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Industrial and Corporate Change
격월간

Technology uncertainty, sunk costs, and industry shakeout

2012-06-10

Luis Cabral | Department of Management, University of Bologna

Vol.21 No.3 , pp.539 ~ 552

초록

I propose a novel explanation for new industry shakeouts: because of capacity sunk costs and the fear of backing the wrong technology, firms initially invest up to a small capacity, leading to a large number of initial entrants. As the dust settles and a dominant technology emerges, surviving firms expand to their long-term optimal capacity, which results in a reduction in the number of competitors notwithstanding the increase in total market output

참고문헌

  • Cabral L. (1993) , Experience advantages and entry dynamics , Journal of Economic Theory , VOL.59 , pp.403 ~ 416
  • Vettas N. (2000) , On entry, exit, and coordination with mixed strategies , European Economic Review , VOL.44 , pp.1557 ~ 1576
  • Lambson V E. (1991) , Industry evolution with sunk costs and uncertain market conditions. , International Journal of Industrial Organization , pp.171 ~ 196