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The replacement problem
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DOI：10.1016/S0304-3932(97)00055-X.png)
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Abstract
En 中文
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. The vintage capital economy's balanced-growth paths and transitional dynamics are analyzed, The transitional dynamics are markedly different from the standard neoclassical growth model. (C) 1997 Elsevier Science B.V. All rights reserved.
Keywords:
investment-specific technological change
vintage capital
economic growth
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