The neoclassical theory of project evaluation is based on models in which agents discount the future at a constant exponential rate. But there is strong empirical evidence that people discount the future hyperbolically, applying larger annual discount rates to near-term returns than to returns in the distant future. This has led some policymakers to argue that, in evaluating programs with benefits spread over decades (such as subway systems and abatement...
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INFORMATION
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1998/07/31
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Document de travail de recherche sur les politiques
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WPS1943
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1
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1
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2010/07/01
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The implications of hyperbolic discounting for project evaluation
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discount rate
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