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Unanticipated Shocks and the Maintenance And Replacement of Durable Goods

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  • Richard Arnott
  • Russell Davidson
  • David Pines

Abstract

We investigate how owners of durable goods respond to a once-for-all unanticipated shock in a housing market that was in a stationary state prior to, and after the shock. We determine the circumstances under which the landlord will: 1) abandon his building immediately; 2) run down his building optimally the abandon; 3) operate his building forever; 4) demolish immediately and reconstruct; 5) run down his building, demolish, and reconstruct.

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  • Richard Arnott & Russell Davidson & David Pines, 1982. "Unanticipated Shocks and the Maintenance And Replacement of Durable Goods," Working Paper 498, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:498
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    Cited by:

    1. Prince, Jeffrey T., 2009. "How do households choose quality and time to replacement for a rapidly improving durable good?," International Journal of Industrial Organization, Elsevier, vol. 27(2), pages 302-311, March.

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