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Inventories, Production Smoothing and the Shape of the Cost Function

Galeotti, Marzio; Guiso, Luigi; Sack, Brian; … - C.E.P.R. Discussion Papers - 1997

In this paper we present estimates of inventory models based on firm level panel data and investigate whether an over-simplified specification of the production technology may account for the failure to find technological incentives to smooth production in the context of the standard...

Persistent link: https://www.econbiz.de/10005667011

Production Decisions under Demand Uncertainty: The High-Low Search Approach

Snower, Dennis J. - C.E.P.R. Discussion Papers - 1988

The paper presents a model of 'high-low search' under uncertainty, in which a 'conservative' firm 'searches' for an 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...

Persistent link: https://www.econbiz.de/10005792120

The Role of Inventories and Speculative Trading in the Global Market for Crude Oil

Kilian, Lutz; Murphy, Daniel P - C.E.P.R. Discussion Papers - 2010

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 …

Persistent link: https://www.econbiz.de/10008530341

Back to Keynes?

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

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

Persistent link: https://www.econbiz.de/10005504355

When are Supply and Demand Determined Recursively Rather than Simultaneously? Another look at the Fulton Fish Market Data

Graddy, Kathryn; Kennedy, Peter E - C.E.P.R. Discussion Papers - 2007

When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night’s catch, so this would appear to be a good example of a...

Persistent link: https://www.econbiz.de/10005504667

Inventory Behaviour: A Comparative Study of UK and Japanese Firms

Corbett, Jennifer; Hay, Donald; Louri-Dendrinou, Eleni - C.E.P.R. Discussion Papers - 1997

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 …

Persistent link: https://www.econbiz.de/10005504783

Quantifying the Speculative Component in the Real Price of Oil: The Role of Global Oil Inventories

Kilian, Lutz; Lee, Thomas K - C.E.P.R. Discussion Papers - 2013

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

Persistent link: https://www.econbiz.de/10011083911

A Search Model of Optimal Pricing and Production

Alpern, Steve; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1988

This paper presents an overview of the application of the mathematical theory of 'high-low' search to firms' pricing and production decisions. We show how this methodology can be used to determine an optimal sequence of price-quantity decisions by a firm through time. We suppose that the firm...

Persistent link: https://www.econbiz.de/10005656333

Pricing, Investments and Mergers with Intertemporal Capacity Constraints

Christou, Charalambos; Kotseva, Rossitsa; Vettas, Nikolaos - C.E.P.R. Discussion Papers - 2007

We set up a duopoly model with dynamic capacity constraints under demand uncertainty. We endogenize the investment decisions of the firms, examine their intertemporal pricing behavior, their incentives to merge, as well as the welfare implications of a merger. Whereas under known and constant...

Persistent link: https://www.econbiz.de/10005661999