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Market Conditions and Retirement of Physical Capital : Evidence fron Oil Tankers

Author: Murray Frank; Iain Cockburn; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1992.
Series: Working paper series (National Bureau of Economic Research), no. w4194.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
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  Read more...
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Additional Physical Format: Print version:
Cockburn, Iain.
Market conditions and retirement of physical capital.
Cambridge (1050 Massachusetts Avenue, Cambridge, MA 02138) : National Bureau of Economic Research, [1992]
(OCoLC)27128479
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Murray Frank; Iain Cockburn; National Bureau of Economic Research.
OCLC Number: 756570203
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w4194.
Responsibility: Iain Cockburn, Murray Frank.

Abstract:

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.

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