On Sunk Costs and Trade Liberalization in Applied General Equilibrium
指出，带有不完全竞争和规模经济的静态应用一般均衡模型，因对固定成本的不现实处理而夸大了合理化收益。作者将沉没成本引入一个用真实数据校准的模型，展示了这如何显著改变寡头博弈，从而影响贸易自由化结果。
The authors argue that the rationalization gains often predicted by static applied general equilibrium models with imperfect competition and scale economies are artificially boosted by an unrealistic treatment of fixed costs. They introduce sunk costs into one such model calibrated with real-world data. The authors show how this changes the oligopoly game in a way significant enough to affect, both qualitatively and quantitatively, the outcome of a trade liberalization exercise. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.