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Fair-Value Budgeting: Practical Issues: Working Paper 2021-08

Michael Falkenheim

No 57264, Working Papers from Congressional Budget Office

Abstract: Fair-value budgeting represents a more comprehensive measure of cost for government activities than the measure required under current law. However, fair-value budgeting raises practical questions: Which government activities would benefit from fair-value estimates? How might they be used? How can agencies estimate fair value without observing market prices for government risks? The use of fair value could depend on three criteria: Commitment, whether the government makes commitments that it cannot shed through future legislation;

JEL-codes: G00 H50 H81 H83 (search for similar items in EconPapers)
Date: 2021-07-29
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