Investment appraisal in the public sector
研究了私有化和私人融资倡议背景下，哪些资产应由公共部门拥有，以及公共和私人部门中资产价值是否不同，并提出了政府拥有资产的条件和贴现率确定方法。
Recent developments, such as privatization and the private finance initiative, have raised the issue of which assets should be owned by the public sector and whether assets have different values in the public and private sectors. In order to answer these questions, we first note that the allocative considerations that usually motivate government intervention need not require the direct provision of services by the govern-ment using government-owned assets. We then argue that the government should own the assets used to provide the services where the private sector fears expropriation by the government, or where ownership confers on the private sector such power as to preclude efficient allocations. Finally, we argue that the discount rate for governments ’ projects equals the expected return on comparable investments in the capital markets, The government should, however, discount pre-tax cash flows at the pre-tax discount rate, for it receives all tax revenues. I.