A Note On the Valuation of Stochastic Cash Flows
A Note On the Valuation of Stochastic Cash Flows
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It should be apparent that cash flows from a finitely lived firm (project) can be valued within the framework developed above by simply defining them to zero after the project terminates.
10 Finally, as observed by Constantinides (1980), it is evident that even in the context of the simple economy studied here, discounting stochastic cash flows is, in general, computationally complex and of limited practical use.
11 Footnotes 1. For a succinct review and critique of the earlier work see Constan...tinides (1980). For a comprehensive survey see LeRoy (1982).
2. Conditions necessary for the existence and uniqueness of a equilib- rium are also discussed in that paper.
3. Lucas (1978), pp. 1434-1435.
4. See Arrow (1971). He further argues that the coefficient of relative risk aversion should be approximately one.
5. For a formal proof see Constantinides (1982).
Appendix Rewriting equation (12) we have 12 P(X^) » ( / u'(c^^. )\ / u'(c^^, ) = Z BM E I rM-T )E (x ) . _^ ^ t \ u U^) / t' t+j' 1 + Substituting from equation (4) we get P(\) = ^^^ "t.
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To quickly assess the difficulty of the text, read a short excerpt:
It should be apparent that cash flows from a finitely lived firm (project) can be valued within the framework developed above by simply defining them to zero after the project terminates.
10 Finally, as observed by Constantinides (1980), it is evident that even in the context of the simple economy studied here, discounting stochastic cash flows is, in general, computationally complex and of limited practical use.
11 Footnotes 1. For a succinct review and critique of the earlier work see Constan...tinides (1980). For a comprehensive survey see LeRoy (1982).
2. Conditions necessary for the existence and uniqueness of a equilib- rium are also discussed in that paper.
3. Lucas (1978), pp. 1434-1435.
4. See Arrow (1971). He further argues that the coefficient of relative risk aversion should be approximately one.
5. For a formal proof see Constantinides (1982).
Appendix Rewriting equation (12) we have 12 P(X^) » ( / u'(c^^. )\ / u'(c^^, ) = Z BM E I rM-T )E (x ) . _^ ^ t \ u U^) / t' t+j' 1 + Substituting from equation (4) we get P(\) = ^^^ "t.
What to read after A Note On the Valuation of Stochastic Cash Flows?
You can find similar books in the "Read Also" column, or choose other free books by Rajnish Mehra to read onlineMoreLess
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