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Minimizing Net Interest Cost in Municipal Bond Bidding

Author

Listed:
  • Robert M. Nauss

    (University of Missouri---St. Louis)

  • B. R. Keeler

    (Copaquen Associates, Inc., New York)

Abstract

The problem of minimizing net interest cost (NIC) on new issues of tax-exempt debt securities is formulated as an integer linear programming problem. The formulation (for one variant) is a p-median problem with one additional constraint. Other variants are also closely related to the p-median problem. A dual ascent procedure for solving this problem class is presented and is incorporated in a branch and bound algorithm. Computational results are presented for a number of real world problems.

Suggested Citation

  • Robert M. Nauss & B. R. Keeler, 1981. "Minimizing Net Interest Cost in Municipal Bond Bidding," Management Science, INFORMS, vol. 27(4), pages 365-376, April.
    • Handle: RePEc:inm:ormnsc:v:27:y:1981:i:4:p:365-376
    DOI: 10.1287/mnsc.27.4.365
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    Cited by:

    1. John Board & Charles Sutcliffe & William T. Ziemba, 2003. "Applying Operations Research Techniques to Financial Markets," Interfaces, INFORMS, vol. 33(2), pages 12-24, April.

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