. Vertical Integration
. Vertical Integration
This chapter explores the nature of vertical integration. It also analyses the ability of transaction-cost economics to deal with vertical integration. The chapter begins by analysing the foundations of transaction-cost economics. It then examines vertical integration in the petroleum industry and long-term contracts as a substitute for vertical integration. Finally, the chapter compares decision-making characteristics in markets and hierarchies.
Keywords: vertical integration, transaction-cost economics, petroleum industry, long-term contracts, markets, hierarchies
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