Optimal inventories and equilibrium price behavior
This paper departs from the established tradition of equilibrium inventory theory by examining the relationship between inventories and market prices when production is instantaneous but distribution is costly. Inventory holdings are not buffer stocks and do not facilitate production smoothing; rath...
Gespeichert in:
| Veröffentlicht in: | Journal of economic theory 1984-01, Vol.33 (1), p.46-58 |
|---|---|
| 1. Verfasser: | |
| Format: | Artikel |
| Sprache: | eng |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 58 |
|---|---|
| container_issue | 1 |
| container_start_page | 46 |
| container_title | Journal of economic theory |
| container_volume | 33 |
| creator | Schutte, David Peter |
| description | This paper departs from the established tradition of equilibrium inventory theory by examining the relationship between inventories and market prices when production is instantaneous but distribution is costly. Inventory holdings are not buffer stocks and do not facilitate production smoothing; rather, production variability exceeds the variability of final sales. Voluntary holdings of marketable finished goods are not restricted to occasional “speculation” during periods of unexpectedly low demand, but may persist even when capital losses are anticipated. In these respects, the paper reconciles important features of the inventory decision problem with the results of modern investment theory. |
| doi_str_mv | 10.1016/0022-0531(84)90039-5 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_miscellaneous_24363842</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><els_id>0022053184900395</els_id><sourcerecordid>24363842</sourcerecordid><originalsourceid>FETCH-LOGICAL-c461t-d6591e53e615aaa8ffb122b47cc6c7b71c7753a0cb647bd6dd2e0987f58123513</originalsourceid><addsrcrecordid>eNp9kEtr3TAUhEVJoTdp_0EXhkJJF0519LQ3hRDaJBDIpl0fZPmYq4tfkewL-feRe0sWXWQxkhYzw-hj7DPwK-BgvnMuRMm1hMtKfas5l3Wp37Ed8FqXVkh9xnavlg_sPKUD5wDamB0Tj_MSBtcXYTzSuEwxUCrc2Bb0tIY-NDGsQzHH4KloaO-OYYof2fvO9Yk-_bsv2J9fP3_f3JUPj7f3N9cPpVcGlrI1ugbSkgxo51zVdQ0I0SjrvfG2seCt1dJx3xhlm9a0rSBeV7bTFeTNIC_Y11PvHKenldKCQ0ie-t6NNK0JhZJGVkpk45f_jIdpjWPehiBqK22l-eZSJ5ePU0qROszfGlx8RuC4YcSNEW6MsFL4FyPqHLs7xSLN5F8zRHSgZU8THlE6KfPxnAV1jkoXtmfWnKUM6gr3y5CrfpyqKFM7BoqYfKDRUxsi-QXbKby95QX06ZBs</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1297378502</pqid></control><display><type>article</type><title>Optimal inventories and equilibrium price behavior</title><source>RePEc</source><source>Elsevier ScienceDirect Journals</source><source>Periodicals Index Online</source><creator>Schutte, David Peter</creator><creatorcontrib>Schutte, David Peter</creatorcontrib><description>This paper departs from the established tradition of equilibrium inventory theory by examining the relationship between inventories and market prices when production is instantaneous but distribution is costly. Inventory holdings are not buffer stocks and do not facilitate production smoothing; rather, production variability exceeds the variability of final sales. Voluntary holdings of marketable finished goods are not restricted to occasional “speculation” during periods of unexpectedly low demand, but may persist even when capital losses are anticipated. In these respects, the paper reconciles important features of the inventory decision problem with the results of modern investment theory.</description><identifier>ISSN: 0022-0531</identifier><identifier>EISSN: 1095-7235</identifier><identifier>DOI: 10.1016/0022-0531(84)90039-5</identifier><language>eng</language><publisher>New York: Elsevier Inc</publisher><ispartof>Journal of economic theory, 1984-01, Vol.33 (1), p.46-58</ispartof><rights>1984</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c461t-d6591e53e615aaa8ffb122b47cc6c7b71c7753a0cb647bd6dd2e0987f58123513</citedby><cites>FETCH-LOGICAL-c461t-d6591e53e615aaa8ffb122b47cc6c7b71c7753a0cb647bd6dd2e0987f58123513</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/0022053184900395$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,3994,27846,27901,27902,65306</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/eeejetheo/v_3a33_3ay_3a1984_3ai_3a1_3ap_3a46-58.