The evaluation of public investments under uncertainty |
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| Authors: | Mario Tirelli |
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| Affiliation: | aDepartment of Economics, University of Rome 3, Via Silvio D’Amico 111, 00145 Rome, Italy |
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| Abstract: | In this paper we revise and extend the theory of the evaluation of public investments under uncertainty. Precisely, we argue that the value of the investments that the public sector would be willing to undertake is never below its market value, and that it can be higher if it provides social insurance. |
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| Keywords: | Project evaluation Social discounting Criteria for decision making under uncertainty Incomplete markets |
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