{"title":"垂直合同中的部分保密","authors":"Jihwan Do , Jeanine Miklós-Thal","doi":"10.1016/j.ijindorg.2023.102955","DOIUrl":null,"url":null,"abstract":"<div><p>This paper introduces a notion of partial secrecy in bilateral contracting games between one upstream firm and several competing downstream firms. The supplier’s offer quantities are subject to trembles, and each downstream firm observes a noisy signal about the offer received by its competitor before deciding whether to accept its offer. A downstream firm’s belief about its competitor’s quantity is determined endogenously as a weighted average of the competitor’s expected equilibrium quantity and the signal about the actual quantity that the competitor was offered. The degree of contract secrecy is captured by the weight that this belief puts on the competitor’s expected equilibrium quantity. We find that a higher degree of secrecy implies a more competitive equilibrium outcome, both in a game with simultaneous offers and in a dynamic game with alternating offers similar to the one in Do and Miklós-Thal (2022, “Opportunism in Vertical Contracting: A Dynamic Perspective,” CEPR Discussion Paper No. DP16951).</p></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"90 ","pages":"Article 102955"},"PeriodicalIF":1.7000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Partial secrecy in vertical contracting\",\"authors\":\"Jihwan Do , Jeanine Miklós-Thal\",\"doi\":\"10.1016/j.ijindorg.2023.102955\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper introduces a notion of partial secrecy in bilateral contracting games between one upstream firm and several competing downstream firms. The supplier’s offer quantities are subject to trembles, and each downstream firm observes a noisy signal about the offer received by its competitor before deciding whether to accept its offer. A downstream firm’s belief about its competitor’s quantity is determined endogenously as a weighted average of the competitor’s expected equilibrium quantity and the signal about the actual quantity that the competitor was offered. The degree of contract secrecy is captured by the weight that this belief puts on the competitor’s expected equilibrium quantity. We find that a higher degree of secrecy implies a more competitive equilibrium outcome, both in a game with simultaneous offers and in a dynamic game with alternating offers similar to the one in Do and Miklós-Thal (2022, “Opportunism in Vertical Contracting: A Dynamic Perspective,” CEPR Discussion Paper No. DP16951).</p></div>\",\"PeriodicalId\":48127,\"journal\":{\"name\":\"International Journal of Industrial Organization\",\"volume\":\"90 \",\"pages\":\"Article 102955\"},\"PeriodicalIF\":1.7000,\"publicationDate\":\"2023-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Industrial Organization\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S016771872300036X\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Industrial Organization","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S016771872300036X","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
This paper introduces a notion of partial secrecy in bilateral contracting games between one upstream firm and several competing downstream firms. The supplier’s offer quantities are subject to trembles, and each downstream firm observes a noisy signal about the offer received by its competitor before deciding whether to accept its offer. A downstream firm’s belief about its competitor’s quantity is determined endogenously as a weighted average of the competitor’s expected equilibrium quantity and the signal about the actual quantity that the competitor was offered. The degree of contract secrecy is captured by the weight that this belief puts on the competitor’s expected equilibrium quantity. We find that a higher degree of secrecy implies a more competitive equilibrium outcome, both in a game with simultaneous offers and in a dynamic game with alternating offers similar to the one in Do and Miklós-Thal (2022, “Opportunism in Vertical Contracting: A Dynamic Perspective,” CEPR Discussion Paper No. DP16951).
期刊介绍:
The IJIO is an international venture that aims at full coverage of theoretical and empirical questions in industrial organization. This includes classic questions of strategic behavior and market structure. The journal also seeks to publish articles dealing with technological change, internal organization of firms, regulation, antitrust and productivity analysis. We recognize the need to allow for diversity of perspectives and research styles in industrial organization and we encourage submissions in theoretical work, empirical work, and case studies. The journal will also occasionally publish symposia on topical issues.