Demand Volatility, Adjustment Costs, and Productivity: An Examination of Capacity Utilization in Hotels and Airlines
研究了需求波动如何影响产能利用率，发现高调整成本的酒店业中需求波动解释了入住率差异，而低调整成本的航空业中则无此效应。
Measures of productivity reveal large differences across producers even within narrowly defined industries. Traditional measures of productivity, however, will associate differences in demand volatility to differences in productivity when adjusting factors of production is costly. I document this effect by comparing the influence of demand volatility on capacity utilization in a high (hotels) and low (airlines) adjustment cost industry. Differences in annual demand volatility explain a large share of the variation in occupancy rates of hotels at the metro area–segment-year level. In contrast, differences in annual demand volatility have no effect on load factors of airlines at the destination-airline-year level.