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Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher
Abstract
This paper formulates a simple, regenerative, optimal-stopping model of bus-eng ine replacement to describe the behavior of Harold Zurcher, superinte ndent of maintenance at the Madison (Wisconsin) Metropolitan Bus Comp any. Admittedly, few people are likely to take particular interest in Harold Zurcher and bus engine replacement per se. The author focuses on a specific individual and capital good because it provides a simp le, concrete framework to illustrate two ideas: (1) a "bottom-up" a pproach for modeling replacement investment and (2) a "nested fixed point" algorithm for estimating dynamic programming models of discre te choice. Copyright 1987 by The Econometric Society.
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Cites
The Theory of Stochastic Processes
Cox, D. R., Miller, H. D., Weiss, G., & Shuler, K. (1966) · Physics Today · doi:10.1063/1.3047872 · Cited by 3,324
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Discrete Choice Methods with Simulation
Train, K. E. (2001) · doi:10.1017/cbo9780511805271 · Cited by 7,784
Marketing Analytics for Data-Rich Environments
Wedel, M., & Kannan, P. K. (2016) · Journal of Marketing · doi:10.1509/jm.15.0413 · Cited by 1,261
Rosenzweig, M. R., & Wolpin, K. I. (1993) · Journal of Political Economy · doi:10.1086/261874 · Cited by 1,179
Estimating Dynamic Models of Imperfect Competition
Bajari, P., Benkard, C. L., & Levin, J. (2007) · Econometrica · doi:10.1111/j.1468-0262.2007.00796.x · Cited by 836
Artificial Intelligence: The Ambiguous Labor Market Impact of Automating Prediction
Agrawal, A., Gans, J. S., & Goldfarb, A. (2019) · Journal of Economic Perspectives · doi:10.1257/jep.33.2.31 · Cited by 685
Metadata
- Authors
- Rust, J.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1987-09
- Volume
- 55
- Issue
- 5
- Pages
- 999
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2059183841
- Cited by
- 1,724
- References
- 1
- FWCI
- 19.63
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
