Sales and consumer inventory
利用家庭扫描数据检验临时降价是否部分源于消费者为未来消费而囤货，结果支持库存模型，并提示静态需求估计可能高估价格敏感度。
Temporary price reductions (sales) are common for many goods and naturally result in a large increase in the quantity sold. We explore whether the data support the hypothesis that these increases are, at least partly, due to demand anticipation: at low prices, consumers store for future consumption. This effect, if present, has broad economic implications. We test the predictions of an inventory model using scanner data with two years of household purchases. The results are consistent with an inventory model and suggest that static demand estimates may overestimate price sensitivity.