The Replacement Problem

Thomas Cooley (), Jeremy Greenwood () and M. Yorukoglu

RCER Working Papers from University of Rochester - Center for Economic Research (RCER)

Abstract: A prototypical vintage capital model of economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an economic , not a physical concept.

Keywords: INVESTMENTS; TECHNOLOGICAL CHANGE; ECONOMIC GROWTH (search for similar items in EconPapers)
JEL-codes: E13 E22 O41 (search for similar items in EconPapers)
Date: 1997
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Related works:
Working Paper: The Replacement Problem (1994)
Working Paper: The replacement problem (1994)
Working Paper: The Replacement Problem (1995)
Journal Article: The replacement problem (1997)
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