Conventional financial advice is that net present value (NPV) is a superior investment criterion to internal rate of return (IRR) because IRR has pitfalls. Despite the pitfalls, evidence shows most practitioners continue to employ IRR as an investment criterion. Such behavior is puzzling. This...

Two criteria for choosing between capital investment projects are net present value (NPV) and internal rate of return (IRR). Sometimes they provide inconsistent rankings. This inconsistency sparked a debate about which criterion is better. The debate has lasted more than 100 years.This paper...

Multiple interest rate analysis (MIRA) is the study of all interest rate solutions to the time value of money (TVM) equation. These solutions include not only the orthodox solution produced by a financial calculator or spreadsheet but also the unorthodox solutions that a typical financial...

The net present value (NPV) of an investment project having many potential outcomes can be expressed as a weighted average of the NPVs calculated from the individual outcomes, the weights being the outcome probabilities. Danielson (2016) demonstrates that this formula does not apply to the...

The time value of money (TVM) equation is a key equation in finance. It takes the form of an nth order polynomial having n roots. In finance it is normal to calculate and use only one root (interest rate). The remaining (n-1) roots are mostly complex or negative and they are usually discarded....

German Abstract: Es wird gezeigt, dass unser herkömmliches Verständnis des Digitalen inkomplett ist. Und es wird gezeigt, wie es vervollständigt werden kann.Das hypodisch Digitale wird als neue Eigenschaft des Digitalen eingeführt. Die sozioökonomischen und philosophischen Konsequenzen sind...

International investment and related disputes are on the rise. With national courts generally unavailable and difficulties resolving disputes through diplomacy, investment treaties give investors a right to seek redress and arbitrate directly with states. The costs of these investment treaty...