Equipment replacement under technological change

James C. Bean, Jack R. Lohmann and Robert L. Smith

Naval Research Logistics (NRL), 1994, vol. 41, issue 1, 117-128

Abstract: For infinite‐horizon replacement economy problems it is common practice to truncate the problem at some finite horizon. We develop bounds on the error due to such a truncation. These bounds differ from previous results in that they include both revenues and costs. Bounds are illustrated through a numerical example from a real case in vehicle replacement. © 1994 John Wiley & Sons, Inc.

Date: 1994
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Citations: View citations in EconPapers (9)

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https://doi.org/10.1002/1520-6750(199402)41:13.0.CO;2-U

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navres:v:41:y:1994:i:1:p:117-128

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