The optimal economic lifetime of vintage capital in the presence of operating costs, technological progress, and learning
The optimal economic lifetime of vintage capital in the presence of operating costs, technological progress, and learning
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DOI：
10.1016/j.jedc.2007.12.003
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发表时间：
2008-09-01
影响因子：
1.9
通讯作者：
Yatsenko, Yuri
中科院分区：
文献类型：
--
作者：
Goetz, Renan-Ulrich;Hritonenko, Natali;Yatsenko, Yuri
本文研究了企业的最优投资与撤资决策问题。该决定被制定为一个分布式的最优控制问题的状态变量的约束。经济模型考虑到维护和运营成本、技术进步和学习。它允许公司不仅购买最新的技术，还可以购买前一年的葡萄酒，并完全放弃对旧机器的投资。它并不像其他类似的模型那样假设这些公司拥有所有年份的机器。推导了最优资本经济寿命的解析表达式，并分析了最优投资和撤资规则的定性动力学。(C)2008 Elsevier B.V.保留所有权利。
This paper studies the optimal vintage specific investment and disinvestment decision of a firm. The decision is formulated as a distributed optimal control problem with a constraint on the state variable. The economic model takes into accounts maintenance and operating costs, technological progress and learning. It allows firms to purchase not only the latest technology but also previous year vintages and completely disinvest old machines. It does not assume that the firms keep machines of all vintages as other similar models do. An analytical expression for the optimal economic lifetime of capital is derived and the qualitative dynamics of the optimal investment and disinvestment rules is analyzed. (C) 2008 Elsevier B.V. All rights reserved.