Manufacturers that utilize capacitated flexible resources to produce a variety of products are often exposed to large mismatches between supply and demand due to some irregularities in their demand patterns. These irregularities arise from (1) uncertainty about the number of orders received from...

We present an equilibrium model of the prices of crude oil and refined products that accounts for supply and demand shocks, the elasticity of the supply and demand markets, and the characteristics of the production and adjustment costs of refiners. We use the model to examine the relation...

Typically measures of multifactor productivity growth have been based on a production and optimization framework that assumes all inputs are instantaneously adjustable, thus ignoring the important impacts of short run fixity of certain inputs. This paper focuses on the distinction between short...