Quel taux d’actualisation pour le long terme ?
[eng] What discount rate for the long term ? In the sacrifices we have made to improve the future, is it better to protect the distant future by selecting a discount rate that decreases over time as certain ecologists and philosophers have recommended ? This would involve a much more important taking into account of the greenhouse effect and nuclear waste in our cost-benefit analyses to the detriment of public investment for more immediate benefits such as the improvement of the transport and education infrastructure. In this article we will demonstrate how the classical theory of finance allows this complex question to be answered in a positive way. JEL classifications : D99, Q01 [fre] Dans nos sacrifices pour améliorer l’avenir, faut-il favoriser le futur le plus éloigné en sélectionnant un taux d’actualisation décroissant avec l’horizon temporel, comme le recommandent certains écologistes et philosophes ? Ceci impliquerait une prise en compte plus importante de l’effet de serre et des déchets nucléaires dans nos analyses coût-bénéfice, au détriment d’investissements publics aux bénéfices plus immédiats comme l’amélioration de l’infrastructure de transport ou l’éducation. Dans cet article, nous montrons comment la théorie classique de la finance permet de répondre à cette question complexe de façon positive. Classification JEL : D99, Q01
Volume (Year): 66 (2002)
Issue (Month): 2 ()
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