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Investment, replacement and scrapping in a vintage capital model with embodied technological change

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Author Info
Bitros, George
Hritonenko, Natali
Yatsenko, Yuri

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Abstract

This paper analyzes and compares two alternative policies of determining the service life and replacement demand for vintage equipment under embodied technological change. The policies are the infinite-horizon replacement and the transitory replacement ending with scrapping. The corresponding vintage capital models are formulated in the dynamic optimization framework. These two approaches lead to different estimates of the duration of replacements and the impact of technological change on the equipment service life.

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File URL: http://mpra.ub.uni-muenchen.de/3619/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3619.

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Date of creation: Jun 2007
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Handle: RePEc:pra:mprapa:3619

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Related research
Keywords: vintage capital equipment; embodied technological change; service life; replacement; scrapping;

Find related papers by JEL classification:
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

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This page was last updated on 2009-11-28.

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