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50 Hastings L.J. 573 (1998-1999)
Procompetitive Theories of Vertical Control

handle is hein.journals/hastlj50 and id is 591 raw text is: Procompetitive Theories of Vertical Control by ANDY C. M. CHEN* and KEIrH N. HYLTON** Table of Contents Introduction ............................................................................................ 575 I. Vertical Control in Competitive Markets: Vertical Integration and the Principal-Agent Dilemma ............................................. 580 A. The Principal-Agent Dilemma and Adverse Selection .... 581 B. The Principal-Agent Dilemma and Moral Hazard ........... 584 C. Vertical Integration and the Solution to the Principal- A gent D ilem m a ..................................................................... 585 11. Vertical Control in Competitive Markets: Vertical Integration and Transaction-Cost Considerations ................... 586 A. The Costs of Searching for Qualified Contracting Partners .................................................................................. 586 B. The Costs of Reduced Flexibility ........................................ 587 C. The Costs of Opportunism .................................................. 588 D. Vertical Integration as a Means to Minimize Transaction Costs .................................................................. 590 III. Vertical Control in Non-Competitive Markets: Vertical Integration and the Successive Monopoly Problem ................. 592 A. Competitive Price and Output Level .................................. 592 B. Price and Output Levels Under a Monopolized Upstream Market .................................................................. 594 C. The Successive Monopoly Problem .................................... 595 D. Vertical Integration Under the Technology of Variable-Proportions Production ....................................... 598 IV. Vertical Restraints as Substitutes for Vertical Integration in Competitive Markets ................................................................... 599 A. Exclusive Dealing Arrangements and the Adverse- *Assistant Professor of Law, Tamkang University, Taipei, Taiwan. ** Professor of Law, Boston University, Boston, Massachusetts.

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