An Intertemporal Model of Industrial Exit
构建了一个有限期界的产业退出模型，发现新企业退出存在初始滞后，且滞后时长与沉没进入成本正相关；新企业规模越大存活越久，衰退企业中的企业家行为会随企业衰退而变得更懒惰。
A finite horizon model of industrial exit is developed. After an initial lag, most exits are by young firms. The duration of the lag is positively related to sunk entry costs, but not due to the fallacy of sunk costs. The conception of entry differs from previous research; as a result, not all entrants are identical; and firm size affects the rate of learning. On average, larger new firms last longer. Entrepreneurs in declining firms act more lazily as the firm declines. A number of empirical observations about declining firms are organized by the model.