Definition: One-hoss shay

Consumer Price Index

A model of depreciation, in which the durable delivers the same services for each vintage: a chair is a chair, no matter what its age (until it falls to pieces and is scrapped). Also known as the light bulb model of depreciation.
International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), Statistical Office of the European Communities (Eurostat), United Nations (UNECE), The World Bank, Consumer Price Index Manual: Theory and Practice, Geneva, August 2004

Search box