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A market-power based model of business groups

Опубликовано на портале: 22-12-2009
Journal of Economic Behavior & Organization. 2009.  Vol. 51. No. 4. P. 459-485 . 
We propose an model of vertically and horizontally-integrated business groups that allows the number and size of each group to be determined endogenously. We find that more than one configuration of groups can arise in equilibrium: several different types of business groups can occur, each of which are consistent with profit-maximization and are stable. We suggest that the strongly-integrated groups arising in the model characterize the chaebol found in South Korea, whereas the less-integrated groups describe those found in Taiwan.

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