Endogenous Sunk Costs, Flexible Manufacturing and the Productivity Effects of International Trade
研究了在柔性制造和内生沉没成本（成本降低型研发）下，国际贸易对生产率的影响，发现贸易虽提高研发支出，但可能因市场结构效应而未必提升生产率，甚至可能降低实际工资和福利。
Abstract The paper addresses the productivity effects of international trade in the presence of flexible manufacturing and endogenous sunk costs (cost‐reducing R&D). It shows that international trade raises R&D expenditures, but this will not necessarily boost productivity because of possibly counteracting market structure effects. The analysis is conducted in general equilibrium so that implications for real wages and welfare can also be addressed. Both can fall when trade leads to excessive R&D investment.