Optimal Revision Rules of Cost-Based Transfer Prices in a Multi-Period Production Setting
研究在两期生产环境中，企业是否应利用第一期实际成本信息修订第二期转移价格，发现修订能改善交易决策但会抑制成本削减投资，最优策略是部分使用历史成本信息。
This paper investigates standard cost-based transfer prices in a two-period setting. We analyze whether and how firms should use cost information observed after the first period to revise the transfer price for the second period. Updating the transfer price improves trading decisions if realized cost helps predict future costs, but it causes underinvestment in cost reduction. We find that firms benefit from revising the transfer price based on realized cost instead of keeping it fixed for both periods. Moreover, optimally balancing trade and investment efficiency requires that the firm commits ex ante to a transfer price that does not fully use the information contained in past cost observations to update expected costs in future periods.