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Case study: An assessment of the economic service life of research equipment in the Korean public research institutes

Author

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  • Jeong-Gi Lee
  • Deok-Joo Lee
  • Piao Ri
  • Kyung-Taek Kim
  • Sung-Joon Park

Abstract

Recently, as the effective use of research equipment has been regarded as a prerequisite condition to maximize research and development (R&D) outcomes, the problem of replacing aging or obsolete research equipment has become important. The purpose of this article is to assess the economic life of R&D equipment empirically using data gathered from public R&D institutes in Korea. We developed a systematic model to apply traditional engineering economic concepts and estimated the economic service life of research equipment based on size and utilization purpose of the equipment. Finally, this study suggests a policy scheme for efficient replacement of research equipment based on our estimation results.

Suggested Citation

  • Jeong-Gi Lee & Deok-Joo Lee & Piao Ri & Kyung-Taek Kim & Sung-Joon Park, 2022. "Case study: An assessment of the economic service life of research equipment in the Korean public research institutes," The Engineering Economist, Taylor & Francis Journals, vol. 67(2), pages 131-156, July.
    • Handle: RePEc:taf:uteexx:v:67:y:2022:i:2:p:131-156
    DOI: 10.1080/0013791X.2021.1995093
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