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The dynamics of asset lifetime under technological change |
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| Authors: | Natali Hritonenko Yuri Yatsenko |
| Institution: | aDepartment of Mathematics, Prairie View A&M University, Prairie View, TX 77446, USA;bCollege of Business and Economics, Houston Baptist University, 7502 Fondren Road, Houston TX 77074, USA |
| Abstract: | The variable lifetime of assets is analyzed in a serial replacement problem. Technological change impacts the maintenance cost and new asset cost. The optimal asset lifetime appears to be constant only when both costs decrease with the same rate. We identify cases when the technological change decreases or increases the optimal lifetime. |
| Keywords: | Machine replacement models Technological change Equipment lifetime Vintage capital models Infinite horizon optimization |
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