{"id":"https://openalex.org/W1995141901","doi":"https://doi.org/10.1080/0013791x.2011.573616","title":"An Alternative Approach to Capital Investment Appraisal","display_name":"An Alternative Approach to Capital Investment Appraisal","publication_year":2011,"publication_date":"2011-04-01","ids":{"openalex":"https://openalex.org/W1995141901","doi":"https://doi.org/10.1080/0013791x.2011.573616","mag":"1995141901"},"language":"en","primary_location":{"id":"doi:10.1080/0013791x.2011.573616","doi":"https://doi.org/10.1080/0013791x.2011.573616","is_oa":false,"landing_page_url":"https://doi.org/10.1080/0013791x.2011.573616","pdf_url":null,"source":{"id":"https://openalex.org/S51113653","display_name":"The Engineering Economist","issn_l":"0013-791X","issn":["0013-791X","1547-2701"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Engineering Economist","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5054274358","display_name":"David G. Carmichael","orcid":"https://orcid.org/0000-0002-2941-3488","observed_orcids":["https://orcid.org/0000-0002-2941-3488"]},"institutions":[{"id":"https://openalex.org/I31746571","display_name":"UNSW Sydney","ror":"https://ror.org/03r8z3t63","country_code":"AU","type":"education","lineage":["https://openalex.org/I31746571"]}],"countries":["AU"],"is_corresponding":true,"raw_author_name":"David G. Carmichael","raw_affiliation_strings":["School of Civil and Environmental Engineering, The University of New South Wales, Sydney, New South Wales, Australia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Civil and Environmental Engineering, The University of New South Wales, Sydney, New South Wales, Australia","institution_ids":["https://openalex.org/I31746571"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5054274358"],"corresponding_institution_ids":["https://openalex.org/I31746571"],"apc_list":null,"apc_paid":null,"fwci":5.3153,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.95498908,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"56","issue":"2","first_page":"123","last_page":"139"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-investment-appraisal","display_name":"capital investment appraisal","score":0.9990000128746033},{"id":"https://openalex.org/keywords/present-worth","display_name":"present worth","score":0.7789999842643738},{"id":"https://openalex.org/keywords/markov-chains","display_name":"Markov chains","score":0.8529999852180481},{"id":"https://openalex.org/keywords/uncertainty","display_name":"uncertainty","score":0.39100000262260437},{"id":"https://openalex.org/keywords/discounted-cash-flow","display_name":"discounted cash flow","score":0.7490000128746033},{"id":"https://openalex.org/keywords/investment-feasibility-analysis","display_name":"investment feasibility","score":0.5730000138282776},{"id":"https://openalex.org/keywords/sensitivity-analysis","display_name":"sensitivity analysis","score":0.703000009059906},{"id":"https://openalex.org/keywords/monte-carlo-simulation","display_name":"Monte Carlo simulation","score":0.8389999866485596},{"id":"https://openalex.org/keywords/fuzzy-sets","display_name":"fuzzy sets","score":0.9490000009536743},{"id":"https://openalex.org/keywords/investment-risk","display_name":"investment risk","score":0.9269999861717224}],"concepts":[{"id":"https://openalex.org/C57918260","wikidata":"https://www.wikidata.org/wiki/Q1354666","display_name":"Capital budgeting","level":3,"score":0.7058299779891968},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.6811145544052124},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6170724034309387},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5421562790870667},{"id":"https://openalex.org/C2781014177","wikidata":"https://www.wikidata.org/wiki/Q455422","display_name":"Discounted cash flow","level":3,"score":0.5290312767028809},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4822190999984741},{"id":"https://openalex.org/C49937458","wikidata":"https://www.wikidata.org/wiki/Q2599292","display_name":"Probabilistic logic","level":2,"score":0.48005211353302},{"id":"https://openalex.org/C98763669","wikidata":"https://www.wikidata.org/wiki/Q176645","display_name":"Markov chain","level":2,"score":0.4779927134513855},{"id":"https://openalex.org/C58166","wikidata":"https://www.wikidata.org/wiki/Q224821","display_name":"Fuzzy