Entry and Exit Decisions under Uncertainty
研究当产品价格服从随机游走时企业的进入与退出决策，将闲置企业和活跃企业视为相互的看涨期权，得出进入和退出的触发价格，并发现即使沉没成本很小，滞后效应也很显著。
A firm's entry and exit decisions when the output price follows a random walk are examined. An idle firm and an active firm are viewed as assets that are call options on each other. The solution is a pair of trigger prices for entry and exit. The entry trigger exceeds the variable cost plus the interest on the entry cost, and the exit trigger is less than the variable cost minus the interest on the exit cost. These gaps produce "hysteresis." Numerical solutions are obtained for several parameter values; hysteresis is found to be significant even with small sunk costs. Copyright 1989 by University of Chicago Press.