Seasonality and Stock-Adjustment Models of Retail Food Store Inventory Behavior

Stephen E. Miller

American Journal of Agricultural Economics, 1990, vol. 72, issue 4, 1018-1027

Abstract: In this paper I apply competing specifications of the stock-adjustment process for retail inventories to both seasonal and seasonally adjusted retail food store data. My objective is to determine whether the contradictory evidence from previous research regarding the adequacy of stock-adjustment models can be explained by differences in model specification and the treatment of seasonality. The results indicate that seasonally adjusted data obscure important aspects of retail inventory behavior. A stock-adjustment model which allows for the role of ending inventories in meeting expected future sales performs better than a competing model.

Date: 1990
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