NEW EXPORTER DYNAMICS
研究发现新出口商初期出口额小、增长缓慢且早期退出率高，标准沉没成本模型无法复制这些动态，而修正模型所需的进入成本仅为原模型的三分之一。
We document that new exporters initially export small amounts, grow gradually, and are most likely to exit the export market in their first few years. We find that the standard sunk‐cost model cannot replicate these new exporter dynamics: New exporters grow too large too quickly and live too long. In a modified sunk‐cost model that can account for these facts, the entry costs needed to match the data are three times smaller than in the sunk‐cost model. Dynamic models with richer plant‐level heterogeneity are needed.