----------------- HES POSTING ----------------- 
 
I've just finished an article on a decison model for optimum asset  
replacement age.  It cites a "...largely overlooked 1925 article by Harold  
Hotelling..." which sets forth "minimum cost of production per unit of  
output" as the criterion to determine age of replacement.   
 
Hotelling, H., 1925.  A General Mathematical Theory of Depreciation. J  
Amer Stat Asoc.  20:340-53.   
 
Wondering if Hotelling's theory was accepted or has survived or  
perhaps has been set aside.   
 
Scott Cullen 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]