Capital Budgeting with Unspecified Discount Rates
提出一种仅需弱偏好假设的资本预算方法，利用简单现金流特征筛选最优项目。实证表明，在贴现率正且恒定条件下，30个互斥项目中有26个可被所有决策者直接排除。
Public or private allocation problems often involve numerous multiperiod decision alternatives, conflicting preferences, or imperfect knowledge about decisionmakers' wants. By placing only weak restrictions on permissible preferences, very simple cashflow characteristics are used in this paper to select most-preferred projects for any individual within the general class. Judging from an empirical test, the approach seems powerful in terms of simplifying complex capital budgeting problems. For instance, presupposing that discount rates are positive and constant over time, 26 out of 30 mutually exclusive projects could immediately be disregarded by every individual, regardless of what specific value is taken on by this discount rate.