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Type: Journal Articles Authors: Michael Spackman ISSN: Print: 0143-5671 Online: 1475-5890
Published in: Fiscal Studies, Vol. 25, No. 4, December 2004
Volume, issue, pages: Vol. 25, No. 4, pp. 467-518
JEL classification: D6, D9, H5
The literature on public sector discounting has brought important insights, but there remain wide differences on some fundamental issues. This paper reviews the main conflicts and the reasons underlying them. It suggests practical procedures for discounting in government which are consistent with most of the literature but not with the 'efficient market' thesis that financial markets provide all the information needed to define these procedures. Search |
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