----------------- 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]