HEURISTIC ALGORITHMS FOR CAPITAL‐BUDGETING DECISIONS IN MULTIDIVISION FIRMS
提出了两种启发式算法，用于解决分散化多部门公司的资本预算问题，仅需总部与部门间交换两次信息，模拟上千例平均误差小于1%。
Abstract This paper presents two versions of a heuristic algorithm to solve a model of the capital‐budgeting problem in a decentralized multidivision firm involving no more than two exchanges of information between headquarters and divisions. Headquarters makes an allocation of funds to each division based upon its cash demand and its potential growth rate. Each division determines which projects to accept. Then, an additional iteration is performed to define the solution. More than one thousand examples were simulated resulting in an average relative error of less than one percent.