A Stochastic Theory of the Firm (Classic Reprint) - Couverture souple

Li, Lode

9781332982189: A Stochastic Theory of the Firm (Classic Reprint)

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ISBN 10 : 1332982182 ISBN 13 : 9781332982189

Editeur : Forgotten Books, 2018

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A rigorous guide to how randomness shapes a firm’s design and daily decisions
This study presents a dynamic model where a firm decides its capacity at time zero and then actively manages production and pricing as events unfold. It blends inventory flow, stochastic demand, and learning effects to show how long‑term design choices interact with short‑term operations.

The work outlines a two‑stage approach: first, determine the optimal operating policy for a given capacity; then choose the capacity level that maximizes long‑run profit, accounting for how operations respond over time. Readers will see how barrier policies arise naturally and how pricing and capacity decisions adapt to uncertainty and experience.

How stochastic production and demand are modeled and controlled in a coherent framework

Ways learning effects alter optimal pricing, inventory targets, and capacity decisions

Connections between dynamic pricing, inventory holding costs, and capacity expansion

Insights into how a firm balances short‑term actions with long‑term design choices

Ideal for readers interested in operations research, industrial organization, and the theory behind dynamic firm decisions under uncertainty.

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�diteur: Forgotten Books
Date d'�dition: 2018
Langue: anglais
ISBN 10: 1332982182
ISBN 13: 9781332982189
Reliure: Broch�
Nombre de pages: 32
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ISBN 10 : 1341879852 ISBN 13 : 9781341879852
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A Stochastic Theory of the Firm (Classic Reprint)

Lode Li

Edit� par Forgotten Books, 2018

ISBN 10 : 1332982182 ISBN 13 : 9781332982189

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Vendeur : Forgotten Books, London, Royaume-Uni

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Paperback. Etat : New. Print on Demand. This book presents a novel model for make-to-stock firms founded on the idea that actual production and demand occur as random, countable events. The author extends classic monopoly theory by incorporating dynamic aspects and stochastic uncertainties to create a model that more accurately reflects real-world complexities. Through optimising functions that consider both short-term decision-making and long-term capacity planning, the book examines the relationship between pricing strategy and production decisions. It also explores how achievable capacity expands as cumulative production increases, capturing the learning curve effect observed in many industries. By doing so, the book provides a comprehensive and dynamic theory of the firm that adds depth to our understanding of production and pricing strategies in uncertain environments. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. N� de r�f. du vendeur 9781332982189_0

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