Modelling economic hysteresis losses caused by sunk adjustment costs

Transition from one economic equilibrium to another as a consequence of shocks is often associated with sunk adjustment costs. Firm specific sunk market entry investments (or sunk market exit costs) in case of a reaction to price shocks are an example. These adjustment costs lead to a dynamic supply...

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Veröffentlicht in:	MAGKS - Joint Discussion Paper Series in Economics (Band 36-2015)
Autoren:	Göcke, Matthias, Matulaityte, Jolita
Format:	Artikel
Sprache:	Englisch
Veröffentlicht:	Philipps-Universität Marburg 2015
Schlagworte:	dynamic losses Wirtschaft option value of waiting adjustment costs path-dependence, persistence sunk-cost hysteresis Economics
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