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Speculative Inventory Holding and Price Stability

Rogerson, William P. (1979) Speculative Inventory Holding and Price Stability. Social Science Working Paper, 283. California Institute of Technology , Pasadena, CA. (Unpublished)

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[Introduction] As is true for many economic phenomena, the nature and effects of speculative carryover can be investigated from two polar viewpoints: perfect competition and monopoly. The competitive speculator does not expect his actions to affect current or future prices. He forms expectations about future prices on the basis of current and past prices and on possibly other information and then acts accordingly. The monopolistic speculator understands that his actions affect current and future prices--not only because his excess demand is part of aggregate excess demand but also because his actions may result in altered expectations on the part of other participants in the market.

Item Type:Report or Paper (Working Paper)
Additional Information:This paper was written when I was supported by National Science Foundation Grant Number SOC77-80573 for Robert H. Bates. I would like to acknowledge extremely helpful discussions with Robert H. Bates, William Brock, David Cass, Robert Forsythe, Roger Noll, and Louis Wilde. The paper benefited from presentation at the Economic Theory Workshop of Caltech.
Group:Social Science Working Papers
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Series Name:Social Science Working Paper
Issue or Number:283
Record Number:CaltechAUTHORS:20171016-135856203
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82380
Deposited By: Jacquelyn Bussone
Deposited On:16 Oct 2017 21:14
Last Modified:03 Oct 2019 18:53

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