Open AccessCostes de transacción e integración vertical: Una aplicación al sector de denominación de origen calificada Rioja
Author(s) -
Marta FernándezOlmos,
Jorge Rosell Martínez,
Manuel Antonio Espitia Escuer
Publication year - 2011
Publication title -
economía agraría y recursos naturales/economía agraria y recursos naturales
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.304
H-Index - 9
eISSN - 2174-7350
pISSN - 1578-0732
DOI - 10.7201/earn.2009.02.02
Subject(s) - product (mathematics) , winery , vertical integration , wine , transaction cost , welfare economics , quality (philosophy) , economics , mathematics , industrial organization , microeconomics , physics , geometry , quantum mechanics , optics
This article develops and tests a model of integration of the first stage of the wine value chain, i.e. the viticulture activity. The model, derived from the transaction cost analysis developed principally by Williamson, is formulated as a tobit function, which is estimated with data from the wine industry in the Rioja’s denomination of origin. The nature of the relationship between product quality and vertical integration is also established. Consistently with the transaction cost theory, integration is associated with increasing levels of asset specificity and uncertainty. Results also indicate that the winery size significantly affects make-buy choices. As expected, more vertical integration appears to be associated with higher product quality.