A response to Paul C's ope-l 1308:
I think a distinction needs to be made between continuous production
and instantaneous production. Production is continuous but not
instantaneous if the output emerges after the input goes in. Imagine
weaving: the thread enters production now, and the sheet or whatever
is completed three minutes later. So input and output prices (or values)
still differ. This conception is not very tractable mathematically, I
think, but I do think it is Marx's conception.
Given that different inputs have different turnover times in production,
the unit of time should be the smallest turnover period.
*Offhand*, it seems to me there is probably not much problem in assuming
production is instantaneous when the actual turnover period is very short.
In that case, I'd say that the value transferred from a means of
production to the value of the product is the physical flow times the
price of the means of production at each moment in time. Whatever remains
after integrating throughout the lifetime of the means of production is
moral depreciation.
Please do send, or post, your model. Even if I can't print it, I
can copy it down.
Andrew Kliman