Propuestas para la determinación de la tasa social de descuento: una revisión analítica
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Resumen
Este artículo examina el concepto del descuento, su racionalidad y la forma de utilización en la evluación de proyectos públicos, particularmente en aquellos que generan efectos negativos sobre el medio ambiente y los recursos naturales. Igualmente, establece las justificaciones teóricas del descuento desde la perspectiva de los modelos económicos de maximización del bienestar social. A partir de lo anterior, analiza dos propuestas que se destacan dentro de la teoría económica: 1) la tasa social de preferencia intertemporal del consumo, basada en la tasa de preferencia temporal y, 2) el corto de oportunidad social del capital, basado en la productividad marginal del capital. Adicionalmente, el documento revisa algunas propuestas prácticas que se han establecido como alternativa frente a las propuestas teóricas planteadas anteriormente. Sin embargo, el artículo se centra en los métodos teóricos propuestos para la determinación de la Tasa Social de Descuento –TSD– y en las diversas críticas que surgen a cada una de estas propuestas.
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Correa Restrepo, F. J. (2015). Propuestas para la determinación de la tasa social de descuento: una revisión analítica. Semestre Económico, 6(11). Recuperado a partir de https://revistas.udem.edu.co/index.php/economico/article/view/1374
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Citas
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Hicks, John, (1939), Valor y Capital, México, reimpresión del Fondo de Cultura Económica, 1989.
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Parfit, Derek, (1983), "Energy policy and further future: the social discount rate", in: Mc lean, D. And Brown, R, editors, Energy and the Future, Totowa N. I. Rowman and Littlefield.
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Squire, Lyn, Van der Tak, Hermán, (1977), Análisis Económico de Proyectos, Madrid, Banco Mundial, Editorial Tecnos.
Arrow, Kenneth, (1966), Discounting and Public Invesment Criteria, in: Kneese, A. and Smith, S. (eds.), Water Research, Baltimore, MD, USA, lohns Hopkins University Press.
Barro, Robert, Sala-i-Martin, Xavier, (1999), Economic Growth, second printing, Cambridge, Massachusetts, The Mit Press.
Baumol, William, (1968)," On the Social Rate of Discount", American Economic Review, No. 58. pp. 708-802.
Becker, Gary, Mulligan, Casey, (1997), "The Endogenous Determination of Time Preference", Quarterly Journal of Economics, vol 112, p.p. 729-758.
Boardman, A. E. et al, (1996), Cost-Benefit Analysis:Concepts and practice, Prentice Hall.
Bohm-Bawerk, E., (1959), The Positive Theory of Capital, South Holland, Libertian Press.
Boscolo, Marco et al, (1998), Discounting Cost and Benefits in Carbón Secuestration Projects, Development Discussion Paper No. 638, Harvard Institute for International Development, Harvard University.
Bradford, D., (1975), "Constraints on Government Investment Opportunities and the Choice of the Discount Rate", American Economic Review, No. 60, pp. 364-378.
Caplin, Andrew, Leahy, John, (2001), The Social Discount Rate, Discussion Paper No. 137, Institute for Empirical Macroecnomics, Federal Reserve Bank of Minneapolis, january.
CEDE, (1993), Determinación de la Tasa de Descuento Social para Colombia, Universidad de los Andes.
Cline, W. R., (1992), The Economics of Global Warming, Institute for International Economics, Washington D. C, USA.
Correa Restrepo, Francisco, (1999), "Tasa Social de Descuento", Notas del Curso de Evaluación Socioeconómica de Proyectos, Universidad EAFIT, documento mimeo.
Dasgupta, Partha, (1982), "Resource Depletion, Research and Development and the Social Rate of Discount", in R. C. Lind (editor), Discounting for time and risk in energy policy, Baltimore, Jhon Hopkins Press.
Dinwiddy, Caroline, Teal, Francis, (1996), Principies of cost-benefit analysis for developing countries, Great Britain, Cambridge University Press.
Elster, John, (1983), Studies in the Suversion of Rationality, Sour Grapes, Cambridge University Press.
Feldstein, Martin, (1972), "The Inadequacy of Weighted Discount Rates", In Richard Layard, editor, Cost Benefit Analysis, United Kingdom Harmondsworth, Penguin.
González, Jorge Iván, Pecha, Arsenio, (2000), "Tasa de preferencia intertemporal, equilibrio y estabilidad en los modelos de crecimiento neoclásico", Cuadernos de Economía, No. 32.
Hicks, John, (1939), Valor y Capital, México, reimpresión del Fondo de Cultura Económica, 1989.
Kula, E., (1992), Economics of Natural Resources and the Environment, New York, Chapman & Hall.
Lind, R., Editor, (1982), Discounting for time and Risk in energy policy, Washington, Resources For the future.
Markandaya, Añil, Pearce, David, (1991), "Development, the environment and the social rate of discount", The World Bank Research Observer, Washington, Vol. 6, pp. 137-152.
Markandaya, Añil, Pearce, David, (1988), "Environmental Considerations and the Choice of the Discount Rate in developing Countries", The World Bank, Environment Department Washington, Working Paper No. 3.
Mokate, Karen, Castro, Raúl, (1998), Evaluación económica y social de proyectos, Bogotá D. C, Ediciones Uniandes.
Nordhaus, William, (1994), "The cost of Slowing Climate Change: ASurvey", The Energy Journal, Vol 12, No.l, p. 38.
Parfit, Derek, (1983), "Energy policy and further future: the social discount rate", in: Mc lean, D. And Brown, R, editors, Energy and the Future, Totowa N. I. Rowman and Littlefield.
Pearce, David, (1993), Economic Valúes and the Natural World, Cambridge, The MIT Press.
Shackle, George, (1972), Epistemics and Economics, A critique of Economic Doctrines, Cambridge, Cambridge University Press, reimpreso porTransaction Publishers, New Brunswick, New Jersey.
Squire, Lyn, Van der Tak, Hermán, (1977), Análisis Económico de Proyectos, Madrid, Banco Mundial, Editorial Tecnos.