Arithmetic versus geometric mean estimators: Setting discount rates for capital budgeting
研究资本预算中折现率估计应使用几何均值还是算术均值，发现算术均值忽略估计误差和收益序列相关，而修正后的折现率更接近算术均值。
Abstract This paper addresses an issue central to the estimation of discount rates for capital budgeting: should the geometric mean or arithmetic mean of past data be used when estimating the discount rate? the use of the arithmetic mean ignores estimation error and serial correlation in returns. Unbiased discount factors have been derived that correct for both these effects. In all cases, the corrected discount rates are closer to the arithmetic than the geometric mean.