The optimal economic lifetime of vintage capital in the presence of operating costs, technological progress, and learning
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 2000.
"The role of investment-specific technological change in the business cycle,"
European Economic Review, Elsevier, vol. 44(1), pages 91-115, January.
- Greenwood, J. & Hercowitz, Z. & Krusell, P., 1998. "The Role of Investment-Specific Technological Change in the Business Cycle," RCER Working Papers 449, University of Rochester - Center for Economic Research (RCER).
- Sakellaris, Plutarchos, 1995. "Investment under Uncertain Market Conditions," The Review of Economics and Statistics, MIT Press, vol. 77(3), pages 455-469, August.
- Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Capital accumulation under technological progress and learning: A vintage capital approach," European Journal of Operational Research, Elsevier, vol. 172(1), pages 293-310, July.
- Mulder, Peter & de Groot, Henri L. F. & Hofkes, Marjan W., 2003. "Explaining slow diffusion of energy-saving technologies; a vintage model with returns to diversity and learning-by-using," Resource and Energy Economics, Elsevier, vol. 25(1), pages 105-126, February.
- V. Barbu & M. Iannelli, 1999. "Optimal Control of Population Dynamics," Journal of Optimization Theory and Applications, Springer, vol. 102(1), pages 1-14, July.
- Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1997.
"Replacement Echoes in the Vintage Capital Growth Model,"
Journal of Economic Theory, Elsevier, vol. 74(2), pages 333-348, June.
- Raouf Boucekkine & Marc Germain & Omar Licandro, "undated". "Replacement echoes in the vintage capital growth model," Working Papers 96-16, FEDEA.
- Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1996. "Replacement echoes in the vintage capital growth model," UC3M Working papers. Economics 4096, Universidad Carlos III de Madrid. Departamento de EconomÃa.
- Boucekkine, R. & Germain, M. & Licandro, O., 1997. "Replacement echoes in the vintage capital growth model," LIDAM Reprints CORE 1275, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Raouf Boucekkine & David Croix & Omar Licandro, 2004.
"MODELLING VINTAGE STRUCTURES WITH DDEs: PRINCIPLES AND APPLICATIONS,"
Mathematical Population Studies, Taylor & Francis Journals, vol. 11(3-4), pages 151-179.
- Raouf Boucekkine & David de la Croix & Omar Licandro, "undated". "Modelling vintage structures with DDEs: Principles and applications," Working Papers 2004-07, FEDEA.
- Raouf, BOUCEKKINE & David de la Croix & Omar Lidandro, 2004. "Modelling vintage structures with DDEs : principles and applications," LIDAM Discussion Papers IRES 2004004, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, 2004. "Modelling vintage structures with DDEs: principles and applications," LIDAM Reprints CORE 1758, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- BOUCEKKINE, RAOUF & de la CROIX, David & LICANDRO, Omar, 2004. "Modelling vintage structures with DDEs : principles and applications," LIDAM Discussion Papers CORE 2004047, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Raouf BOUCEKKINE & David DE LA CROIX & Omar LICANDRO, 2004. "Modelling vintage structures with DDEs: principles and applications," Economics Working Papers ECO2004/06, European University Institute.
- Daniel S. Hamermesh & Gerard A. Pfann, 1996.
"Adjustment Costs in Factor Demand,"
Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1264-1292, September.
- Hamermesh, Daniel S. & Pfann, Gerard Antonie, 1996. "Adjustment Costs in Factor Demand," CEPR Discussion Papers 1371, C.E.P.R. Discussion Papers.
- Silvia Faggian* & Fausto Gozzi, 2004. "On The Dynamic Programming Approach For Optimal Control Problems Of Pde'S With Age Structure," Mathematical Population Studies, Taylor & Francis Journals, vol. 11(3-4), pages 233-270.
- Emilio Barucci & Fausto Gozzi, 2001. "Technology adoption and accumulation in a vintage-capital model," Journal of Economics, Springer, vol. 74(1), pages 1-38, February.
