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Product Rotations and the Economics of an Adaption-Flexible Manufacturing System

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  • Harry R. Clarke

    (Department of Economics, La Trobe University.)

Abstract

A conceptual model for choosing between flexible and conventional production systems on the basis of their “adaption-flexibility†properties is presented. Even though it is economic to “retool†more frequently with this type of flexibility, aggregate discounted retooling costs are shown to fall when flexible technologies replace conventional technologies. Thus, the major factor mitigating against the newer technologies is their higher set-up costs.

Suggested Citation

  • Harry R. Clarke, 1988. "Product Rotations and the Economics of an Adaption-Flexible Manufacturing System," Australian Journal of Management, Australian School of Business, vol. 13(2), pages 319-331, December.
    • Handle: RePEc:sae:ausman:v:13:y:1988:i:2:p:319-331
    DOI: 10.1177/031289628801300212
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    References listed on IDEAS

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    1. Fine, Charles H. & Freund, Robert Michael., 1986. "Economic analysis of product-flexible manufacturing system investment decisions," Working papers 1757-86., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Clarke, Harry R. & Shrestha, Ram M., 1986. "Long run equilibrium properties of renewable resource management models," Resources and Energy, Elsevier, vol. 8(3), pages 279-308, September.
    3. J. A. Buzacott & David D. Yao, 1986. "Flexible Manufacturing Systems: A Review of Analytical Models," Management Science, INFORMS, vol. 32(7), pages 890-905, July.
    4. Samuelson, Paul A, 1976. "Economics of Forestry in an Evolving Society," Economic Inquiry, Western Economic Association International, vol. 14(4), pages 466-492, December.
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