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- Title
Production Lags and Price Behaviour.
- Authors
Lai, Kon S.; Pauly, Peter
- Abstract
This paper explores the implications of the production lag for the firm's decisions. We establish a significant relationship between price behaviour and the length of the production lag. We show that specific results in the literature are crucially dependent upon the assumption about the production lag. By allowing the production time to exceed the decision period, the basic framework of earlier price-inventory models is significantly extended. The model thus incorporates finished-goods inventories as well as goods-in-process inventories.
- Subjects
PRODUCTION (Economic theory); BUSINESS turnover; PRODUCT management; INVENTORIES; INVENTORY control
- Publication
Economica, 1992, Vol 59, Issue 233, p53
- ISSN
0013-0427
- Publication type
Article
- DOI
10.2307/2555065