Market Conditions and Retirement of Physical Capital: Evidence fron Oil Tankers
Iain Cockburn () and
Murray Frank ()
No 4194, NBER Working Papers from National Bureau of Economic Research, Inc
The endogeneity of capital retirements is studied for the particular case of oil tankers from 1979--1989. A model is estimated to examine the effect of changes in market conditions on the price and scrappage of tankers. Energy price rises had a major impact on the value of ships and on which ships were scrapped. A simple model is able to account for many features of the market. We use the information implicit in second-hand prices to ease the computational burden for the model that is estimated.
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