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A Micro-Econometric Model of Capital Utilization and Retirement: The Case of the U.S. Cement Industry

A Micro-Econometric Model of Capital Utilization and Retirement: The Case of the U.S. Cement... Abstract The paper presents a micro-econometric model of capital utilization and retirement. Estimates of a firm's discrete decision problem with regard to an existing piece of capital—whether to operate, hold idle or retire it—are obtained, in the context of the U.S. cement industry, by solving a discrete-choice stochastic dynamic programming model. The estimates are then used to simulate the effects of product and input price changes, and changes in the size and age of a cement kiln on a firm's propensity to operate, hold idle and retire a kiln. This content is only available as a PDF. © 1992 The Review of Economic Studies Limited http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Economic Studies Oxford University Press

A Micro-Econometric Model of Capital Utilization and Retirement: The Case of the U.S. Cement Industry

The Review of Economic Studies , Volume 59 (2) – Feb 1, 1992

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Publisher
Oxford University Press
Copyright
© 1992 The Review of Economic Studies Limited
ISSN
0034-6527
eISSN
1467-937X
DOI
10.2307/2297955
Publisher site
See Article on Publisher Site

Abstract

Abstract The paper presents a micro-econometric model of capital utilization and retirement. Estimates of a firm's discrete decision problem with regard to an existing piece of capital—whether to operate, hold idle or retire it—are obtained, in the context of the U.S. cement industry, by solving a discrete-choice stochastic dynamic programming model. The estimates are then used to simulate the effects of product and input price changes, and changes in the size and age of a cement kiln on a firm's propensity to operate, hold idle and retire a kiln. This content is only available as a PDF. © 1992 The Review of Economic Studies Limited

Journal

The Review of Economic StudiesOxford University Press

Published: Feb 1, 1992

There are no references for this article.