IDEAS home Printed from https://ideas.repec.org/a/hpe/journl/y2003v165i2p99-126.html
   My bibliography  Save this article

El descuento social

Author

Listed:
  • Guadalupe Souto Nieves

    (Universidad Autónoma de Barcelona)

Abstract

En este trabajo se presenta una revisión de las principales teorías sobre el descuento social, la preferencia temporal y el coste de oportunidad del capital, cuyos resultados empíricos suelen arrojar diferencias significativas. Sin embargo, se muestra que no se trata de dos enfoques alternativos sino complementarios, pues la forma correcta de actualizar los flujos de un proyecto social consiste en combinarlos. Para ello es necesario disponer de estimaciones de la tasa de preferencia temporal, del coste de oportunidad del capital, del precio sombra del capital y de los efectos que el proyecto provoca sobre el consumo y la inversión privados. El procedimiento correcto para llevar a cabo dichas estimaciones también es objeto de análisis. Classification-JEL : H43

Suggested Citation

  • Guadalupe Souto Nieves, 2003. "El descuento social," Hacienda Pública Española / Review of Public Economics, IEF, vol. 165(2), pages 99-126, June.
    • Handle: RePEc:hpe:journl:y:2003:v:165:i:2:p:99-126
    as

    Download full text from publisher

    File URL: https://www.ief.es/comun/Descarga.cshtml?ruta=~/docs/destacados/publicaciones/revistas/hpe/165_Art5.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Charles M. Harvey, 1986. "Value Functions for Infinite-Period Planning," Management Science, INFORMS, vol. 32(9), pages 1123-1139, September.
    2. Coleman Bazelon & Kent Smetters, 1999. "Discounting Inside the Washington D.C. Beltway," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 213-228, Fall.
    3. Bradford, David F, 1975. "Constraints on Government Investment Opportunities and the Choice of Discount Rate," American Economic Review, American Economic Association, vol. 65(5), pages 887-899, December.
    4. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39, October.
    5. Ainslie, George, 1991. "Derivation of "Rational" Economic Behavior from Hyperbolic Discount Curves," American Economic Review, American Economic Association, vol. 81(2), pages 334-340, May.
    6. R. A. Sharma & M. J. McGregor & J. F. Blyth, 1991. "The Social Discount Rate For Land‐Use Projects In India," Journal of Agricultural Economics, Wiley Blackwell, vol. 42(1), pages 86-92, January.
    7. Otto Eckstein, 1961. "A Survey of the Theory of Public Expenditure Criteria," NBER Chapters, in: Public Finances: Needs, Sources, and Utilization, pages 439-504, National Bureau of Economic Research, Inc.
    8. Kenneth J. Arrow & Robert C. Lind, 1974. "Uncertainty and the Evaluation of Public Investment Decisions," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 3, pages 54-75, Palgrave Macmillan.
    9. Otto Eckstein, 1957. "Investment Criteria for Economic Development and the Theory of Intertemporal Welfare Economics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 71(1), pages 56-85.
    10. Mendelsohn, Robert, 1981. "The Choice of Discount Rates for Public Projects," American Economic Review, American Economic Association, vol. 71(1), pages 239-241, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Joan Pasqual & Emilio Padilla, 2007. "The Appraisal of Projects with Environmental Impacts. Efficiency and Sustainability," Working Papers wpdea0704, Department of Applied Economics at Universitat Autonoma of Barcelona.
    2. Penyalver, Domingo & Turró, Mateu & Zavala-Rojas, Diana, 2018. "Intergenerational perception of the utility of major transport projects," Research in Transportation Economics, Elsevier, vol. 70(C), pages 97-111.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Liqun Liu & Andrew J. Rettenmaier & Thomas R. Saving, 2004. "A Generalized Approach to Multigeneration Project Evaluation," Southern Economic Journal, John Wiley & Sons, vol. 71(2), pages 377-396, October.
    2. Mareike Schad & Jürgen John, 2012. "Towards a social discount rate for the economic evaluation of health technologies in Germany: an exploratory analysis," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 13(2), pages 127-144, April.
    3. Newell, Richard G. & Pizer, William A., 2003. "Discounting the distant future: how much do uncertain rates increase valuations?," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 52-71, July.
    4. Liqun Liu, 2005. "The Multi-Period Cost-Benefit Rule with Mobile Capital and Distorted Labor," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 12(2), pages 145-158, March.
    5. Liu, Liqun, 2003. "A marginal cost of funds approach to multi-period public project evaluation: implications for the social discount rate," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1707-1718, August.
    6. Michael Spackman, 2011. "Government discounting controversies: the valuation of social time preference," GRI Working Papers 68, Grantham Research Institute on Climate Change and the Environment.
    7. Gijsbers, D. & Nijkamp, P., 1986. "A varying social rate of discount : review of arguments," Serie Research Memoranda 0041, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    8. Norman Henderson & Ian Bateman, 1995. "Empirical and public choice evidence for hyperbolic social discount rates and the implications for intergenerational discounting," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 5(4), pages 413-423, June.
    9. Li, Qingran & Pizer, William A., 2021. "Use of the consumption discount rate for public policy over the distant future," Journal of Environmental Economics and Management, Elsevier, vol. 107(C).
    10. Nicholas Stern, 2013. "The Structure of Economic Modeling of the Potential Impacts of Climate Change: Grafting Gross Underestimation of Risk onto Already Narrow Science Models," Journal of Economic Literature, American Economic Association, vol. 51(3), pages 838-859, September.
    11. Mark D. Agee & Thomas D. Crocker, 2002. "On Techniques to Value the Impact of Environmental Hazards on Children's Health," NCEE Working Paper Series 200208, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Sep 2002.
    12. Johansson-Stenman, Olof & Sterner, Thomas, 2015. "Discounting and relative consumption," Journal of Environmental Economics and Management, Elsevier, vol. 71(C), pages 19-33.
    13. Moore, Mark A. & Boardman, Anthony E. & Vining, Aidan R., 2013. "More appropriate discounting: the rate of social time preference and the value of the social discount rate," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 4(1), pages 1-16, March.
    14. Colin, Price, 2011. "Optimal rotation with declining discount rate," Journal of Forest Economics, Elsevier, vol. 17(3), pages 307-318, August.
    15. Geoffrey Heal & Bengt Kriström, 2002. "Uncertainty and Climate Change," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 3-39, June.
    16. Richard B. Howarth, 2003. "Discounting and Uncertainty in Climate Change Policy Analysis," Land Economics, University of Wisconsin Press, vol. 79(3), pages 369-381.
    17. Brett Snyder, 1996. "EPA Guidelines for Regulatory Impact Analysis," Others 9602003, University Library of Munich, Germany.
    18. Price, Colin, 2018. "Declining discount rate and the social cost of carbon: Forestry consequences," Journal of Forest Economics, Elsevier, vol. 31(C), pages 39-45.
    19. Schmid, A. Allan, 2004. "Economic Analysis And Efficiency In Public Expenditure," Staff Paper Series 11776, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    20. Peter Abelson & Tim Dalton, 2018. "Choosing the Social Discount Rate for Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(1), pages 52-67, March.

    More about this item

    Keywords

    . coste de oportunidad; precio sombra del capital; preferencia temporal;
    All these keywords.

    JEL classification:

    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hpe:journl:y:2003:v:165:i:2:p:99-126. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miguel Gómez de Antonio (email available below). General contact details of provider: https://edirc.repec.org/data/iefgves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.