ERN: Project Evaluation; Social Discount Rate (Topic)最新文献

{"title":"On the Formulation of the Alternative Scenario in Cost-Benefit Analysis","authors":"P. Johansson, B. Kriström","doi":"10.2139/ssrn.3401694","DOIUrl":"https://doi.org/10.2139/ssrn.3401694","url":null,"abstract":"In this note we discuss how a cost–benefit analysis could be formulated in a second-best world where lump-sum taxation is not available. The question is how the government’s budget is balanced. Different options are available. A value added tax or an income tax or a profit tax could be adjusted so as to balance the budget. Alternatively, expenditures on public or private goods are displaced. A variation occurs if the government has a policy target. For example, a certain number of hectares of valuable forest areas should be preserved. Then, the central part of a cost–benefit analysis is to compare the costeffectiveness of different policy instruments that can be used to achieve the target. However, there are also deadweight losses provided there are distortionary taxes. Such considerations also opens up for a broader formulation of the valuation question in willingness-to-pay experiments than one based on lump-sum taxation.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131814538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Project Appraisal and the Intrinsic Rate of Return","authors":"C. Magni, A. Marchioni","doi":"10.2139/ssrn.3253956","DOIUrl":"https://doi.org/10.2139/ssrn.3253956","url":null,"abstract":"Building upon Magni (2011)’s approach, we propose a new rate of return measuring a project’s economic profitability. It is called the intrinsic rate of return (IROR). It is defined as the ratio of project return to project’s intrinsic value. The IROR approach decomposes the NPV into project scale and economic efficiency. In particular, NPV is found as the product of the project’s total invested capital and the excess rate of return, obtained as the difference between the IROR and the minimum attractive rate of return (MARR). This approach provides correct project ranking and is capable of managing time-varying costs of capital. In case of levered projects, shareholder value creation is captured by the equity IROR, which we call Intrinsic Return On Equity (IROE) (net income divided by total equity capital invested). If the project is unlevered, the IROE and the IROR lead to the same decision; if the project is levered, and the nominal value of debt is not equal to the market value of debt, the IROE should be preferred to project IROR.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128575777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Do We Measure Tax Expenditures? The Zambian Example","authors":"Miljan Sladoje","doi":"10.2139/ssrn.3120560","DOIUrl":"https://doi.org/10.2139/ssrn.3120560","url":null,"abstract":"The objective of this paper is to help inform future tax reforms related to tax expenditure provisions in Zambia. It sets out how tax expenditures can be categorised, measured and evaluated, and provides guidance on establishing a robust framework for monitoring and evaluating tax expenditures in Zambia.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122949094","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Piloting the FAO Gender and Rural Advisory Services Assessment Tool in Bangladesh Component: Enabling Environment","authors":"M. Rahman, Nishith Zahan Tanny, M. S. Islam","doi":"10.2139/SSRN.3022478","DOIUrl":"https://doi.org/10.2139/SSRN.3022478","url":null,"abstract":"This discussion paper carefully reviewed different policies and strategies of the government of Bangladesh in line with the Gender and Rural Advisory Services Assessment Tool of FAO. The review shows that there is important political commitment but this is often not accompanied by concrete action. The government policies are found to be extensive but existing documents reported slower progress on implementation. While the government has successfully passed policies that do include passages on gender, {e.g. the National Agriculture Policy, New Agriculture Extension Policy, Rural Development Policy, National Women Development Policy, Poverty Reduction Strategy Papers I&II, Seventh Five Year Plan and Two-Year plan (Government’s Plan during 1978-1980)}, there is an implementation gap of these policies. Also, coordination among different departments falls short. None of the policy frameworks have a specific implementation strategy that distinctly addresses gender issues in RAS. For instance, as per CEDAW agreement, the county submits regular report on the progress made in eliminating discrimination against women. However, reservations on articles 2 and 16 pertaining to marriage, divorce and inheritance remain in force. Article 2 (relating to “Obligations to Eliminate Discrimination”) is in direct contradiction to Religious Personal Law, which allows members of different faiths to practice marriage, divorce, alimony custody and guardianship in accordance with the religious faith and article 