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Erschienen in:
Definition of Economic Effects, Necessity of Measurement, Prototype Model, and Externalities Kapitel lesen Erstes Kapitel lesen

2016 | OriginalPaper | Buchkapitel

2. Time-Saved Evaluation and Social Discount Rate

verfasst von : Hirotada Kohno

Erschienen in: Economic Effects of Public Investment

Verlag: Springer Japan

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Abstract

The direct economic effects such as saving effects of the running costs and saving effects of the time required are formed owing to the influence of the newly constructed expressway, the most part of which are “saved benefits,” so easily measured and of clear notion. But, the saved effects of the time required are in terms of physical unit of hour and minute, which must be converted to these in terms of money so as to add up the other various effects together. What acts as intermediary to this conversion is the “monetary evaluation rate of the saved time” (below, based on [12], [10], [11], etc.).

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Vorheriges Kapitel Definition of Economic Effects, Necessity of Measurement, Prototype Model, and Externalities
Nächstes Kapitel Perfect Transfer Theory of Indirect Economic Effects Formation: Based on the Generation Base vs. Incidence Base
Fußnoten
1
“mean value” means to be average value, which is statistical terminology.
 
2
$$ \begin{array}{c}\frac{\frac{dW}{d{x}_t}}{\frac{dW}{d{x}_{t+1}}}=\frac{{\left(1+\rho \right)}^{-\epsilon t}\cdot {x}_o^{-\varepsilon }}{{\left(1+\pi \right)}^{-\varepsilon t}\cdot {P}_o^{-\varepsilon}\cdot {\left(1+d\right)}^t}.\frac{{\left(1+\pi \right)}^{-\varepsilon \left(t+1\right)}\cdot {P}_o^{-\varepsilon}\cdot {\left(1+d\right)}^{t+1}}{{\left(1+\rho \right)}^{-\varepsilon \left(t+1\right)}\cdot {x}_o^{-\varepsilon }}.\\ {}\kern0.5em =\frac{{\left(1+\pi \right)}^{-\varepsilon}\cdot \left(1+d\right)}{{\left(1+\rho \right)}^{-\varepsilon }}=\frac{{\left(1+\rho \right)}^{\varepsilon}\left(1+d\right)}{{\left(1+\pi \right)}^{\varepsilon }}\end{array} $$
(2.16)
 
3
https://static-content.springer.com/image/chp%3A10.1007%2F978-4-431-55224-6_2/MediaObjects/329787_1_En_2_Figa_HTML.gif
\( \frac{x_{t+1}}{x_t}\sim \) marginal rate of substitution in production (on the transformation curve).
\( \frac{\frac{dW}{d{x}_{t+1}}}{\frac{dW}{d{x}_t}}\sim \) marginal rate of substitution in consumption (on the social indifference cure < a welfare function in terms of goods>).
 
Literatur
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Marglin, S.A. 1963. The social rate of discount and the optimal rate of investment. The Quarterly Journal of Economics 77(1): 95–111. (Translated by Katsuyuki Kurashimo. 1963. Ex. & Auto. 6(12): 57–65).
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Negishi, Takashi. 1963. On the concept of benefits. In Studied on the toll rate system of metropolitan expressway, ed. Mitsugu Nakamura, et al., 40–46, Metropolitan Expressway Public Corporation.
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Oishi, Yasuhiko. 1964. Comment on the benefit evaluation principle. Expressways and Automobiles 6(4): 18–25 & 31.
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Foster, C.D., and M.E. Beesley. 1963. Estimating the social benefit of constructing an underground railway in London. Journal of the Royal Statistical Society, Series A (General) 126. Japanese ed: Ex. & Auto. 17(5) 64–74; (6) 53–71; (7) 46–61 (trans: Kubotera, Yoshitsugu, Toda, Chifumi, and Kohno, H. (as advisor).
Metadaten
Titel
Time-Saved Evaluation and Social Discount Rate
verfasst von
Hirotada Kohno
Copyright-Jahr
2016
Verlag
Springer Japan
Buch
Economic Effects of Public Investment

Print ISBN: 978-4-431-55223-9

Electronic ISBN: 978-4-431-55224-6

Copyright-Jahr: 2016

DOI
https://doi.org/10.1007/978-4-431-55224-6_2