A Stochastic Theory of the Firm (Classic Reprint)
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
AbeBooks seller since June 2, 2021
Condition: New
US$ 17.17
Quantity: Over 20 available
Add to basketItem description from seller
Print on Demand. This book presents a novel model for make-to-stock firms founded on the idea that actual production and demand occur as random, countable events. The author extends classic monopoly theory by incorporating dynamic aspects and stochastic uncertainties to create a model that more accurately reflects real-world complexities. Through optimising functions that consider both short-term decision-making and long-term capacity planning, the book examines the relationship between pricing strategy and production decisions. It also explores how achievable capacity expands as cumulative production increases, capturing the learning curve effect observed in many industries. By doing so, the book provides a comprehensive and dynamic theory of the firm that adds depth to our understanding of production and pricing strategies in uncertain environments. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.…
Seller Inventory # 9781332982189_0
- Title
- A Stochastic Theory of the Firm (Classic Reprint)
- Author
- Lode Li
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1332982182
- ISBN 13
- 9781332982189
- Seller catalogs
- Marketing
This study presents a dynamic model where a firm decides its capacity at time zero and then actively manages production and pricing as events unfold. It blends inventory flow, stochastic demand, and learning effects to show how long‑term design choices interact with short‑term operations.
The work outlines a two‑stage approach: first, determine the optimal operating policy for a given capacity; then choose the capacity level that maximizes long‑run profit, accounting for how operations respond over time. Readers will see how barrier policies arise naturally and how pricing and capacity decisions adapt to uncertainty and experience.
- How stochastic production and demand are modeled and controlled in a coherent framework
- Ways learning effects alter optimal pricing, inventory targets, and capacity decisions
- Connections between dynamic pricing, inventory holding costs, and capacity expansion
- Insights into how a firm balances short‑term actions with long‑term design choices
Ideal for readers interested in operations research, industrial organization, and the theory behind dynamic firm decisions under uncertainty.
"Synopsis" may belong to another edition of this title.
Forgotten Books
London, United Kingdom
AbeBooks seller since June 2, 2021
Shipping rates from United Kingdom to U.S.A.
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Forgotten Books’ Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the quality of the aged text.
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