Optimal replacement of a firm\u27s capital is described in the framework of Solow-type vintage capital models. The firm controls the investment into new capital and scrapping of obsolete capital. The embodied technological change involves a continuous component and technological innovations (breakthroughs, technology shocks). The provided analytic and numeric investigation reveals the qualitative structure of optimal regimes. It demonstrates that the optimal investment is zero immediately before and after a technological breakthrough (direct anticipation effect) and contains a set of zero-investment boundary intervals (anticipation echoes) before the breakthrough time. The optimal capital lifetime oscillates around an interior balanced grow...
In this paper, we build up a general equilibrium model explicitly incorporating Schumpeterian growth...
This paper focuses on the impact of technical progress on growth in the framework of a vintage capit...
A benchmark AK optimal growth model with maintenance expenditures and endogenous utilization of capi...
The paper analyzes the structure of optimal trajectories in the one-sector vintage capital model tha...
The authors analyze the optimal replacement of a single asset under continuous and discontinuous tec...
Empirical studies stress the significance of financing constraints in business investment. Especiall...
This paper derives the optimal pace of capital accumulation at the firm level and the corresponding ...
We study an optimal growth model with one-hoss-shay vintage capital, where labor resources can be al...
This paper combines technology adoption with capital accumulation taking into account technological ...
We study the optimal investment policy of a firm facing both technological and cash-flow uncertainty...
A benchmark AK optimal growth model with maintenance expenditures and endogenous utilization of capi...
This paper demonstrates that increased optimism about future productivity can gen-erate an immediate...
The paper studies the firms’ optimal investment behavior in a dynamic duopoly framework. Embodied te...
International audienceA benchmark AK optimal growth model with maintenance expenditures and endogeno...
A nonlinear optimal control problem describes the capital modernization strategy of a firm under imp...
In this paper, we build up a general equilibrium model explicitly incorporating Schumpeterian growth...
This paper focuses on the impact of technical progress on growth in the framework of a vintage capit...
A benchmark AK optimal growth model with maintenance expenditures and endogenous utilization of capi...
The paper analyzes the structure of optimal trajectories in the one-sector vintage capital model tha...
The authors analyze the optimal replacement of a single asset under continuous and discontinuous tec...
Empirical studies stress the significance of financing constraints in business investment. Especiall...
This paper derives the optimal pace of capital accumulation at the firm level and the corresponding ...
We study an optimal growth model with one-hoss-shay vintage capital, where labor resources can be al...
This paper combines technology adoption with capital accumulation taking into account technological ...
We study the optimal investment policy of a firm facing both technological and cash-flow uncertainty...
A benchmark AK optimal growth model with maintenance expenditures and endogenous utilization of capi...
This paper demonstrates that increased optimism about future productivity can gen-erate an immediate...
The paper studies the firms’ optimal investment behavior in a dynamic duopoly framework. Embodied te...
International audienceA benchmark AK optimal growth model with maintenance expenditures and endogeno...
A nonlinear optimal control problem describes the capital modernization strategy of a firm under imp...
In this paper, we build up a general equilibrium model explicitly incorporating Schumpeterian growth...
This paper focuses on the impact of technical progress on growth in the framework of a vintage capit...
A benchmark AK optimal growth model with maintenance expenditures and endogenous utilization of capi...