• Acknowledgements
  • Abstract
  • 1. Introduction
  • 2. The puzzle
  • 3. Theory
  • 4. The mechanics of the escalation phase
  • 4.1 The increase in sunk costs
  • 4.2 The process of discovering the escalation parameter
  • 4.3 Firm strategies
  • 5. Market structure
  • 6. The failure to catch up
  • 7. Conclusion
  • Appendix
  • References