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"Sales Expectations and Short-Run Production Decisions," Southern Economic Journal, 1971.

Paper: pdf file Comments
This paper uses physical units data to examine short run production decisions. The data were collected for my Ph.D. thesis and are presented in the appendix in 1969#1. The results strongly support the hypothesis that expectations of future sales affect current production decisions. Two expectational hypothesis are examined. One is that expectations of future sales depend only on past sales, and the other is that expectations of future sales are perfect.

This work is extended in 1989#2, where again the results support the hypothesis that expectations of future sales affect current production decisions. For this work the hypothesis that expectations of future sales are perfect was replaced with the hypothesis that expectations are rational.