Joel Dean (economist)

For the founder of Dean & DeLuca see Joel Dean.

For the poet see Joel Deane.

Joel Dean (1906 - ) is best known for his contributions to Corporate Finance theory in general, and particularly to the area of Capital budgeting [1]. His work on pricing remains influential in marketing [2],[3].

Biography

Dean was born in Vershire, Vermont and educated at Pomona College (A.B. 1927), Harvard Business School (MBA, 1928) and at the University of Chicago (Ph.D, 1936). His doctoral dissertation discussed "A Statistical Examination of the Behavior of Average and Marginal Cost" [4].

His research covered costs, pricing, demand analysis, profits and profit management, and also competition and government regulations [5]. It was with the publication of his "Capital Budgeting" in 1951 that NPV became widely used in corporate finance [6].

He taught at Indiana University, the University of Chicago, and Columbia University. During world war II he was with the Office of Price Administration, and was also a research associate of the Cowles Commission. In 1940 he founded Joel Dean Associates, a management consulting firm. He was on the editorial boards of the Journal of Industrial Economics and the Journal of Mar­keting for many years.

Selected works

Joel Dean's best known work is Capital Budgeting (New York: Columbia University Press, 1951. ISBN 0231018479). Other publications include:

• "Does Advertising Belong in the Capital Budget?" Journal of Marketing, Vol. 30, No. 4., October 1966.
• "Pricing Policies for New Products". Harvard Business Review, Nov 1976.
• "An Approach to Internal Profit Measurement." National Account­ing Association Bulletin, March 1958.
• "Better Management of Capital Expenditures through Research." Journal of Finance, May 1953.
• "Break-Even Analysis and the Measure of Capital Productivity." Ad­vanced Management, April 1955.

References and external links

• Foundations of Business Economics: The Contributions of Joel Dean Karen Fortin and Walter J. Primeaux, University Presses of Florida 1984.

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