@article{ref1,
title="How old is too old? An economic approach to replacing military aircraft",
journal="Defence and peace economics",
year="2003",
author="Greenfield, Victoria and Persselin, David",
volume="14",
number="5",
pages="357-368",
abstract="The US Air Force is asking when to replace its aging aircraft. We develop a framework to identify economically optimal replacement strategies that recognizes cost trade-offs and incorporates age effects. We also preview a stochastic methodology. We use the framework to identify an optimal strategy, defined by the replacement age, for a generic fleet and conduct a sensitivity analysis. Quantitative illustrations show that the range of strategies that provides close-to-optimal outcomes widens as the operating and support (O&S) cost growth rate decreases and the ratio of the acquisition price to the initial O&S cost increases. A wider range implies more decision-making leeway.<p />",
language="",
issn="1024-2694",
doi="10.1080/10242690302926",
url="http://dx.doi.org/10.1080/10242690302926"
}