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The Replacement Problem

Thomas Cooley (), Jeremy Greenwood and Mehmet 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)
Pages: 39 pages
Date: 1997
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Related works:
Journal Article: The replacement problem (1997) Downloads
Working Paper: The Replacement Problem (1995) Downloads
Working Paper: The Replacement Problem (1994)
Working Paper: The replacement problem (1994) Downloads
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