NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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

Iain Cockburn, Murray Frank

NBER Working Paper No. 4194
Issued in October 1992
NBER Program(s):Productivity, Innovation, and Entrepreneurship

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.

download in pdf format
   (943 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w4194

Users who downloaded this paper also downloaded* these:
Baker, hanna, and Kantarevic w9782 The Married Widow: Marriage Penalties Matter!
Lumsdaine, Stock, and Wise w4201 Pension Plan Provisions and Retirement: Men & Women, Medicare, and Models
Karreman Methods to Correct Freight Receipts
Fisman and Love w9583 Financial Development and the Composition of Industrial Growth
Kotchen w16117 Climate Policy and Voluntary Initiatives: An Evaluation of the Connecticut Clean Energy Communities Program
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us