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Market Conditions and Retirement of Physical Capital: Evidence fron Oil Tankers / Iain Cockburn, Murray Frank.
- Format:
- Book
- Author/Creator:
- Cockburn, Iain.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4194.
- NBER working paper series no. w4194
- Language:
- English
- Subjects (All):
- Depreciation.
- Fuel--Prices--Econometric models.
- Fuel.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Market Conditions and Retirement of Physical Capital
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1992.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1992.
- Summary:
- The endogeneity of capital retirements is studied for the particular case of oil tankers from 1979--1989. A model is estimated to examine the effect of changes in market conditions on the price and scrappage of tankers. Energy price rises had a major impact on the value of ships and on which ships were scrapped. A simple model is able to account for many features of the market. We use the information implicit in second-hand prices to ease the computational burden for the model that is estimated.
- Notes:
- Print version record
- October 1992.
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