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dc.contributor.authorMuñoz Torrecillas, María José
dc.contributor.authorRoche, Julian
dc.contributor.authorCruz Rambaud, Salvador
dc.date.accessioned2020-01-17T12:51:14Z
dc.date.available2020-01-17T12:51:14Z
dc.date.issued2019-05-23
dc.identifier.issn1999-4907
dc.identifier.urihttp://hdl.handle.net/10835/7560
dc.description.abstractThis paper is focused on searching for the suitable discount rate to be applied to the valuation of a project related to forests in the USA, e.g., a recreational area inside a national park. To do this, we propose a new model based on hazard rate concepts, i.e., based on the risk that waiting time implies. More specifically, we derive the discount function whose instantaneous discount rate is the hazard rate of the system supporting the investment. We determine the rate of failure corresponding to different partition criteria of the whole system; in our case, we can use the information on forest fires caused in different ways, in different states or in different types of forest surfaces. After showing independence between the forest fires by states and causes, we derive a specific discount function for each cause which can be applied to every state or set of states which agree to fight against a concrete cause of forest fire. Additionally, we obtain a unique discount function by weighting the partial discount functions by type of forest surfaces. Our results are in line with the recommendations from several authors about using decreasing discount rates for projects with very long-term impacts.es_ES
dc.language.isoenes_ES
dc.publisherMDPIes_ES
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectsocial discount ratees_ES
dc.subjecthazard ratees_ES
dc.subjectforest fireses_ES
dc.subjectdiscount functiones_ES
dc.titleBuilding a Social Discount Rate to be Applied in US Afforestation Project Appraisales_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.relation.publisherversionhttps://www.mdpi.com/1999-4907/10/5/445es_ES
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses_ES


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Attribution-NonCommercial-NoDerivatives 4.0 Internacional
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internacional