The usefulness of integer programming as a tool of capital budgeting hinges on the development of an efficient solution technique. An algorithm based on partial enumeration has been developed by E. L. Lawler and M. D. Bell for solving integer linear programs with 0-1 decision variables; however...

This paper starts with a brief summary of Harry Markowitz's portfolio selection model and proceeds to reformulate it within the framework of modern statistical decision theory. The future returns from securities are viewed as a function of the unknown state of nature. The investor has certain a...

In a recent article [Teichroew, D., A. A. Robichek, M. Montalbano. 1965. An analysis of criteria for investment and financing decisions under certainty. Management Sci. 12(3, November) 151-179.] in this Journal, Daniel Teichroew, Alexander A. Robichek, and Michael Montalbano (TRM) investigated...