ANALYSIS OF THE LEASE-OR-BUY DECISION: COMMENT.

The primary objectives of this article will be to reconcile the several lease or buy models and identify points where different choices will lead to different conclusions. However, the immediate motivation is the recent article by Johnson and Lewellen on the lease-or-buy decision in this journal. They state, "We will first indicate our disaffections with extant models of this process and then suggest an alternative--allegedly superior--model." For ease in comparing the results of this paper with those of Johnson and Lewellen (hereafter referred to as J & L), to the extent it is feasible, the same set of symbols and equations will be used. [ABSTRACT FROM AUTHOR]