Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 28, 2022 erstellt
Beschreibung:
We consider a market where each firm is created by the combination of two complementary assets that are heterogeneous in their productivity. After assets match endogenously, their owners choose between two ownership structures: integration and non-integration. Our main focus is on the interplay between productivity heterogeneity and firm boundary decisions. We provide a novel condition, the congruent marginal contributions property, which guarantees monotone matching with respect to asset productivity. Furthermore, under some conditions, more productive firms choose non-integration and less productive ones integrate, while under another set of conditions the opposite pattern emerges. We investigate the effect of model primitives on the equilibrium distribution of output