In this paper, we address the issue of optimal selection of portfolio of projects using reinvestment strategy within a flexible time horizon. We assume that an investor intends to invest his/her initial capital on the implementation of some projects in a flexible time horizon. The investor’s...

In the selection of investment projects, it is important to account for exogenous uncertainties (such as macroeconomic developments) which may impact the performance of projects. These uncertainties can be addressed by examining how the projects perform across several scenarios; but it may be...