Equilibrium Storage in a Markov Economy

dc.contributor.author	Villeneuve, Bertrand HAL ID: 745441 ORCID: 0000-0001-7485-9262
dc.contributor.author	Creti, Anna
dc.date.accessioned	2009-10-19T09:19:52Z
dc.date.available	2009-10-19T09:19:52Z
dc.date.issued	2007-09
dc.identifier.uri	https://basepub.dauphine.fr/handle/123456789/2280
dc.language.iso	en	en
dc.subject	Price Stabilization	en
dc.subject	Supply Risk	en
dc.subject	Strategic Stocks	en
dc.subject.ddc	332	en
dc.subject.classificationjel	Q48	en
dc.subject.classificationjel	L90	en
dc.subject.classificationjel	C61	en
dc.title	Equilibrium Storage in a Markov Economy	en
dc.type	Document de travail / Working paper
dc.description.abstracten	We model an economy that alternates randomly between abundance and scarcity episodes. We develop an original method to characterize in detail the structure of the Markovian competitive equilibrium. Accumulation and drainage of stocks are the main focuses. Economically appealing comparative statics results are proved. We also characterize stationary distribution of states. We extend the model to discuss price stabilization policies, injection and release costs, and limited storage capacity. Overall, the analysis delineates the notion of “ﬂexible economy.”	en
dc.publisher.name	Université Paris-Dauphine
dc.publisher.city	Paris
dc.identifier.citationpages	33	en
dc.relation.ispartofseriestitle	Cahiers de la Chaire Finance et Développement Durable
dc.relation.ispartofseriesnumber	5
dc.description.sponsorshipprivate	oui	en
dc.subject.ddclabel	Economie financière	en

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