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Capital Replacement Under Variable Discounting |
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| Authors: | C. A. Hawkins R. L. Nasoni |
| Affiliation: | 1.University of Arizona, |
| Abstract: | This paper presents a theoretical model for dealing with uncertainity in capital investment. Utilizing the problem of recurring capital replacement, an optimum strategy is derived under variable discounting. A linear approximation to the variable discount function is given as an illustration. |
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