Later developments show that, "rationally", i.e. in the formal sense, the appropriate discount rate here will (should) depend on the asset's riskiness relative to the overall market, as opposed to its owners' preferences; see below. Net present value (NPV) is the direct extension of these ideas typically applied to Corporate Finance decisioning (introduced by Joel Dean in 1951). For other results, as well as specific models developed here, see the list of "Equity valuation" topics under Outline of finance#Discounted cash flow valuation.