Competitive Storage, Rational Expectations, and Short‐Run Food Price Determination
用零售商库存行为解释零售与批发食品价格之间的滞后，修正了加成定价模型，加入基于预期批发价格的用户成本变量，并用牛肉月度数据验证了理论。
Abstract This paper demonstrates that lags between retail and wholesale food prices can be explained by inventory behavior of retailers. Theoretical considerations indicate that the markup model should be modified to include a Jorgenson‐type user cost variable, which depends on expected future wholesale price. The rational expectations hypothesis is used to derive price expectations. The retail price specification, therefore, depends on the stochastic process generating expected wholesale price. The econometric methodology, employing both causality testing and nonlinear estimation, is illustrated by estimating monthly price relationships for beef. The results are consistent with the theory and indicate rejection of the markup model.