JFQ volume 1 issue 2 Back matter
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JFQ volume 1 issue 2 Cover and Front matter
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The Generalized Rate of Return
Investment analysis, both for purposes of capital expenditures and for financial investments, is based on an evaluation of cash flows. This evaluation involves the application of interest rates in order to determine whether a given option–a series of cash flows–is profitable or not. For numerous reasons, primarily that of simplicity, it has been traditional to assume that the rates of interest used to measure the worth of an investment are constant. With this assumption it is possible to equate the two familiar investment criteria when investments are independent and outlays are not subject to expenditure constraints, i.e., when capital markets are taken to be perfect in the usual sense. An investment is profitable if its net present value is positive when discounting of cash flows uses the (assumed constant) cost of capital, or if its (assumed unique) internal rate of return is greater than the cost of capital. Equivalence of these two criteria is historically most frequently identified with Irving Fisher [3, 4], and his two-period analysis, portrayed graphically, is generally utilized to establish the correctness of the equivalence of the criteria.
JFQ volume 1 issue 4 Cover and Front matter
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JFQ volume 1 issue 3 Cover and Front matter
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JFQ volume 1 issue 1 Cover and Front matter
An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button.
The Information Approach to the Prediction of Interregional Trade Flows
International Relations/Trade, Research Methods/Statistical Methods
Errata
The Nature and Implications of the Reswitching of Techniques
I. Introduction, 526. — II. Alternative discrete capital models, 528. — III. Reswitching in two-good technologies, 531. — IV. Reswitching in a general capital model, 538. — V. Some additional implications for economic theory, 546.
Multi-Item Production and Inventory Management Under Price Uncertainty
A model is presented for the derivation and implementation of optimal linear decision rule for a firm producing and dealing in a number of interacting products, and possessing partial influence on their prices. The behavior of a multi-item production-inventory complex is represented as the dynamics of suitably defined state variables under the influence of decision rules that are stable and linear in the state variables, but otherwise unspecified. The dynamical equations are stochastic owing to the presence of stochastic processes in the forcing terms. The statistical properties of these processes, together with the decision rules, determine the statistics of the outcome or the criterion functional. The optimum inventory decision is then derived as the "best" linear transformation on the past of the state variables such that the mean value of the criterion functional is optimized subject to the system constraints. [Likely published between 1961-1966.]