Optimal equipment replacement without paradoxes: A continuous analysis
Combining known continuous- and discrete-time models of equipment replacement, we show that the optimal equipment lifetime is shorter when the embodied technological change is more intense. The paper has been inspired by a paradox in the equipment replacement raised by Cheevaprawatdomrong and Smith in Oper. Res. Lett. 31 (2003). © 2007 Elsevier B.V. All rights reserved.
Hritonenko, N., & Yatsenko, Y. (2007). Optimal equipment replacement without paradoxes: A continuous analysis. Retrieved from https://digitalcommons.pvamu.edu/mathematics-facpubs/76