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Vertical Mergers and Acquisitions

In: Welfare Economics and Antitrust Policy — Vol. II

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  • Richard S. Markovits

    (The University of Texas at Austin)

Abstract

This chapter focuses on vertical (M&A)s. This chapter points out that, in addition to the functions that horizontal (M&A)s can perform for their participants, vertical (M&A)s can increase their participants’ profits by creating a resulting firm that can take advantage of continuous-flow economies, that is better-placed to conceal violations of price regulations that apply to one participant’s pricing, and that can substitute hierarchical policies that control its own employees for the surrogates-for-vertical-integration contractual provisions and sales-policies it would have used as a non-vertically-integrated firm to control independent contractors. This chapter also explains why vertically-integrated firms are unlikely to make inherently-unprofitable decisions not to sell to or buy from independents.

Suggested Citation

  • Richard S. Markovits, 2022. "Vertical Mergers and Acquisitions," Springer Books, in: Welfare Economics and Antitrust Policy — Vol. II, chapter 0, pages 243-253, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-96482-5_14
    DOI: 10.1007/978-3-030-96482-5_14
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