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| Author: | Fraser, J. M. Posey, J. W. |
| Title: | A framework for replacement analysis. |
| Journal: | European Journal of Operational Research
1989 : MAY 5, VOL. 40:1, p. 43-57 |
| Index terms: | ENGINEERING INDUSTRY EQUIPMENT INVESTMENTS |
| Language: | eng |
| Abstract: | Replacement analysis involves an area of engineering economics with many special models and rules. A unified framework consisting of a four-step method appropriate for engineering economics decisions and a classification of some traditional and current replacement models and analysis techniques is presented. Methods are derived for analyzing finite-horizon models and infinite-horizon models with and without technological change. These models and analysis are compared with those of Terborgh and Oakford. Using preference equivalence it is shown that the traditional replacement methods in some cases provide an optimal replacement decision for an infinite horizon with technological change but in some cases do not. |
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