Introduction to the ARFE Theme on the Social Discount Rate

IF 5 3区 经济学 Q1 BUSINESS, FINANCE Annual Review of Financial Economics Pub Date : 2023-08-25 DOI:10.1146/annurev-financial-111820-084531
Deborah J. Lucas
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Abstract

Governments allocate a large share of real and financial capital globally, and their choices of discount rates for project and policy evaluation have a first-order effect on social welfare. The importance of adopting a principles-based approach to selecting discount rates has new urgency in light of the very long horizons over which the benefits and costs of policies to address climate change are being evaluated. The four articles in this theme provide an interpretive overview of the literature on many of the theoretical, practical, legal, and philosophical considerations for discount rate selection by governments. This introduction summarizes the main points of each article and highlights some of the common threads that emerge. These include the importance of using risk-adjusted rates, the problems that arise when discount rates are chosen to be artificially low, and the large disconnect between common government practices and the principles of financial economics. Expected final online publication date for the Annual Review of Financial Economics, Volume 15 is November 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
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介绍ARFE关于社会贴现率的主题
政府在全球范围内配置了大量的实体资本和金融资本,它们对项目和政策评估贴现率的选择对社会福利具有一级效应。考虑到对应对气候变化政策的效益和成本进行评估的时间跨度非常长,采用基于原则的方法选择贴现率的重要性具有新的紧迫性。本主题的四篇文章提供了关于政府选择贴现率的许多理论、实践、法律和哲学考虑的文献的解释性概述。本引言总结了每篇文章的要点,并重点介绍了出现的一些常见线索。这些问题包括使用风险调整利率的重要性,当贴现率被人为地选为较低时产生的问题,以及政府常规做法与金融经济学原则之间的巨大脱节。《金融经济学年度评论》第15卷的最终在线出版日期预计为2023年11月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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