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Multiple-Interest-Rate Analysis Sheds Light on the Reswitching Phenomenon

In: Multiple Interest Rate Analysis: Theory and Applications

Author

Listed:
  • Michael Osborne

    (University of Sussex)

Abstract

When two present values are compared, reswitching occurs when one present value is lowest at low interest rates, switches to being more expensive at higher rates, and then reswitches to being cheapest again at yet higher rates. Some economists argue that the reswitching phenomenon undermines neoclassical economics. Multipleinterest- rate analysis applied to the reswitching equation leads to its dual expression. The dual expression sheds new light on the phenomenon.

Suggested Citation

  • Michael Osborne, 2014. "Multiple-Interest-Rate Analysis Sheds Light on the Reswitching Phenomenon," Palgrave Macmillan Books, in: Multiple Interest Rate Analysis: Theory and Applications, chapter 7, pages 92-104, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37277-2_7
    DOI: 10.1057/9781137372772_7
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    Cited by:

    1. Cachanosky, Nicolás & Lewin, Peter, 2016. "An empirical application of the EVA® framework to business cycles," Review of Financial Economics, Elsevier, vol. 30(C), pages 60-67.
    2. Cachanosky Nicolás, 2017. "Austrian Economics, Market Process, and the EVA® Framework," Journal of Business Valuation and Economic Loss Analysis, De Gruyter, vol. 12(s1), pages 1-9, July.

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