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1 janvier 2014
- handle: 10670/1.9nwd7z
- halshs: halshs-00927269
- doi: 10.1016/j.econmod.2013.09.052
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.econmod.2013.09.052
info:eu-repo/semantics/OpenAccess
Mots-clés
Consumption discount rate Equilibrium discount rate Experts discount rate Hyperbolic discounting Cost-benefit analysis Gamma discounting Divergence of opinion D - Microeconomics/D.D6 - Welfare Economics/D.D6.D61 - Allocative Efficiency • Cost–Benefit Analysis E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E43 - Interest Rates: Determination, Term Structure, and EffectsSujets proches
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Elyès Jouini et al., « How to aggregate experts' discount rates: an equilibrium approach », HAL-SHS : économie et finance, ID : 10.1016/j.econmod.2013.09.052
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Résumé
We address the problem of a social planner who, as in Weitzman (2001), gathers data on experts' discount rates and wants to infer the socially efficient consumption discount rate. We propose an 'equilibrium approach' and we analyse the expression and the properties of the resulting 'equilibrium discount rate'. We compare our expression for the discount rate with the different expressions that have been previously proposed in the literature. We analyse the impact of shifts in the distributions of experts discount rates. Finally, we apply our approach to Weitzman (2001)s data to propose discount rates for public sector Cost-Benet Analysis, in particular for the long term.