A Certainty-Equivalent Approach to Capital Budgeting
指出教科书常用的风险调整贴现率法存在理论和实践局限，并提出一种替代的确定性等价方法，帮助实务工作者更合理地评估不确定性下的投资项目。
The popular textbook treatment of capital budgeting under uncertainty requires a risk-adjusted discount rate (RADR), which is typically calculated as the expected rate of return for a project under the Capital Asset Pricing Model (CAPM) or Arbitrage Pricing Theory (APT). The RADR is then used to discount expected flows from the project to compute a market value. This approach has gained popularity in practice, but has some limitations, both practical and theoretical. This paper proposes an alternative approach that overcomes some of these limitations.