Discounting Disentangled

被引：186

作者：

Drupp, Moritz A. ^{[1
,2
]}

Freeman, Mark C. ^{[3
]}

Groom, Ben ^{[4
]}

Nesje, Frikk ^{[5
]}

机构：

[1] Univ Hamburg, Dept Econ, Von Mello Pk 5, D-20146 Hamburg, Germany

[2] Univ Kiel, Dept Econ, Kiel, Germany

[3] Univ York, York Management Sch, Freboys Lane, York YO10 5DD, N Yorkshire, England

[4] London Sch Econ & Polit Sci, Dept Geog & Environm, Houghton St, London WC2A 2AE, England

[5] Univ Oslo, Dept Econ, Postboks 1095, N-0317 Oslo, Norway

来源：

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY | 2018年 / 10卷 / 04期

关键词：

DISTANT FUTURE; SOCIAL COST; ECONOMICS; RATES; VALUATION; BENEFITS;

D O I：

10.1257/pol.20160240

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The economic values of investing in long-term public projects are highly sensitive to the social discount rate (SDR). We surveyed over 200 experts to disentangle disagreement on the risk-free SDR into its component parts, including pure time preference, the wealth effect, and return to capital. We show that the majority of experts do not follow the simple Ramsey Rule, a widely used theoretical discounting framework, when recommending SDRs. Despite disagreement on discounting procedures and point values, we obtain a surprising degree of consensus among experts, with more than three-quarters finding the median risk-free SDR of 2 percent acceptable.

引用

页码：109 / 134

页数：26

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