- R. M. Solow & J. Tobin & C. C. Weizsäcker & M. Yaari, 1971.
"Neoclassical Growth with Fixed Factor Proportions,"
Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 9, pages 68-102,
Palgrave Macmillan.
- R. M. Solow & J. Tobin & C. C. von Weizsäcker & M. Yaari, 1966. "Neoclassical Growth with Fixed Factor Proportions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 33(2), pages 79-115.
- Benhabib, Jess & Rustichini, Aldo, 1991.
"Vintage capital, investment, and growth,"
Journal of Economic Theory, Elsevier, vol. 55(2), pages 323-339, December.
- Jess Benhabib & Aldo Rustichini, 1990. "Vintage Capital, Investment and Growth," Discussion Papers 886, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Benhabib, Jess & Rustichini, Aldo, 1990. "Vintage Capital, Investment And Growth," Working Papers 90-22, C.V. Starr Center for Applied Economics, New York University.
- Russell W. Cooper & John C. Haltiwanger, 2006.
"On the Nature of Capital Adjustment Costs,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 73(3), pages 611-633.
- Russell W. Cooper & John C. Haltiwanger, 2000. "On the Nature of Capital Adjustment Costs," NBER Working Papers 7925, National Bureau of Economic Research, Inc.
- Boucekkine, Raouf & Pommeret, Aude, 2004.
"Energy saving technical progress and optimal capital stock: the role of embodiment,"
Economic Modelling, Elsevier, vol. 21(3), pages 429-444, May.
- BOUCEKKINE, Raouf & POMMERET, Aude, 2004. "Energy saving technical progress and optimal capital stock: the role of embodiment," LIDAM Reprints CORE 1703, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997.
"Long-Run Implications of Investment-Specific Technological Change,"
American Economic Review, American Economic Association, vol. 87(3), pages 342-362, June.
- Greenwood, J. & Hercowitz, Z. & Krusell, P., 1995. "Long-Run Implications of Investment-Specific Technological Change," University of Western Ontario, Departmental Research Report Series 9510, University of Western Ontario, Department of Economics.
- Greenwood, J. & Hercowitz, Z. & Krusell, P., 1996. "Long-Run Implications of Investment-Specific Technological Change," RCER Working Papers 420, University of Rochester - Center for Economic Research (RCER).
- Barucci, Emilio & Gozzi, Fausto, 1998. "Investment in a vintage capital model," Research in Economics, Elsevier, vol. 52(2), pages 159-188, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Yatsenko, Yuri & Hritonenko, Natali, 2020. "Optimal asset replacement: Profit maximization under varying technology," International Journal of Production Economics, Elsevier, vol. 228(C).
- Boucekkine, R. & Fabbri, G. & Gozzi, F., 2010.
"Maintenance and investment: Complements or substitutes? A reappraisal,"
Journal of Economic Dynamics and Control, Elsevier, vol. 34(12), pages 2420-2439, December.
- Raouf Boucekkine & Giorgio Fabbri & Fausto Gozzi, 2009. "Maintenance and investment: complements or substitutes? A reappraisal," Working Papers 2009_21, Business School - Economics, University of Glasgow.
- BOUCEKKINE, Raouf & FABBRI, Giorgio & GOZZI, Fausto, 2010. "Maintenance and investment: complements or substitutes? A reappraisal," LIDAM Reprints CORE 2333, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Raouf BOUCEKKINE & Giorgio FABBRI & Fausto GOZZI, 2009. "Maintenance and investment : Complements or Substitutes ? A Reappraisal," LIDAM Discussion Papers IRES 2009010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- R. Boucekkine & G. Fabbri & F. Gozzi, 2010. "Maintenance and investment: Complements or substitutes? A reappraisal," Post-Print hal-00743831, HAL.
