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Optimal Inventory DecisionMaking
A Rational Expectations Model of Intraseasonal Storage
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2-Period MDREMS 3SLS Agricultural Economics analysis April-May arbitrage condition Atlantic Coast available market information aversion coefficient coefficients for price commodities consumption and inventory corresponding estimated coefficients cost of storage decreases demands for Maine derived econometric models Econometrica empirical endogenous equations exogenous variables expected inventory decisions expected price expected value F-test February consumption February inventory future periods increases instrumental variables intraseasonal storage inventory decision-making inventory demand linear DREMS Maine round white Maine table potatoes March consumption marginal risk-premium marginal storage cost market risk market risk-aversion coefficient month monthly multiplier effects negative Number o o I I optimal inventory holdings period T-l pounds per capita price uncertainty processed potatoes rational expectations hypothesis reduced form reported in Table risk attitudes risk parameter risk-averse inventory holders risk-neutrality risk-preferring round white potatoes seed demand significantly different stochastic storage season University of Wisconsin-Madison unrestricted model VAR(P variance of expected