1 1 Table of contents 3 40

Re-evaluating Investment Risk & Return

Table of Contents

Introduction ........................................................................................................................................ 1

Context ................................................................................................................................................ 2

Net Present Value Model (NPV) ....................................................................................................... 3

Static Discount Rates ......................................................................................................................... 5

Monological Discounting ................................................................................................................... 9

Intertemporal Myopia ..................................................................................................................... 10

Multivocality ..................................................................................................................................... 12

Dynamic Discount Rates .................................................................................................................. 14

Pluralistic Discounting ..................................................................................................................... 20

Intergenerational Equity ................................................................................................................. 23

Outcomes-Based Net Present Value Model (ONPV) .................................................................... 27

Conclusion: Uncertain Calculative Practices and the Adjacent Possible ................................... 32

Appendix 1: Pricing Non-Financial Outcomes .............................................................................. 36