Measures of productivity reveal large differences across producers even within narrowly defined industries. Traditional measures of productivity, however, will associate differences in demand volatility to differences in productivity when adjusting factors of production is costly. I document this effect by comparing the influence of demand volatility on capacity utilization in a high (hotels) and low (airlines) adjustment cost industry. Differences in annual demand volatility explain a large share of the variation in occupancy rates of hotels at the metro area-segment-year level. In contrast, differences in annual demand volatility have no effect on load factors of airlines at the destination-airline-year level.

中文翻译：

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需求波动、调整成本和生产力：对酒店和航空公司运力利用率的考察

即使在狭义的行业内，生产力的衡量标准也揭示了生产者之间的巨大差异。然而，当调整生产要素成本高昂时，传统的生产力衡量标准会将需求波动的差异与生产力的差异联系起来。我通过比较需求波动对高（酒店）和低（航空公司）调整成本行业产能利用率的影响来记录这种影响。年需求波动的差异解释了大都市区-细分-年级别酒店入住率变化的很大一部分。相比之下，年度需求波动的差异对目的地航空公司年级别的航空公司的载客率没有影响。