How to aggregate experts' discount rates: an equilibrium approach

Elyès Jouini () and Clotilde Napp

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Abstract: We address the problem of a social planner who, as in Weitzman (2001), gathers data on experts' discount rates and wants to infer the socially efficient consumption discount rate. We propose an 'equilibrium approach' and we analyse the expression and the properties of the resulting 'equilibrium discount rate'. We compare our expression for the discount rate with the different expressions that have been previously proposed in the literature. We analyse the impact of shifts in the distributions of experts discount rates. Finally, we apply our approach to Weitzman (2001)'s data to propose discount rates for public sector Cost-Bene t Analysis, in particular for the long term.

Keywords: Consumption discount rate; Equilibrium discount rate; Experts discount rate; Hyperbolic discounting; Cost-benefit analysis; Gamma discounting; Divergence of opinion (search for similar items in EconPapers)
Date: 2014-01-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00927269v1
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Citations: View citations in EconPapers (4)

Published in Economic Modelling, 2014, 36, pp.235-243. ⟨10.1016/j.econmod.2013.09.052⟩

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Journal Article: How to aggregate experts' discount rates: An equilibrium approach (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00927269

DOI: 10.1016/j.econmod.2013.09.052

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