Communications to the Editor—An Analysis of Criteria for Investment and Financing Decisions Under Certainty: A Comment

In a recent article [Teichroew, D., A. A. Robichek, M. Montalbano. 1965. An analysis of criteria for investment and financing decisions under certainty. Management Sci.12(3, November) 151–179.] in this Journal, Daniel Teichroew, Alexander A. Robichek, and Michael Montalbano (TRM) investigated the decision-making procedures for accepting or rejecting investment alternatives available to the firm. There are, however, certain key ideas in their article which need either further clarification or simple modification. It is hoped that by suggesting these clarifications and modifications, this note will make more clear the full value of TRM's basic contributions.