It is sometimes argued that the NPV criterion is appropriate for corporations but not for governments. First,
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It is sometimes argued that the NPV criterion is appropriate for corporations but not for governments. First, governments must consider the time preferences of the community as a whole rather than those of a few wealthy investors. Second, governments must have a longer horizon than individuals, for governments are the guardians of future generations. What do you think?
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The two points raised in the question do not invalidate the NPV rule a As long as capital markets do ...View the full answer
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Related Book For 
Principles of Corporate Finance
ISBN: 978-0072869460
7th edition
Authors: Richard A. Brealey, Stewart C. Myers
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