Purpose – The purpose of this paper is to contend that Fisherian analysis that is used to resolve ranking conflicts of mutually exclusive projects is misspecified, invalid, and cannot do what it purports to do. Misspecified and invalid models cannot realistically be operationalised, and are...

Purpose – The purpose of this paper is to draw attention to the fact that the certainty equivalent coefficient net present value criterion, CEC(NPV), in disregarding a fundamental requirement for the calculation of cash flows for purposes of discounted cash flow analysis, invalidates this...