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- W2334107457 abstract "In view of the extensive and sometimes contradictory literature on depreciation theory, it would seem unlikely that a common thread of logic underlies the various proposed theories and methods. Nevertheless, there does seem to be much common ground, although there are two distinct camps. The purpose of this paper is to expose this common ground and to reconcile many apparent incongruities by showing that there is a certain duality between the of assets approach and the approach to depreciation. It will be shown that these two separate logical routes to a theory of depreciation can lead to one and the same general theory. The relationship between asset valuation and income measurement is widely recognized,' but students of depreciation theory have had a propensity to choose one or the other as the basis for their particular theory. Little attempt has been made to relate the various theories and explore the possibility of a general theory to encompass most of them individually. On the valuation side, analysts have been plagued by discounted value of quasi-rents exceeding acquisition cost, while the income approach has been used in models which were too narrow to capture the full ramifications of the theory. Careful definition of the asset enterprise removes the discrepancy between discounted value of quasi-rents and acquisition cost, and solution of a different equation implied by the Hicksian definition of income yields a complete theory on the income measurement side. The most important result of this paper is that these two theories are then one and the same. Not only that, but many separate theories appearing in the literature are special cases of this single theory. Edwards [9] has come closest to unscrambling the problems associated with a valuation basis of depreciation, but he did not give a satisfactory" @default.
- W2334107457 created "2016-06-24" @default.
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- W2334107457 date "1972-01-01" @default.
- W2334107457 modified "2023-10-18" @default.
- W2334107457 title "A Unified Theory of Depreciation" @default.
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- W2334107457 doi "https://doi.org/10.2307/2490217" @default.
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