منابع مشابه
A Social Discount Rate for the US
The approach adopted in this paper in order to measure the US social discount rate is market-driven and relies on trade-offs in financial markets. The underlying assumptions are that public budgets displace the marginal private investment, and that US citizens borrow to finance home mortgages. The average debt capacity of the US citizen, or the representative investor, is 20%. It is argued that...
متن کاملThe Social Discount Rate
What discount rate should be applied to social investments? It is standard to use the market interest rate, thereby respecting private preferences. We show that application of this “revealed preference” criterion rests on faith, not logic. It is justified only if preferences over all choices, including past choices, are time invariant. The conditions for this to be true are stringent. Under mor...
متن کاملEnergy Policy and the Social Discount Rate
Recent debates over the economics of climate change underscore the importance of what at first blush is a narrow technical issue in welfare economics and cost-benefit analysis (CBA). Yet even before the need to study the economics of climate change, debate over both nuclear energy policy and water resource policy highlighted the fateful role that social discount rates play in policy prescriptio...
متن کاملThe Social Discount Rate: Estimates for Nine Latin American Countries
The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expresse...
متن کاملThe Social Discount Rate under Intertemporal Risk Aversion and Ambiguity
Following the Stern review of climate change the numerical choice of the social discount rate has been identified as one of the most crucial determinants of optimal policy recommendations for greenhouse gas mitigation policies. In this paper I point out two closely related contributions to the social discount rate in an uncertain world that have been overlooked in the debate. First, the standar...
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ژورنال
عنوان ژورنال: Quality & Quantity
سال: 2011
ISSN: 0033-5177,1573-7845
DOI: 10.1007/s11135-011-9585-z