Sunk Costs and Market Structure
Price Competition, Advertising, and the Evolution of Concentration
By (author) John Sutton
Sunk Costs and Market Structure by John Sutton
Book DescriptionSunk Costs and Market Structure bridges the gap between the new generation of game theoretic models that has dominated the industrial organization literature over the past ten years and the traditional empirical agenda of the subject as embodied in the structure-conduct-performance paradigm developed by Joe S. Bain and his successors.The new theoretical literature has engendered pessimism in recent years because many results turn out to depend on detailed features of the market that are difficult to measure. This has led many observers to argue that the new literature offers little basis for the kind of cross-industry studies that have formed the empirical base of the subject since the 1950s. Using current game-theoretic methods, John Sutton reexamines the traditional agenda. He argues that despite the "delicate" nature of many results, there are theoretical predictions that turn out to be extremely robust to reasonable changes in model specification, and these results should be taken into account when looking for statistical regularities across a broad spectrum of different industries.Sutton draws on a wide range of historical sources and on an intensive program of company interviews to assemble a matrix of industry studies relating to twenty markets within the food and drink sector, in six countries - France, the Federal Republic of Germany, Italy, Japan, the United Kingdom and the United States. He combines theory, econometric evidence, and a detailed account of the various patterns of evolution of structure found in these industries in a rigorous evaluation of the strengths and limitations of a game-theoretic approach in explaining the evolution of industrial structure.John Sutton is Professor of Economics at the London School of Economics.
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Book DetailsISBN: 9780262693585
(229mm x 152mm x 25mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 14-Sep-2007
Country of Publication: United States
Books By Author John Sutton
Competing in Capabilities, Hardback (October 2012)
This book offers a new perspective of globalization. The author moves away from the established 'For or Against' debates and shows what the globalization process looks like from Chinese, Indian, and African perspectives.
Philosophy and Memory Traces, Paperback (August 2007)
This study offers interpretations of theories of memory and the body from Descartes to Coleridge.
Marshall's Tendencies, Paperback (February 2002)» View all books by John Sutton
John Sutton explores what he calls the "standard paradigm" that lies at the heart of economic model building, whose roots go back a century to the work of Alfred Marshall.
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Author Biography - John Sutton
John Sutton is Sir John Hicks Professor of Economics at the London School of Economics.
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