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Equipment Replacement Analysis: A Literature Review and Directions for Future Research

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  • Joseph C. Hartman
  • Chin Hon Tan

Abstract

Replacing equipment is an important decision that nearly all entities must face, generally motivated by rising operating and maintenance costs of current assets or the technological advances of available assets in the market. The problem has been studied for nearly a century. In this article, we survey single and multiple asset solution approaches under a variety of settings, including technological change, variable utilization, tax, and various uncertainties. Furthermore, we illustrate a number of open problems that are worthy of future study.

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  • Joseph C. Hartman & Chin Hon Tan, 2014. "Equipment Replacement Analysis: A Literature Review and Directions for Future Research," The Engineering Economist, Taylor & Francis Journals, vol. 59(2), pages 136-153, April.
    • Handle: RePEc:taf:uteexx:v:59:y:2014:i:2:p:136-153
    DOI: 10.1080/0013791X.2013.862891
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    Cited by:

    1. Zhang, Le & Gu, Weihua & Fu, Liangliang & Mei, Yu & Hu, Yaohua, 2021. "A two-stage heuristic approach for fleet management optimization under time-varying demand," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 147(C).
    2. Zhou, Yu & Ong, Ghim Ping & Meng, Qiang, 2023. "The road to electrification: Bus fleet replacement strategies," Applied Energy, Elsevier, vol. 337(C).
    3. Petchrompo, Sanyapong & Parlikad, Ajith Kumar, 2019. "A review of asset management literature on multi-asset systems," Reliability Engineering and System Safety, Elsevier, vol. 181(C), pages 181-201.
    4. Yatsenko, Yuri & Hritonenko, Natali, 2020. "Optimal asset replacement: Profit maximization under varying technology," International Journal of Production Economics, Elsevier, vol. 228(C).
    5. Jennergren, L. Peter, 2018. "A note on the linear and annuity class of depreciation methods," International Journal of Production Economics, Elsevier, vol. 204(C), pages 123-134.
    6. 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.
    7. Adkins, Roger & Paxson, Dean, 2017. "Replacement decisions with multiple stochastic values and depreciation," European Journal of Operational Research, Elsevier, vol. 257(1), pages 174-184.
    8. Alp, Osman & Tan, Tarkan & Udenio, Maximiliano, 2022. "Transitioning to sustainable freight transportation by integrating fleet replacement and charging infrastructure decisions," Omega, Elsevier, vol. 109(C).
    9. Shields, Brett A. & Seif, Javad & Yu, Andrew Junfang, 2019. "Parallel machine replacement with shipping decisions," International Journal of Production Economics, Elsevier, vol. 218(C), pages 62-71.
    10. 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.
    11. Yuri Yatsenko & Natali Hritonenko, 2016. "Asset replacement under improving operating and capital costs: a practical approach," International Journal of Production Research, Taylor & Francis Journals, vol. 54(10), pages 2922-2933, May.

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