| Home > American Agricultural Economics Association (AAEA) > 1981 Annual Meeting, July 26-29, Clemson, South Carolina > Modeling Optimal Replacement Decisions for Farm Machinery: Some Theoretical and Empirical Problems |
Machine replacement research has concentrated on delineating and comparing present value (PV) and derived marginal analysis models. With such, one encounters problems in generating reliable estimates of new and used machine prices, repairs and opportunity costs. Some empirical problems may be surmounted by altering the traditional PV framework, but theoretical considerations require more comprehensive models.
