Discount Rates for the Evaluation of Public Private Partnerships

Overview

This experience has spurred policy makers to demand that a comparison be made between the public and private provision of services to determine the overall value for money of public-private partnership ventures. A central question that must be answered before such a comparison can be made is the appropriate cost of capital or discount rate to use in both of these situations. The essays in this book address these issues directly and provide the latest views on this topic.

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Overview

This experience has spurred policy makers to demand that a comparison be made between the public and private provision of services to determine the overall value for money of public-private partnership ventures. A central question that must be answered before such a comparison can be made is the appropriate cost of capital or discount rate to use in both of these situations. The essays in this book address these issues directly and provide the latest views on this topic.

Contributors include Donald Brean (University of Toronto), David Burgess (University of Western Ontario), Graham Glenday (Duke University), Arnold C. Harberger (UCLA), Glenn Jenkins (Queen's University), Chun-Yan Kuo (Queen's University), Mark Moore (Simon Fraser University), Christopher Shugart (independent), Michael Spackman (NERA), and Peter Spiro (Treasury of Ontario).

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Product Details

  • ISBN-13: 9781553391647
  • Publisher: McGill-Queens University Press
  • Publication date: 3/1/2010
  • Pages: 250
  • Product dimensions: 6.20 (w) x 9.00 (h) x 1.00 (d)

Meet the Author


David F. Burgess is emeritus professor of economics, University of Western Ontario. Glenn P. Jenkins is professor of economics at Queen's University, Eastern Mediterranean University, Cyprus, and Institute Fellow Emeritus, Harvard University.

David F. Burgess is emeritus professor of economics, University of Western Ontario.

Glenn P. Jenkins is professor of economics at Queen's University, Eastern Mediterranean University, Cyprus, and Institute Fellow Emeritus, Harvard University.

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Table of Contents

Preface vii

Introduction David F. Burgess Glenn P. Jenkins 1

Part I Discount Rates for PPPs: Overview of Theory and Practice

Chapter 1 PPPs, the Public Sector Comparator, and Discount Rates: Key Issues for Developing Countries Chris Shugart 19

Summary of Discussion 77

Chapter 2 Time Preference, the Cost of Capital, and PPPs Michael Spackman 83

Summary of Discussion 121

Part II Theoretical Approaches to the Discounting of Benefits and Costs

Chapter 3 Toward a Reconciliation of Alternative Views on the Social Discount Rate David F. Burgess 131

Summary of Discussion 157

Chapter 4 The New (but Old) Approach to the Economic Opportunity Cost of Capital Graham Glenday 161

Comment on Glenday Paper Glenn P. Jenkins Chun-Yan Kuo 191

Summary of Discussion 195

Chapter 5 What Is Risk? Antal Deutsch 201

Part III Estimation of Discount Rates in Canada

Chapter 6 On Growth, Investment, Capital, and the Rate of Return Arnold C. Harberger 205

Chapter 7 Risk-Adjusted Discount Rates for Public Sector Investments: With Illustrations for Transportation Donald J.S. Brean David F. Burgess 229

Comment on Brean-Burgess Paper Graham Glenday 253

Summary of Discussion 259

Chapter 8 The Economic Opportunity Cost of Capital for Canada: An Empirical Update Glenn P. Jenkins Chun-Yan Kuo 265

Comment on Jenkins-Kuo Paper David F. Burgess 289

Chapter 9 The Social Discount Rate for Provincial Government Investment Projects Peter S. Spiro 299

Comment on Spiro Paper David F. Burgess 315

Part IV The Path to Best Practice

Chapter 10 Roundtable Discussion 321

Contributors

List of Publications

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