Unanticipated Shocks and the Maintenance And Replacement of Durable Goods
We investigate how owners of durable goods respond to a once-for-all unanticipated shock in a housing market that was in a stationary state prior to, and after the shock. We determine the circumstances under which the landlord will: 1) abandon his building immediately; 2) run down his building optimally the abandon; 3) operate his building forever; 4) demolish immediately and reconstruct; 5) run down his building, demolish, and reconstruct.
Year of publication: |
1982
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Authors: | Arnott, Richard ; Davidson, Russell ; Pines, David |
Institutions: | Economics Department, Queen's University |
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