Does History Matter Only When It Matters Little? The Case of City-Industry Location
研究受集聚经济影响的产业何时会从高成本旧址迁往低成本新址，认为历史形成的沉没成本造成先动劣势阻碍搬迁，并证明工业园开发商可通过土地歧视定价克服惯性。
When will an industry subject to agglomeration economies move from an old, high-cost site to a new, low-cost site? It is argued that history, in the form of sunk costs resulting from the operation of many firms at a site, creates a first-mover disadvantage that can prevent relocation. It is demonstrated that developers of industrial parks can partly overcome this inertia through discriminatory pricing of land over time, and empirical evidence is provided that they actually engage in such behavior. It is also shown that other aspects of developer land-sale strategy can be a source of information on the nature of interfirm externalities.