Exit, Sunk Costs and the Selection of Firms
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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|Date of creation:||1997|
|Date of revision:|
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567, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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3450060, Harvard University Department of Economics.
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"Proportional Solutions to Bargaining Situations: Interpersonal Utility Comparisons,"
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- 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.
- Oliver Hart & John Moore, 1988.
"Property Rights and the Nature of the Firm,"
495, Massachusetts Institute of Technology (MIT), Department of Economics.
- Fudenberg, Drew & Tirole, Jean, 1986. "A Theory of Exit in Duopoly," Econometrica, Econometric Society, vol. 54(4), pages 943-60, July.
- Gul, Faruk, 1989. "Bargaining Foundations of Shapley Value," Econometrica, Econometric Society, vol. 57(1), pages 81-95, January.
- Pankaj Ghemawat & Barry Nalebuff, 1990. "The Devolution of Declining Industries," The Quarterly Journal of Economics, Oxford University Press, vol. 105(1), pages 167-186.
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