Research Catalog

An economic framework for evaluating military aircraft replacement / Victoria A. Greenfield and David Persselin.

Title
An economic framework for evaluating military aircraft replacement / Victoria A. Greenfield and David Persselin.
Author
Greenfield, Victoria A., 1964-
Publication
Santa Monica, Calif. : Rand, 2002.

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Details

Additional Authors
  • Persselin, David.
  • Project Air Force (U.S.)
  • Rand Corporation.
  • United States. Air Force
Description
43 p; 28 cm.
Summary
"Aging aircraft, burdensome operating and support costs, and maintenance uncertainties have led the United States Air Force to ask when and how to replace its fleets. In response, RAND has developed an economic framework to aid in identifying optimal replacement strategies that recognize tradeoffs among costs and explicitly incorporate the effects of age and uncertainty. In their discussion of the framework, the authors suggest that age may contribute to higher and less-predictable costs, as may workforce reductions, depot closures, and spare parts shortages. But when is it time to replace aircraft? The replacement problem lends itself well to economic modeling, and an economic framework can help the military develop a systematic approach to replacement decisionmaking. The authors identify an optimal replacement strategy for a generic fleet, comparing the least-cost solutions with and without uncertainty and testing the sensitivity of the results to key parametric assumptions. They also evaluate policy implications and suggest opportunities for future research."--Rand abstracts.
Subject
  • Airplanes, Military > United States > Costs
  • United States > Evaluation
  • United States. Air Force > Appropriations and expenditures
  • United States. Air Force > Evaluation
  • United States. Air Force > Procurement
Note
  • "Prepared for the United States Air Force."
  • "MR-1489-AF"--P [4] of cover.
Bibliography (note)
  • Includes bibliographical references (pages 41-43).
Funding (note)
  • Sponsored by the United States Air Force.
Processing Action (note)
  • committed to retain
Contents
1. Introduction -- 2. Literature Review -- 3. Deterministic Model -- 4. Stochastic Model -- 5. Policy Implications and Future Research -- App. A. Solution Methodology -- App. B. Interest Rate Sensitivity.
ISBN
0833031228
Owning Institutions
Harvard Library