Reversion, Timing Options, and Long-Term Decision-Making
探讨折现现金流分析中，现金流不确定性结构如何导致对长期投资的偏见，对投资决策者和金融经济学家有参考价值。
Discounted cash flow analysis is the most common method for evaluation of investment projects, yet practitioners worry about its shortcomings. In particular, there is concern that standard DCF comparisons may introduce bias against long-term investments. Here, we explore a possible source of such bias in the structure of the uncertainty underlying project cash flows, and the way it is incorporated into project discounting.