(Received October 1973 ; revised August 1974) The Basis of Capital Budgeting Theory Since the early writings of Joel Dean [ I ] a large body of literature has developed on the subject of capital investment decision making. T h e majority of this literature [z] implicitly adopts as its foundation the scientific model of the decision-making process. The scientific approach, or as it has been variously called the synoptic, rational or comprehensive model, prescribes that all possible courses of action should be listed together with their consequences under each possible âstate of the worldâ. The decision process is then seen to consist of choice from among the possible actions through evaluation of their consequences. Schon  considers that the scientific model of the decision-making process, the development of which can be traced through the writings of Plato, Aristotle, Locke, Hume, Bentham, Kant and others, owes its origins partly to the displacement of the concept of a balance. T h e most overt use of a metaphor stemming from this displacement of concept is probably the âscales of justiceâ but other phrases have an obvious association with the idea that decisions are made by weighing the evidence. Examples
Journal of Business Finance & Accounting – Wiley
Published: Mar 1, 1975
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