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When dealing with the net present value of a project, the cash flow is discounted at the rate corresponding to the risk of the project. Every element of this cash flow is discounted as if the project started at a certain point in time and went over several time periods, ending at its maturity. The fact is that as time goes by, uncertainty is gradually resolved. In many real circumstances, if the realization of uncertainty becomes unfa­ vorable, management may, for example, cancel the project, eliminating in that way some of the bad results that led to the very high discounted rates. the possibility of canceling the project should imply an overall lower rate of discount and thus a higher value for the project.