Autore: Fingleton, John
Titolo: Inventory holdings by a monopolist middleman
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1991 - Fascicolo: 60 - Pagina iniziale: 1 - Pagina finale: 24

This paper uses results from optimal control theory to analyse the dynamic profit maximising inventory policy of a monopolist middleman in continuous time. The middleman has two choice variables - sales and purchases - and the first step is to change the problem to one in a single variable (net purchases, denoted x) enabling the use of a profit function 7rtx,t). The optimal policy is a vector which maximises the integral of this profit function subject to a differential equation and some other constraints. The first section gives an overview of the recent, relevant literature on intermediation by middlemen. Section 2 gives necessary and sufficient optimality conditions for the relevant class of problem. Section 3 outlines the model and characterises and discusses the solution, an example of which is given in section 4. Section 5 discusses extensions and limitations. The concavity of the profit function is an important element in determining the type of solution which emerges, and this is analysed in the Appendix.


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Testo completo: http://hdl.handle.net/1814/399

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