The Rational Expectations Equilibrium Inventory Model

Theory and Applications

Buch | Softcover

269 Seiten

1989 | Softcover reprint of the original 1st ed. 1989
Springer-Verlag New York Inc.
978-0-387-96940-4 (ISBN)

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This volume consists of six essays that develop and/or apply "rational expectations equilibrium inventory models" to study the time series behavior of production, sales, prices, and inventories at the industry level. By "rational expectations equilibrium inventory model" I mean the extension of the inventory model of Holt, Modigliani, Muth, and Simon (1960) to account for: (i) discounting, (ii) infinite horizon planning, (iii) observed and unobserved by the "econometrician" stochastic shocks in the production, factor adjustment, storage, and backorders management processes of firms, as well as in the demand they face for their products; and (iv) rational expectations. As is well known according to the Holt et al. model firms hold inventories in order to: (a) smooth production, (b) smooth production changes, and (c) avoid stockouts. Following the work of Zabel (1972), Maccini (1976), Reagan (1982), and Reagan and Weitzman (1982), Blinder (1982) laid the foundations of the rational expectations equilibrium inventory model. To the three reasons for holding inventories in the model of Holt et al. was added (d) optimal pricing. Moreover, the popular "accelerator" or "partial adjustment" inventory behavior equation of Lovell (1961) received its microfoundations and thus overcame the "Lucas critique of econometric modelling.

I: The Linear Rational Expectations Equilibrium Inventory Model: An Introduction.- II: Inventories and Price Fluctuations under Perfect Competition and Monopoly.- III: Temporal Aggregation and the Stock Adjustment Model of Inventories.- IV: A Linear Rational Expectations Equilibrium Model for the American Petroleum Industry.- V: Seasonality, Cost Shocks, and the Production Smoothing Model of Inventories.- VI: Order Backlogs and Production Smoothing.

Reihe/Serie	Lecture Notes in Economics and Mathematical Systems ; 322
Zusatzinfo	XI, 269 p.
Verlagsort	New York, NY
Sprache	englisch
Maße	170 x 244 mm
Themenwelt	Mathematik / Informatik ► Informatik ► Theorie / Studium
	Mathematik / Informatik ► Mathematik ► Algebra
	Mathematik / Informatik ► Mathematik ► Analysis
	Mathematik / Informatik ► Mathematik ► Angewandte Mathematik
	Mathematik / Informatik ► Mathematik ► Finanz- / Wirtschaftsmathematik
	Wirtschaft ► Allgemeines / Lexika
	Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
	Wirtschaft ► Volkswirtschaftslehre
ISBN-10	0-387-96940-3 / 0387969403
ISBN-13	978-0-387-96940-4 / 9780387969404
Zustand	Neuware