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The Social Time Preference Discount Rate in Cost Benefit Analysis

In: Classic Papers in Natural Resource Economics

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  • Martin S. Feldstein

Abstract

Choosing between alternative time-streams of social benefits and costs is one of the most difficult and most important problems in the evaluation of public investment projects. As an example of the numerous choices of this kind that arise in both the design and final selection stages, we need only recall the common problem of choosing between a technique of production that requires large capital investment but has low operating costs and one with the opposite profile of expenditure: nuclear versus conventional power, electric versus diesel railroads, etc.

Suggested Citation

  • Martin S. Feldstein, 1960. "The Social Time Preference Discount Rate in Cost Benefit Analysis," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 1, pages 13-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52321-0_2
    DOI: 10.1057/9780230523210_2
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