La Tasa de Descuento Revisitada

Felipe Zurita

No 261, Documentos de Trabajo from Instituto de Economia. Pontificia Universidad Católica de Chile.

Abstract: The choice of an appropriate discount rate is of major importance in cost benefit analysis both, at the private and at the social levels. The theories that rationalize the NPV criterion also identify the appropriate rate. However, the question remains as to what should be done when the environment where the project is under appraisal does not accommodate well to the one described by the theory. This essay puts forward the idea that generally speaking, when there is no obvious rate to pick the NPV criterion lacks normative value.

Keywords: Discount rate; NPV; cost-benefit analysis; social discount rate (search for similar items in EconPapers)
JEL-codes: D61 G31 H43 (search for similar items in EconPapers)
Date: 2004
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Published as "Un Examen a la Tasa de Descuento", El Trimestre Económico, Vol. LXXII (2), Nº 286, abril-junio de 2005, pp. 257-281.

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Persistent link: https://EconPapers.repec.org/RePEc:ioe:doctra:261

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