VALUE FOR MONEY: TO WHAT EXTENT DOES DISCOUNT RATE MATTER?
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad de Zaragoza
2014
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| _version_ | 1876445027559800832 |
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| author | Carlos Contreras |
| author_facet | Carlos Contreras |
| contents | VALUE FOR MONEY: TO WHAT EXTENT DOES DISCOUNT RATE MATTER? Carlos Contreras Economía y Finanzas public discount rate value for money project evaluation private partnership This paper proposes a Value for Money test to assess the appropriateness of using public-private partnerships (PPPs), and performs a numerical analysis to verify to what extent the outcomes are sensitive to the discount rates being used. The test is applied to two projects which differ in the length of the concession contract and the level of capital intensity. The paper finds that the higher the discount rate being used, the larger the advantage of using a PPP as the supply method. This conclusion is more visible in the case of projects with longer concession terms. Moreover, using one single discount rate for very different project profiles seems to be inadequate. 2014 artículo científico 1133-455X https://www.redalyc.org/articulo.oa?id=96932962004 en http://www.redalyc.org/revista.oa?id=969 Revista de Economía Aplicada application/pdf Universidad de Zaragoza Revista de Economía Aplicada (España) Num.66 Vol.XXII |
| format | Artículo científico |
| id | redalyc_96932962004 |
| institution | Redalyc |
| language | en |
| publishDate | 2014 |
| publisher | Universidad de Zaragoza |
| spellingShingle | VALUE FOR MONEY: TO WHAT EXTENT DOES DISCOUNT RATE MATTER? Carlos Contreras Economía y Finanzas public discount rate value for money project evaluation private partnership VALUE FOR MONEY: TO WHAT EXTENT DOES DISCOUNT RATE MATTER? Carlos Contreras Economía y Finanzas public discount rate value for money project evaluation private partnership This paper proposes a Value for Money test to assess the appropriateness of using public-private partnerships (PPPs), and performs a numerical analysis to verify to what extent the outcomes are sensitive to the discount rates being used. The test is applied to two projects which differ in the length of the concession contract and the level of capital intensity. The paper finds that the higher the discount rate being used, the larger the advantage of using a PPP as the supply method. This conclusion is more visible in the case of projects with longer concession terms. Moreover, using one single discount rate for very different project profiles seems to be inadequate. 2014 artículo científico 1133-455X https://www.redalyc.org/articulo.oa?id=96932962004 en http://www.redalyc.org/revista.oa?id=969 Revista de Economía Aplicada application/pdf Universidad de Zaragoza Revista de Economía Aplicada (España) Num.66 Vol.XXII |
| title | VALUE FOR MONEY: TO WHAT EXTENT DOES DISCOUNT RATE MATTER? |
| topic | Economía y Finanzas public discount rate value for money project evaluation private partnership |
| url | https://www.redalyc.org/articulo.oa?id=96932962004 |