and production decisions. We show how this methodology can be used to determine an optimal sequence of price …. We compare and contrast the high-low model with the conventional microeconomic model of pricing and production. We show … how the firm uses its pricing and production decisions to partition the uncertainty interval it faces and thereby …

discoveries increase per capita oil production and oil exports by up to 50 percent. But these giant oilfield discoveries also have …

educated. But whereas in 1940 oil production crowded out agriculture, over the next 50 years it caused the oil abundant …

-simplified specification of the production technology may account for the failure to find technological incentives to smooth production in the … the firm’s technology provides incentives to smooth production. The conclusion that the cost function is convex in output …

unknown product demand by making a sequence of production decisions. After each production decision and the concomitant sales …, the firm infers whether its supply is 'too high' or 'too low'. We show how the production decision reduces the firm …'s demand uncertainty interval and how this reduced uncertainty (in turn) affects its future production decisions. …

the real price of oil is identified with the help of data on oil inventories. The model estimates rule out explanations of … change in oil inventories, if the short-run price elasticity of oil demand is zero. Our structural model allows us to obtain … accounting for the role of inventories in smoothing oil consumption, our estimate of the price elasticity of oil demand is not …

predict a pro-cyclical real wage in the face of demand shocks, the absence of inventories, credit constraints and bankruptcies …

assets and liabilities, in contrast to traditional models of inventories. Investment in inventories in Japan is found to be … affected by interest rates. By contrast, UK inventories are generally positively related to profit rates, and respond to short …

crude oil inventories affects the empirical evidence for speculation. Notwithstanding some differences, overall these …