Abstract:

To improve the solving method of the current economic life model, which is difficult to calculate and analyze, a new method is proposed. Firstly, the accurate analytic equation is obtained by introducing the Lambert W function. Then, polynomial fitting and rational fitting are used to estimate for Lambert W Function, and the results are compared with the approximate solutions and the exact solutions, based on which a high accuracy estimation formation is proposed. Tests show that the estimation formation is a piecewise function, and the accuracy of the proposed model for the economic life estimation is within 1 year. Compared with the classical trial and try method, the proposed method has advantages on its intuitive features and is easy to use, furthermore, it is better for analyzing influence factors and the changing rule of the economic life.