Abstract
One of the important criticisms of the variance-covariance concept of risk is that it does not adequately describe manager’s risk preferences and risk-evaluation procedures. Good examples of this kind of criticism are found in Mao [21] and in Machol and Lerner [20]. They argue instead for a kind of “failure risk” concept.
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© 1981 Martinus Nijhoff Publishing
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Joy, O.M., Barron, F.H. (1981). Behavioral Risk Constraints in Investment Analysis. In: Derkinderen, F.G.J., Crum, R.L. (eds) Risk, Capital Costs, and Project Financing Decisions. Nijenrode Studies in Business, vol 6. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-8129-4_1
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DOI: https://doi.org/10.1007/978-94-009-8129-4_1
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