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A Process Analysis Model of the U.S. Steel Industry

Author

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  • C. S. Tsao

    (University of Massachusetts)

  • R. H. Day

    (University of Wisconsin)

Abstract

In this paper a process analysis model of production in the U.S. Steel Industry is developed and tested. A technology matrix, which represents recent industry input-output structure, is estimated using engineering and metallurgical information. This matrix together with detailed cost, sales and resource capacity data is then used in a linear programming model of short-run resource allocation for the industry as a whole. Linear programming solutions are obtained and compared with available industry statistics for each year in the period 1955-1968. Theil's U statistic is computed to indicate how well the model performs. We conclude that it performs "fairly well" and that it should prove useful in various economic applications.

Suggested Citation

  • C. S. Tsao & R. H. Day, 1971. "A Process Analysis Model of the U.S. Steel Industry," Management Science, INFORMS, vol. 17(10), pages 588-608, June.
    • Handle: RePEc:inm:ormnsc:v:17:y:1971:i:10:p:b588-b608
    DOI: 10.1287/mnsc.17.10.B588
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    Cited by:

    1. Goutam Dutta & Robert Fourer, 2001. "A Survey of Mathematical Programming Applications in Integrated Steel Plants," Manufacturing & Service Operations Management, INFORMS, vol. 3(4), pages 387-400.
    2. Stephen Labson, B., 1997. "Changing patterns of trade in the world iron ore and steel market: An econometric analysis," Journal of Policy Modeling, Elsevier, vol. 19(3), pages 237-251, June.

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