- Yatsenko, Yuri & Hritonenko, Natali, 2015. "Algorithms for asset replacement under limited technological forecast," International Journal of Production Economics, Elsevier, vol. 160(C), pages 26-33.
- Jovanovic, Boyan & Yatsenko, Yuri, 2012. "Investment in vintage capital," Journal of Economic Theory, Elsevier, vol. 147(2), pages 551-569.
- Motamedi, N. & Reza Peyghami, M. & Hadizadeh, M., 2013. "A mixed integer nonlinear programming model for the optimal repair–replacement in the firm," Mathematical Social Sciences, Elsevier, vol. 66(3), pages 366-371.
- Yatsenko, Yuri & Hritonenko, Natali, 2017. "Machine replacement under evolving deterministic and stochastic costs," International Journal of Production Economics, Elsevier, vol. 193(C), pages 491-501.
- Gamboa, Franklin & Maldonado, Wilfredo Leiva, 2014.
"Feasibility and optimality of the initial capital stock in the Ramsey vintage capital model,"
Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 40-45.
- Franklin Gamboa & Wilfredo L. Maldonado, 2013. "Feasibility and Optimality of the Initial Capital Stock in the Ramsey Vintage Capital Model," CAMA Working Papers 2013-38, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Kredler, Matthias, 2014. "Vintage human capital and learning curves," Journal of Economic Dynamics and Control, Elsevier, vol. 40(C), pages 154-178.
- Siddiqui, Afzal & Fleten, Stein-Erik, 2010.
"How to proceed with competing alternative energy technologies: A real options analysis,"
Energy Economics, Elsevier, vol. 32(4), pages 817-830, July.
- Siddiqui, Afzal & Fleten, Stein-Erik, 2008. "How to Proceed with Competing Alternative Energy Technologies: a Real Options Analysis," MPRA Paper 15502, University Library of Munich, Germany, revised 04 May 2009.
- Yatsenko, Yuri & Hritonenko, Natali, 2011. "Economic life replacement under improving technology," International Journal of Production Economics, Elsevier, vol. 133(2), pages 596-602, October.
- Natali Hritonenko & Nobuyuki Kato & Yuri Yatsenko, 2017. "Optimal Control of Investments in Old and New Capital Under Improving Technology," Journal of Optimization Theory and Applications, Springer, vol. 172(1), pages 247-266, January.
- Mellal, Mohamed Arezki, 2020. "Obsolescence – A review of the literature," Technology in Society, Elsevier, vol. 63(C).
- Natali Hritonenko & Yuri Yatsenko, 2010. "Age-Structured PDEs in Economics, Ecology, and Demography: Optimal Control and Sustainability," Mathematical Population Studies, Taylor & Francis Journals, vol. 17(4), pages 191-214.
- Li, Qiang & Kang, Ting & Zhang, Qimin, 2018. "Mean-square dissipative methods for stochastic age-dependent capital system with fractional Brownian motion and jumps," Applied Mathematics and Computation, Elsevier, vol. 339(C), pages 81-92.
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.- Cagri Saglam & Vladimir M. Veliov, 2008. "Role of Endogenous Vintage Specific Depreciation in the Optimal Behavior of Firms," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(3), pages 381-410, September.
- Kredler, Matthias, 2014. "Vintage human capital and learning curves," Journal of Economic Dynamics and Control, Elsevier, vol. 40(C), pages 154-178.
- Raouf Boucekkine & David Croix & Omar Licandro, 2004.
"MODELLING VINTAGE STRUCTURES WITH DDEs: PRINCIPLES AND APPLICATIONS,"
Mathematical Population Studies, Taylor & Francis Journals, vol. 11(3-4), pages 151-179.
- Raouf Boucekkine & David de la Croix & Omar Licandro, "undated". "Modelling vintage structures with DDEs: Principles and applications," Working Papers 2004-07, FEDEA.
