Taux d'actualisation et rémunération du capital
The recent literature provides arguments in favor of taking better account of the distant future in the evaluation of investments. This justifies using a smaller rate to discount long-term costs and benefits of public investments. However, in a decentralized economy in which the operators undertaking these investments face capital costs that are determined by financial markets, these arguments are useless to determine the remuneration of these capital costs.
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|Date of creation:||Jul 2015|
|Publication status:||Published in Revue Française d'Économie, vol. 30, avril 2016.|
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- Christian Gollier, 2012. "Pricing the Planet's Future: The Economics of Discounting in an Uncertain World," Economics Books, Princeton University Press, edition 1, number 9894.
- Robert J. Barro, 2009. "Rare Disasters, Asset Prices, and Welfare Costs," American Economic Review, American Economic Association, vol. 99(1), pages 243-264, March.
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