  The fundamental limits of channels with mismatched decoding are addressed. A
general formula is established for the mismatch capacity of a general channel,
defined as a sequence of conditional distributions with a general decoding
metrics sequence. We deduce an identity between the Verd\'{u}-Han general
channel capacity formula, and the mismatch capacity formula applied to Maximum
Likelihood decoding metric. Further, several upper bounds on the capacity are
provided, and a simpler expression for a lower bound is derived for the case of
a non-negative decoding metric. The general formula is specialized to the case
of finite input and output alphabet channels with a type-dependent metric. The
closely related problem of threshold mismatched decoding is also studied, and a
general expression for the threshold mismatch capacity is obtained. As an
example of threshold mismatch capacity, we state a general expression for the
erasures-only capacity of the finite input and output alphabet channel. We
observe that for every channel there exists a (matched) threshold decoder which
is capacity achieving. Additionally, necessary and sufficient conditions are
stated for a channel to have a strong converse. Csisz\'{a}r and Narayan's
conjecture is proved for bounded metrics, providing a positive answer to the
open problem introduced in [1], i.e., that the "product-space" improvement of
the lower random coding bound, $C_q^{(\infty)}(W)$, is indeed the mismatch
capacity of the discrete memoryless channel $W$. We conclude by presenting an
identity between the threshold capacity and $C_q^{(\infty)}(W)$ in the DMC
case.
