Abstract
ABSTRACT Several different procedures for the implementation of the internal rate of return criterion are presented in the literature on investment projects evaluation. Taking the net present worth criterion as a basis for comparison, a survey of some of the suggested procedures and a critique of their theoretical basis are presented. It is showed that, although leading to a proper evaluaticn, they are internally inconsistent in the sense of incorporating modifications that may not really be necessary. To circumvent this possibility, we are going to suggest a conceptual algorithm that should be implemented if we are concerned with the formal application of the internal rate of return criterion.
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