16 (“Equity in Marriage and Family Law”). Withdrawal of existing reservation on Article 2 and Article 16(1)c was considered and the Law Commission (LC) was requested to review the merit of the reservation and to provide appropriate recommendations. The LC recommended government to withdraw her reservation from Article 2 and Article 16.1(c) of CEDAW. However, Bangladesh shall apply the provisions of these articles in compatibility and harmony with her Constitution and existing laws. The Government is considering the LC recommendation with concern about the potential movements by the Islamic fundamentalist groups are against the withdrawal of the reservations (CEDAW, 2015). Hence, lifting reservation on Article 2 and 16 is a commitment of the GoB to CEDAW is yet to be fulfilled. Although two significant policies (National Women Development Policy 2011, New Agriculture Extension Policy 2015) create provisions to improve access to productive resource, services and income generating activities for women, these are yet to be implemented due to execution problems. For example, the use of a top-down approach, over-dependence on training and visit approach, limited front line human resources, limited policy guidelines and absence of proper feedback mechanism, lack of ICT use, inadequate training centers, lack of coordination and integration in different departments and ministries, and limited number of female RAS advisors, etc. hinder implementation. Despite some favorable p","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"476 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133499767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"When Regional Policies Fail: An Evaluation of Indonesia's Integrated Economic Development Zones","authors":"Alexander D. Rothenberg, Samuel Bazzi, S. Nataraj, A. Chari","doi":"10.2139/ssrn.2922254","DOIUrl":"https://doi.org/10.2139/ssrn.2922254","url":null,"abstract":"Throughout the developing world, many countries have created special economic zones to attract investment and spur industrial growth. In some cases, these zones are designed to promote development in poorer regions with limited market access and lower quality infrastructure, an example of a \"big push\" development strategy. In this paper, we study the effects of Indonesia's Integrated Economic Development Zone (KAPET) program. This program provided substantial tax-breaks for firms that locate in certain districts in the Outer Islands of Indonesia, a country with large regional differences in per-capita income and a history of policies to promote inclusive growth. We find that along many dimensions, KAPET districts experienced no better development outcomes, and in some cases fared even worse, than their non-treated counterparts. If anything, the strongest finding is that firms in KAPET districts paid lower taxes, but these tax reductions neither encouraged greater firm entry, increased migration, nor raised local measures of output or welfare. Overall, the KAPET program does not appear to have achieved the intended outcome of promoting growth in lagging regions. While there are many possible reasons that the KAPET program failed, our findings suggest caution in spending scarce resources to subsidize development in lagging regions.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126471051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moving from Adaptive to Transformative Capacity: Building Foundations for Inclusive, Thriving and Regenerative Urban Settlements","authors":"G. Ziervogel, Anne Cowen, John Ziniades","doi":"10.3390/SU8090955","DOIUrl":"https://doi.org/10.3390/SU8090955","url":null,"abstract":"The commitment to understanding the implications of a 1.5 °C global temperature warming limit has contributed to a growing realisation that transformative adaptation is necessary to avoid catastrophic environmental and social consequences. This is particularly the case in urban settlements where disconnection from the systems that support life is pervasive and injustice and inequality play out daily. This paper argues that in order to transform towards thriving social-ecological systems, transformative capacity needs to be strengthened. The paper builds on the rich literature of adaptive capacity, alongside concepts of transformation that are drawn from resilience theory, organisational change, and developmental psychology. Reconnection to life-support systems, agency, and social cohesion are put forward as three foundational aspects of transformative capacity. A transdisciplinary case study of the FLOW programme in the Bergrivier Municipality, South Africa, is used to explore how transformative capacity has been built in practice. The case study explores an innovative programme that works with unemployed urban youth, alongside the exploration and introduction of a community currency in the informal business sector, and strengthening cross-scalar interaction between the local municipality and youth. The paper suggests that working across sectors and scales in a transdisciplinary manner is a challenging endeavour but necessary for building inclusive, thriving, and regenerative urban settlements.