✦ LIBER ✦

Production, inventory and waiting time

✍ Scribed by Gil S. Epstein

Publisher: John Wiley and Sons
Year: 2007
Tongue: English
Weight: 172 KB
Volume: 28
Category: Article
ISSN: 0143-6570
DOI: 10.1002/mde.1328

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

In this paper, I introduce the idea of adjusting waiting time as an alternative to price adjustment in order to study the relationship between waiting time, demand, profits and inventories. In the model, demand depends on both price and waiting time. Consumers are willing to pay more if they do not have to wait long. I derive the conditions under which a monopoly may profit from utilizing the option of holding inventory by changing the waiting time facing the consumers. Copyright © 2007 John Wiley & Sons, Ltd.

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