Investment in vintage capital

• 成果类型: Article
• 署名作者: Jovanovic, Boyan; Yatsenko, Yuri
• 署名单位: New York University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.10.017
• 发表日期: 2012
• 页码: 551-569
• 关键词: Vintage capital models; CES function; general equilibrium; technological change; Intra-firm adoption lags; optimal control

摘要

We study an economy in which firms use labor and various vintages of capital in a CES production function for the final good. We explicitly solve for the investment in capital of a given vintage as a function of its age, and for the resulting stocks of capital. We show that for reasonable parameter values, inverted-U-shaped dynamics of investment and S-shaped dynamics for capital arise in equilibrium. We view the model as an explanation of intra-firm adoption lags, i.e., the observation that firms adopt innovations over time and not instantaneously. (C) 2010 Elsevier Inc. All rights reserved.