Note on Level-Debt-Service Municipal Bidding

Anonymous

Management Science, 1966, vol. 13, issue 3, 291-293

Abstract: Cohen and Hammer [Cohen, K. J., F. S. Hammer. 1966. Optimal level debt schedules for municipal bonds. Management Sci. 13(3, November).] have shown that under certain conditions the problem of selecting a coupon-principal schedule, when bidding on a new issue of municipal bonds with a level-debt-service constraint, is a linear programming problem. A similar result was independently obtained by the present author, and is presented here, using the same definitions and notations as in Cohen and Hammer.

Date: 1966
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