... analyses.13project.26 The equity investor may compare the expected risk- profile of thecurrent project with the risk- profiles of other projects and come to the conclusion,for instance, that a risk- premium ... constant adjustmentfor risk, reflected in constant adjustment factors, does not correspond to a single risk- adjusted discount rate. Instead, we can estimate a different risk- adjusteddiscount rate ... once the risk- adjustment in the discount rate has been made in year 1, there is no need forfurther risk- adjustment in subsequent years, when the appropriate discount ratesare the risk- free rates.Table...