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Den samfundsøkonomiske kalkulationsrente

Author

Listed:
  • Hansen, Anders Chr.

    (Department of Environmental, Social and Spatial Change (ENSPAC), Roskilde Universitet)

Abstract

The discount rate prescribed by the Danish Ministry of Finance for the economic appraisal of politically driven investments is relatively high and this has given rise to concerns for sub-optimal ranking of these. The paper addresses the theoretical and empirical basis for the social discount rate and recommends a level of 3%+/-2% for time horizons within 30 years. For longer time horizons a gradually declining discount rate is recommended (hyperbolic discounting). It is shown that hyperbolic discounting does not give rise to time inconsistency in the appraisal of classical (putty-clay/sunk cost, inseparable) investment plans.

Suggested Citation

  • Hansen, Anders Chr., 2010. "Den samfundsøkonomiske kalkulationsrente," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2010(1), pages 159-192.
    • Handle: RePEc:hhs:jdaecn:0065
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    More about this item

    Keywords

    kalkulationsrente; offentlige investeringer; kapitalafkast;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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