) CAPM capital budgeting decision-making based on disequilibrium NPV is deductively inferred by the Capital Asset Pricing … Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii …’s (2005) project valuation method, on the basis of which Magni’s criticism to NPV is objected, leaves decision makers open to …

sound decision model. In real-life applications, decision makers use the NPV rule, but apply a subjectively determined …

cognitive analysis of the decision-making process implied by the maximization problem. The model may be conveniently rescued if … ‘mixed strategy’, currently in use by many real-life decision makers, opens up terrain to a fruitful cooperation between …

procedure leaves decision makers subject to a framing bias; financially, this amounts to saying that additivity does not hold …, leaves decision makers open to arbitrage losses, because it is an (admittedly interesting) reframing of the security market …

-minded decision makers are observed and analyzed. As a result, one finds out that the NPV methodology is biased and its decision …

This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …

This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …