{"id":"https://openalex.org/W2101313294","doi":"https://doi.org/10.1017/cbo9780511521942.004","title":"Discount rates: The rate of discount for benefit\u2013cost analysis and the theory of the second best","display_name":"Discount rates: The rate of discount for benefit\u2013cost analysis and the theory of the second best","publication_year":1994,"publication_date":"1994-06-30","ids":{"openalex":"https://openalex.org/W2101313294","doi":"https://doi.org/10.1017/cbo9780511521942.004","mag":"2101313294"},"language":"en","primary_location":{"id":"doi:10.1017/cbo9780511521942.004","doi":"https://doi.org/10.1017/cbo9780511521942.004","is_oa":false,"landing_page_url":"https://doi.org/10.1017/cbo9780511521942.004","pdf_url":null,"source":{"id":"https://openalex.org/S4306462995","display_name":"Cambridge University Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Cost-Benefit Analysis","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W2795783083","display_name":"Cost-Benefit Analysis"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5074218217","display_name":"Joseph Eug\u00e8ne Stiglitz","orcid":"https://orcid.org/0009-0002-5370-6798","observed_orcids":["https://orcid.org/0009-0002-5370-6798","https://orcid.org/0000-0001-6149-046X"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Joseph E. Stiglitz","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5074218217"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":43,"citation_normalized_percentile":{"value":0.18289086,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":null,"issue":null,"first_page":"116","last_page":"159"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.6654999852180481,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.6654999852180481,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11770","display_name":"Fiscal Policy and Economic Growth","score":0.06970000267028809,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13042","display_name":"Economic and Fiscal Studies","score":0.038600001484155655,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cost-benefit-analysis","display_name":"cost-benefit analysis","score":0.9049999713897705},{"id":"https://openalex.org/keywords/second-best-theory","display_name":"second best theory","score":0.578000009059906},{"id":"https://openalex.org/keywords/marginal-rate-of-transformation","display_name":"marginal rate of transformation","score":0.9620000123977661},{"id":"https://openalex.org/keywords/shadow-prices","display_name":"shadow prices","score":0.7950000166893005},{"id":"https://openalex.org/keywords/market-failure","display_name":"market failure","score":0.7689999938011169},{"id":"https://openalex.org/keywords/public-investment-evaluation","display_name":"public investment appraisal","score":0.37599998712539673}],"concepts":[{"id":"https://openalex.org/C2778428519","wikidata":"https://www.wikidata.org/wiki/Q7551053","display_name":"Social discount rate","level":3,"score":0.6769816279411316},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6542708873748779},{"id":"https://openalex.org/C6177178","wikidata":"https://www.wikidata.org/wiki/Q10998070","display_name":"Discounting","level":2,"score":0.5971250534057617},{"id":"https://openalex.org/C549774020","wikidata":"https://www.wikidata.org/wiki/Q851147","display_name":"Welfare economics","level":1,"score":0.3667221665382385},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3616425693035126},{"id":"https://openalex.org/C127454912","wikidata":"https://www.wikidata.org/wiki/Q942582","display_name":"Cost\u2013benefit analysis","level":2,"score":0.32750552892684937},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3235510587692261},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1212453842163086},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.10104036331176758},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0492534339427948}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1017/cbo9780511521942.004","doi":"https://doi.org/10.1017/cbo9780511521942.004","is_oa":false,"landing_page_url":"https://doi.org/10.1017/cbo9780511521942.004","pdf_url":null,"source":{"id":"https://openalex.org/S4306462995","display_name":"Cambridge University Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Cost-Benefit Analysis","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1573164500","https://openalex.org/W2051847233","https://openalex.org/W2980752308","https://openalex.org/W2012964609","https://openalex.org/W4210871375","https://openalex.org/W7095609640","https://openalex.org/W2157565267","https://openalex.org/W7099377351","https://openalex.org/W1547558588","https://openalex.org/W785763142"],"abstract_inverted_index":{"INTRODUCTION":[0],"In":[1],"this":[2],"paper":[3],"I":[4],"wish":[5],"to":[6,19,49,69,114,133,159,207],"present":[7],"a":[8,38,55,106,120,160,211],"way":[9],"of":[10,16,30,45,62,73,84,97,108,182,194,197,210,221,231,236],"thinking":[11],"about":[12],"what":[13],"the":[14,25,42,59,65,81,91,95,102,152,155,176,183,192,195,198,201,208,233],"rate":[15,44,61,83],"discount":[17,85],"ought":[18,48,68],"be":[20,50,70,169,239],"for":[21,118,148],"evaluating":[22,119],"projects":[23],"within":[24],"public":[26],"sector.":[27],"The":[28],"conclusion":[29],"my":[31],"analysis":[32,99,140,181,193],"is":[33,36,53,124,141,191],"that":[34,41,58,104,154,175,205],"there":[35,54,123],"not":[37,87,112,132,226],"convincing":[39,56],"case":[40,57],"social":[43,135,166,228],"time":[46],"reference":[47],"used.":[51,71],"Nor":[52],"marginal":[60],"transformation":[63],"in":[64,77,94,105,179],"private":[66],"sector":[67],"Neither":[72],"these":[74],"rates":[75],"is,":[76,214],"general,":[78],"appropriate;":[79],"indeed,":[80],"appropriate":[82],"may":[86],"even":[88],"lie":[89],"between":[90,162,185],"two.":[92],"Interest":[93],"problems":[96],"benefit\u2013cost":[98,139],"arises":[100],"from":[101],"belief":[103],"variety":[107],"circumstances":[109],"one":[110,149],"does":[111],"want":[113],"use":[115],"market":[116,126,130,163,186,223],"prices":[117,131,164,187,190,224],"project;":[121],"implicitly,":[122],"some":[125],"failure,":[127],"which":[128],"leads":[129],"reflect":[134,227],"evaluations.":[136],"Thus,":[137],"intrinsically,":[138],"concerned":[142],"with":[143,218],"second-best":[144],"situations.":[145],"We":[146],"assume,":[147],"reason":[150],"or":[151],"other,":[153],"failure":[156],"giving":[157],"rise":[158],"discrepancy":[161],"and":[165,188,200,230],"evaluations":[167,229],"cannot":[168,238],"attacked":[170],"directly":[171],"It":[172],"seems":[173],"fundamental":[174],"first":[177],"stage":[178],"any":[180],"relation":[184],"shadow":[189],"structure":[196],"economy":[199],"constraints":[202],"on":[203],"government":[204,243],"lead":[206],"persistence":[209],"non-optimality.":[212],"That":[213],"we":[215],"must":[216],"begin":[217],"an":[219],"explanation":[220],"why":[222,232],"do":[225],"given":[234],"set":[235],"distortions":[237],"better":[240],"corrected":[241],"by":[242],"policy.":[244]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":4},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-17T09:40:24.721904","created_date":"2016-06-24T00:00:00"}