contractible. I then discuss the propositions generated by the model through a series of case study examples.