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1914 Ann. Amer. Acad. Polit. & Social Sci. 53 216 This theory may be called the reproduction or replacement theory. It resembles the competitive theory in respect to its use of present prices and present condition for determining the ‘value’ of the physical plant.

1929 Accounting Rev. 4 99/1 A market or replacement theory of value assumes a going concern.

1940 Econometrica 8 34 The main structure of replacement theory may be completed by mentioning the liquidating rule... This..states that liquidation should take place, when the difference between income and outgo drops below the rate of interest on the liquidating or break-up value of the enterprise.

1959 M. Sasieni et al. Operations Res. v. 102 Replacement theory is concerned with situations in which efficiency tends to worsen in time, and in which it can be restored to a previous level by some kind of remedial action. The problem is to determine the times at which such remedial action should be taken, in order to minimize some appropriate measure of effectiveness.

1964 Jrnl. Accounting Res. 2 153 The late Dutch professor Limperg must be credited with initial and untiring efforts toward adopting the replacement theory of value for accounting purposes.

2005 Jrnl. Operational Res. Soc. 56 275 The treatment took into consideration the particular aspects of refractory lining construction and maintenance and replacement theory and models as they relate to small EAF [= electric arc furnace] steel making.