forthcoming in The International Journal of Industrial Organization
Good Times, Bad Times, and Vertical Upstream
Integration
Winand Emons∗
Revised March 1995
Abstract
We consider a set of downstream firms each of which has a stochastic requirement for a particular input. Downstream firms can produce the input
themselves yet do not trade it. Upstream firms produce the input to sell
it through a Walrasian market to downstream firms. Efficient pooling of
capacities requires the input to be produced by upstream firms and traded
in the market. Yet, downstream firms will always vertically integrate. By
producing some of its own input needs, a downstream firm cuts down on
aggregate input demand thus depressing prices in the market.
Keywords: stochastic input demand, oligopsony, vertical upstream integration.
Journal of Economic Literature Classification Numbers: D43, L13, L22.
∗
Universität Bern, Volkswirtschaftliches Institut, Abteilung für Wirtschaftstheorie, Gesellschaftsstraße 49, CH-3012 Bern, Switzerland. I thank Aleks Berentsen,
Patrick Bolton, Eric van Damme, Martin Hellwig, Kai-Uwe Kühn, Hans Jürgen
Ramser, Thomas von Ungern-Sternberg, and three referees for helpful suggestions,
the CentER for Economic Research at Tilburg University for its hospitality, and
the Schweizerischer Nationalfonds for financial support.
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