El principal objetivo de la presente investigación es promover, intensificar, dilucidar qué criterios deben considerar los inversionistas para estimar de manera adecuada la tasa de descuento a utilizar, en función a los diversos sectores económicos, el entorno en la que se desarrollará la actividad a invertir, además de considerar el plazo del proyecto. Asimismo, es imprescindible recalcar que, a pesar de no existir en la actualidad una tasa de descuento determinante en el mercado, es vital y preponderante que los inversores, evaluadores, etc., estimen tasas reales, aterrizadas en función a la información derivada del análisis del proyecto o inversión a realizar, más aún, tomando en cuenta el impacto que dichas decisiones tendrán en el ámbito de desarrollo tanto económico para el inversionista y sobre todo al medio ambiente para las futuras generaciones. En ese sentido, es preciso considerar que las valuaciones de proyectos de inversión, de adquisición de bienes o de activos debe de contemplar variables económicas como: VPN, COSC, CAPM, WACC o WARA, las mismas que deben ser ajustadas al riesgo, según el tipo de proyecto o de adquisición, tomando como modelos referentes a los mercados desarrollados, variables que si bien ayudan a mitigar riesgo, también contribuyan a valorar y coberturar los daños al medio ambiente, dado que, las repercusiones productos de las decisiones tomadas en el tiempo han generado perjuicios calamitosos a los recursos naturales y al ecosistema, afectando así la herencia para las futuras generaciones, daños que muchas veces a pesar de la cuantificación económica son irreversibles, impacto ocasionados por el sector minero, infraestructura, por la explotación de tala, además de valorar las adquisiciones de medicinas o pruebas para el sector salud en harás del bienestar de la población de un país. / The main objective of this research is to promote, intensify, elucidate what criteria investors should consider to estimate adequately the discount rate to be used, depending on the different economic sectors, the environment in which the activity to be developed will be developed, besides considering the term of the project. Likewise, it is essential to emphasize that, although there is currently no significant discount rate in the market, it is vital and preponderant that investors, evaluators, etc., estimate real rates, based on the information derived from the analysis of the project or investment to be made, even more so, taking into account the impact that these decisions will have on the development environment both economically for the investor and especially the environment for future generations. In this sense, it is necessary to consider that the valuations of investment projects, of acquisition of assets or of assets must contemplate economic variables such as: VPN, COSC, CAPM, WACC or WARA, which must be adjusted to the risk, according to the type of project or acquisition, taking as models referring to developed markets, variables that although help to mitigate risk, also contribute to assess and cover the damage to the environment, given that, the repercussions have generated calamitous damages to natural resources and the ecosystem, affecting the inheritance for future generations, damages that often, despite economic quantification, are irreversible, impact caused by the mining sector, infrastructure, exploitation of logging, in addition to assessing the acquisition of medicines or tests for The health sector in the welfare of the population of a country. / Trabajo de Suficiencia Profesional

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The purpose of this essay is to analyze the economic factors behind the supply of children engaged in child prostitution in Thailand. Children are recruited to the sex industry either by parents, adults in their immediacy or choose it themselves. There are several factors that contribute to pushing children towards prostitution. Many of these factors such as credit constraints and mortality are related to poverty, the most quoted of economic factors behind the supply of child prostitution. Associated to poverty is the high discount rate which means that people prioritize present over future consumption. In combination with a lack of alternatives, this makes people engage in risky activities such as prostitution. This also seems to be the case in Thailand.   To analyze the different alternatives faced by children in Thailand, a calculation of present value of life time wages of the alternative activities a child faces was computed. The computation of present value of life time wages of alternative activities of children in the face of different discount rates is in line with economic theory and shows that education confers the highest reward unless the discount rate is extremely high. If education is unavailable, as it is for unregistered children in Thailand, or discount rates are very high, as it can be for very poor families, prostitution will be the occupation with the highest returns. 

