Sunk Costs, Depreciation, and Industry Dynamics
从理论和实证角度论证，在动态竞争模型中，折旧会抵消沉没成本对产业波动性的影响，即沉没成本高的行业企业市值波动大、产业规模波动小，但折旧产生反向效应。
Two of the most robust results from dynamic competitive models of industrial organization suggest that higher sunk cost industries should exhibit (1) higher intertemporal variability in the market value of their firms, and (2) lower intertemporal variability in the size of their industries. These predictions have done well empirically. This paper argues on theoretical and empirical grounds that depreciation generates countervailing effects.