Inflation and Asset Life: The Darby versus the Fisher Effect
分析达比和费雪两种利率假说下通货膨胀对资产经济寿命的影响，发现费雪假说下通胀更可能延长资产寿命（放弃问题）或缩短持有期（替换问题）。
Our paper extends prior work on abandonment and replacement policies by analyzing the effects of both the Darby and the Fisher interest rate hypotheses. In most of the new cases developed, the effect of increased inflation on economic life is ambiguous. In the abandonment problem, we find a greater tendency under the Fisher hypothesis than under the Darby hypothesis for increased inflation to result in an extension of economic life. In contrast, for the replacement problem, there is a greater tendency under the Fisher hypothesis (than under Darby) for inflation to shorten the asset holding period.