Sunk investments lead to unpredictable prices
成果类型：
Article
署名作者：
Mailath, GJ; Postlewatte, A; Samuelson, L
署名单位：
University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/0002828042002660
发表日期：
2004
页码：
896-918
关键词：
摘要：
We study transactions that require investments before trading in a competitive market, when forward contracts fixing the transaction price are absent. We show that, despite the market being perfectly competitive and subject to arbitrarily little uncertainty, the inability to jointly determine investment levels and prices may make it impossible for buyers and sellers to predict the prices at which they will trade, leading to inefficient levels of investment and trade.
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