Sunk Costs and Market Structure: Price Competition, Advertising, and the Evolution of Concentration
"An excellent piece of empirical work by a leader in industrial organization. Econometric tests and industry studies are carefully guided by sound theory. A must reading for students in the field."Jean Tirole, Scientific Director at the Institut d'Economie Industrielle, Researcher at CERAS (of the Ecole Nationale des Ponts et Chaussées), and Visiting Professor at MIT.