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@inproceedings{949936,
author = {Kvasnička, Michal and Staněk, Rostislav and Krčál, Ondřej},
address = {Prague},
booktitle = {Proceedings of the 29th International Conference Mathematical Methods in Economics 2011},
edition = {1.},
editor = {Martin Dlouhý, Veronika Skočdopolová},
keywords = {vertical integration; double markup; Rubinstein bargaining; industrial organization; competition policy},
howpublished = {tištěná verze "print"},
language = {eng},
location = {Prague},
isbn = {978-80-7431-058-4},
pages = {431-436},
publisher = {University of Economics, Faculty of Informatics and Statistics},
title = {Monopoly Supply Chain Management via Rubinstein Bargaining},
url = {http://www.econ.muni.cz/~qasar/papers/KvasnickaStanekKrcalMME2011.pdf},
year = {2011}
}
TY - JOUR
ID - 949936
AU - Kvasnička, Michal - Staněk, Rostislav - Krčál, Ondřej
PY - 2011
TI - Monopoly Supply Chain Management via Rubinstein Bargaining
PB - University of Economics, Faculty of Informatics and Statistics
CY - Prague
SN - 9788074310584
KW - vertical integration
KW - double markup
KW - Rubinstein bargaining
KW - industrial organization
KW - competition policy
UR - http://www.econ.muni.cz/~qasar/papers/KvasnickaStanekKrcalMME2011.pdf
N2 - This paper argues that the Spengler’s (JPE, 1950) double-markup story does not capture the strategic situation faced by a monopoly supply chain. We show that 1) the Spengler’s double-markup model is equivalent to an extensive game in which the upstream monopoly has all power to set the intermediate price, and the downstream monopsony has no bargaining power. This assumption seems unrealistic. 2) We model this situation using the Rubinstein bargaining. The equilibrium of our model does not yield a double markup. Hence, the joint output, the consumers price, and the total profit is as high as those of a vertically integrated firm. Moreover, the profit is split roughly equally between the two firms. 3) Our model has different implications for the competition policy.
ER -
KVASNIČKA, Michal, Rostislav STANĚK a Ondřej KRČÁL. Monopoly Supply Chain Management via Rubinstein Bargaining. In Martin Dlouhý, Veronika Skočdopolová. \textit{Proceedings of the 29th International Conference Mathematical Methods in Economics 2011}. 1. vyd. Prague: University of Economics, Faculty of Informatics and Statistics, 2011, s.~431-436. ISBN~978-80-7431-058-4.
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