ABSTRACT

This paper revisits how private cross-ownership affects cost-reducing R&D, production quantities, consumer surplus, firms’ profits and social welfare in a mixed oligopoly with a convex cost function. We show that increasing cross-ownership reduces private firms’ R&D but increases the semi-public firm’s R&D. Further, both consumer surplus and social welfare could be enhanced through cross-ownership when the convexity of cost function is small. However, increasing cross-ownership could hurt consumers and social welfare when the convexity of cost function is large. Our finding highlights that the convexity of cost function is very important to the welfare implications of cross-ownership. Hence, antitrust authorities should be more careful when assessing the welfare effects of partial ownership in different industries.

摘要

本文重新探讨了在具有凸成本函数的混合寡头垄断中，私人交叉所有权如何影响降低成本的研发、生产数量、消费者剩余、企业利润和社会福利。我们表明，增加交叉所有权会减少私营公司的研发，但会增加半上市公司的研发。此外，当成本函数的凸性较小时，消费者剩余和社会福利都可以通过交叉所有权得到提高。然而，当成本函数的凸性很大时，增加交叉所有权可能会损害消费者和社会福利。我们的发现强调，成本函数的凸性对于交叉所有权的福利影响非常重要。因此，反垄断机构在评估不同行业部分所有权的福利影响时应更加谨慎。