In general most nature-based recreational goods and benefits are considered positive externalities of production, as they are usually not subject to trade. So far, a low degree of rivalry among most user groups and legally defined rights has secured these benefits as almost a public good. Yet,...

This paper examines the structural relation between persuasive advertising intensity and market concentration. The interaction of advertising costs with the consumer’s willingness to pay shapes the way markets respond to changes in sunk cost structures. This adjustment may involve firm entry...

In endeavouring to explain the empirical puzzle that the sunk costs of exporting are important, but that, at the same time, trade flows do not, on average, survive for very long, this paper explores the concepts of core and peripheral markets. First, it illustrates that if the importance of sunk...