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Vintage capital, investment, and growth

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  • Benhabib, Jess
  • Rustichini, Aldo

Abstract

We study the dynamics of growth and investment in a continuous time model with vintage capital. Vintage capital models may be characterized by non-exponential rates of depreciation and technical change and can incorporate "gestation lags" as well as "learning by doing". We investigate the effect of such features on the dynamics of investment and growth and show how they can contribute to explain the volatile nature of investment time-series.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 55 (1991)
Issue (Month): 2 (December)
Pages: 323-339

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Handle: RePEc:eee:jetheo:v:55:y:1991:i:2:p:323-339

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Web page: http://www.elsevier.com/locate/inca/622869

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  1. Mitra, Tapan & Wan, Henry Jr., 1986. "On the faustmann solution to the forest management problem," Journal of Economic Theory, Elsevier, vol. 40(2), pages 229-249, December.
  2. Mitra, Tapan & Wan, Henry Y, Jr, 1985. "Some Theoretical Results on the Economics of Forestry," Review of Economic Studies, Wiley Blackwell, vol. 52(2), pages 263-82, April.
  3. McKenzie, Lionel W., 1979. "Optimal Economic Growth and Turnpike Theorems," Working Papers 267, California Institute of Technology, Division of the Humanities and Social Sciences.
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