- Raouf, BOUCEKKINE & David de la Croix & Omar Lidandro, 2004. "Modelling vintage structures with DDEs : principles and applications," LIDAM Discussion Papers IRES 2004004, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, 2004. "Modelling vintage structures with DDEs: principles and applications," LIDAM Reprints CORE 1758, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- BOUCEKKINE, RAOUF & de la CROIX, David & LICANDRO, Omar, 2004. "Modelling vintage structures with DDEs : principles and applications," LIDAM Discussion Papers CORE 2004047, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Raouf BOUCEKKINE & David DE LA CROIX & Omar LICANDRO, 2004. "Modelling vintage structures with DDEs: principles and applications," Economics Working Papers ECO2004/06, European University Institute.
- Raouf Boucekkine & David De la Croix & Omar Licandro, 2011.
"Vintage Capital Growth Theory: Three Breakthroughs,"
Working Papers
565, Barcelona School of Economics.
- Raouf Boucekkine & David de la Croix & Omar Licandro, 2011. "Vintage capital growth theory: Three breakthroughs," UFAE and IAE Working Papers 875.11, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Raouf Boucekkine & David de La Croix & Omar Licandro, 2011. "Vintage capital theory: Three breakthroughs," Working Papers halshs-00599074, HAL.
- Natali Hritonenko & Yuri Yatsenko, 2008.
"From Linear to Nonlinear Utility in Vintage Capital Models,"
Mathematical Population Studies, Taylor & Francis Journals, vol. 15(4), pages 230-248.
- HRITONENKO, Natali & YATSENKO, Yuri, 2009. "From linear to nonlinear utility in vintage capital models," LIDAM Reprints CORE 2148, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006.
"Anticipation effects of technological progress on capital accumulation: a vintage capital approach,"
Journal of Economic Theory, Elsevier, vol. 126(1), pages 143-164, January.
- Feichtinger, G. & Hartl, R.F. & Kort, P.M. & Veliov, V.M., 2006. "Anticipation effects of technological progress on capital accumulation : A vintage capital approach," Other publications TiSEM 9a8debb0-5030-46fa-b89e-b, Tilburg University, School of Economics and Management.
- Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2015.
"On the Mitra–Wan forest management problem in continuous time,"
Journal of Economic Theory, Elsevier, vol. 157(C), pages 1001-1040.
- Silvia Faggian & Giorgio Fabbri & Giuseppe Freni, 2013. "On the Mitra--Wan Forest Management Problem in Continuous Time," Working Papers 2013:28, Department of Economics, University of Venice "Ca' Foscari".
- Giorgio Fabbri & Silvia Faggian & Giuseppe Freni, 2015. "On the Mitra–Wan forest management problem in continuous time," Post-Print hal-01615431, HAL.
- Giorgio FABBRI & Silvia FAGGIAN & Giuseppe FRENI, 2014. "On the Mitra-Wan Forest Management Problem in Continuous Time," LIDAM Discussion Papers IRES 2014011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Giorgio Fabbri & Silvia Faggian & Giuseppe Freni, 2014. "On The Mitra-Wan Forest Management Problem in Continuous Time," Documents de recherche 14-04, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
- Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2008. "Financially constrained capital investments: The effects of disembodied and embodied technological progress," Journal of Mathematical Economics, Elsevier, vol. 44(5-6), pages 459-483, April.
- Faggian, Silvia & Gozzi, Fausto & Kort, Peter M., 2021.
"Optimal investment with vintage capital: Equilibrium distributions,"
Journal of Mathematical Economics, Elsevier, vol. 96(C).
- Silvia Faggian & Fausto Gozzo & Peter M. Kort, 2019. "Optimal investment with vintage capital: equilibrium distributions," Working Papers 2019: 12, Department of Economics, University of Venice "Ca' Foscari".
- Steinbuks, Jevgenijs & Neuhoff, Karsten, 2014.
"Assessing energy price induced improvements in efficiency of capital in OECD manufacturing industries,"
Journal of Environmental Economics and Management, Elsevier, vol. 68(2), pages 340-356.
