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Modeling inefficient institutions by Daron Acemoglu

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Published by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, MA .
Written in English


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About the Edition

A major cause of supply chain deficiencies is the bullwhip effect which can be substantial even over a single echelon. This effect refers to the tendency of the variance of the replenishment orders to increase as it moves up a supply chain. Supply chain managers experience this variance amplification in both inventory levels and replenishment orders. As a result, companies face shortages or bloated inventories, run-away transportation and warehousing costs and major production adjustment costs. In this article we analyze a major cause of the bullwhip effect and suggest a remedy. We focus on a smoothing replenishment rule that is able to reduce the bullwhip effect across a single echelon. In general, dampening variability in orders may have a negative impact on customer service due to inventory variance increases. We therefore quantify the variance of the net stock and compute the required safety stock as a function of the smoothing required. Our analysis shows that bullwhip can be satisfactorily managed without unduly increasing stock levels to maintain target fill rates. Keywords: Bullwhip effect, Supply chain management, Inventory management, Variance reduction.

Edition Notes

StatementDaron Acemoglu
SeriesWorking paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 06-01, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 06-01.
ContributionsMassachusetts Institute of Technology. Dept. of Economics
The Physical Object
Pagination54 p. ;
Number of Pages54
ID Numbers
Open LibraryOL24643577M
OCLC/WorldCa68043482

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Modeling Inefficient Institutions Daron Acemoglu NBER Working Paper No. January JEL No. H2, N10, N40, O1, O10, P16 ABSTRACT Why do inefficient non-growth enhancing institutions emerge and persist? This paper develops a simple framework to provide some answers to this question. Political institutions determine the. A Simple Model of Inefficient Institutions. the robustness of the stochastic stability approach depends too much on the modeling This book provides a . A simple model of inefficient institutions U j 0 = E 0 ∞ t=0 βtcj t, (1) where cj t∈R denotes the consumption of agent j at time t and E is the expectations operator conditional on information available at time t. Agents are in three groups. #8 – The Oxford Guide to Financial Modeling: Applications for Capital Markets, Corporate Finance, Risk Management and Financial Institutions. by Thomas S. Y. Ho & Sang Bin Lee. This book has drawn upon a striking balance between theory and practice of financial modeling. Let’s have a look at the review and the best takeaways.

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