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Sinopsis
Excerpt from Strategic Inventories and the Excess Volatility of Production
The first difference is that inventories can only be used to discipline for a short period of time. Nonetheless this may be important if the oligopoly can sustain only little collusion in the absence of inventories.
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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Reseña del editor
Excerpt from Strategic Inventories and the Excess Volatility of Production
The first difference is that inventories can only be used to discipline for a short period of time. Nonetheless this may be important if the oligopoly can sustain only little collusion in the absence of inventories.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Excerpt from Strategic Inventories and the Excess Volatility of Production
In this paper we analyze the role of inventories in supporting collusion. This role of inventories derives from their usefulness in punishing deviators from a collusive understanding and is quite different from the one stressed in standard neoclassical models. There they help smooth production; demand is somewhat random and movements in production are costly, either because of explicit costs of changing output or simply due to the concavity of the production function. Then, profit maximizing firms continue to produce substantial quantities even when demand is low in the hope of selling it in future high demand periods. The role of inventories is to reduce the variance of production below that of sales. Unfortunately for this view, in practice the variance of production about a trend tends to be substantially bigger than the variance of sales. This fact as well as related empirical failures of the production smoothing model have been documented by, among others, Blinder (1981, 1984) and West (1984).
A classical interpretation of these failures (see for example Eichenbaum (1984) and Blinder (1984)) is that there is substantial variance in productivity. In that case, profit maximizing firms tend to produce a lot, and even accumulate inventories, in periods of relatively high productivity. On the other hand, consumers desire smooth consumption flows leading to relatively small variability in sales. The only difficulty with this explanation is that there is no independent evidence for these productivity shocks so that the explanation remains untested. Moreover the lack of prominence in the discussions of managers and journalists of productivity explanations for inventory movements casts doubt on the existence of such independent evidence.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Strategic Inventories and the Excess Volatility of Production (Classic Reprint)
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Paperback. Condición: New. Print on Demand. This book explores the role of inventories in supporting and extending collusionary practices between firms, particularly in industries where production is costly or complex. The author argues that inventories can serve as effective deterrents to deviations from agreed-upon production levels, thereby helping firms to maintain higher profits. The book examines the strategic use of inventories in a dynamic setting, considering both the production and sales stages of a firm's operations. It also analyzes the impact of various factors, such as demand fluctuations and the observability of production decisions, on the effectiveness of inventory-based collusion. The insights presented in this book shed light on the complex relationship between inventories, collusion, and firm behavior, providing valuable knowledge for researchers and practitioners interested in industrial organization, antitrust policy, and business strategy. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Nº de ref. del artículo: 9781332283309_0
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Strategic Inventories and the Excess Volatility of Production Classic Reprint
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PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000. Nº de ref. del artículo: LW-9781332283309
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