| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11257 |
| 来源ID | Working Paper 11257 |
| Prices, Production and Inventories over the Automotive Model Year | |
| Adam Copeland; Wendy Dunn; George Hall | |
| 发表日期 | 2005-04-11 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper studies the within-model-year pricing and production of new automobiles. Using new monthly data on U.S. transaction prices, we document that for the typical new vehicle, prices fall over the model year at a 9.2 percent annual rate. Concurrently, both sales and inventories are hump shaped. To explain these time series, we formulate a market equilibrium model for new automobiles in which inventory and pricing decisions are made simultaneously. On the demand side, we use micro-level data to estimate time-varying aggregate demand curves for each vehicle. On the supply side, we solve a dynamic programming model of an automaker that, while able to produce only one vintage of a product at a time, may accumulate inventories and consequently sell multiple vintages of the same product simultaneously. The profit maximizing pricing and production strategies under a build-to-stock inventory policy imply declining prices and hump-shaped sales and inventories of the magnitudes observed in the data. Further, roughly half of the price decline is driven by inventory control considerations, as opposed to decreasing demand. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment ; Industrial Organization ; Market Structure and Firm Performance ; Industry Studies |
| URL | https://www.nber.org/papers/w11257 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568894 |
| 推荐引用方式 GB/T 7714 | Adam Copeland,Wendy Dunn,George Hall. Prices, Production and Inventories over the Automotive Model Year. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11257.pdf（313KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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