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's (1921) distinction between uncertainty and risk. Along with the risky profit-maximizing scenario, identifying a second, off …
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In this paper we offer an analysis of the effects of uncertainty about future tax policy on irreversible investment. The main message of the paper is that investment is not much affected by the degreee of tax policy uncertainty. This is true regardless of whether random tax changes are...
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specify the underpinning market model and the knowledge of the investor's risk preferences. However, neither of these inputs … associated with risk- and ambiguity-averse preference criteria defined in terms of quasiconcave utility functionals …
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which, compared with the risk-adjusted cost of capital, correctly signals wealth creation. For choosing between two mutually … exclusive projects, we derive an incremental AROI and an incremental risk-adjusted cost of capital, by means of which two … unequal-risk projects can be correctly compared. Iterating the incremental procedure, we show that the AROI approach correctly …
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