چکیده:
There is a long tradition in economics about the question of whether intergenerational discounting is fair or not. Ramsey (1928) was the first economist that criticized the discounting and mentioned that the just rate of discounting is zero. In this paper it was tried to calculate the just rate of discounting for Iran with respect to Islamic thoughts. According to Islam, intergenerational justice had been regarded when oil revenue was totally invested in other kinds of capital. So, we tried to calculate the social discount rate for Iran in current situations and after imposing the Islamic condition of intergenerational justice an overlapping generations’ model was used. Finally, our calculation showed that the value of social discount rate is 0.04 before imposing the intergenerational justice condition and -0.014 after it. Then, it was explained that in current economic situations of Iran, the best social discount rate which can satisfy the intergenerational justice, was an amount between zero and minus one.
خلاصه ماشینی:
"Calibration of Fair Social Discount Rate in Utilizing Iran Oil Resources: An Islamic View Point Mohammad Hadi Zahedivafa 1 Faculty of Economics, Imam Sadiq University, Tehran zahedi@isu.
But there is no simple way to justify the choice of a discount rate for investments in which the benefits and costs span several generations in spite of its main role in welfare of future generations and that’s why we can see that there are three opinions about the amount of social discount rate in economic literature: first of all, zero rate of discounting that is based on just, fair or ethical views (for example Ramsey(1928), Pigou(1932), Harrod (1948) and Solow (1974) defended it).
Next, in section 4 we calculate the social discount rate for Iran in current situations and after imposing the Islamic condition of intergenerational justice using an overlapping generations model with analyzing the results.
So, the intergenerational justice condition is satisfied and we have: Table 3: Revised Iran Input-Output table for 2001 sum import export household investment government activities 0 123 -153 -413 -284 -6 733 products 0 326 -326 labor 0 268 133 -401 capital 0 6 -6 tax 0 -123 153 -30 foreign trade 0 -181 314 -133 saving 0 0 0 0 0 0 0 sum Now, the social discount rate is calibrated with new data again and the just social discount rate is generated.
As a result, the intergenerational justice criteria require some limitations on the discount rate in cost-benefit analysis of new projects that involve intergenerational effects as following on: It is not possible for the economy to look over oil revenue and invest it totally."