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# Topic: Fisher separation theorem

 Irving Fisher - Wikipedia, the free encyclopedia Fisher was so discredited by his 1929 pronouncements, and by the failure of a firm he had started, that few people took notice of his "debt-deflation" analysis of the Depression. Fisher was also the first economist to distinguish clearly between real and nominal interest rates, concluding that the real interest rate equals the nominal interest rate minus the expected inflation rate. Fisher made free use of the standard diagrams used to teach undergraduate economics, but labelled the axes "consumption now" and "consumption next period" instead of, e.g., "apples" and "oranges." The resulting theory, one of considerable power and insight, was exposited in considerable detail in The Theory of Interest; for a concise exposition, click here. en.wikipedia.org /wiki/Irving_Fisher   (1564 words)

 Encyclopedia :: encyclopedia : Separation of powers   (Site not responding. Last check: 2007-11-03) Separation of powers is the idea that the powers of a sovereign government should be split between two or more strongly independent entities, preventing any one person or group from gaining too much power. The essential difference between the separation of powers as developed in common law theory and in France was that in the former, the checks and balances inherent in the mixed constitution and in Montesquieu's analysis were incorporated into the doctrine. Separation of church and state or Laïcité - Ensures freedom of religion by preventing government interference in its practice. www.hallencyclopedia.com /Separation_of_powers   (2308 words)

 Corporate Finance In general, each project's value will be estimated using a discounted cash flow (DCF) valuation, and the opportunity with the highest value, as measured by the resultant net present value (NPV) will be selected (see Fisher separation theorem). The real options approach is used when the value of a project is contingent on the value of some other asset or underlying variable. There are various considerations: where shareholders pay tax on dividends, companies may elect to retain earnings, or to perform a stock buyback, in both cases increasing the value of shares outstanding; some companies will pay "dividends" from stock rather than in cash. www.eoft.com /corporate_finance.html   (2148 words)

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