This paper models a machine replacement and capacity expansion problem as an infinite-horizon linear program. We establish a strong duality result and show that stationary dual prices are optimal, regardless of initial conditions. These prices measure the economic value of owning vintage machinery and thus define depreciation schedules. We present necessary and sufficient conditions for straigh...

This thesis consists of three essays that examine the impact of tax policy on firms’ decisions to invest in productive capital. The first chapter uses newly-collected data on transaction prices of used construction machinery to examine the impact and incidence of recent tax incentives for investment. Theory predicts that incentives applying only to new investment should drive a wedge equal to t...

This article studies how voting for Brexit affected living standards in the United Kingdom. Using heterogeneity exposure to import costs across product groups, we analyze depreciation of sterling caused by referendum consumer prices. We find that led higher inflation groups with greater shares expenditure. Our results are consistent complete pass-through prices and imply aggregate exchange rate...

This paper uses a multicountry econometric model to examine Asia-type crises. Experiments are run for Thailand, Malaysia, the Philippines, and Korea, each corresponding to a depreciation of the country’s currency. The results suggest that both the expansionary and inflationary effects of a depreciation are in general fairly large.

Multi-echelon distribution systems are quite common in supply-chain and logistic systems. They are used by public administrations in their transportation and traffic planning strategies as well as by companies to model their distribution systems. In the literature, most of the studies address issues related to the movement of flows throughout the system from their origins to their final destina...

A modern distribution network design model needs to deal with the trade-offs between a variety of factors, including 1) location and associated (fixed) operating cost of Distribution Centers (DCs) as well as their contribution to total transportation cost; and 2) holding and fixed ordering costs at DCs and retail outlets, in order to minimize the costs of managing the cycle stocks. In addition,...

Measuring the private returns to R&D requires knowledge of its private depreciation or obsolescence rate, which is inherently variable and responds to competitive pressure. Nevertheless, most of the previous literature has used a constant depreciation rate to construct R&D capital stocks and measure the returns to R&D, a rate usually equal to 15 per cent. In this paper I review the implications...

BACKGROUND Depression in Taiwanese university students is a significant problem in terms of life and financial costs. The purpose of this study was to examine the impact of four selected personality traits, namely interpersonal problems, ideas of being persecuted, social students in introversion, and self depreciation, on the inclination to be depressed among students in Taiwanese university. ...