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Schutte, David Peter</creatorcontrib><title>Optimal inventories and equilibrium price behavior</title><title>Journal of economic theory</title><description>This paper departs from the established tradition of equilibrium inventory theory by examining the relationship between inventories and market prices when production is instantaneous but distribution is costly. Inventory holdings are not buffer stocks and do not facilitate production smoothing; rather, production variability exceeds the variability of final sales. Voluntary holdings of marketable finished goods are not restricted to occasional “speculation” during periods of unexpectedly low demand, but may persist even when capital losses are anticipated. In these respects, the paper reconciles important features of the inventory decision problem with the results of modern investment theory.</description><issn>0022-0531</issn><issn>1095-7235</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1984</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>K30</sourceid><recordid>eNp9kEtr3TAUhEVJoTdp_0EXhkJJF0519LQ3hRDaJBDIpl0fZPmYq4tfkewL-feRe0sWXWQxkhYzw-hj7DPwK-BgvnMuRMm1hMtKfas5l3Wp37Ed8FqXVkh9xnavlg_sPKUD5wDamB0Tj_MSBtcXYTzSuEwxUCrc2Bb0tIY-NDGsQzHH4KloaO-OYYof2fvO9Yk-_bsv2J9fP3_f3JUPj7f3N9cPpVcGlrI1ugbSkgxo51zVdQ0I0SjrvfG2seCt1dJx3xhlm9a0rSBeV7bTFeTNIC_Y11PvHKenldKCQ0ie-t6NNK0JhZJGVkpk45f_jIdpjWPehiBqK22l-eZSJ5ePU0qROszfGlx8RuC4YcSNEW6MsFL4FyPqHLs7xSLN5F8zRHSgZU8THlE6KfPxnAV1jkoXtmfWnKUM6gr3y5CrfpyqKFM7BoqYfKDRUxsi-QXbKby95QX06ZBs</recordid><startdate>19840101</startdate><enddate>19840101</enddate><creator>Schutte, David Peter</creator><general>Elsevier Inc</general><general>Elsevier</general><general>Academic Press</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>FUVTR</scope><scope>K30</scope><scope>PAAUG</scope><scope>PAWHS</scope><scope>PAWZZ</scope><scope>PAXOH</scope><scope>PBHAV</scope><scope>PBQSW</scope><scope>PBYQZ</scope><scope>PCIWU</scope><scope>PCMID</scope><scope>PCZJX</scope><scope>PDGRG</scope><scope>PDWWI</scope><scope>PETMR</scope><scope>PFVGT</scope><scope>PGXDX</scope><scope>PIHIL</scope><scope>PISVA</scope><scope>PJCTQ</scope><scope>PJTMS</scope><scope>PLCHJ</scope><scope>PMHAD</scope><scope>PNQDJ</scope><scope>POUND</scope><scope>PPLAD</scope><scope>PQAPC</scope><scope>PQCAN</scope><scope>PQCMW</scope><scope>PQEME</scope><scope>PQHKH</scope><scope>PQMID</scope><scope>PQNCT</scope><scope>PQNET</scope><scope>PQSCT</scope><scope>PQSET</scope><scope>PSVJG</scope><scope>PVMQY</scope><scope>PZGFC</scope><scope>7SC</scope><scope>8FD</scope><scope>JQ2</scope><scope>L7M</scope><scope>L~C</scope><scope>L~D</scope></search><sort><creationdate>19840101</creationdate><title>Optimal inventories and equilibrium price behavior</title><author>Schutte, David Peter</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c461t-d6591e53e615aaa8ffb122b47cc6c7b71c7753a0cb647bd6dd2e0987f58123513</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1984</creationdate><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Schutte, David Peter</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>Periodicals Index Online Segment 06</collection><collection>Periodicals Index Online</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - West</collection><collection>Primary Sources Access (Plan D) - International</collection><collection>Primary Sources Access & Build (Plan A) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Midwest</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Northeast</collection><collection>Primary Sources Access (Plan D) - Southeast</collection><collection>Primary Sources Access (Plan D) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Southeast</collection><collection>Primary Sources Access (Plan D) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - UK / I</collection><collection>Primary Sources Access (Plan