Inventories and the automobile market
研究了新车在车型年内的定价、生产和库存管理，发现价格以年化9%的速度下降，销售和库存呈驼峰形，库存管理政策解释了价格下降的40%。
This article studies the within‐model‐year pricing, production, and inventory management of new automobiles. Using new monthly data on U.S. transaction prices, we document that, for the typical vehicle, prices fall over the model year at a 9.0% annual rate. Concurrently, both sales and inventories are hump shaped. To explain these time series, we formulate an industry model for new automobiles in which inventory and pricing decisions are made simultaneously. The model predicts that automakers' build‐to‐stock inventory management policy substantially influences the time series of prices and sales, accounting for four tenths of the price decline observed over the model year.