*The authors wish to express their thanks to the accounting workshop at Carnegie-Mellon University for helpful comments. E. M. Lerner and A. Rappaport, âLimit DCF in Capital Budgeting,â Harvard Business Review, (September-October, 1968), pp. 133-139. Reprinted in Informution for Decision Making: Quantitative and Behavioral Dimensions, edited by A. Rappaport, Prentice-Hall, Englewood Cliffs, N. J., 1970, pp. 301-308. The study cited b y Lerner and Rappaport reports that less than one-half of a sample of firms from Fortuneâs 500 use of pure DCF approach. See A . A. Robichek and J. G. McDonald, Financial Management in Tmnsition, Stanford Research Institute, Menlo Park, California, 1965, p. 7. Lerner and Rappaport, op. cit., p. 133. ~ o ccit. . â DECISION SCIENCES [Vol. 4 is concerned and which is reported to and presumably used by outside decision n i a k e r ~ . ~ This constraint produces an interdependence between the accounting external-reporting model and a particular decision model. This type of interdependence is very different from that which some financial accounting theorists seek: t o make the accounting external-reporting model congruent with the decision model. The model as proposed by Lerner and Rappaport is meant t o be
Decision Sciences – Wiley
Published: Jul 1, 1973
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