D) - Canada</collection><collection>Primary Sources Access (Plan D) - EMEALA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - International</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - International</collection><collection>Primary Sources Access (Plan D) - West</collection><collection>Periodicals Index Online Segments 1-50</collection><collection>Primary Sources Access (Plan D) - APAC</collection><collection>Primary Sources Access (Plan D) - Midwest</collection><collection>Primary Sources Access (Plan D) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Canada</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - EMEALA</collection><collection>Primary Sources Access & Build (Plan A) - APAC</collection><collection>Primary Sources Access & Build (Plan A) - Canada</collection><collection>Primary Sources Access & Build (Plan A) - West</collection><collection>Primary Sources Access & Build (Plan A) - EMEALA</collection><collection>Primary Sources Access (Plan D) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - Midwest</collection><collection>Primary Sources Access & Build (Plan A) - North Central</collection><collection>Primary Sources Access & Build (Plan A) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - Southeast</collection><collection>Primary Sources Access (Plan D) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - APAC</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - MEA</collection><collection>Computer and Information Systems Abstracts</collection><collection>Technology Research Database</collection><collection>ProQuest Computer Science Collection</collection><collection>Advanced Technologies Database with Aerospace</collection><collection>Computer and Information Systems Abstracts Academic</collection><collection>Computer and Information Systems Abstracts Professional</collection><jtitle>Journal of economic theory</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Schutte, David Peter</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Optimal inventories and equilibrium price behavior</atitle><jtitle>Journal of economic theory</jtitle><date>1984-01-01</date><risdate>1984</risdate><volume>33</volume><issue>1</issue><spage>46</spage><epage>58</epage><pages>46-58</pages><issn>0022-0531</issn><eissn>1095-7235</eissn><abstract>This paper departs from the established tradition of equilibrium inventory theory by examining the relationship between inventories and market prices when production is instantaneous but distribution is costly. Inventory holdings are not buffer stocks and do not facilitate production smoothing; rather, production variability exceeds the variability of final sales. Voluntary holdings of marketable finished goods are not restricted to occasional “speculation” during periods of unexpectedly low demand, but may persist even when capital losses are anticipated. In these respects, the paper reconciles important features of the inventory decision problem with the results of modern investment theory.</abstract><cop>New York</cop><pub>Elsevier Inc</pub><doi>10.1016/0022-0531(84)90039-5</doi><tpages>13</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0022-0531 |
| ispartof | Journal of economic theory, 1984-01, Vol.33 (1), p.46-58 |
| issn | 0022-0531 1095-7235 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_24363842 |
| source | RePEc; Elsevier ScienceDirect Journals; Periodicals Index Online |
| title | Optimal inventories and equilibrium price behavior |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-02-09T20%3A09%3A39IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Optimal%20inventories%20and%20equilibrium%20price%20behavior&rft.jtitle=Journal%20of%20economic%20theory&rft.au=Schutte,%20David%20Peter&rft.date=1984-01-01&rft.volume=33&rft.issue=1&rft.spage=46&rft.epage=58&rft.pages=46-58&rft.issn=0022-0531&rft.eissn=1095-7235&rft_id=info:doi/10.1016/0022-0531(84)90039-5&rft_dat=%3Cproquest_cross%3E24363842%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=1297378502&rft_id=info:pmid/&rft_els_id=0022053184900395&rfr_iscdi=true |