Contents
Tables and Figures............................................................................................................................................ ii
Acknowledgement ............................................................................................................................................ iii
Affiliation......................................................................................................................................................... iii
Preface.............................................................................................................................................................. iii
1. Introduction............................................................................................................................................... 1
2. 20th Century Redux.................................................................................................................................... 3
3. Expanding the Neoclassical Theory of Vertical Organization and Performance .......................................... 6
4. The Triumph of Capital Markets: Mergers, Leveraged Buyouts and their Impact on Performance .............. 8
5. Successive Monopoly/Oligopoly Requires a New Approach to Farm to Retail Price Transmission............. 10
6. Shifting Power Balances Drive New Coordination Programs: The U.S. Example ....................................... 12
7. An Out of the Box Solution: Truly National Supermarket Chains............................................................... 14
References ........................................................................................................................................................ 17
Food Marketing Policy Center Research Report Series Ordering Information.................................................... 35
Tables and Figures
Picture 1. The A&P Chain Store on Main Street, Mystic, Connecticut, 1940 ..................................................... 21
Table 1. Evolution of the Food Industries in the U.S. and Europe ...................................................................... 22
Table 2. Determinants of Economic Organization.............................................................................................. 23
Table 3. Cost Pass Through Rate Equations for Two Processors and Two Retailers........................................... 24
Figure 1. Stigler's Functional Cost Theory of Vertical Market Structure ............................................................ 25
Figure 2. The Problem of Channel Coordination: Successive Monopoly............................................................ 25
Figure 3. Elimination of Double Marginalization by Trade Promotion............................................................... 26
Appendix
Stock Price Charts for Selected Leading Food Manufacturing, Retailers, and Internet Startups .......................... 27
ii
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