Sunk costs and real options in antitrust
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Author
Contributions
- National Bureau of Economic Research. - Contributor
Publication
2005 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
7,250 words, Guess
Page Count
29 pages
Identifiers
- OCLC Control Number60932525
- Open LibraryOL17626938M
Classifications
- LCCHB1
Description
"Sunk costs play a central role in antitrust economics, but are often misunderstood and mismeasured. I will try to clarify some of the conceptual and empirical issues related to sunk costs, and explain their implications for antitrust analysis. I will be particularly concerned with the role of uncertainty. When market conditions evolve unpredictably (as they almost always do), firms incur an opportunity cost when they invest in new capital, because they give up the option to wait for the arrival of new information about the likely returns from the investment. This option value is a sunk cost, and is just as relevant for antitrust analysis as the direct cost of a machine or a factory"--National Bureau of Economic Research web site.
Subjects
Topics
Series Statement
- NBER working paper series -- working paper 11430.
- Working paper series (National Bureau of Economic Research) -- working paper no. 11430.
Links
Other Editions
- Sunk costs and real options in antitrust
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