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Investigating optimal replacement of aging air force systems

Author

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  • Edward Keating
  • Matthew Dixon

Abstract

An availability-oriented approach has been developed to decide when to replace an aging system. For an existing system, it is optimal to operate another year if and only if the incremental cost per available year is less than the lifetime average cost per available year of a new aircraft. We illustrate our approach using United States Air Force KC-135 tanker data. In demonstrating our approach, we find it will be optimal to replace the KC-135 by the end of the decade.

Suggested Citation

  • Edward Keating & Matthew Dixon, 2004. "Investigating optimal replacement of aging air force systems," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(5), pages 421-431.
    • Handle: RePEc:taf:defpea:v:15:y:2004:i:5:p:421-431
    DOI: 10.1080/1024269042000246224
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    References listed on IDEAS

    as
    1. David Kirkpatrick, 2000. "Life cycle costs for decision support - a study of the various life cycle costs used at different levels of defence policy and management," Defence and Peace Economics, Taylor & Francis Journals, vol. 11(2), pages 333-368.
    2. Victoria Greenfield & David Persselin, 2003. "How old is too old? An economic approach to replacing military aircraft," Defence and Peace Economics, Taylor & Francis Journals, vol. 14(5), pages 357-368.
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    More about this item

    Keywords

    Repair versus replace; United States Air Force; KC-135; Aging aircraft; Reliability and Maintainability Information System (REMIS); Aircraft availability; JEL codes: H4; H56; H57;
    All these keywords.

    JEL classification:

    • H4 - Public Economics - - Publicly Provided Goods
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • H57 - Public Economics - - National Government Expenditures and Related Policies - - - Procurement

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