Recent evidence suggests that households' access to credit has improved. If households can vary labor supply in response to stochastic productivity shocks, changes in credit markets can be expected to alter not only savings and borrowing behavior, but also labor effort. The purpose of this...

In the economics literature, the Consumer Surplus is traditionally defined for the case where demand is a deterministic function of the price. However, in most operations management problems, demand is assumed to be stochastic, and hence stock-outs can occur. To measure consumer welfare in such...