Courts require royalty rate calculations based on rigorous economic foundations. The licensing literature provides limited guidance for royalty rate determination, leaving appraisal report readers wanting a more tangible and objective lens through which to judge the credibility of royalty rate...

The Capital Asset Pricing Model (CAPM) is theoretically incomplete in its demand-side focus, risk-averse investors, and internally inconsistent homogeneous beliefs; is not conclusively supported empirically; and yet it legitimizes a notion that investors can earn higher returns by bearing...

The present value discount rate (PVDR) is the expected rate of return on the best alternative asset (BAA) the investor forgoes when purchasing an asset. How do we calculate it in the competitive market context? The Discounted Future Income Model projects an asset’s annual future income or...