THE PAKISTAN DEVELOPMENT REVIEW
Operations Research Techniques for Capital Investment by F. Hanssmann. New York: Wiley and Sons, 1968.
Even yet I suppose many economists are taught how to discuss problems rather than how to solve them. It is not surprising, therefore, that even in the analyses of investment projects, where the economist might have been thought to be the expert, mathematicians, scientists and statisticians have often been able to make a much more constructive and profitable contribution than the economist. ‘Operations Research’ is the mixture of mathematics, quantitative insight, and common sense that is coming to be used to solve many of the more complex problems of industry and government. Professor Hanssmann sets out to explain, without too much mathematics and with plenty of illustrative case studies, how these methods can be applied to investment decisions.