Abstract
ABSTRACT 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.
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