The opportunity cost of displaced private spending and the social discount rate

Abstract

The three purposes of this paper are: (1) to describe the major schools of thought regarding the meaning and calculation of the appropriate social discount rate, (2) to specify and defend a preferred opportunity cost approach, and (3) to present an empiric estimate of the appropriate discount rate under conditions prevailing in 1966. This rate was found to be 7.3% for 1966.

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