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Monopoly behaviour with speculative storage

机译：带有投机存储的垄断行为

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We analyze the effects of competitive storage when the production of the good is controlled by a monopolist. The existence of competitive storers serves to reduce the monopolist's effective demand when speculators are selling and to increase it when they are buying. This results in the monopolist manipulating the frequency of stockouts, and hence the price-smoothing effects of competitive storage. We find that competitive storage affects both the level and the volatility of price under monopoly. The average price level is higher with storage due to the monopolist's desire to induce stockouts by occasionally keeping the price just at the level that induces a stockout. Although storage does reduce the volatility of prices under monopoly production, prices are more volatile than they would be under perfectly competitive production, even though stockouts occur less frequently under monopoly. These results are demonstrated through closed-form solutions of the two-period version of the model and computational solutions to the infinite horizon version of the model.
机译：我们分析了垄断者控制商品生产时竞争性存储的影响。竞争性商店的存在有助于减少投机者出售时垄断者的有效需求，而在购买者购买时增加其需求。这导致垄断者操纵缺货的频率，从而导致竞争性存储的价格平滑效应。我们发现竞争性存储会影响垄断下价格的水平和波动性。由于垄断者希望通过偶尔将价格保持在导致缺货的水平来诱导缺货的情况，因此平均价格水平较高。尽管存储确实减少了垄断生产下价格的波动性，但价格却比完全竞争性生产下的价格波动更大，即使垄断下缺货的发生频率较低。这些结果通过模型的两个周期版本的闭式解和对模型的无限期版本的计算解来证明。

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