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Criteria for Determining the Optimum Replacement Pattern

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  • Anthony H. Chisholm

Abstract

This article is an attempt to clarify some confusion that has been apparent in the literature of agricultural economics in recent years with respect to providing a criterion for determining the optimum replacement pattern for long-lived assets. In particular, for appreciating assets of the type represented by growing timber, the previous criteria have generally overlooked an important item of marginal cost: namely, the interest on the total revenue obtainable from the sale of the asset. These criteria have hence provided a replacement pattern which is longer than the the optimum.

Suggested Citation

  • Anthony H. Chisholm, 1966. "Criteria for Determining the Optimum Replacement Pattern," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(1), pages 107-112.
  • Handle: RePEc:oup:ajagec:v:48:y:1966:i:1:p:107-112.
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    File URL: http://hdl.handle.net/10.2307/1236182
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    Cited by:

    1. Brake, John R. & Melichar, Emanuel, 1977. "Agricultural Finance and Capital Markets," A Survey of Agricultural Economics Literature, Volume 1: Traditional Fields of Agricultural Economics 1940s to 1970s,, Agricultural and Applied Economics Association.
    2. Stutzman, Sarah & Weiland, Brandon & Preckel, Paul & Wetzstein, Michael, 2017. "Optimal replacement policies for an uncertain rejuvenated asset," International Journal of Production Economics, Elsevier, vol. 185(C), pages 21-33.
    3. Crane, Donald R. Jr. & Spreen, Thomas H., 1979. "A Conceptual Model Of The Stubble Replacement Decision For Florida Sugarcane Growers," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 277828, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Etherington, Dan M., 1977. "A Stochastic Model For The Optimal Replacement Of Rubber Trees," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 21(1), pages 1-19, April.
    5. Weiland, Brandon & Sesmero, Juan Pablo & Preckel, Paul & Wetzstein, Michael E., 2017. "Can Wood Pellets Save Coal?," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258250, Agricultural and Applied Economics Association.

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