Sunk Costs and the Variability of Firm Value Over Time
讨论了不同行业演化模型中沉没成本对企业价值波动的影响，发现外部冲击模型预测沉没成本高的行业企业价值随时间波动更大，并用加州和佛罗里达的农业数据验证了这一结论。
Empirical implications for the variability of firm value in various models of industry evolution are discussed. Under certain conditions, learning models imply that industries with higher sunk costs should exhibit greater difference in firm value between entering and exiting firms whereas external shocks models imply that industries with higher sunk costs should exhibit greater variability of firm value over time relative to a numeraire industry. The theoretical results from external shocks models are consistent with agricultural data from California and Florida. Copyright 1995 by MIT Press.