The importance of seasonality in inventory models

Abstract

Abstract The importance of seasonality in inventory models is examined using categorical data from a survey of Swiss manufacturing firms. Survey responses concerning expected new orders and production allow us to directly examine whether firms use inventories to smooth seasonal movements in demand without making strong assumptions concerning a model of firm behavior. We also investigate the importance of seasonality in estimated reduced formrelationships for firm production plans, and compare self-seasonal adjustment procedures, where firms are asked to correct their responses for seasonality, with statistical adjustment procedures that are analogous to dummy variable procedures. The results suggest seasonality does not play a significant role in the production and inventory decisions of Swiss manufacturing firms.

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