摘要:

Most traditional approaches to capital expenditure analysis have been partially successful in explicitly accounting for risk. A utilitarian model for risk treatment is described in this paper. Specifically, we address two major aspects of the utilitarian approach: (1) the mathematical legitimacy of the underlying utility function with respect to its domain of economic significance and (2) the way “Expectancy-Variance” and “Expectancy-Semivariance” compare as risk/return trade-off criteria. In particular, we have shown how commonly used quadratic utility functions present some theoretical and practical inconveniences from an economic standpoint. Then, a hybrid utility function is introduced as a more legitimate and often more realistic model where semi-variance, rather than variance, is used as a measure of the investment riskiness.

ISSN:0013-791X    

DOI:10.1080/00137919108903035

出版商:Taylor & Francis Group    

年代:1991

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.

ISSN:0013-791X    

DOI:10.1080/00137919108903036

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

摘要:

Large scale, integrated projects have two special features — economics of scale in investments and operating costs and interdependencies of various kinds. The latter include technological, product and factor market interrelations. A mixed-integer, linear programming model is developed to take account of these considerations. The model is described in general terms and illustrated with a case study of a large scale, integrated fertilizer project. Sensitivity analyses relating to capital budget, supply and demand constraints, product and output prices, as well as discount rates are performed to determine the robustness of the model solutions.

ISSN:0013-791X    

DOI:10.1080/00137919108903037

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919108903038

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

摘要:

In his recent paper [3], Dean R. Longmore develops a new concept of the Payback Period project evaluation criterion, the so-called Time-Adjusted Payback Period, which is supposed to beNPV-compatible and is, therefore, expected by the author to address the needs of practitioners. In this paper, it is indicated that the formulation of the proposed criterion is mathematically incomplete, and its complete version is presented. It is also shown, using numerical examples, that the criterion devised in [3] does not reflect the true content of its name and constitutes, instead, an artificial profitability index. Although this index, in its complete version, is indeedNPV-compatible, it does not, however, offer any advantages over theNPV.

ISSN:0013-791X    

DOI:10.1080/00137919108903039

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919108903040

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

摘要:

(Payback Plus 2.0 is an updated version of PAYBACK which had earlier been released by the Society of Manufacturing Engineers (SME). This new software package is published and distributed by MiCAPP Inc., 16956 230th Avenue, Big Rapids, Michigan 49307. It is available for the IBM-PC or compatible equipment; the advertised list price is £99 + £4 shipping and handling.)

ISSN:0013-791X    

DOI:10.1080/00137919108903041

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919108903042

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919108903043

出版商:Taylor & Francis Group    

年代:1991

数据来源: Taylor