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Synergy Modelling and Financial Valuation: the contribution of Fuzzy Integrals

Author

Listed:
  • Jean-François Casta

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Xavier Bry

Abstract

Financial valuation are characterised by: the importance of the role assigned to human judgement in decision making, the use of qualitative information and the dominant role of subjective evaluation. The aim of the article is to examine the specific problems posed by modelling of the synergy between the assets of a firm. As a process which aggregates information and subjective opinions, the financial evaluation of the company raises very many problems relating to ideas of measurement, imprecision and uncertainty. The methods used in the process of financial evaluation are based on classic operators of aggregation possessing properties of additivity. Through their construction, these methods abandon the idea of expressing the phenomena of synergy (or redundancy) linked to over-additivity (or under-additivity) that may be observed between the elements of an organised set such as a firm's assets. This synergy effect (or conversely, redundancy) may lead to the value of the set of assets being superior (inferior) to the sum of the values of each asset. This is particularly the case in the presence of intangible assets as goodwill. We will explore the possibilities offered by non-additive aggregation operators (Choquet, 1953; Grabisch et al., 1995; Sugeno, 1977) with the aim of modelling this effect with the help of fuzzy integrals (Casta and Bry, 1998; Casta and Lesage, 2001). More specifically, considering mainly subjective evaluation problems, we propose a formal model of financial valuation including the synergy.cf. working paper : BRY X. et J. F. CASTA : Synergy Modelling and Financial Valuation : Contribution of Fuzzy Integrals, Cahier de Recherche CEREG, n° 2003-4, Université Paris Dauphine, 2003.http://www.dauphine.fr/cereg/cahiers.php?date=2003

Suggested Citation

  • Jean-François Casta & Xavier Bry, 2003. "Synergy Modelling and Financial Valuation: the contribution of Fuzzy Integrals," Post-Print halshs-00170504, HAL.
    • Handle: RePEc:hal:journl:halshs-00170504
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    Citations

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    Cited by:

    1. Mojmír Sabolovič, 2011. "An alternative methodological approach to value analysis of regions, municipal corporations and clusters," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 59(4), pages 295-300.
    2. Paugam, Luc, 2011. "Valorisation et reporting du goodwill : enjeux théoriques et empiriques," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/8007 edited by Casta, Jean-François.
    3. Luc Paugam & Jean-François Casta, 2010. "Mesurer le capital organisationnel comme combinaison de ressources," Post-Print halshs-00494560, HAL.
    4. Jean-François Casta & Luc Paugam & Hervé Stolowy, 2011. "Non-additivity in accounting valuation: Internally generated goodwill as an aggregation of interacting assets," Post-Print halshs-00541525, HAL.

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