IDEAS home Printed from https://ideas.repec.org/a/eee/jetheo/v55y1991i2p323-339.html
   My bibliography  Save this article

Vintage capital, investment, and growth

Author

Listed:
  • 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.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Benhabib, Jess & Rustichini, Aldo, 1991. "Vintage capital, investment, and growth," Journal of Economic Theory, Elsevier, vol. 55(2), pages 323-339, December.
    • Handle: RePEc:eee:jetheo:v:55:y:1991:i:2:p:323-339
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/0022-0531(91)90043-4
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Tapan Mitra & Henry Y. Wan, 1985. "Some Theoretical Results on the Economics of Forestry," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 52(2), pages 263-282.
    2. Benhabib, Jess & Rustichini, Aldo, 1989. "A Vintage Capital Model Of Investment And Growth: Theory And Evidence," Working Papers 89-26, C.V. Starr Center for Applied Economics, New York University.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dawid, Herbert & Kopel, Michael, 1997. "On the Economically Optimal Exploitation of a Renewable Resource: The Case of a Convex Environment and a Convex Return Function," Journal of Economic Theory, Elsevier, vol. 76(2), pages 272-297, October.
    2. Moriguchi, Kai & Ueki, Tatsuhito & Saito, Masashi, 2020. "Establishing optimal forest harvesting regulation with continuous approximation," Operations Research Perspectives, Elsevier, vol. 7(C).
    3. Meilby, Henrik & Brazee, Richard J., 12. "Sustainibility and Long-term Dynamics of Forests: Methods and Metrics for Detection of Convergence and Stationarity," Scandinavian Forest Economics: Proceedings of the Biennial Meeting of the Scandinavian Society of Forest Economics, Scandinavian Society of Forest Economics, issue 40, May.
    4. Roberto Cominetti & Adriana Piazza, 2009. "Asymptotic Convergence of Optimal Policies for Resource Management with Application to Harvesting of Multiple Species Forest," Mathematics of Operations Research, INFORMS, vol. 34(3), pages 576-593, August.
    5. Mario E Niklitschek & Eugenio Bobenrieth, 1992. "Incentivos Económicos para una Explotación Eficiente del Bosque," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(88), pages 463-480.
    6. Nghiem, Nhung, 2014. "Optimal rotation age for carbon sequestration and biodiversity conservation in Vietnam," Forest Policy and Economics, Elsevier, vol. 38(C), pages 56-64.
    7. Tahvonen, Olli & Salo, Seppo, 1999. "Optimal Forest Rotation within SituPreferences," Journal of Environmental Economics and Management, Elsevier, vol. 37(1), pages 106-128, January.
    8. Dumollard, Gaspard, 2018. "Multiple-stand forest management under fire risk: Analytical characterization of stationary rotation ages and optimal carbon sequestration policy," Journal of Forest Economics, Elsevier, vol. 32(C), pages 146-154.
    9. Nghiem Thi Hong Nhung, 2016. "Optimal Forest Management for Carbon Sequestration: A Case Study of Eucalyptus urophylla and Acacia mangium in Yen Bai Province, Vietnam," EEPSEA Research Report rr2016046, Economy and Environment Program for Southeast Asia (EEPSEA), revised Apr 2016.
    10. Lintunen, Jussi & Uusivuori, Jussi, 2014. "On The Economics of Forest Carbon: Renewable and Carbon Neutral But Not Emission Free," Climate Change and Sustainable Development 165755, Fondazione Eni Enrico Mattei (FEEM).
    11. Adriana Piazza, 2010. "About optimal harvesting policies for a multiple species forest without discounting," Journal of Economics, Springer, vol. 100(3), pages 217-233, July.
    12. Salant, Stephen W., 2013. "The equilibrium price path of timber in the absence of replanting: does Hotelling rule the forests too?," Resource and Energy Economics, Elsevier, vol. 35(4), pages 572-581.
    13. Khan, M. Ali, 2016. "On a forest as a commodity and on commodification in the discipline of forestry," Forest Policy and Economics, Elsevier, vol. 72(C), pages 7-17.
    14. Sahashi, Yoshinao, 2002. "The convergence of optimal forestry control," Journal of Mathematical Economics, Elsevier, vol. 37(3), pages 179-214, May.
    15. Salant, Stephen, 2012. "The Equilibrium Price Path of Timber in the Absence of Replanting," RFF Working Paper Series dp-12-38, Resources for the Future.
    16. Stéphane S. Couture & Marie-Josée Cros & Régis Sabbadin, 2014. "Risk preferences and optimal management of uneven-aged forests in the presence of climate change: a Markov decision process approach," Post-Print hal-02741407, HAL.
    17. Couture, Stéphane & Cros, Marie-Josée & Sabbadin, Régis, 2016. "Risk aversion and optimal management of an uneven-aged forest under risk of windthrow: A Markov decision process approach," Journal of Forest Economics, Elsevier, vol. 25(C), pages 94-114.
    18. Adriana Piazza & Bernardo Pagnoncelli, 2015. "The stochastic Mitra–Wan forestry model: risk neutral and risk averse cases," Journal of Economics, Springer, vol. 115(2), pages 175-194, June.
    19. Tatoutchoup, Francis Didier, 2017. "Forestry auctions with interdependent values: Evidence from timber auctions," Forest Policy and Economics, Elsevier, vol. 80(C), pages 107-115.
    20. Sahashi, Yoshinao, 2002. "Optimal forestry control with variable forest area," Journal of Economic Dynamics and Control, Elsevier, vol. 26(5), pages 755-796, May.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jetheo:v:55:y:1991:i:2:p:323-339. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622869 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.