The purpose of this study was to determine the informational value of FASB Statement No. 33 current cost disclosures using the analytical technique of industry-wide decomposition analysis. The industry-wide decomposition model was used to measure the informational content of both the historical cost balance sheets (reported in the firm's annual reports) and the current cost balance sheets (prepared from the current cost disclosures) of firms in the Electric Services and Retailers industries. The two measures were then compared to determine the informational value of FASB Statement No. 33 current cost disclosures.

La tesi si colloca nel filone di letteratura dell' Acceleratore Finanziario, che si è sviluppato a partire dagli anni 90. Il lavoro prende le mosse dai modelli di Kiyotaki e Moore (KM,1997, 2002) e di Greenwald e Stiglitz (GS 1993, 2003). L'obiettivo è quello di tentare di rispondere ad alcuni quesiti che sorgono spontaneamente dallo studio di questa tipologia di modelli, inquadrando le idee proposte in una modellistica teorica adeguata. La tesi si compone di 7 capitoli. Nei primi due capitoli viene presentato e discusso, sia in chiave microeconomica che in chiave macroeconomica, il framework proposto da KM. Nel capitolo 3 si introduce il problema della bancarotta e si esplorano gli effetti di eventuali bancarotte sui mercati dei beni e sui mercati finanziari. Nel capitolo 4 viene presentato e discusso un articolo di Cordoba e Ripoll (2004a) nel quale gli autori sviluppano un modello à la KM introducendo il ruolo della moneta tramite l'approccio del Cash In Advance (CIA) constraint . Nel quinto capitolo viene presentato e discusso un contributo originale che introduce il ruolo della moneta nel modello di KM tramite l'approccio della Moneta nella Funzione di Utilità. Il modello è relativamente semplice possono emergere equilibri multipli e permette di esplorare gli effetti della politica monetaria sulle variabili macroeconomiche. Nel capitolo 6 si presenta un modello a generazioni sovrapposte à la Diamond-Samuelson utilizzando il framework di KM. In tale contesto la moneta ha essenzialmente il ruolo di riserva di valore (permette di incrementare il consumo e il bequest da vecchi), mentre il bequest rappresenta una risorsa a disposizione del giovane. In fine il modello presentato nel capitolo 7 è un esempio di un modello macroeconomico microfondato con vincoli finanziari e agenti eterogenei à la Greenwald-Stiglitz. Viene presentata una procedura di aggregazione che permette di ottenere le variabili macroeconomiche tenendo in considerazione il comportamento individuale degli agenti. Il modello può essere studiato tramite delle simulazioni in una struttura Agent-Based. / The dissertation could be traced back to the so called Financial Accelerator literature, that has been developed during the 90's. In particular it is essentially an attempt to adapt, modify or even subvert the basic framework proposed by Kiyotaki and Moore (KM,1997, 2002) and by Greenwald and Stiglitz (GS 1993, 2003) in order to provide answers to some questions that naturally arise from the study of these types of models. The thesis is divided into 7 chapters. Chapters 1 and 2 present and discuss the benchmark model, i.e. the framework put forward by KM, at the micro level (optimization problems of the different types of agents, market equilibrium) and at the macro level (laws of motion of macro state variables) respectively. In chapter 3 we study the conditions under which bankruptcy can occur and we explore the consequences of actual bankruptcies in terms of disruption of financial and goods markets. In chapter 4 we present and discuss a paper by Cordoba and Ripoll in which the role of money in a framework à la KM is introduced by means of the Cash In Advance (CIA) constraint approach. In chapter 5 we follow the Money In the Utility function (MIU) approach to introduce money in the original KM framework. The model seems very promising because is relatively simple, there can be multiple equilibria and the effect of a monetary injection can be explored in a straightforward way. In chapter 6 we model a KM economy in an OLG setting à la Diamond-Samuelson in which money plays basically the role of a store of value, which allows to increase consumption and bequest when old and bequest plays the role of internal resources for the young. The model presented in chapter 7 is an example of a microfounded macroeconomic model with financing constraints and heterogeneous agents of the Greenwald-Stiglitz type. An aggregation procedure is proposed in order to go from the individual to the aggregate variable. The model can be explored by means of simulations in an Agent-Based setting.

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The hotel industry is characterized by perishability, which means that its services cannot be stored and saved to a later sales opportunity. In that world, a room that is not booked is lost forever. Another thing that also characterizes the industry is that it is seasonally controlled, thus the demand varies between different periods of time and occasions. As hotels tend to have high fixed costs, companies often choose to price their services higher when the opportunity that consumers pay a higher price appears. This can lead to a situation when the consumers feel fooled by the fact that the hotel itself does not create the new conditions that makes the demand rise. As a support for the interviews conducted, a research focused on the real prices has also been conducted where the prices of fifteen hotels in Stockholm were checked for three months on three occasions. To investigate the relationship between these two phenomena, seven hotel employees have been interviewed and shared their experiences of the reality and strategies within hotel industry. In order to get an overall picture, fifty consumers having profiles of potential hotel guests, have been interviewed where they answer questions about different scenarios and estimated prices for hotels of three different classes in Stockholm. The research made it possible to determine some conclusions. It appeared to be important for hotel industry to optimize prices in a way that they reflect the demand. An important tool to achieve this optimization is yield management and it confirms by the driving forces that identifies most often. The result of this reality is that the hotels experience fluctuations of prices over time, with rarely occurring stable pricing curves. Price awareness of customers tend to be raised when their experience of similar purchases is high. It has also been found that high prices do not necessarily have to lower the consumer value and that hotel guests may be willing to pay a higher price due to certain external factors. The relation between pricing and customer value was found to be complex and as there are some factors preventing the customer value to get lowered by price increase, it might be beneficial for hotels to take these factors into account. / Hotellbranschen kännetecknas av förgänglighet, vilket innebär att dess tjänster inte går att spara till ett senare försäljningstillfälle. I den världen går ett rum som inte bokas för alltid förlorad. Något som också kännetecknar branschen är att den är säsongsstyrd och därmed varierar efterfrågan mellan olika tidsperioder och tillfällen. I och med att hotell tenderar att ha höga fasta kostnader, väljer företagen ofta att prissätta sina tjänster högre när möjligheten för att konsumenter betalar ett högre pris uppstår. Detta kan leda till att konsumenterna känner sig lurade i och med att hotellet inte självt skapar de nya förutsättningarna som gör att efterfrågan stiger. Som ett stöd för de genomförda intervjuerna har även en prisundersökning genomförts där priserna på femton hotell i Stockholm under fyra månaders tid kontrollerades vid tre tillfällen. För att utreda hur relationen mellan dessa två fenomen ser ut har sju hotellmedarbetare intervjuats och beskrivit den verkligheten och de strategierna som finns. För att kunna få en helhetsbild har även femtio konsumenter, alltså potentiella hotellgäster, intervjuats där de svarar på frågor om olika scenarier samt uppskatta priser på hotell av olika klasser i Stockholm. Slutsatserna till undersökningen förblev att hotell till en övervägande majoritet använder sig av verktyg som yield management för att hantera dessa fluktuationer i efterfrågan och därmed ser också ett hotells priskurva väldigt sällan stabil ut. De potentiella hotellgästerna ställer sig kluvna i frågan om hur priset på ett hotellrum påverkar det upplevda värdet, vilket också delvis ställer det teoretiska ramverket och det empiriska resultatet emot varandra. Slutsatsen av det är att det finns en komplexitet i detta fenomen, där det finns ett flertal faktorer som erfordras att undersökas vidare för att nå en djupare och bredare förståelse.