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Taux d'actualisation et optimum second

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  • Jean Tirole

Abstract

[fre] Cet article considère la littérature sur le taux d'actualisation en situation d'opti­mum second. Après examen des raisons pour lesquelles l'approche en termes d'optimum premier est inadéquate, et des quelques arguments s'y rattachant, dis­tinction est faite entre modèles « de politique optimale » et modèles « de réforme ». L'accent est mis sur la notion importante de coût d'opportunité des fonds publics. Celle-ci ne doit pas être confondue avec la notion de coût de rareté des fonds publics, dont cet article donne une présentation rigoureuse. [eng] The social rate of discount and the theory of the second best. Jean Tirole. This paper considers the (second best) theory of the social rate of discount. To begin with, the inadequacy of the first best approach and of some related arguments is shown ; then the different contributions are divided in " optimal policy models " and " reform models ". The important notion of opportunity cost of public funds is emphasized ; it should not be confused with the notion of scarcity cost of public funds, whose formalization is given in this paper.

Suggested Citation

  • Jean Tirole, 1981. "Taux d'actualisation et optimum second," Revue Économique, Programme National Persée, vol. 32(5), pages 829-869.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1981_num_32_5_408620
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    1. Stephen A. Marglin, 1963. "The Social Rate of Discount and The Optimal Rate of Investment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 77(1), pages 95-111.
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    5. Guesnerie, Roger, 1977. "On the direction of tax reform," Journal of Public Economics, Elsevier, vol. 7(2), pages 179-202, April.
    6. Jacques Thédié, 1977. "A Challenge to the Monopoly of the Rate of Discount in Investment Choices," International Economic Association Series, in: Martin S. Feldstein & Robert P. Inman (ed.), The Economics of Public Services, chapter 16, pages 390-403, Palgrave Macmillan.
    7. Tirole Jean & Guesnerie Roger, 1979. "Gradient projection algorithms for problems in public finance : a note," CEPREMAP Working Papers (Couverture Orange) 7907, CEPREMAP.
    8. Kay, J. A., 1972. "Social discount rates," Journal of Public Economics, Elsevier, vol. 1(3-4), pages 359-378, November.
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    1. Philippe Méral, 1998. "Future generations and economic activities: The case of the social discount rate," Forum for Social Economics, Springer;The Association for Social Economics, vol. 27(2), pages 1-14, March.
    2. Claude Fourgeaud & Bernard Lenclud & Pierre Michel, 1983. "Taux d'actualisation et prix de l'énergie," Revue Économique, Programme National Persée, vol. 34(2), pages 253-276.

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