Using the Wrong Discount Rate to Allocate an Exhaustible Resource
用一个简单数值模型分析用错误折现率分配可耗竭资源的社会福利影响，发现折现率偏差在3%以内时福利损失很小，但会导致生产者与消费者之间的剩余转移。
Abstract What are the social welfare implications of using the wrong discount rate to allocate an exhaustible resource? Utilizing a simple numerical model, it is found that, over the (real) discount rate range of 6% to 9%, the welfare losses of employing a rate no more than 3% different from the social rate are small and decline as the social rate rises, even for stringent supply circumstances. However, substantial transfers of surplus between producers and consumers occur as the improper rate deviates from the social rate. Other issues such as income distribution immediately loom larger when a discount rate is chosen.