摘要:

Recent recognition of the difficulties in measuring the true economic costs and benefits of major technological alternatives, as well as the much broader scope of analysis required for the full consideration of such alternatives, has highlighted the limitations of traditional capital investment analysis methods. This has led to an interest in the use of multicriteria methods of analysis in which financial returns are treated as one of several criteria. In this paper we argue that there should be no conflict between the objective of a multicriteria analysis and that of maximizing the wealth of the firm. We introduce a framework of analysis in which a decision maker's judgments concerning the intangible and difficult-to-quantify criteria are given economic value. The framework of analysis also incorporates consistency checks on the decision maker's judgments.

ISSN:0013-791X    

DOI:10.1080/00137919108903055

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

摘要:

Semivariance, as a measure of risk, has the advantage relative to variance of focusing on reduction of losses. When this measure is used in capital budgeting problems, a full knowledge of the joint probability distribution about the projects’ investment returns is required to calculate the semivariance of alternatives. Unfortunately, when the decision maker is faced with a set of alternatives and each alternative has a large number of projects, the development of such a distribution is usually impractical. Therefore, many analysts resort to computer simulation to approximate the semivariance of project portfolios with little knowledge about the accuracy of the simulation

ISSN:0013-791X    

DOI:10.1080/00137919108903056

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

摘要:

We extend the capital budgeting model to include the effect of debt, where the cost of debt increases with the increasing percentage of debt in the capital base. This inherently nonlinear problem is converted to linear program. We show that the firm should act as a monopsonist in acquiring debt and select projects using their net present value. The results presented are consistent with and extend financial theory.

ISSN:0013-791X    

DOI:10.1080/00137919108903057

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

摘要:

The separation of the evaluation attributes into two distinct subsets, objective and subjective measures, is discussed. The use of normalization over the alternatives for each subjective attribute is shown to lead to erroneous choices in certain situations.

ISSN:0013-791X    

DOI:10.1080/00137919108903058

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919108928015

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919108928016

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor