Cost-Benefit Analysis by D. W. Pearce (auth.)

By D. W. Pearce (auth.)

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1. e. :l ') in Ct multiplied by the marginal utility associated with Ct. 6) The slope of SS' is simply the ratio of the two marginal utilities of consumption (which is what we would expect from our knowledge of indifference curves in general). Now, as we move along SS' in the direction J to K, society will tend to require more and more Cr+l to compensate for a unit loss of Cr. Very simply, ACr+l /ACt > I. 8) We now defines as the social rate of time preference. The inequality of the two rates of discount The preceding section has demonstrated that we have two candidates for the social discount rate.

E. the interest rate in the economy, r. It measures the slope of TT'. 4) where r is now the marginal rate of return on capital. Turning our attention to SS' we can proceed in a similar way. 1. e. :l ') in Ct multiplied by the marginal utility associated with Ct. 6) The slope of SS' is simply the ratio of the two marginal utilities of consumption (which is what we would expect from our knowledge of indifference curves in general). Now, as we move along SS' in the direction J to K, society will tend to require more and more Cr+l to compensate for a unit loss of Cr.

There is a third problem arising from the fact that we must aggregate surpluses to obtain an overall measure of benefit. This arises from the fact that, as the price of the good in 28 Problems with consumer surplus question falls, it may well alter the demand curves for other products which are either substitutes or complements for it. If so, we need to know whether calculating the change in surplus for the one good is enough as a measure of the benefits of the project that give rise to that change in price.

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