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对Ｒ＆Ｄ（研究与发展）项目的投资选择，风险—收益边界模型是一种使用非常简便又应用广泛的方法和工具，深受投资决策者的青睐，它能有效地筛选掉一些不合理（不可接受）的项目，然而长期以来困扰着人们不能得以进一步应用的原因就是在此模型下还没有建立一个有效的方法来解决项目的最优选择问题．本文从分析风险—收益边界模型出发，引入企业投资决策者的效用曲线，建立了投资无差异曲线，并给出此无差异曲线的特性，及应用此曲线解决项目最优选择的方法，从而较好地解决了风险—收益边界模型的项目最优选择问题
The R & D investment options, the risk-benefit boundary model is a very easy to use and widely used methods and tools, favored by investment decision-makers, it can effectively filter out some of the unreasonable (not Accepted) project. However, the reason why people can not be further applied for a long time is that under this model, an effective method to solve the optimal choice of project has not been established yet. Based on the analysis of the risk-benefit boundary model, this paper introduces the utility curve of the corporate investment decision-maker, establishes the indifference curve of investment, and gives the characteristics of this indifference curve, and the method of using this curve to solve the optimal choice of the project. Good solution to the risk - return boundary model project optimal choice problem