Summary Contrary to the traditional discounted utility approach of intertemporal choice, it is proposed to determine a consumption sequence that is efficient and implies the present economic value of consumption to remain constant from period to period. As a result, discount factors are...

Growth maximization as a criterion for multiperiod portfolio selection implies zero consumption before the planning horizon. To allow for intermediate consumption in this paper growth maximization is generalized by the condition that the initial portfolio value follows a given growth pattern. It...

In diesem Buch wird die Frage behandelt, wie Ressourcen bei wirtschaftlichen Entscheidungen bewertet werden sollen. Dabei werden grundlegende ökonomische Konzepte und Methoden wie Angebots- und Nachfragefunktionen, Verfahren der Investitionsrechnung, der Ermittlung innerbetrieblicher...