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Regular version of the site

International research seminars "Study of vertical integration in international trade"


Venue: 47, pr. Rimskogo-Korsakova, St. Petersburg (building of the bank "Saint Petersburg", conference-hall).

Dates: 2012.12.04 - 2012.12.07.


Program:


A.LaugesenA.Laugesen

On December 04, 2012, 12:00 - 14:00.
Public Research seminar.
Anders Laugesen (Aarhus University). "Complementary Activities, Heterogeneous Firms, and Industry Structure".

We analyse firm-level complementary activities in general equilibrium with heterogeneous firms. We assume that firm profits are supermodular in the activities faced by firms and show how general-equilibrium effects complicate firm-level comparative statics. Despite the complementarities implied by supermodularity, introducing new activities, or increasing the attractiveness of existing activities, may lead a firm to either increase, maintain, or reduce its level of any given activity. Notwithstanding this ambiguity at the firm level, we present conditions that are sufficient for generating monotone comparative statics at the industry level of analysis. These results suggest that firm-level complementarities may assert themselves more clearly at the industry level than at the firm level; an insight that is important to keep in mind for empirical purposes. Our results are shown to be applicable to several recent and well-known models at the intersection of international and organisational economics.

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On December 05, 2012, 12:00 - 14:00.
Public Research seminar.
Anders Laugesen (Aarhus University). "A Simple Theory of Trade and Vertical Integration
".

We build a three-country model of international trade in final and intermediate goods where firms are heterogeneous with respect to productivity. Final- and intermediate-good producers engage in bilateral relationships that are governed by incomplete contracts. In this setup, we explore the implications of a firm-level complementarity between vertical integration, offshoring, and exporting. Offshoring to the low-wage South through foreign outsourcing or vertical foreign direct investments is lucrative for the most productive firms. Exporting is also lucrative for the most productive firms. We show how the presence of complementarities affects the industry equilibria through the prevalence of vertical integration, offshoring, and exporting across a continuum of industries. The main points of this paper are that open-economy issues matter for the determination of firm boundaries and that trade liberalisation may spur a wave of vertical M&As.

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pokrovsky_dmitry
D.Pokrovsky

On December 05, 2012, 16:00-18:00.
Research seminar.
Dmitry Pokrovsky (CMSSE). "Endogenous entrepreneurship in heterogeneous world: impact on income inequality".

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uschev_philipp
Ph.Ushchev

On December 07, 2012, 12:00-14:00.
Public Research seminar.
Philip Ushchev (CMSSE). "Multi-plant firms and firms investing in productivity as limiting cases of multi-product firms".

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