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Taux d’actualisation et rémunération du capital

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  • Christian Gollier

Abstract

The recent literature provides arguments in favor of taking better account of the distant future in the evaluation of investments. This justifies using a smaller rate to discount long-term costs and benefits of public investments. However, in a decentralized economy in which the operators undertaking these investments face capital costs that are determined by financial markets, these arguments are useless to determine the remuneration of these capital costs.

Suggested Citation

  • Christian Gollier, 2015. "Taux d’actualisation et rémunération du capital," Revue française d'économie, Presses de Sciences-Po, vol. 0(4), pages 3-15.
    • Handle: RePEc:cai:rferfe:rfe_154_0003
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    References listed on IDEAS

    as
    1. Luc Baumstark & Pierre Ferry & Christian Gollier, 2011. "Le calcul du risque dans les investissements publics," Post-Print halshs-00958501, HAL.
    2. Christian Gollier, 2012. "Pricing the Planet's Future: The Economics of Discounting in an Uncertain World," Economics Books, Princeton University Press, edition 1, volume 1, number 9894.
    3. Robert J. Barro, 2009. "Rare Disasters, Asset Prices, and Welfare Costs," American Economic Review, American Economic Association, vol. 99(1), pages 243-264, March.
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    Cited by:

    1. Bernard Lapeyre & Emile Quinet, 2017. "A Simple GDP-based Model for Public Investments at Risk," PSE-Ecole d'économie de Paris (Postprint) hal-01666574, HAL.
    2. Bernard Lapeyre & Emile Quinet, 2017. "A Simple GDP-based Model for Public Investments at Risk," Post-Print hal-01666574, HAL.

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