logic","level":2,"score":0.4765351712703705},{"id":"https://openalex.org/C2985722716","wikidata":"https://www.wikidata.org/wiki/Q4290","display_name":"Capital investment","level":2,"score":0.45138460397720337},{"id":"https://openalex.org/C111350023","wikidata":"https://www.wikidata.org/wiki/Q1191869","display_name":"Markov chain Monte Carlo","level":3,"score":0.4199197292327881},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3992513418197632},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3182341456413269},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3141912817955017},{"id":"https://openalex.org/C19499675","wikidata":"https://www.wikidata.org/wiki/Q232207","display_name":"Monte Carlo method","level":2,"score":0.27688294649124146},{"id":"https://openalex.org/C21425071","wikidata":"https://www.wikidata.org/wiki/Q7249389","display_name":"Project appraisal","level":2,"score":0.22855645418167114},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2047799527645111},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1513550877571106},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.09185123443603516},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/0013791x.2011.573616","doi":"https://doi.org/10.1080/0013791x.2011.573616","is_oa":false,"landing_page_url":"https://doi.org/10.1080/0013791x.2011.573616","pdf_url":null,"source":{"id":"https://openalex.org/S51113653","display_name":"The Engineering Economist","issn_l":"0013-791X","issn":["0013-791X","1547-2701"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Engineering Economist","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:uteexx:v:56:y:2011:i:2:p:123-139","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/0013791X.2011.573616","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":26,"referenced_works":["https://openalex.org/W278282406","https://openalex.org/W652649817","https://openalex.org/W1525636262","https://openalex.org/W1668950025","https://openalex.org/W1968788724","https://openalex.org/W1970985007","https://openalex.org/W1975758998","https://openalex.org/W1979199206","https://openalex.org/W1980371207","https://openalex.org/W1996255936","https://openalex.org/W1997022172","https://openalex.org/W2027578229","https://openalex.org/W2028145673","https://openalex.org/W2030778456","https://openalex.org/W2045143042","https://openalex.org/W2046577860","https://openalex.org/W2047160130","https://openalex.org/W2050967503","https://openalex.org/W2052422343","https://openalex.org/W2056859449","https://openalex.org/W2059119894","https://openalex.org/W2081002185","https://openalex.org/W2148839232","https://openalex.org/W2159845667","https://openalex.org/W2167704782","https://openalex.org/W4232690938"],"related_works":["https://openalex.org/W4232982446","https://openalex.org/W4240770627","https://openalex.org/W2050967503","https://openalex.org/W7025043037","https://openalex.org/W31193020","https://openalex.org/W4409402108","https://openalex.org/W177042395","https://openalex.org/W7165441825","https://openalex.org/W2413409921","https://openalex.org/W4242416928"],"abstract_inverted_index":{"The":[0,33,90],"article":[1],"presents":[2],"an":[3],"alternative":[4,66],"and":[5,13,28,41,54,101],"original":[6],"method":[7,91],"for":[8,72],"establishing":[9],"the":[10,20,58,62,69,77,104],"present":[11],"worth":[12],"feasibility":[14],"of":[15,23,64],"a":[16],"capital":[17],"investment":[18,29,99],"where":[19],"underlying":[21,60],"parameters":[22],"interest/discount":[24],"rate,":[25],"cash":[26,84],"flows.":[27],"lifespan":[30],"are":[31,68],"uncertain.":[32],"method,":[34],"based":[35],"on":[36],"Markov":[37],"chains,":[38],"complements":[39],"existing":[40,74],"useful":[42,95],"practices":[43],"such":[44],"as":[45,71],"sensitivity":[46],"analysis,":[47,53],"Monte":[48],"Carlo":[49],"simulation,":[50],"Hillier-style":[51],"probabilistic":[52],"fuzzy":[55],"sets.":[56],"For":[57],"same":[59,70],"assumptions,":[61],"results":[63],"this":[65],"approach":[67,78],"these":[73],"approaches,":[75],"but":[76],"provides":[79],"additional":[80],"insight":[81],"into":[82],"discounted":[83],"flow":[85],"(DCF)":[86],"analysis":[87,100],"under":[88],"uncertainty.":[89],"will":[92],"be":[93],"found":[94],"to":[96],"persons":[97],"doing":[98],"looking":[102],"at":[103],"risks":[105],"associated":[106],"with":[107],"investment.":[108]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}