Optimal replacement
an extension to consumer durables
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Author
Contributions
- Whipple, David Richard, 1942- - Contributor
- Naval Postgraduate School (U.S.) - Contributor
Publication
1974 - Naval Postgraduate School, Monterey, Calif, California
Language
English
Word Count
7,750 words, Guess
Page Count
31 pages
Identifiers
- Internet Archiveoptimalreplaceme00tera
- OCLC Control Number428095000
- Open LibraryOL25481296M
Description
The problem of determining the optimal procedure for the replacement of capital or military equipment has been the subject of numerous studies. However, having been conceived and developed in conjunction with investment and inventory, the study of optimal replacement has never been effectively extended to the area of consumer durable goods. The primary objective of this paper is to study such a problem within the inter-temporal utility maximization framework in which a consumer has a finite, fixed time horizon and derives satisfaction from the consumption of both durable and non-durable goods. In particular, family housing is used to illustrate the choice process.
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