@techreport{NBERw4194,
 title = "Market Conditions and Retirement of Physical Capital:  Evidence fron Oil Tankers",
 author = "Iain Cockburn and Murray Frank",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "4194",
 year = "1992",
 month = "October",
 URL = "http://www.nber.org/papers/w4194",
 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.},
}