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The Rational Expectations Equilibrium Inventory Model

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The Rational Expectations Equilibrium Inventory Model

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Author : Tryphon Kollintzas
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-08

The Rational Expectations Equilibrium Inventory Model written by Tryphon Kollintzas and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-08 with Science categories.

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.

The Rational Expectations Equilibrium Inventory Model

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Author : Tryphon Kollintzas
language : en
Publisher: Springer
Release Date : 2012-07-11

The Rational Expectations Equilibrium Inventory Model written by Tryphon Kollintzas and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-11 with Science categories.

The Rational Expectations Equilibrium Inventory Model

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Author : Tryphon Kollintzas
language : en
Publisher:
Release Date : 1989

The Rational Expectations Equilibrium Inventory Model written by Tryphon Kollintzas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.

Inventories

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Author : Valerie A. Ramey
language : en
Publisher:
Release Date : 1997

Inventories written by Valerie A. Ramey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business cycles categories.

We review and interpret recent work on inventories, emphasizing empirical and business cycle aspects. We begin by documenting two empirical regularities about inventories. The first is the well-known one that inventories move procyclically. The second is that inventory movements are quite persistent, even conditional on sales. To consider explanations for the two facts, we present a linear-quadratic model. The model can rationalize the two facts in many ways, but two stylized explanations are simple enough and have support support from a number of papers. Both assume that there are persistent shocks to demand for the good in question, and that marginal production cost slopes up. The first explanation assumes as well that there are highly persistent shocks to the cost of production. The second assumes that there are strong costs of adjusting production and a strong accelerator motive. Research to to date, however, has not reached a consensus on whether one of these two, or some third, alternative provides a satisfactory explanation of inventory behavior. We suggest several directions for future research that promise to improve our understanding of inventory behavior and thus of business cycles.

Numerical Methods In Economics

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Author : Kenneth L. Judd
language : en
Publisher: MIT Press
Release Date : 1998-09-28

Numerical Methods In Economics written by Kenneth L. Judd and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-28 with Business & Economics categories.

To harness the full power of computer technology, economists need to use a broad range of mathematical techniques. In this book, Kenneth Judd presents techniques from the numerical analysis and applied mathematics literatures and shows how to use them in economic analyses. The book is divided into five parts. Part I provides a general introduction. Part II presents basics from numerical analysis on R^n, including linear equations, iterative methods, optimization, nonlinear equations, approximation methods, numerical integration and differentiation, and Monte Carlo methods. Part III covers methods for dynamic problems, including finite difference methods, projection methods, and numerical dynamic programming. Part IV covers perturbation and asymptotic solution methods. Finally, Part V covers applications to dynamic equilibrium analysis, including solution methods for perfect foresight models and rational expectation models. A website contains supplementary material including programs and answers to exercises.

Fuzzy Multiple Objective Decision Making

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Author : Young-Jou Lai
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Fuzzy Multiple Objective Decision Making written by Young-Jou Lai and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Mathematics categories.

In the last 25 years, the fuzzy set theory has been applied in many disciplines such as operations research, management science, control theory, artificial intelligence/expert system, etc. In this volume, methods and applications of crisp, fuzzy and possibilistic multiple objective decision making are first systematically and thoroughly reviewed and classified. This state-of-the-art survey provides readers with a capsule look into the existing methods, and their characteristics and applicability to analysis of fuzzy and possibilistic programming problems. To realize practical fuzzy modelling, it presents solutions for real-world problems including production/manufacturing, location, logistics, environment management, banking/finance, personnel, marketing, accounting, agriculture economics and data analysis. This book is a guided tour through the literature in the rapidly growing fields of operations research and decision making and includes the most up-to-date bibliographical listing of literature on the topic.

Generalized Convexity

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Author : Sandor Komlosi
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Generalized Convexity written by Sandor Komlosi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Generalizations of the classical concept of a convex function have been proposed in various fields such as economics, management science, engineering, statistics and applied sciences during the second half of this century. In addition to new results in more established areas of generalized convexity, this book presents several important developments in recently emerging areas. Also, a number of interesting applications are reported.

An Economic Theory Of Cities

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Author : Wei-Bin Zhang
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

An Economic Theory Of Cities written by Wei-Bin Zhang and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Over more than two centuries the developmentofeconomic theory has created a wide array of different concepts, theories, and insights. My recent books, Capital and Knowledge (Zhang, 1999) and A TheoryofInternational Trade (Zhang, 2000) show how separate economic theories such as the Marxian economics, the Keynesian economics, the general equilibrium theory, the neoclassical growth theory, and the neoclassical trade theory can be examined within a single theoretical framework. This book isto further expand the frameworkproposed in the previous studies. This book is a part of my economic theory with endogenous population, capital, knowledge, preferences, sexual division of labor and consumption, institutions, economic structures and exchange values over time and space (Zhang, 1996a). As an extension of the Capital and Knowledge, which is focused on the dynamics of national economies, this book is to construct a theory of urban economies. We are concerned with dynamic relations between division of labor, division ofconsumption and determination of prices structure over space. We examine dynamic interdependence between capital accumulation, knowledge creation and utilization, economicgrowth, price structuresand urban pattern formation under free competition. The theory is constructed on the basisofa few concepts within a compact framework. The comparative advantage of our theory is that in providing rich insights into complex of spatial economies it uses only a few concepts and simplified functional forms and accepts a few assumptions about behavior of consumers, producers, and institutionalstructures.

Lotsizing And Scheduling For Production Planning

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Author : Knut Haase
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Lotsizing And Scheduling For Production Planning written by Knut Haase and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Technology & Engineering categories.

Billions of dollars are tied up in the inventories of manufacturing companies which cause large (interest) costs. A small decrease of the inventory and/or production costs without reduction of the service level can increase the profit substantially. Especially in the case of scarce capacity, efficient production schedules are fundamental for short delivery time and on-time delivery which are important competitive priorities. To support decision makers by improving their manufacturing resource planning system with appropriate methods is one of the most of production planning. interesting challenges The following chapters contain new models and new solution strategies which may be helpful for decision makers and for further research in the areas of production planning and operations research. The main subject is on lotsizing and scheduling. The objectives and further characteristics of such problems can be inferred from practical need. Thus, before an outline is given, we consider the general objectives of lotsizing and scheduling and classify the most important characteristics of such problems in the following sections.

Dynamic Modelling Of Stochastic Demand For Manufacturing Employment

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Author : Gerard A. Pfann
language : en
Publisher: Springer
Release Date : 2013-12-21

Dynamic Modelling Of Stochastic Demand For Manufacturing Employment written by Gerard A. Pfann and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-21 with Business & Economics categories.

In this book interrelated factor demand models are surveyed. New methods are developed and are analysed empirically using Dutch and U.K. time series data. New methods are discussed for obtaining closed form solutions of linear ratinal expectations models, providing deeper insights into the identification of structural parameters of underlying theoretical models; recently developed time series techniques are applied in order to estimate structural parameters and test for model specification, stationarity and stability through time; new models are developed in which the rather stringent and questionable restrictions of symmetry generally imposed upon stochastic adjustment models of labour demand are relaxed, the models are analysed empirically using time series data of Dutch and U.K. manufacturing production and nonproduction workers.

The Rational Expectations Equilibrium Inventory Model

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