INFLATION, MAINTENANCE OF CAPITAL, AND THE IRR MODEL: AN APPRAISAL AND ALTERNATIVE
评估了此前提出的在通货膨胀条件下计算内部收益率的方法，指出其技术缺陷和缺乏灵活性，并开发了一种新算法，允许用户根据不同的资本维持和资产评估假设求解一致的内部收益率。
ABSTRACT Capital budgeting under inflationary conditions presents some additional implementation problems when computing the internal rate of return. This paper reviews an earlier proposal made in this journal and concludes that it has some technical deficiencies. Further, it does not have the flexibility needed to be congruent with a wide variety of concepts of capital maintenance and asset evaluation. An algorithm is developed that will permit the user to make a variety of assumptions and then solve for the IRR that is consistent with those assumptions.