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Analysis of the Model of the Firm’s Vertical Merger under Network Externality and Regulation

Author: ZuoJing
Tutor: XuanZuo
School: Nanjing University of Finance and Economics
Course: National Economics
Keywords: network externality vertical integration regulation
CLC: F271
Type: Master's thesis
Year: 2010
Downloads: 81
Quote: 0
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Abstract


This paper introduces the concept of the network externality. Then, it analyzes several important factors which can affect the intension of network externality. Following it, we discover and discuss the vertical integration under the condition of network externality and the government regulations.Then we discuss the vertical integration in the context of network externality under the hypothesis of the industrial structure of upstream and downstream all are oligopoly. Our study shows that the downstream corporations will have different choices with different network externality. The outcome of consumer welfare that has been affected by the vertical integration is uncertain. When the strength of network externality is very high and low, the integration is favorable for the consumer welfare, while, when the strength of network externality is higher and lower, the integration will do harm to the consumer welfare. So the government should regulate the behavior of integration in some circumstances.At last, we conduct an empirical analysis of the case of Hong Kong’s PCCW, as well as mergers of AOL Time Warner. In the case of Hong Kong’s PCCW, the government regulated the price. The aim of the price regulation is to prevent the enterprise to squeeze out competitors and monopolize the market by the means of dumping. In the case of AOL Time Warner, the government took the interconnection regulation. Following it, we analysis the process of the government regulation. And the process includes two phases; the first phase is to determine whether the governments need to take the antitrust investigation, while the second phase is to evaluate the impact of vertical mergers and take the appropriate measures. Finally, we conclude that the main principle of the government regulation is based on whether the merger will be harmful for the consumer surplus. While the government regulates the concrete case which should pay attention to two aspects, on the one hand, which should be clear about the nature of the industry of the two merging parties; on the other hand, the regulation need the coordination between the different law enforcement agencies because that the vertical mergers involving companies in different industries.

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