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Aggregation of Discount Rates: an Equilibrium Approach

Jouini, Elyès; Napp, Clotilde (2008), Aggregation of Discount Rates: an Equilibrium Approach. https://basepub.dauphine.fr/handle/123456789/16973

Type
Document de travail / Working paper
External document link
https://halshs.archives-ouvertes.fr/halshs-00394035
Date
2008
Publisher
Université Paris-Dauphine
Series title
Preprints Ceremade
Published in
Paris
Pages
20
Metadata
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Author(s)
Jouini, Elyès

Napp, Clotilde cc
Abstract (FR)
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-Benefit Analysis, in particular for the long term.
Subjects / Keywords
divergence of opinion; consumption discount rate; equilibrium discount rate; experts discount rate; hyperbolic discounting; cost-benefit analysis; gamma discounting
JEL
D81 - Criteria for Decision-Making under Risk and Uncertainty

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