Overlapping ownership and input prices
研究了在产品市场竞争前，企业需与投入品供应商签约时，重叠所有权如何影响供应商定价，发现需求曲率随总产出的变化是关键因素，且成本降低可能传导至消费者。
This paper studies the effect of overlapping ownership in a setting where firms must contract with an input supplier before competing in the product market. Horizontal ownership among the competing firms can here affect the input prices set by the supplier. I derive precise conditions for when overlapping ownership raises, reduces, or has no effect on input prices. The key factor is how demand curvature varies with total output. When overlapping ownership reduces input prices, the cost reduction is in turn passed on to consumers. This indirect effect offsets – and can even outweigh – the direct negative effect of overlapping ownership on product market competition.