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.
Source:
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
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