Risk-adjusted Social Discount Rates

نویسندگان

چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Rare Disasters, Tail-Hedged Investments, and Risk-Adjusted Discount Rates

What is the best way to incorporate a risk premium into the discount rate schedule for a real investment project with uncertain payo¤s? The standard CAPM formula suggests a beta-weighted average of the return on a safe investment and the mean return on an economy-wide representative risky investment. Suppose, though, that the project constitutes a tail-hedged investment, meaning that it is expe...

متن کامل

Risk-adjusted long term social rates of discount for transportation infrastructure investment

We modify a method recently suggested by Martin Weitzman (2012) for determining a risk-adjusted social discount rate (SDR) term structure consistent with both the (augmented) Ramsey rule and the consumption-based CAPM. Using this approach we estimate SDR for transportation infrastructure investments based on an analysis of correlations between transportation work, split on road and rail, and pa...

متن کامل

Tax-Adjusted Discount Rates with Investor Taxes and Risky Debt

This paper derives a tax-adjusted discount rate formula with a constant proportion leverage policy, investor taxes, and risky debt. The result depends on an assumption about the treatment of taxlosses in default. We identify the assumption that justiftes the textbook approach of discounting interest tax shields at the cost of debt. We contrast this with an alternative assumption that leads to t...

متن کامل

Inequality aversion, social discount, and time discount rates

Purpose We conduct a hypothetical dictator game with social distance and time delays using conjoint analysis. Design / methodology / approach Responses from 1,347 Japanese adults are collected through an online survey, and their responses are analyzed using a random parameter logit model. Findings Social preference for the present income of a stranger equals social preference for the income of ...

متن کامل

The Direct Determination of Risk-adjusted Discount Rates and Liability Beta

The development of a complete financial structure including balance sheet, income and cash flow statements, coupled with conventional accounting and economic valuation rules, provides the foundation from which riskadjusted discount rates and liability betas can be determined. Since liability betas cannot be measured directly, a shift in focus is proposed to one based on measures more readily av...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: The Energy Journal

سال: 2022

ISSN: ['0195-6574', '1944-9089']

DOI: https://doi.org/10.5547/01956574.43.4.fche