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How to aggregate experts' discount rates: an equilibrium approach

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.
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Submitted on : Sunday, January 12, 2014 - 12:56:26 PM
Last modification on : Wednesday, November 17, 2021 - 12:27:11 PM
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Elyès Jouini, Clotilde Napp. How to aggregate experts' discount rates: an equilibrium approach. Economic Modelling, Elsevier, 2014, 36, pp.235-243. ⟨10.1016/j.econmod.2013.09.052⟩. ⟨halshs-00927269⟩

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