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127877518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Critical Success Factors Influencing the Performance of Development Projects: An Empirical Study of Constituency Development Fund Projects in Kenya","authors":"Christopher Ngcho, Debadyuti Das","doi":"10.2139/ssrn.2707983","DOIUrl":"https://doi.org/10.2139/ssrn.2707983","url":null,"abstract":"The present work attempts to identify critical success factors (CSFs) influencing the performance of development projects based on their key performance indicators (KPIs). In order to achieve this, it has considered the case of Constituency Development Fund (CDF) projects constructed between 2003 and 2011 in Kenya and collected the viewpoints of 175 respondents comprising clients, consultants and contractors involved in the implementation of CDF projects with regard to their perceptions on 30 success variables. The findings reveal that the individual items constituting these six factors essentially represent six CSFs namely project-related, client-related, consultant-related, contractor-related, supply chain-related and external environment-related factor. The findings of this study are also relevant to the development projects undertaken in other developing countries.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116247548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Investment and the Weighted Average Cost of Capital","authors":"Murray Z. Frank, Tao Shen","doi":"10.2139/ssrn.2014367","DOIUrl":"https://doi.org/10.2139/ssrn.2014367","url":null,"abstract":"In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126696566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ambiguous Jump-Diffusions and Optimal Stopping","authors":"S. Boyarchenko, S. Levendorskii","doi":"10.2139/ssrn.2514032","DOIUrl":"https://doi.org/10.2139/ssrn.2514032","url":null,"abstract":"An ambiguity averse decision-maker contemplates investment of a fixed size capital into a project with a stochastic profit stream under the Knightian uncertainty. Multiple priors are modeled as a ``cloud\" of diffusion processes with embedded compound Poisson jumps. The ``cloud\" contains the Brownian motion (BM) as a process with zero density of jumps. The decision-maker has recursive multiple priors utility as in Epstein and Schneider (2003) and chooses the optimal investment timing. We demonstrate that if the expected present value (EPV) of the project is the same for each jump-diffusion prior at the moment of investment, then the BM is the worst prior in the waiting region. The same conclusion holds for some parameter values even when the BM gives the highest EPV of the project. For other parameter values, it is possible that the local dynamics of the worst case prior is given by a jump-diffusion in a vicinity of the investment threshold and by the BM in a vicinity of negative infinity. Explicit formulas for the value functions and investment thresholds are derived.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117151349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Should Benefits and Costs Be Discounted in an Intergenerational Context? The Views of an Expert Panel","authors":"K. Arrow, M. Cropper, C. Gollier, Ben Groom, G. Heal, R. Newell, W. Nordhaus, R. Pindyck, W. Pizer, P. Portney, T. Sterner, R. Tol, M. Weitzman","doi":"10.2139/ssrn.2199511","DOIUrl":"https://doi.org/10.2139/ssrn.2199511","url":null,"abstract":"In September 2011, the US Environmental Protection Agency asked 12 economists how the benefits and costs of regulations should be discounted for projects that affect future generations. This paper summarizes the views of the panel on three topics: the use of the Ramsey formula as an organizing principle for determining discount rates over long horizons, whether the discount rate should decline over time, and how intra- and intergenerational discounting practices can be made compatible. The panel members agree that the Ramsey formula provides a useful framework for thinking about intergenerational discounting. We also agree that theory provides compelling arguments for a declining certainty-equivalent discount rate. In the Ramsey formula, uncertainty about the future rate of growth in per capita consumption can lead to a declining consumption rate of discount, assuming that shocks to consumption are positively correlated. This uncertainty in future consumption growth rates may be estimated econometrically based on historic observations, or it can be derived from subjective uncertainty about the mean rate of growth in mean consumption or its volatility. Determining the remaining parameters of the Ramsey formula is, however, challenging.","PeriodicalId":220068,"journal":{"name":"ERN: Project Evaluation; Social Discount Rate (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130357825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}