BOUNDING CERTAINTY EQUIVALENT FACTORS AND RISK ADJUSTED DISCOUNT RATES
在加性时间状态偏好估值框架下，定义了确定性等价和风险调整贴现率模型的风险调整参数，指出当预期现金流接近零或现金流为混合流入流出时，参数边界设定帮助不大，且常数参数假设过于严格，直觉难以指导时间曲线选择。
The risk adjustment parameters of the certainty equivalent and risk adjusted discount rate models are defined under the additive time‐state‐preference valuation. Bounding numerical values of such parameters before estimation starts is of little help when expected cashflow value is close to zero or if the cashflow is a mixture of contingent in ‐ and outflows. A constant parameter over time involves very restrictive cashflow and valuation assumptions in either model. Intuition may be a poor guide for a priori sefecting a class of time profiles, particularly so if the cashflow changes sign over time.