Labour Hoarding, Price Rigidity and the Theory of Imperfect Competition under Uncertain Demand
研究发现，面临需求不确定性的垄断企业可能倾向于在需求低迷时保留部分产出不售，导致边际收益为负或低于销售成本，从而解释价格向下刚性及劳动力囤积现象。
It is shown that a monopolistic firm under uncertainty may be inclined to keep some of its output unsold when demand is low. This gives rise to changes in conventional results. Under uncertainty, a risk‐neutral monopolistic firm produces more than in a deterministic environment and it refuses to sell its total output when demand is low, because the marginal revenue could become negative or lower than the cost of selling the product. Moreover, in this framework, prices are shown to be more rigid downwards than upwards. The model also provides a new explanation for labour hoarding.