Asset Specificity and Vertical Integration
通常认为资产专用性促进纵向一体化，但本文通过重复博弈模型证明，在非一体化下，资产专用性反而能设计出更强激励的关系契约。
Abstract Asset specificity is usually considered to be an argument for vertical integration. The main idea is that specificity induces opportunistic behavior, and that vertical integration reduces the cost of preventing opportunism. In this paper I show that asset specificity can be an argument for non‐integration. In a repeated‐game model of self‐enforcing relational contracts, it is shown that when parties are non‐integrated, increasing degrees of asset specificity make it possible to design relational contracts with higher‐powered incentives.