Integration versus Outsourcing in Industry Equilibrium
构建了一个企业组织形式内生的行业均衡模型，研究差异化消费品由垂直一体化企业还是专业公司生产，分析治理成本、搜寻成本与敲竹杠问题对均衡组织形式的影响。
We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a specialized component. Vertically integrated firms can manufacture the components they need, but they face a relatively high cost of governance. Specialized firms can produce at lower cost, but search for partners is costly, and input suppliers face a potential holdup problem. We study the determinants of the equilibrium mode of organization when inputs are fully or partially specialized.