The equilibrium conditions for an economic system that produces output with several factors of production and which is subject to technological constraints are derived. Optimization of either output minus cost or integrated utility yields the conditions that output elasticities must be equal to...

This essay seeks to rehabilitate the capital asset pricing model by splitting beta, the basic unit of systematic risk, into subatomic (or “baryonic”) components. By analogy to quantum chromodynamics and other aspects of the Standard Model of particle physics, this essay bifurcates beta on...

This paper presents the results of cross-sectional regressions to explain DCF discount rates used by investment banks and boutique valuation firms in 2,364 DCF valuations of whole companies, plus companion regressions to explain associated weighted-average costs of capital as calculated by...