Discounting, risk and inequality: A general approach

• 成果类型: Article
• 署名作者: Fleurbaey, Marc; Zuber, Stephane
• 署名单位: Princeton University; Princeton University; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS)
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2015.05.003
• 发表日期: 2015
• 页码: 34-49
• 关键词: Social discounting; RISK; INEQUALITY

摘要

The common practice consists in using a unique value of the discount rate for all public investments. Endorsing a social welfare approach to discounting, we show how different public investments should be discounted depending on: the risk on the returns on investment, the systematic risk on aggregate consumption, the distribution of gains and losses, and inequality. We also study the limit value of the discount rate for very long term investments. We highlight the type of information that is needed about long-term scenarios in order to evaluate investments. (C) 2015 Elsevier B.V. All rights reserved.