Technology progress and fierce competitiveness between manufacturers creates intense
pressues to innovatively develop and sell new products. These products could be …

It is well known that stability is one of most important topics in economy and control. In this
paper, we focus on the practical stability problem for a class of stochastic age-dependent …

Concerns about CO2 emissions create incentives for the development and deployment of
energy technologies that do not use fossil fuels. Indeed, such technologies would provide …

Recently, numerical solutions of stochastic differential equations have received a great deal
of attention. Numerical approximation schemes are invaluable tools for exploring their …

We study an economy in which firms use labor and various vintages of capital in a CES
production function for the final good. We explicitly solve for the investment in capital of a …

The infinite-horizon cost minimization and the real-option stopping problem are used to
analyze serial replacement of a single asset under improving technology. It is shown that …

A nonlinear optimal control problem in the Lotka–McKendrick population model is studied. It
describes rational management of age-structured farmed populations in aquaculture and …

The economic life (EL) method of asset replacement is analyzed under improving
technology that impacts the maintenance cost, new asset cost, and salvage value. In …

This paper studies the cost-minimizing serial asset replacement problem under changing
operating and replacement costs. Technological improvements affect these costs in different …

A benchmark AK optimal growth model with maintenance expenditures and endogenous
utilization of capital is considered within an explicit vintage capital framework. Scrapping is …