Taux d'actualisation et optimum second

Jean Tirole

Revue Économique, 1981, vol. 32, issue 5, 829-869

Abstract: [fre] Cet article considère la littérature sur le taux d'actualisation en situation d'opti­mum second. Après examen des raisons pour lesquelles l'approche en termes d'optimum premier est inadéquate, et des quelques arguments s'y rattachant, dis­tinction est faite entre modèles « de politique optimale » et modèles « de réforme ». L'accent est mis sur la notion importante de coût d'opportunité des fonds publics. Celle-ci ne doit pas être confondue avec la notion de coût de rareté des fonds publics, dont cet article donne une présentation rigoureuse. [eng] The social rate of discount and the theory of the second best. Jean Tirole. This paper considers the (second best) theory of the social rate of discount. To begin with, the inadequacy of the first best approach and of some related arguments is shown ; then the different contributions are divided in " optimal policy models " and " reform models ". The important notion of opportunity cost of public funds is emphasized ; it should not be confused with the notion of scarcity cost of public funds, whose formalization is given in this paper.

Date: 1981
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