Optimal Replacement Under Variable Intensity of Utilization and Technological Progress
作者:
G. Bethuyne,
期刊:
The Engineering Economist
(Taylor Available online 1998)
卷期:
Volume 43,
issue 2
页码: 85-105
ISSN:0013-791X
年代: 1998
DOI:10.1080/00137919808903191
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
We presented two modifications of the traditional model of optimal replacement of capital equipment. Starting from cost-minimization over an infinite horizon, we introduced a variable intensity of utilization in the traditional replacement model to explain functional degradation, i.e., the reduction in utilization intensity as equipment ages. Next, we demonstrated that when technological progress is ongoing, the basic model of optimal replacement can give erroneous results due to neglecting the opportunity cost of foregone technological progress at the time of replacement.
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