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A marginal cost of funds approach to multi-period public project evaluation: implications for the social discount rate

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  • Liu, Liqun
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    Article provided by Elsevier in its journal Journal of Public Economics.

    Volume (Year): 87 (2003)
    Issue (Month): 7-8 (August)
    Pages: 1707-1718

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    Handle: RePEc:eee:pubeco:v:87:y:2003:i:7-8:p:1707-1718

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    Web page: http://www.elsevier.com/locate/inca/505578

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    1. Dahlby, Bev, 1998. "Progressive taxation and the social marginal cost of public funds," Journal of Public Economics, Elsevier, Elsevier, vol. 67(1), pages 105-122, January.
    2. Quirk, James & Terasawa, Katsuaki, 1991. "Choosing a government discount rate: An alternative approach," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 16-28, January.
    3. Batina, Raymond G., 1990. "On the interpretation of the modified samuelson rule for public goods in static models with heterogeneity," Journal of Public Economics, Elsevier, Elsevier, vol. 42(1), pages 125-133, June.
    4. Wildasin, David E, 1984. "On Public Good Provision with Distortionary Taxation," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 22(2), pages 227-43, April.
    5. King, Mervyn A., 1986. "A pigovian rule for the optimum provision of public goods," Journal of Public Economics, Elsevier, Elsevier, vol. 30(3), pages 273-291, August.
    6. Browning, Edgar K, 1987. "On the Marginal Welfare Cost of Taxation," American Economic Review, American Economic Association, American Economic Association, vol. 77(1), pages 11-23, March.
    7. Sandmo, Agnar, 1972. "Discount Rates for Public Investment under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 287-302, June.
    8. Atkinson, Anthony B & Stern, N H, 1974. "Pigou, Taxation and Public Goods," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 41(1), pages 119-28, January.
    9. Shaghil Ahmed & Dean Croushore, 1992. "The marginal cost of funds with nonseparable public spending," Working Papers 92-2, Federal Reserve Bank of Philadelphia.
    10. Joseph E. Stiglitz & Partha Dasgupta, 1970. "Differential Taxation, Public Goods, and Economic Efficiency," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 299, Cowles Foundation for Research in Economics, Yale University.
    11. Mayshar, Joram, 1991. "On Measuring the Marginal Cost of Funds Analytically," American Economic Review, American Economic Association, American Economic Association, vol. 81(5), pages 1329-35, December.
    12. SANDMO, Agnar & DREZE, Jacques H., . "Discount rates for public investment in closed and open economies," CORE Discussion Papers RP -98, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    13. Bradford, David F, 1975. "Constraints on Government Investment Opportunities and the Choice of Discount Rate," American Economic Review, American Economic Association, American Economic Association, vol. 65(5), pages 887-99, December.
    14. Ramsey, David D, 1969. "On the Social Rate of Discount: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 59(5), pages 919-24, December.
    15. Charles L. Ballard & Don Fullerton, 1992. "Distortionary Taxes and the Provision of Public Goods," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 117-131, Summer.
    16. Snow, Arthur & Warren, Ronald Jr., 1996. "The marginal welfare cost of public funds: Theory and estimates," Journal of Public Economics, Elsevier, Elsevier, vol. 61(2), pages 289-305, August.
    17. Arrow, Kenneth J & Lind, Robert C, 1970. "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, American Economic Association, vol. 60(3), pages 364-78, June.
    18. Burgess, David F, 1988. "Complementarity and the Discount Rate for Public Investment," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 103(3), pages 527-41, August.
    19. Usher, Dan, 1969. "On the Social Rate of Discount: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 59(5), pages 925-29, December.
    20. Pestieau, Pierre M, 1975. "The Role of Taxation in the Determination of the Social Discount Rate," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 362-68, June.
    21. Sandmo, Agnar, 1998. "Redistribution and the marginal cost of public funds," Journal of Public Economics, Elsevier, Elsevier, vol. 70(3), pages 365-382, December.
    22. Wilson, John Douglas, 1991. "Optimal Public Good Provision with Limited Lump-Sum Taxation," American Economic Review, American Economic Association, American Economic Association, vol. 81(1), pages 153-66, March.
    23. Mendelsohn, Robert, 1981. "The Choice of Discount Rates for Public Projects," American Economic Review, American Economic Association, American Economic Association, vol. 71(1), pages 239-41, March.
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    Cited by:
    1. Liu, Liqun & Neilson, William S., 2006. "Endogenous private safety investment and the willingness to pay for mortality risk reductions," European Economic Review, Elsevier, vol. 50(8), pages 2063-2074, November.
    2. Liqun Liu, 2004. "The Marginal Cost of Funds and the Shadow Prices of Public Sector Inputs and Outputs," International Tax and Public Finance, Springer, Springer, vol. 11(1), pages 17-29, January.
    3. CALTHROP, Edward & DE BORGER, Bruno & PROOST, Stef, 2008. "Cost-benefit analysis of transport investments in distorted economies," Working Papers 2008011, University of Antwerp, Faculty of Applied Economics.
    4. Liqun Liu, 2005. "The Multi-Period Cost-Benefit Rule with Mobile Capital and Distorted Labor," International Tax and Public Finance, Springer, Springer, vol. 12(2), pages 145-158, March.

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