----------------- HES POSTING ----------------- Thanks Ross. I know that PV analysis (not perhaps by that name) using a discount rate can be traced back to English damage claims arising from the Great Fire of London. It was used in the valuation of natural resources, notably forests and timber and is often ascribed in that usage to 19th century Germans and Austrians (perhaps influenced by the economists figuring in the recent discussions here), but can also be traced to a much earlier English usage. (In this particular usage the tables are turned the Germans and Austrians getting credit really due the English!) I have a citation for that history, may have posted it here before, and will dig it out again. My introduction to the HES list was indeed researching the accuracy of an attribution to Fisher of a definition of value as "the present worth (PV) of future benefits." Have yet to get or find a confirmation of source, but assuming it is Fisher, then indeed he used PV. My specific question, however, was about the IRR concept.... the discount rate at which PV costs = PV revenues, i.e. NPV = O. Do you know who introduced it to PV analyses? Thanks, Scott Cullen ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]