Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher
构建了一个简单的公交车发动机更换最优停止模型，用于描述维修主管哈罗德·祖彻的决策行为，并展示了建模替换投资的自下而上方法和估计离散选择动态规划模型的嵌套不动点算法。
This paper formulates a simple, regenerative, optimal-stopping model of bus-engine replacement to describe the behavior of Harold Zurcher, superintendent of maintenance at the Madison (Wisconsin) Metropolitan Bus Company. Admittedly, few people are likely to take particular interest in Harold Zurcher and bus engine replacement per se. The author focuses on a specific individual and capital good because it provides a simple, concrete framework to illustrate two ideas: (1) a bottom-up approach for modeling replacement investment and (2) a nested fixed point algorithm for estimating dynamic programming models of discrete choice.