The Replacement Problem
构建了一个典型的年份资本增长模型，明确模拟了用新技术替换旧技术的决策，分析了平衡增长路径和过渡动态，发现过渡动态与标准新古典增长模型显著不同。
A prototypical vintage capital model of economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an economic, not a physical, concept. The vintage capital economy's balanced-growth paths and transitional dynamics are analyzed. The transitional dynamics are markedly different from the standard neoclassical growth model.