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Exit, Sunk Costs and the Selection of Firms

  • Garella, P-G
  • Richelle, Y

This paper aims to identify the cost characteristics of existing firms whenever firms are playing an infinite horizon supergame. Recognizing that, with more than two firms, the problem of which firms exit is quite similar to a coalition formation one, we associate to this supergame a game in coalitional form and obtain a prediction on the firm which are the more likly to stay out of the market by using the concept of a stable coalition structure.

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Paper provided by ASSET (Association of Southern European Economic Theorists) in its series ASSET - Instituto De Economia Publica with number 154.

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Length: 3 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:inecpu:154
Contact details of provider: Postal: ASSET - Instituto De Economia Publica Facultad de Ciencias Economicas Y Empresariales . Avenida Lehendakari Aguirre, 83. 48015 Bilbao. Spain
Phone: + 33 - 4 91 14 07 70
Fax: + 33 - 4 91 90 02 27
Web page: http://www.vcharite.univ-mrs.fr/ASSET/
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  1. Grossman, Sanford J. & Hart, Oliver D., 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Scholarly Articles 3450060, Harvard University Department of Economics.
  2. Hart, Oliver D. & Moore, John, 1990. "Property Rights and the Nature of the Firm," Scholarly Articles 3448675, Harvard University Department of Economics.
  3. Fudenberg, Drew & Tirole, Jean, 1986. "A Theory of Exit in Duopoly," Econometrica, Econometric Society, vol. 54(4), pages 943-60, July.
  4. Kalai, Ehud & Samet, Dov, 1985. "Monotonic Solutions to General Cooperative Games," Econometrica, Econometric Society, vol. 53(2), pages 307-27, March.
  5. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  6. Ghemawat, Pankaj & Nalebuff, Barry, 1990. "The Devolution of Declining Industries," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 167-86, February.
  7. Gul, Faruk, 1989. "Bargaining Foundations of Shapley Value," Econometrica, Econometric Society, vol. 57(1), pages 81-95, January.
  8. Ehud Kalai, 1977. "Proportional Solutions to Bargaining Situations: Interpersonal Utility Comparisons," Discussion Papers 179, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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