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The US congress chose to make these knives illegal. So within the sixties switchblades that where made in America where solely being soled to the army. Later knife makers found away round these legal guidelines by promoting switchblades in build it your self kits. Now though this loophole is closed in lots of states. The suspect is being held within the Davidson County Jail below a $25,000 secured bond. He has a courtroom appearance set for Aug. 20. | | '''The Penalized Present Value (PPV)''' is a method of Capital Budgeting under risk developed by [[Fernando Gómez-Bezares]] in the 1980s. |
| | |
| | == Description == |
| | |
| | The risk-adjusted rate of return method penalizes risk by increasing the discount rate when calculating the [[Net Present Value]] (NPV), and the [[certainty equivalent]] approach does it by adjusting the numerators of the NPV formula, while the Penalized Present Value calculates the average NPV (µ) at the risk-free rate, penalizing it afterwards by subtracting t standard deviations of the NPV (tσ): |
| | |
| | <math> PPV= \mu-t\sigma </math> |
| | |
| | The PPV has many versions, a particularly pragmatic one can be reached by assuming we know the maximum or most optimistic NPV (b), the minimum or most pesimistic one (a) -calculating the NPVs at the risk-free rate-, and being these NPVs approximately normally distributed. In this case, approximately, we have: |
| | |
| | <math> \mu\ = \frac{a+b}{2} </math> |
| | |
| | and |
| | |
| | <math> \sigma\ = \frac{b-a}{6} </math> |
| | |
| | Assuming a reasonable t of 1.5: |
| | |
| | <math> PPV= \frac{a+b}{2}- 1.5 \frac{b-a}{6} = 0.25b + 0.75a </math> |
| | |
| | Therefore, given that we are risk-averse, we weight more the worst case than the most favorable one. Obviously other weights could be applied. |
| | |
| | According to this criterion, the decision maker will look for investments with positive PPVs, and if a choice is needed, he or she will choose the investment with the highest PPV. |
| | |
| | == References == |
| | |
| | Further details on this topic can be found in Gómez-Bezares, F. (1993): "Penalized present value: net present value penalization with normal and beta distributions", in Aggarwal, ed., Capital budgeting under uncertainty, Prentice-Hall, Englewood Cliffs, New Jersey, pages 91–102. |
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| | [[Category:Finance]] |
Latest revision as of 18:14, 21 March 2013
The Penalized Present Value (PPV) is a method of Capital Budgeting under risk developed by Fernando Gómez-Bezares in the 1980s.
Description
The risk-adjusted rate of return method penalizes risk by increasing the discount rate when calculating the Net Present Value (NPV), and the certainty equivalent approach does it by adjusting the numerators of the NPV formula, while the Penalized Present Value calculates the average NPV (µ) at the risk-free rate, penalizing it afterwards by subtracting t standard deviations of the NPV (tσ):
The PPV has many versions, a particularly pragmatic one can be reached by assuming we know the maximum or most optimistic NPV (b), the minimum or most pesimistic one (a) -calculating the NPVs at the risk-free rate-, and being these NPVs approximately normally distributed. In this case, approximately, we have:
and
Assuming a reasonable t of 1.5:
Therefore, given that we are risk-averse, we weight more the worst case than the most favorable one. Obviously other weights could be applied.
According to this criterion, the decision maker will look for investments with positive PPVs, and if a choice is needed, he or she will choose the investment with the highest PPV.
References
Further details on this topic can be found in Gómez-Bezares, F. (1993): "Penalized present value: net present value penalization with normal and beta distributions", in Aggarwal, ed., Capital budgeting under uncertainty, Prentice-Hall, Englewood Cliffs, New Jersey, pages 91–102.