Time discounting and of the cost of capital in government

The literature on public sector discounting has brought important insights, but there remain wide differences on some fundamental issues. This paper reviews the main conflicts and the reasons underlying them. It suggests practical procedures for discounting in government which are consistent with most of the literature but not with the 'efficient market' thesis that financial markets provide all the information needed to define these procedures.

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Year of publication:	2004
Authors:	Spackman, Michael
Published in:	Fiscal Studies. - Institute for Fiscal Studies (IFS). - Vol. 25.2004, 4, p. 467-518
Publisher:	Institute for Fiscal Studies (IFS)

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Type of publication:	Article
Classification:	D6 - Welfare Economics ; D9 - Intertemporal Choice and Growth ; H5 - National Government Expenditures and Related Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005811291