The aim of this paper is to apply the method proposed by Denuit, Genest and Marceau (1999) for deriving stochastic upper and lower bounds on the present value of a sequence of cash flows, where the discounting is performed under a given stochastic return process. The convex approximation provided by Goovaerts, Dhaene and De Schepper (2000) and Goovaerts and Dhaene (1999) is then compared to the...

Despite the increasing popularity of the concept of ‘public value’ within both academic and practice settings, there has to date been no formal review of the literature on its provenance, empirical basis, and application. This paper seeks to fill this gap. It provides a critical introduction to public value and its conceptual development before presenting the main elements of the published lite...

Decision making has always been a difficult process, based on various combinations if objectivity (when scientific tools were used) and subjectivity (considering that decisions are finally made by people, with their strengths and weaknesses). The IT revolution has also reached the areas of management and decision making, helping managers make better and more informed decisions by providing them...