Scandinavian Working Papers in Economics

Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Den samfundsøkonomiske kalkulationsrente

2010, Volume 2010, issue 1, pp. 159-192

Anders Chr. Hansen ()
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Anders Chr. Hansen: Department of Environmental, Social and Spatial Change (ENSPAC), Roskilde Universitet, Postal: Universitetsvej 1, 4000 Roskilde, Danmark

Abstract: The discount rate prescribed by the Danish Ministry of Finance for the economic appraisal of politically driven investments is relatively high and this has given rise to concerns for sub-optimal ranking of these. The paper addresses the theoretical and empirical basis for the social discount rate and recommends a level of 3%+/-2% for time horizons within 30 years. For longer time horizons a gradually declining discount rate is recommended (hyperbolic discounting). It is shown that hyperbolic discounting does not give rise to time inconsistency in the appraisal of classical (putty-clay/sunk cost, inseparable) investment plans.

Keywords: kalkulationsrente; offentlige investeringer; kapitalafkast

JEL-codes: A10

Language: Danish

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