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portada the rational expectations equilibrium inventory model: theory and applications
Type
Physical Book
Illustrated by
Publisher
Author
Year
1989
Language
English
Pages
269
Format
Paperback
Dimensions
24.4 x 17.0 x 1.5 cm
Weight
0.47 kg.
ISBN
0387969403
ISBN13
9780387969404
Categories

the rational expectations equilibrium inventory model: theory and applications

Tryphon Kollintzas (Illustrated by) · Springer · Paperback

the rational expectations equilibrium inventory model: theory and applications - Kollintzas, Tryphon

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Synopsis "the rational expectations equilibrium inventory model: theory and applications"

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.

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