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Proper Valuation of Perpetuities in an Inflationary Environment without Real Growth

Author

Listed:
  • Ignacio Vélez-Pareja

    (Universidad Tecnológica de Bolívar. Cartagena, Colombia.)

Abstract

En este artículo examinamos la correcta evaluación de las perpetuidades sin crecimiento real. El caso de una perpetuidad “pura” no creciente, es decir, con crecimiento real cero e inflación cero, es interesante desde el punto de vista académico, pero puede llegar a ser difícil de encontrar en la práctica. Los resultados contradicen lo comúnmente aceptado en la literatura académica. Concretamente, examinamos las fórmulas de los manuales de texto para calcular el valor de una perpetuidad. Cuando trabajamos con perpetuidades estamos ante una muñeca matroska rusa. Descubrimos que cuando hallamos perpetuidades en un escenario de inflación distinta de cero y crecimiento real cero, el valor aumenta con la inflación. Por otra parte, las fórmulas de los manuales de texto que se usan para calcular una perpetuidad no creciente en un mismo escenario subestima el valor de la perpetuidad en cantidades significativas.

Suggested Citation

  • Ignacio Vélez-Pareja, 2008. "Proper Valuation of Perpetuities in an Inflationary Environment without Real Growth," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 7, pages 1-12, May.
    • Handle: RePEc:eac:articl:05/07
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    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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