diskonttausmalli

Diskonttausmalli, or discounting model, is a framework used in finance and economics to determine the present value of future cash flows by applying a discount factor that reflects the time value of money and risk. It underpins investment evaluation, asset pricing, and the valuation of financial instruments.

A discounting model combines three elements: the expected future cash flows, the discount rate or discount curve, and the time horizon. Present value is computed by weighting each future cash flow by a factor that decreases with time. In discrete form, PV = sum_t CF_t / (1 + r)^t, where r is the period-specific discount rate. In continuous form, PV = ∑ CF_t e^{-rt} or PV = ∫ CF(t) e^{-r t} dt when cash flows are continuous. When a discount curve is used, the factor D(t) replaces a single rate, so PV = sum_t CF_t D(t).

Variants include real versus nominal discounting (adjusting for inflation), and risk-adjusted discount rates such as the weighted average cost of capital (WACC) or certainty-equivalent adjustments. In financial mathematics, risk-neutral valuation uses market-consistent discount rates to price assets, while in corporate finance the same principle is used to compute net present value (NPV) for capital budgeting.

Applications are widespread: evaluating projects, valuing bonds and other securities, pricing derivatives under certain models, and determining capital budgeting decisions. Limitations include sensitivity to the chosen discount rate and cash-flow estimates, and the model’s dependence on stable economic assumptions. See also net present value, internal rate of return, and term structure of interest rates.