کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099217 | 1376993 | 2010 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Maintenance and investment: Complements or substitutes? A reappraisal
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Maintenance and investment: Complements or substitutes? A reappraisal Maintenance and investment: Complements or substitutes? A reappraisal](/preview/png/5099217.png)
چکیده انگلیسی
A benchmark AK optimal growth model with maintenance expenditures and endogenous utilization of capital is considered within an explicit vintage capital framework. Scrapping is endogenous, and the model allows for a clean distinction between age and usage dependent capital depreciation and obsolescence. It is also shown that in this set-up past investment profile completely determines the size of current maintenance expenditures. Among other findings, a closed-form solution to optimal dynamics is provided taking advantage of very recent development in optimal control of infinite dimensional systems. More importantly, and in contrast to the pre-existing literature, we study investment and maintenance co-movements without any postulated ad hoc depreciation function. In particular using impulse response experiments, we find that optimal investment and maintenance do move together in the short-run in response to neutral technological shocks, which seems to be more consistent with the data.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 12, December 2010, Pages 2420-2439
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 12, December 2010, Pages 2420-2439
نویسندگان
R. Boucekkine, G. Fabbri, F. Gozzi,