Social discounting and the distribution of project benefits
研究了项目评估中贴现率的合理性，指出因受益人收入增长率不同，使用平均增长率会严重扭曲长期项目的现值计算。
The justification of discounting in project appraisal is often given as the diminishing marginal utility of increasing per capita GNP. However, rates of individual income growth vary greatly between project beneficiaries, implying different group discount rates. Use of average rates of income growth can seriously distort calculated present values of projects, particularly those of long duration.