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  • Anforme What is meant by contestability and sunk costs?

Anforme What is meant by contestability and sunk costs?

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Ruth Tarrant, Head of Economics and Politics, Bedales School, explains a new micro concept that has had a dramatic impact on how economists view the number of competitors in a given market.

Summary of Key Points:

  • Theory of the Firm BC (Before Contestability)

 

  • William Baumol’s new concept

 

  • Barriers to entry and exit

 

  • Sunk Costs

 

  • The outcome in a contestable market

 

  •  Implications of contestability for competition policy

 

  • Conclusion

 

  •  Remember This, Try This and Taking it Further

This article appeared in Volume 22 issue 3

Download: D147

Ruth Tarrant, Head of Economics and Politics, Bedales School, explains a new micro concept that has had a dramatic impact on how economists view the number of competitors in a given market.

Summary of Key Points:

  • Theory of the Firm BC (Before Contestability)

 

  • William Baumol’s new concept

 

  • Barriers to entry and exit

 

  • Sunk Costs

 

  • The outcome in a contestable market

 

  •  Implications of contestability for competition policy

 

  • Conclusion

 

  •  Remember This, Try This and Taking it Further

This article appeared in Volume 22 issue 3

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