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Social Valuation of Projects (Classic Reprint): Harberger's Social Discount Rate and the Pricing of Risky Projects - Softcover
Synopsis
Understand how public projects are valued in a risky, tax-influenced world. This book explains Harberger's social discount rate and how risk and taxes shape the price of public investments.
This concise volume examines how governments should price and compare public projects when private returns and tax policies distort incentives. It presents a simple valuation rule that accounts for both tax effects and project risk, offering a clear approach for policymakers and analysts.
- How the social discount rate is formed and why it matters for public decisions
- How risk, via CAPM and certainty equivalents, changes project valuation
- When and how to use adjusted present value to separate project value from financing effects
- Practical guidance for applying the method to real-world public investments
Ideal for students and professionals in public finance, policy analysis, and economics who seek a solid, applicable framework for valuing risky public projects.
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Social Valuation of Projects (Classic Reprint)
Print on DemandSeller: Forgotten Books, London, United Kingdom
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Paperback. Condition: New. Print on Demand. This book delves into the complexities of cost-benefit analysis in public project valuation, specifically focusing on the controversial Social Discount Rate (SDR) theory pioneered by Arnold Harberger. The author critically examines the ongoing debate surrounding the appropriate discount rate for evaluating public projects, questioning the validity of Harberger's assumptions about capital market externalities and the treatment of risk in public investments. The author challenges the traditional view that the social discount rate should be a weighted average of the consumption rate of interest and the investment rate, arguing that this approach fails to adequately account for project-specific risks and the potential for distortions caused by taxation. Instead, the author proposes an alternative framework based on the Adjusted Present Value (APV) rule, which allows for a more nuanced assessment of the costs and benefits of public projects, including the impact of tax distortions and risk considerations. Through a rigorous analysis of economic theory and empirical evidence, this book sheds light on the challenges of public project valuation and offers valuable insights for policymakers, economists, and anyone interested in understanding the complexities of cost-benefit analysis. By dissecting the theoretical underpinnings of the SDR and proposing a more robust valuation framework, the author provides a compelling argument for a more sophisticated approach to public investment decisions. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781334047886_0
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Social Valuation of Projects
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781334047886
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Social Valuation of Projects
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781334047886
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