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Inventory Adjustment and Dynamic Winery Behavior

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  • Michael K. Wohlgenant

Abstract

This paper develops a dynamic model of processor behavior which is applied to the California wine industry. Price, production, and input demand functions are derived from an optimal control model which takes into account inventory growth from aging and the linkage between product inventories and input purchases. An important feature of the model is that expected future market conditions and beginning inventories influence current behavior through changes in the inventory shadow price. The empirical results generally conform to the theoretical specification and emphasize the role of demand expectations on winery behavior.

Suggested Citation

  • Michael K. Wohlgenant, 1982. "Inventory Adjustment and Dynamic Winery Behavior," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(2), pages 222-231.
    • Handle: RePEc:oup:ajagec:v:64:y:1982:i:2:p:222-231.
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    File URL: http://hdl.handle.net/10.2307/1241126
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    Cited by:

    1. Goodhue, Rachael E. & LaFrance, Jeffrey T. & Simon, Leo K., 2004. "We Should Drink No Wine Before Its Time," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt3fp78216, Department of Agricultural & Resource Economics, UC Berkeley.
    2. Goodhue, Rachael E. & LaFrance, Jeffrey T. & Simon, Leo K., 2004. "We Should Drink No Wine Before Its Time," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt3fp78216, Department of Agricultural & Resource Economics, UC Berkeley.
    3. Golan, Amos & Shalit, Haim, 1985. "Using Wine Quality Differential in Grapes Pricing," Working Papers 232640, Hebrew University of Jerusalem, Center for Agricultural Economic Research.
    4. A. Golan & H. Shalit, 1993. "Wine Quality Differentials In Hedonic Grape Pricing," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(2), pages 311-321, May.
    5. Bukenya, James O. & Labys, Walter C., 2007. "Do fluctuations in wine stocks affect wine prices?," Working Papers 37317, American Association of Wine Economists.

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