Unanticipated Shocks and the Maintenance And Replacement of Durable Goods

Richard Arnott, Russell Davidson and David Pines

Working Paper from Economics Department, Queen's University

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.

Pages: 26
Date: 1982
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Journal Article: Unanticipated shocks and the maintenance and replacement of durable goods (1984)
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:498

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