English, Article, Journal or magazine article edition: Sunk Costs and Resource Mobility: Implications for Economic and Policy Analysis Bradford L. BARHAM; Jean-Paul CHAVAS

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Bookmark: http://trove.nla.gov.au/version/137826
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • SUNK COSTS AND RESOURCE MOBILITY: IMPLICATIONS FOR ECONOMIC AND POLICY ANALYSIS
Author
  • Bradford L. BARHAM
  • Jean-Paul CHAVAS
Physical Description
  • preprint
Notes
  • RePEc:wop:wisaes:410
  • The implications of sunk costs for many key questions in agricultural economics have yet to be explored. This paper uses a dynamic model of investment behavior to explore how sunk costs can shape market outcomes in ways that might not match predictions of standard competitive models. Applying the model to several key issues in agricultural markets and international trade offers new perspectives that challenge conventional wisdoms. Institutional and policy innovations are also examined for their potential to improve welfare outcomes when sunk costs impede factor mobility.
  • RePEc:wop:wiaesp:410
Language
  • English
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