- Steinbuks, Jevgenijs & Neuhoff, Karsten, 2014. "Assessing energy price induced improvements in efficiency of capital in OECD manufacturing industries," Policy Research Working Paper Series 6929, The World Bank.
- Fabbri, Giorgio & Gozzi, Fausto, 2008.
"Solving optimal growth models with vintage capital: The dynamic programming approach,"
Journal of Economic Theory, Elsevier, vol. 143(1), pages 331-373, November.
- Giorgio Fabbri & Fausto Gozzi, 2008. "Solving optimal growth models with vintage capital: The dynamic programming approach," Post-Print hal-01615446, HAL.
- Yu. Yatsenko & N. Hritonenko, 2007. "Network economics and optimal replacement of age-structured IT capital," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 65(3), pages 483-497, June.
- Raouf Boucekkine & Fernando del Río & Omar Licandro, "undated".
"The importance of the embodied question revisited,"
Working Papers
99-13, FEDEA.
- Boucekkine, Raouf & Del Rio, Fernando & Licandro, Omar, 2000. "The importance of the embodied question revisited," CEPREMAP Working Papers (Couverture Orange) 0001, CEPREMAP.
- Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "The Importance of the Embodied Question Revisited," LIDAM Discussion Papers IRES 1999026, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, 2006.
"Vintage capital,"
LIDAM Discussion Papers CORE
2006024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Raouf Boucekkine & David de la Croix & Omar Licandro, 2006. "Vintage Capital," Economics Working Papers ECO2006/8, European University Institute.
- Raouf, BOUCEKKINE & David, DE LA CROIX & Omar, LICANDRO, 2006. "Vintage Capital," Discussion Papers (ECON - Département des Sciences Economiques) 2006014, Université catholique de Louvain, Département des Sciences Economiques.
- Zou, Benteng, 2006. "Vintage technology, optimal investment and technology adoption," Economic Modelling, Elsevier, vol. 23(3), pages 515-533, May.
- Hippolyte d'Albis & Jean-Pierre Drugeon, 2020.
"On Investment and Cycles in Explicitely Solved Vintage Capital Models,"
PSE Working Papers
halshs-02570648, HAL.
- Hippolyte d'Albis & Jean-Pierre Drugeon, 2020. "On Investment and Cycles in Explicitely Solved Vintage Capital Models," Working Papers halshs-02570648, HAL.
- Perez-Barahona, Agustin & Zou, Benteng, 2006.
"A comparative study of energy saving technical progress in a vintage capital model,"
Resource and Energy Economics, Elsevier, vol. 28(2), pages 181-191, May.
- Agustin, PEREZ-BARAHONA & Benteng, ZOU, 2004. "A comparative study of Energy Saving Technical Progress in a Vintage Capital Model," LIDAM Discussion Papers IRES 2004002, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- PEREZ-BARAHONA, Agustin & ZOU, Benteng, 2006. "A comparative study of energy saving technical progress in a vintage capital model," LIDAM Reprints CORE 1841, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Faggian, Silvia & Gozzi, Fausto, 2010.
"Optimal investment models with vintage capital: Dynamic programming approach,"
Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 416-437, July.
- Silvia Faggian & Fausto Gozzi, 2008. "Optimal investment models with vintage capital: Dynamic Programming approach," Working Papers 174, Department of Applied Mathematics, Università Ca' Foscari Venezia.
- Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Capital accumulation under technological progress and learning: A vintage capital approach," European Journal of Operational Research, Elsevier, vol. 172(1), pages 293-310, July.
- Hritonenko, Natali & Yatsenko, Yuri, 2012. "Energy substitutability and modernization of energy-consuming technologies," Energy Economics, Elsevier, vol. 34(5), pages 1548-1556.
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:dyncon:v:32:y:2008:i:9:p:3032-3053. 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/jedc .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.