The Distinction Between Inventory Holding and Stockout Costs : Implications for Target Inventories, Asymmetric Adjustment, and The Effect of Aggregation on Production Smoothing  

Oleh:

Krane, Spencer D.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 35 no. 1 (1994), page 117-136.
Topik: inventory; distinction; inventory holding; stockout costs; inventories; asymmetric adjustment; aggregation; production smoothing

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper shows that differences between the costs of holding inventories and the costs of incurring stockouts provide a convenient theoretical distinction between production - to - stock and production - to - order industries. Furthermore, differences in holding and stockout costs can cause a firm to replenish inventories following a positive demand surprise at a different speed than it reduces stocks following unexpectedly low sales. This asymmetric adjustment lessens the tendency for firm - specific production shocks to cancel out in aggregation, and can cause industry output to be more variable than industry sales even when representative firms exhibit production smoothing behaviour.

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