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Le choix des investissements en situation de rationnement du capital : comparaison des solutions fournies par différents modèles théoriques

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  • Marc Bertonèche
  • Herwig Langohr

Abstract

[fre] Le choix des investissements en situation de rationnement du capital a connu un développement très important sous l'impulsion de certains théoriciens américains. Ce sujet reste souvent mal connu. Le premier objectif de cet article est donc de résumer quelques grandes approches proposées dans la littérature. Les différents modèles d'allocation optimale de ressources financières rares étant présentés sous formes qui les rendent difficilement comparables, le deuxième objectif de l'article est de proposer une présentation homogène. Celle-ci permet — et c'est là l'apport original — de tester et de comparer les différents modèles au niveau de leurs résultats et des choix qu'ils impliquent. Ceux-ci sont analysés el la relation entre le coût de l'information souhaitée et l'amélioration des décisions financières qui en résulte est abordée. [eng] Capital budgeting under capital rationing : a comparison of different theoretical models. . Capital budgeting under capital rationing has undergone a considerable evolution due to the influence of certain Americain theoricians. On the whole, this subject remains insufficiently understood. Therefore, the aim of this article is to summarize some of the major approaches presented in literature. Since the models of optimal allocation of scare financial resources are presented in a way which makes them difficult to compare, the second aim of the article is to give a homogeneous presentation of the material. This makes possible the testing and comparison of the different models at the level of their results and the choices they involve. These are analysed and the relation between the cost of desired information and the resulting improvement of financial decision-making is approached.

Suggested Citation

  • Marc Bertonèche & Herwig Langohr, 1977. "Le choix des investissements en situation de rationnement du capital : comparaison des solutions fournies par différents modèles théoriques," Revue Économique, Programme National Persée, vol. 28(5), pages 730-764.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1977_num_28_5_408348
    DOI: 10.3406/reco.1977.408348
    Note: DOI:10.3406/reco.1977.408348
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    References listed on IDEAS

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    1. James H. Lorie & Leonard J. Savage, 1955. "Three Problems in Rationing Capital," The Journal of Business, University of Chicago Press, vol. 28, pages 229-229.
    2. Merville, Larry J & Tavis, Lee A, 1973. "A Generalized Model for Capital Investment," Journal of Finance, American Finance Association, vol. 28(1), pages 109-118, March.
    3. Lusztig, Peter & Schwab, Bernhard, 1968. "A Note on the Application of Linear Programming to Capital Budgeting," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 3(4), pages 427-431, December.
    4. J. Hirshleifer, 1958. "On the Theory of Optimal Investment Decision," Journal of Political Economy, University of Chicago Press, vol. 66(4), pages 329-329.
    5. Elton, Edwin J, 1970. "Capital Rationing and External Discount Rates," Journal of Finance, American Finance Association, vol. 25(3), pages 573-584, June.
    6. Carleton, Willard T, 1969. "Linear Programming and Capital Budgeting Models: A New Interpretation," Journal of Finance, American Finance Association, vol. 24(5), pages 825-833, December.
    7. Bernhard, Richard H., 1969. "Mathematical Programming Models for Capital Budgeting—A Survey, Generalization, and Critique*," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 4(2), pages 111-158, June.
    8. Myers, Stewart C, 1972. "A Note on Linear Programming and Capital Budgeting," Journal of Finance, American Finance Association, vol. 27(1), pages 89-92, March.
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    Cited by:

    1. William Roy, 2005. "Évaluation des programmes d'infrastructure : ordre optimal de réalisation sous contrainte financière," Post-Print halshs-00003971, HAL.

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