The Asset Replacement Problem: State of the Art
In this book chapter we summarize how the asset replacement problem has evolved over time. We provide a broad view of different modeling approaches, including the economic life, the repair cost limit, comprehensive cost minimization models, and we analyze in detail the parallel replacement models. W...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Book Chapter |
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Springer Heidelberg New York Dordrecht London
2013
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| Online Access: | http://hdl.handle.net/20.500.11937/40999 |
| Summary: | In this book chapter we summarize how the asset replacement problem has evolved over time. We provide a broad view of different modeling approaches, including the economic life, the repair cost limit, comprehensive cost minimization models, and we analyze in detail the parallel replacement models. We suggest a new model for parallel replacement that addresses some of the issues not yet solved in this area. Finally, we discuss the limitations of the current models from a theoretical and applied perspective and identify some of the challenges still faced by academics and practitioners working on this topic |
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