期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2008
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：In Operations Research, the equipment replacement process is usually modeled in discrete
time. The optimal replacement strategies are found from discrete (or integer) programming
problems, well known for their analytic and computational complexity. An alternative
approach is represented by continuous-time vintage capital models that explicitly involve
the equipment lifetime and are described by nonlinear integral equations. Then the optimal
replacement is determined via the optimal control of such equations. These two alternative
techniques describe essentially the same controlled dynamic process. We introduce and
analyze a model that unites both approaches. The obtained results allow us to explore such
important effects in optimal asset replacement as the transition and long-term dynamics,
clustering and splitting of replaced assets, and the impact of improving technology and
discounting. In particular, we demonstrate that the cluster splitting is possible in our
replacement model with given demand in the case of an increasing asset lifetime.
Theoretical findings are illustrated with numeric examples.
关键词：vintage capital models, optimization, equipment lifetime, discrete-continuous
models
