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On Risk Deductions In Public Project Appraisal

  • Anderson, Jock R.

Project appraisal under uncertainty should, in general, be worked in terms of carefully computed expected or mean values of uncertain elements. The major exceptions are when: (a) project returns are large relative to national income; or (b) project returns are highly correlated with other national income. Approximate procedures have been developed for computing risk adjustments in each of these special cases singly, but here, a more comprehensive procedure is described that encompasses both cases separately and jointly.

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File URL: http://purl.umn.edu/22747
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Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 27 (1983)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:ajaeau:22747
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  1. McKean, Roland N & Moore, John H, 1972. "Uncertainty and the Evaluation of Public Investment Decisions: Comment," American Economic Review, American Economic Association, vol. 62(1), pages 165-67, March.
  2. Grossman, Sanford J. & Shiller, Robert J., 1982. "Consumption correlatedness and risk measurement in economies with non-traded assets and heterogeneous information," Journal of Financial Economics, Elsevier, vol. 10(2), pages 195-210, July.
  3. Anderson, Jock R., 1974. "Simulation: Methodology and Application in Agricultural Economics," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(01), March.
  4. Mayshar, Joram, 1979. "Should Government Subsidize Risky Private Projects? Reply," American Economic Review, American Economic Association, vol. 69(3), pages 462-64, June.
  5. Hamal, K.B. & Anderson, Jock R., 1982. "A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(03), December.
  6. Nichols, Alan, 1972. "Uncertainty and the Evaluation of Public Investment Decisions: Comment," American Economic Review, American Economic Association, vol. 62(1), pages 168-69, March.
  7. Fisher, Anthony C., 1973. "A paradox in the theory of public investment," Journal of Public Economics, Elsevier, vol. 2(4), pages 405-407.
  8. Makowski, Louis, 1983. "Competitive Stock Markets," Review of Economic Studies, Wiley Blackwell, vol. 50(2), pages 305-30, April.
  9. Rees, Ray & Foldes, L. P., 1977. "A Note on the Arrow-Lind Theorem," Munich Reprints in Economics 3416, University of Munich, Department of Economics.
  10. Pauly, Mark V, 1970. "Risk and the Social Rate of Discount," American Economic Review, American Economic Association, vol. 60(1), pages 195-98, March.
  11. James, Estelle, 1975. "A Note on Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, vol. 65(1), pages 200-05, March.
  12. Mishan, E J, 1972. "Uncertainty and the Evaluation of Public Investment Decisions: Comment," American Economic Review, American Economic Association, vol. 62(1), pages 161-64, March.
  13. Wellington, Donald, 1972. "Uncertainty and the Evaluation of Public Investment Decisions: Comment," American Economic Review, American Economic Association, vol. 62(1), pages 170, March.
  14. Mayshar, Joram, 1977. "Should Government Subsidize Risky Private Projects?," American Economic Review, American Economic Association, vol. 67(2), pages 20-28, March.
  15. 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, vol. 13(2), pages 287-302, June.
  16. Anderson, Jock R., 1979. "Impacts of Climatic Variability in Australian Agriculture: A Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 47(03), December.
  17. Breeden, Douglas T., 1979. "An intertemporal asset pricing model with stochastic consumption and investment opportunities," Journal of Financial Economics, Elsevier, vol. 7(3), pages 265-296, September.
  18. Gardner, Roy, 1979. "The Arrow-Lind Theorem in a Continuum Economy," American Economic Review, American Economic Association, vol. 69(3), pages 420-22, June.
  19. Stewart, Marion B, 1979. "Should Government Subsidize Risky Private Projects? Comment," American Economic Review, American Economic Association, vol. 69(3), pages 459-61, June.
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