We study the Markov equilibria of a model of free riding in which n infinitely lived agents choose between private consumption and irreversible contributions to a durable public good. We show that the set of equilibrium steady states converges to a unique point as depreciation converges to zero. For any level of depreciation, moreover, the highest steady state converges to the efficient level a...

Although the benefits of distributed cogeneration are widely cited, adoption has been slow in the United States. Adoption could be encouraged by making cogeneration more economically attractive, either by increasing the expected returns or decreasing the risks of such investments. We evaluate the expected returns from demand response, capacity markets, regulation markets, accelerated depreciati...

Considering the high consumption of the air compressors, a control system of screw compressor is designed and implemented to deal with energy saving and localization of mentioned compressor. In this paper the variable speed drive (VSD) control algorithm based on proportional-integral-derivative (PID) controller is optimized to decrease power consumption and more stable motor speed and outlet pr...

This paper models a machine replacement and capacity expansion problem as an infinite-horizon linear program. We establish a strong duality result and show that stationary dual prices are optimal, regardless of initial conditions. These prices measure the economic value of owning vintage machinery and thus define depreciation schedules. We present necessary and sufficient conditions for straigh...

This paper uses a multicountry econometric model to examine Asia-type crises. Experiments are run for Thailand, Malaysia, the Philippines, and Korea, each corresponding to a depreciation of the country’s currency. The results suggest that both the expansionary and inflationary effects of a depreciation are in general fairly large.

Research and development (R&D) depreciation rates are critical to calculating the rates of return to R&D investments and capital service costs, both of which are important for capitalizing R&D investments in the national income and product accounts. Although important, measuring R&D depreciation rates is extremely difficult because both the price and output of R&D capital are generally unobserv...

Measuring the private returns to R&D requires knowledge of its private depreciation or obsolescence rate, which is inherently variable and responds to competitive pressure. Nevertheless, most of the previous literature has used a constant depreciation rate to construct R&D capital stocks and measure the returns to R&D, a rate usually equal to 15 per cent. In this paper I review the implications...