A Dynamic Target-Wealth Criterion for Capital Investment Decisions
作者:
FranciscoJ. Ramis,
GeraldJ. Thuesen,
TinaJ. Barr,
期刊:
The Engineering Economist
(Taylor Available online 1991)
卷期:
Volume 36,
issue 2
页码: 107-126
ISSN:0013-791X
年代: 1991
DOI:10.1080/00137919108903036
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
A dynamic decision criterion for the sequential budgeting process is developed. Through the use of utility functions, this decision criterion models a decision maker's preferences for sequences of wealth positions generated by a set of investment opportunities relative to targeted wealth positions developed by the firm. The derivation of this criterion is related to cash flow analysis and the use of sequences of total wealth accumulations. Target-wealth utility functions are presented along with the motivation for their application to investment decision problems.
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