A Stochastic Asset Replacement Model for Rejuvenated Assets
研究生产性资产在可修复更新条件下的最优替换时机，发现风险规避型生产者应减少修复更新并缩短修复生产周期，且替换决策应推迟至年内产量高峰与高价期重合时。
Abstract Stochastic returns generated by a productive asset are investigated for the replacement problem with rejuvenation. Optimal replacement and rejuvenation conditions, given collinearities among multiple outputs, are considered for alternative levels of producer risk preference. This methodology is applied to a laying hen replacement problem. Results indicate that risk‐averse producers should consider less rejuvenation and shorter rejuvenation production periods. Also, replacement decisions should occur later in the year for peak production to coincide with high output prices.