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Hybrid approach to the rational management of machine replacement |
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| Authors: | Yuri Yatsenko |
| Institution: | aCollege of Business and Economics, Houston Baptist University, 7502 Fondren Road, Houston TX 77074, USA |
| Abstract: | The paper analyzes a nonlinear integer-valued optimization problem that describes the optimal machine replacement under improving technology. The problem is extended into the classes of real-valued discrete-time optimization problems and continuous-time optimal control. The results include some qualitative properties of optimal management policies and the construction of an efficient numeric algorithm. |
| Keywords: | Machine replacement models Technological change Equipment lifetime Vintage capital models Optimization |
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