EXPERIMENTAL EVIDENCE OF A SUNK‐COST PARADOX: A STUDY OF PRICING BEHAVIOR IN BERTRAND–EDGEWORTH DUOPOLY*
通过实验室实验，研究了沉没成本对双寡头定价决策的影响，发现沉没成本对平均价格呈U型效应，低到中水平时价格下降，中到高水平时价格上升，且该效应与损失规避一致。
We experimentally test the effect of sunk costs on decision making. In the experiment, subjects play the role of price‐setting duopolists. Both firms have identical costs, including an exogenous sunk cost that varies across sessions over six different values. We observe that the sunk cost has a U‐shaped effect: From low to medium levels, average prices decrease, but from medium to high levels, average prices increase. This effect, which is consistent with loss avoidance, develops quickly and persists throughout the game. A follow‐up experiment confirms the main results of the original experiment.