Social Valuation of Projects Harbergers Social Discount Rate the Pricing of
Social Valuation of Projects Harbergers Social Discount Rate the Pricing of
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Harberger argues that the model can be generalized to a multi-market risky economy, where required rates of return and tax rates can differ across classes of investors, investments and securities. He derives the "general" formula for w : (2. 2) w = E i^^. (1 - T^i^) dV^B - E ij/(1 - Tj, j) dIj/dB k j where T^^^ is the marginal rate of personal income tax applicable to the k^" class of savings, and T„ • is the marginal rate of corporate incone tax applicable to the j class of investments.
16 In ...(2. 2) displacements are sunmed over all possible sub-markets (enough sub-markets are defined for each to be homogeneous in terms of required returns and marginal tax-rates), In the standard notation, (2. 3) w = zr^^dSi^/dB - igjdIj/dB k j The partitioning is justified intuitively because investment sub-markets could be thought of as different industrial sectors with different systematic risks, different cost of capital and different marginal tax rates on income (the government might set different tax-transfer rules) and, equivalently, because different income-class citizens face different marginal tax rates on their security holdings.
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To quickly assess the difficulty of the text, read a short excerpt:
Harberger argues that the model can be generalized to a multi-market risky economy, where required rates of return and tax rates can differ across classes of investors, investments and securities. He derives the "general" formula for w : (2. 2) w = E i^^. (1 - T^i^) dV^B - E ij/(1 - Tj, j) dIj/dB k j where T^^^ is the marginal rate of personal income tax applicable to the k^" class of savings, and T„ • is the marginal rate of corporate incone tax applicable to the j class of investments.
16 In ...(2. 2) displacements are sunmed over all possible sub-markets (enough sub-markets are defined for each to be homogeneous in terms of required returns and marginal tax-rates), In the standard notation, (2. 3) w = zr^^dSi^/dB - igjdIj/dB k j The partitioning is justified intuitively because investment sub-markets could be thought of as different industrial sectors with different systematic risks, different cost of capital and different marginal tax rates on income (the government might set different tax-transfer rules) and, equivalently, because different income-class citizens face different marginal tax rates on their security holdings.
What to read after Social Valuation of Projects Harbergers Social Discount Rate the Pricing of?
You can find similar books in the "Read Also" column, or choose other free books by Thierry Bollier to read onlineMoreLess
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