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This paper considers the role of sunk costs in the decision to enter a market. Its goal is to provide a policy-relevant approach to the question: when are sunk costs so great as to serve as a barrier to entry? To do this, the model presented nests both a model of pure hit-and-run entry and a...
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This paper explores a model of warranties in which moral hazard problems play a key role. The goal is to understand the important characteristics of warranties including their provision of incomplete insurance and the relationship between product quality and coverage. We analyze a model in which...
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Why has firm activity been slow to recover from the Great Recession? I present theoretical and empirical evidence suggesting long-term uncertainty may be one reason. Specifically, I show the current level of uncertainty and expectations of future uncertainty -- that is, the entire term structure...
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