| Outline of Final Research Achievements |
In this study, we aimed at theoretical and empirical analysis of vertical relationships between firms, which are frequent topics in competition policy, with focus on, among others, vertical integration and platform competition. First, it is found that vertical integration may entail not only pro-competitive effects such as elimination of double marginalization but also anti-competitive effects such as relaxation of price competition. The latter point has been widely recognized by practitioners, but it is a relatively new issue in academic research. Second, it is shown that a stronger degree of platform bargaining power in the face of participating firms improves consumer welfare in the context of two-sided markets. It is also demonstrated that introducing premium cards in the credit card industry is likely to raise the retail price. Overall, these results would suggest some possible directions toward reformulation of competition policy.
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