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| Topic: |
Business
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| Number of pages / Number of words: |
8 / 2000 |
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not knowing the other firm's production. In other words, we base the analysis on the Cournot model.
Suppose further that all four firms produce at constant marginal cost. The letter c will denote the upstream firms' marginal costs. The downstream firms' marginal costs instead will be equal to (d + t), where d indicates the cost per unit of production incurred by the firms, while t indicates the price per unit paid to the upstream firms to buy their output...
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In Stage 1, the upstream firms choose the price per unit t, known as transfer price, at which to charge the downstream firms. In Stage 2, the downstream firms decide how much output to sell in the final product market.
This game is solved through backward induction, i.e. considering Stage 2 first, because in reality the upstream firms will decide the transfer price t to charge only when they know how much is going to be sold in the final market...
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