Jain, Siddharth; Gangopadhyay, Partha - In: Journal of Risk and Financial Management 13 (2020) 6, pp. 1-22
endogenous sunk-cost investment to boost their relative efficiencies. For the first time-to the best of our knowledge-we find … expenses are used to snatch market shares from rivals. The unintended consequence of the first type of endogenous-sunk cost … investment is to boost efficiencies and thereby shape the nature of competition in a market. The second type will have little …