A Simple Competitive Model with Production and Storage
研究一种可储存商品市场的理性预期局部均衡模型，证明均衡存在性，并在独立同分布冲击下给出比较静态结果及唯一平稳分布的存在性与稳定性。
We study a rational expectations partial equilibrium model of a market for a single storable commodity whose output each period is a function of previous period effort on production and a realization of a shock that affects equally all producers. The final demand is non-random and depends only on each period's price. Risk-neutral producers make production and storage decisions based on forecasts of future price distributions. Existence of equilibrium is proved, and for the case of i.i.d. shocks several comparative statics results are established as well as the existence and stability of a unique stationary distribution.