Stockpiling and Shortages
研究了短缺预期如何引发消费者囤积，进而加剧短缺的反馈循环，并分析了这种囤积对福利的影响，尤其关注供应冲击后的过渡阶段。
ABSTRACT We examine the feedback loop between shortages and consumer stockpiling. The expectation of shortages induces consumers to stockpile, which amplifies the shortages they experience, which further encourages stockpiling. We show that, when aggregate supply is insufficient to meet aggregate demand and prices cannot adjust to clear the market, multiple equilibria exist which feature stockpiling to different degrees. Even when the fundamental supply shortfall is small, significant stockpiling can arise in equilibrium. Stockpiling reduces welfare, and this welfare loss is particularly severe in the transitional phase following the supply shock, during which consumers accumulate inventories.