Dynamic Benefit Cost Ratio Criterion for Practical Sequential Ranking to Encourage Cost Control and Self Help

Hrishikesh Vinod

Indian Economic Review, 1988, vol. 23, issue 2, 263-274

Abstract: This paper proposes a dynamic version of the principle of ranking and selection of projects by their benefit cost ratios (BCRs). It permits a very simple and practical technique for adaptive sequential choice to provide incentives for self help, cost control, sharing and maintenance. We discuss optimality by using Pontrayagin's " maximum principle". This leads to a new criterion for judging the impartiality and optimality of any scheduling, queuing, benefit or work sharing scheme. Applications to many kinds of business enterprises, governmental or charitable organizations are indicated. For some applications we suggest the use of a new kind of coupon "money" to facilitate accounting for indivisible benefits and costs, and as a medium of exchange and store of "value".

Date: 1988
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dse:indecr:v:23:y:1988:i:2:p:263-274

Ordering information: This journal article can be ordered from
http://www.ierdse.org/

Access Statistics for this article

Indian Economic Review is currently edited by Pami Dua (Editor) & Ram Singh (Associate Editor) and Sunil Kanwar

More articles in Indian Economic Review from Department of Economics, Delhi School of Economics University of Delhi, Delhi 110 007. Contact information at EDIRC.
Bibliographic data for series maintained by Pami Dua ().