Boucekkine, Raouf; Fabbri, Giorgio; Gozzi, Fausto - Department of Economics, Adam Smith Business School - 2009
age and usage dependent capital deprecia- tion and obsolescence. It is also shown that in this set-up past investment …. More importantly, and in con- trast to the pre-existing literature, we study investment and maintenance co …-movements without any postulated ad-hoc depreciation function. In particular, we find that optimal investment and maintenance do move to …