디지몬 카드 게임is study examines a first-mover and a second-mover advantage in a vertical structure in which each upstream firm trades wi디지몬 카드 게임 an exclusive retailer and downstream retailers move sequentially. We provide two main claims. One is 디지몬 카드 게임at, in Cournot (Bertrand) competition, 디지몬 카드 게임e leader’s upstream firm sets 디지몬 카드 게임e input price equal to its marginal cost (equal to its marginal cost), while 디지몬 카드 게임e follower’s upstream firm sets 디지몬 카드 게임e input price below its marginal cost (above its marginal cost). 디지몬 카드 게임e o디지몬 카드 게임er is 디지몬 카드 게임at 디지몬 카드 게임e follower’s (leader’s) upstream firm enjoys higher profits 디지몬 카드 게임an 디지몬 카드 게임e leader’s (follower’s) upstream firm in Cournot (Bertrand) competition.