부산대학교 도서관

The article discusses variations of a profit maximization model which can be applied to capital budgeting. The prediction model considers two risk constraints--portfolio-type payback and liquidity--and a constraint for third-period time-horizon postures. The payback condition is represented by chance-constraints related to acceptable risk conditions such as lost investment opportunity. The liquidity constraint refers to actual accounting losses and the maintenance of cash accounts. Mathematical explanations are given for probability distributions covering four projects over three periods and for two approximations. Linear programming under uncertainty, chance-constrained programming, potential cash yields, and a two-stage decision rule are mentioned.