Valuation Under Uncertainty: Comment

Alexander A. Robichek and Stewart C. Myers

Journal of Financial and Quantitative Analysis, 1968, vol. 3, issue 4, 479-483

Abstract: In “Valuation Under Uncertainty,” which recently appeared in this Journal (September 1967), Houng-Yhi Chen argues [1, pp. 313–314] that “Robichek and Myers' criticism [2, 3] of the use of the risk-adjusted discount rate is unfounded,” and suggests that our “conclusions must be based in part on a misunderstanding of the risk-adjusted discount rate method.” These charges are without foundation, as we will show here.

Date: 1968
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