## Capital Rationing and Mathematical Programming: A Solution to the Elusive Discount Rate(s)Management Research Center, School of Management, Syracuse University - Capital investments - 30 pages |

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ajnt aJnTXjn alternative investments amount of loans availability of capital available in period Baumol and Quandt best project Capital Budgeting Model capital investment planning CAPITAL RATIONING cash balance cash weighted CM CM CM CM H coefficient SjnT compound interest conventional model dependent model determined implicitly determining the objective discount rate employed discounted cash flow ELUSIVE DISCOUNT RATE(S funds future period horizon i.e. short term integer restrictions interest rate internal rate investment planning problem jnt jn limitation linear programming loan j taken loans outstanding Management Syracuse University mathematical model mathematical programming approaches mathematical programming models maximizing minimum model presented models for capital models were run number of projects overall restriction period n present value principal projects available projects selected proper discount factor proper objective function rate of return RATIONING AND MATHEMATICAL reflect reinvested at exactly reinvestment rate selected in period single discount factor solution specified st CM Swanson variables yield