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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.

A one-hoss shay is a colourful term taken from the poem, “The Deacon's Masterpiece”, by Oliver Wendell Holmes (in nineteenth century American dialect, a “one hoss shay” is a cart drawn by a single horse.) “Shay” is a corruption of the French “chaise” or “postchaise”.

The term is used to designate a capital asset that exhibits neither input decay nor output decay during its lifetime.

Measuring Capital: OECD Manual, Annex 1 Glossary of Technical Terms Used in the Manual, OECD, 2001


Source Publication:
ILO, IMF, OECD, Eurostat, UNECE, World Bank, 2004, Consumer Price Index Manual: Theory and Practice, International Labour Office, Geneva.


Statistical Theme: National accounts

Created on Tuesday, September 25, 2001

Last updated on Monday, July 11, 2005