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Un examen a la tasa de descuento

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  • Zurita, Felipe

    (Instituto de Economía, Pontificia Universidad Católica de Chile)

Abstract

The choice of an appropriate discount rate is of major importance in cost benefit analysis both, at the private and at the social levels. The theories that rationalize the NPV criterion also identify the appropriate rate. However, the question remains as to what should be done when the environment where the project is under appraisal does not accommodate well to the one described by the theory. This essay puts forward the idea that generally speaking, when there is no obvious rate to pick the NPV criterion lacks normative value.// La selección de una tasa de descuento apropiada es una elección importante en la evaluación de proyectos de inversión, tanto privada como social. Las teorías que racionalizan el uso del criterio del VAN también identifican la tasa apropiada. Sin embargo, queda la pregunta de qué hacer cuando esas teorías no se acercan adecuadamente al escenario en que la decisión se toma. Este ensayo defiende la idea de que, en general, si la tasa por emplear no es obvia, entonces el criterio del VAN no tiene valor normativo.

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Bibliographic Info

Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXII (2) (2005)
Issue (Month): 286 (abril-junio)
Pages: 257-281

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Handle: RePEc:elt:journl:v:72:y:2005:i:286:p:257-281

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Related research

Keywords: tasa de descuento; VAN; evaluación de proyectos; tasa social de descuento;

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