期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2009
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：A benchmark AK optimal growth model with maintenance expenditures
and endogenous utilization of capital is considered within an explicit vin-
tage capital framework. Scrapping is endogenous, and the model allows
for a clean distinction between age and usage dependent capital deprecia-
tion and obsolescence. It is also shown that in this set-up past investment
pro¡¥le completely determines the size of current maintenance expendi-
tures. Among other ¡¥ndings, a closed-form solution to optimal dynam-
ics is provided taking advantage of very recent development in optimal
control of in¡¥nite dimensional systems. More importantly, and in con-
trast to the pre-existing literature, we study investment and maintenance
co-movements without any postulated ad-hoc depreciation function. In
particular, we ¡¥nd that optimal investment and maintenance do move to-
gether in the short-run in response to neutral technological shocks, which
seems to be more consistent with the data.
关键词：Maintenance, investment, optimal control, dynamic program-
ming, in¡¥nite dimensional problem
