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Time discounting and of the cost of capital in government

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  • Michael Spackman
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    Abstract

    The literature on public sector discounting has brought important insights, but there remain wide differences on some fundamental issues. This paper reviews the main conflicts and the reasons underlying them. It suggests practical procedures for discounting in government which are consistent with most of the literature but not with the 'efficient market' thesis that financial markets provide all the information needed to define these procedures.

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    Bibliographic Info

    Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

    Volume (Year): 25 (2004)
    Issue (Month): 4 (December)
    Pages: 467-518

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    Handle: RePEc:ifs:fistud:v:25:y:2004:i:4:p:467-518

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    Cited by:
    1. Yuri Biondi, 2009. "Capital budgeting under relational contracting: optimal ranking and duration criteria for schemes of concession, project-financing and public-private partnership," Post-Print hal-00442716, HAL.
    2. Claude Montmarquette & Iain Scott, 2007. "Taux d’actualisation pour l’évaluation des investissements publics au Québec," CIRANO Project Reports 2007rp-02, CIRANO.
    3. David J. EVANS, 2006. "Social discount rates for the European Union," Departmental Working Papers 2006-20, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    4. Polydoropoulou, Amalia & Roumboutsos, Athena, 2009. "Evaluating the impact of decision making during construction on transport project outcome," Evaluation and Program Planning, Elsevier, vol. 32(4), pages 369-380, November.
    5. Athena Roumboutsos, 2010. "Sustainability, Social Discount Rates and the Selection of Project Procurement Method," International Advances in Economic Research, Springer, vol. 16(2), pages 165-174, May.
    6. 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, vol. 13(2), pages 127-144, April.
    7. Jan Kubíček & Leoš Vítek, 2010. "Evaluation of Public Projects from the Viewpoint of Social Rate of Discount," Politická ekonomie, University of Economics, Prague, vol. 2010(3), pages 291-304.
    8. D Evans, 2008. "Social Project Appraisal and Discounting for the Very Long Term," Economic Issues Journal Articles, Economic Issues, vol. 13(1), pages 61-70, March.

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