Inventory Adjustment and Dynamic Winery Behavior
构建了一个加工商动态行为模型，应用于加州葡萄酒产业，通过最优控制模型推导价格、产量和投入需求函数，强调库存影子价格如何将预期市场条件和期初库存传导至当前决策，实证结果支持理论并凸显需求预期对酒庄行为的影响。
Abstract This paper develops a dynamic model of processor behavior which is applied to the California wine industry. Price, production, and input demand functions are derived from an optimal control model which takes into account inventory growth from aging and the linkage between product inventories and input purchases. An important feature of the model is that expected future market conditions and beginning inventories influence current behavior through changes in the inventory shadow price. The empirical results generally conform to the theoretical specification and emphasize the role of demand expectations on winery behavior.