Vertical Integration 1. (10 marks). Explain and give real-world examples of the problems which arise when contracts
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Vertical Integration
1. (10 marks). Explain and give real-world examples of the problems which arise when contracts are incomplete, and assets are specific. Explain and give real-world examples of how these problems can be overcome or mitigated.
2. (10 marks). Explain the economizing theory and its main predictions. Explain at least one piece of empirical evidence that supports the theory.
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