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Discount Rates for Seed Capital Firms: A Generalization |
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Abstract:
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So far, the estimation of discount rates for seed capital projects and firms has remained a mystery. In this research one extends the previous work by deriving expressions of discount rates using a Hyperbolic Absolute Risk Aversion (HARA) utility function that includes the quadratic and the logarithmic forms as special cases. In order to accomplish this task, one assumes the less risk-averse entrepreneur that invests almost all his capital in his project or firm and whose level of wealth approaches to zero. One finds that both expressions depend upon de entrepreneurs risk aversion and a measure of the project total risk. |
Most Common Document Word Stems:
risk (122), 1 (113), function (83), one (83), discount (81), rate (78), util (76), project (61), avers (57), +1 (54), firm (52), r (50), c (42), entrepreneur (37), express (37), prefer (35), paramet (33), coeffici (31), use (30), invest (29), capit (29), |
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Association:
Name: BALAS Annual Conference
URL: http://http://www.balas.org/
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Citation:
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MLA Citation:
| Mongrut, Samuel. "Discount Rates for Seed Capital Firms: A Generalization" Paper presented at the annual meeting of the BALAS Annual Conference, ITESM, Guadalajara, Mexico, Apr 01, 2009 <Not Available>. 2013-05-05 <http://citation.allacademic.com/meta/p298683_index.html> |
APA Citation:
| Mongrut, S. , 2009-04-01 "Discount Rates for Seed Capital Firms: A Generalization" Paper presented at the annual meeting of the BALAS Annual Conference, ITESM, Guadalajara, Mexico Online <PDF>. 2013-05-05 from http://citation.allacademic.com/meta/p298683_index.html |
Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: So far, the estimation of discount rates for seed capital projects and firms has remained a mystery. In this research one extends the previous work by deriving expressions of discount rates using a Hyperbolic Absolute Risk Aversion (HARA) utility function that includes the quadratic and the logarithmic forms as special cases. In order to accomplish this task, one assumes the less risk-averse entrepreneur that invests almost all his capital in his project or firm and whose level of wealth approaches to zero. One finds that both expressions depend upon de entrepreneurs risk aversion and a measure of the project total risk. |
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