Inventories under Joint Production: An Empirical Analysis of Petroleum Refining
研究联合生产下库存投资的决定因素，同时估计石油精炼行业的最优销售关系、可变投入需求以及原材料、在产品和最终产品的资本与库存欧拉方程，发现持有库存的成本节约和边际生产成本预期变化是便利收益的重要成分。
This study examines the determinants of inventory investment under joint production. We simultaneously estimate a set of optimal sales relations, variable input demands, and a set of Euler equations for capital and inventories of raw materials, work in process, and final products in the petroleum refining industry. The Euler conditions provide a model for the convenience yield discussed in the returns-to-storage literature. The cost savings from holding inventories and expected changes in marginal production costs are important components of the convenience yield. We also find significant cost and stock interactions that may affect short-run price and inventory dynamics in petroleum product markets. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology