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West, Kenneth D. - 2021

Econometric aspects of recent research on inventory models are surveyed. The discussion emphasizes issues relevant to instrumental variables estimation of a first order condition of the Holt et al. (1960) linear quadratic inventory model, including choice of instruments, covariance matrix...

Persistent link: https://www.econbiz.de/10013226948

Measuring Noise in Inventory Models

Durlauf, Steven N.; Maccini, Louis J. - 2021

This paper has two purposes. One is to assess different models of inventory behavior in terms of their ability to well approximate the realized data on inventories. We do this initially for the pure production smoothing model and then for a sequence of generalizations of the model. Our analysis...

Persistent link: https://www.econbiz.de/10013234942

Inventories

Ramey, Valerie A.; West, Kenneth D. - 2021

We review and interpret recent work on inventories, emphasizing empirical and business cycle aspects. We begin by documenting two empirical regularities about inventories. The first is the well-known one that inventories move procyclically. The second is that inventory movements are quite...

Persistent link: https://www.econbiz.de/10013210702

Cash Burns : An Inventory Model with a Cash-Credit Choice

Alvarez, Fernando - 2015

We present a model that characterizes the relationship between optimal dynamic cash management and the choice of the means of payment. The novel feature of the model is the sequential nature of the payments choice: in each instant the agent can choose to pay with either cash or credit. This...

Persistent link: https://www.econbiz.de/10013024148

Parametric Integer Programming the Right Hand Side Case

Marsten, Roy E.; Morin, Thomas - 2021

A family of integer programs is considered whose right-hand-sides lie on a given line segment L. This family is called a parametric integer program (PIP). Solving a (PIP) means finding an optimal solution for every program in the family. It is shown how a simple generalization of the...

Persistent link: https://www.econbiz.de/10013232927

A Conic Algorithm for the Group Minimization Problem

Simeone, Bruno - 2021

A new algorithm for the group minimization problem (GP) is proposed. The algorithm can be broadly described as follows …-known algorithm of Glover, and checked for non-negativity. The first non-negative point is an optimal solution of (GP). Advantages and … disadvantages of the algorithm are discussed; in particular, the implementation of the algorithm (which can be easily extended so as …

Persistent link: https://www.econbiz.de/10013224215

Optimal Price and Inventory Adjustment in an Open-Economy Model of the Business Cycle

Flood, Robert P.; Hodrick, Robert J. - 2021

This paper develops an open-economy macroeconomic model which can be used to interpret the observed fluctuations in output, inventories,prices,and exchange rates in the medium-sized economies of the world. The model is consistent with the major empirical regularities that have been discovered in...

Persistent link: https://www.econbiz.de/10013310250

Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets

Borenstein, Severin; Shepard, Andrea - 2010

We present and test an explanation for lags in the adjustment of wholesale gasoline prices to changes in crude oil prices. Our simple model with costly adjustment of production and inventories implies that output prices will respond with a lag to cost shocks even in the absence of menu costs,...

Persistent link: https://www.econbiz.de/10014112936

Notes on the Economics of Energy Storage

Heal, Geoffrey - 2016

The increasing importance of intermittent renewable energy sources suggests a growing importance for energy storage as a way of smoothing the variable output. In this paper I investigate factors affecting the amount of energy storage needed, including the degree of intermittency and the...

Persistent link: https://www.econbiz.de/10012980665

Benchmarking Global Optimizers

Arnoud, Antoine - 2019

) Improved Stochastic Ranking Evolution Strategy (ISRES), (iii) Multi-Level Single-Linkage (MLSL) algorithm, (iv) Stochastic … versions of TikTak, which is a multistart global optimization algorithm used in some recent economic applications. For … completeness, we add three popular local algorithms to the comparison—the Nelder-Mead downhill simplex algorithm, the Derivative …

Persistent link: https://www.econbiz.de/10012861735