1. Do a better-off test for Disney – Pixar relationship (independently of whether it is alliance or common

ownership): are there positive (negative) synergies if Pixar and Disney are in an exclusive relationship

compared to if they act independently?

2. Compare the value of Pixar and Disney together (from Q1) to the value that could be created if they worked

with different partners instead: what if Pixar partnered with a movie studio other than Disney? What if Disney

worked with another CG animation studio instead of Pixar?

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