Cette thèse propose de formuler le taux d’escompte comme fonction du revenu individuel et classifie cette spécification comme les externalités de revenu dans le taux d’escompte. La justification de cette relation est trouvée dans la théorie de la hiérarchie des besoins humains par Abraham Maslow (Maslow (1943)) : plus le revenu d’un individu, interprété comme le pouvoir économique à consommer, est élevé, plus l’individu a tendance à penser à des besoins supérieurs, associés à une plus grande patience. Ensuite, la présente étude s’intéresse aux implications des externalités pour deux phénomènes macro-économiques : les fluctuations endogènes, et la convergence/polarisation des revenus par tête entre les pays. Les résultats obtenus indiquent que les externalités de revenu dans le taux d'escompte constituent un mécanisme qui génère des fluctuations endogènes dans une économie fermée. L’extension de ce modèle à une configuration 2x2x2 dynamique permet de conclure qu’en fonction des technologies et des préférences des consommateurs, l'intégration commerciale d'une économie volatile avec une économie stable peut avoir un effet stabilisant ou, au contraire, peut engendrer des fluctuations macro-économiques dans toute la région. Enfin, cette thèse démontre que la libéralisation des échanges commerciaux peut avoir, comme effet de long terme, soit la convergence soit la divergence des revenus par habitant. Pour un certain nombre de paramètres, les externalités génèrent la divergence. Ce résultat est compatible avec les observations empiriques et met en évidence l’importance des interventions politiques pour bénéficier de la libéralisation commerciale. / This dissertation proposes a new formulation of time discounting: discount factor as a function of individual income, referred to as income externalities in discounting. The rationale for this relationship is found in the theory of hierarchy of human needs by Abraham Maslow (Maslow (1943)): the greater is income, interpreted as economic power of individuals to consume, the higher layers of needs, associated with greater patience, individuals seek to satisfy. Then, the thesis entails an examination of the linkage between the externalities and two macroeconomic phenomena: endogenous fluctuations and convergence/polarization of per capita incomes across countries. It is established that income externalities in discounting could be a vehicle for endogenous fluctuations in an autarkic economy. In the extension of the autarkic model to a dynamic 2x2x2 framework, it is found that trade integration of a volatile economy with a stable one can make fluctuations to evanesce or, on the contrary, propel them to the whole region depending on technologies and consumer preferences. Last, it is shown that trade liberalization can result in convergence or divergence of long run per capita income. For some range of parameters, externalities produce divergence. The result is consistent with empirical observations and emphasizes the importance of policy interventions for reaping benefits from free trade.

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Approved for public release, distribution is unlimited / The Navy has several tools at its disposal to shape the force, including early separation incentives. This analysis looks at the issues surrounding the separation incentives including the discount rate for government use, the discount rate used by individuals to make a decision (personal discount rate), comparable civilian sector wages for separating personnel, promotion probabilities, and the costs to the government of maintaining personnel until retirement. Using the information provided from researching these topics, a model was created to identify the present value of retirement payments for officers given their current rank, age, and years of service. The model provided a maximum amount the government should be willing to offer to separate an officer early. This model was compared to a second model which determined the minimum amount an officer would be willing to accept to separate before retirement. Recommendations for future methods of shaping the force were provided to maximize savings to the Navy based on data generated from the model. / Captain, United States Marine Corps

A la lumière du débat actuel visant la comptabilisation des engagements de retraite, la thèse examine les forces et faiblesses de la comptabilisation telle que stipulée par le normalisateur international, l’International Accounting Standards Board (IASB). Afin d’étayer nos arguments, nous étudions l’influence de certains paramètres, à savoir la rentabilité, les flux, le levier financier, le levier des engagements de retraite, ou la composition du portefeuille d’actifs du régime, parmi d’autres, sur le choix du taux d’actualisation et du taux de rendement attendu des actifs du régime dans le cadre des régimes à prestations définies. La littérature, incluant en particulier les travaux d’Amir et Benartzi (1998), Asthana (1999), Picconi (2006), ou Adams, Frank et Perry (2011), identifie ces paramètres comme influents sur le choix des taux. A l’échelle de l’entreprise, l’impact de ces taux peut être significatif sur le niveau d’endettement ou de rentabilité, et à l’échelle de l’économie, le provisionnement correct des engagements de retraite représente un défi majeur pour des secteurs, industries ou nations (OECD, 2011). Dans ce contexte, la dissertation analyse en détails les règles comptables, la recherche et les pratiques en usage en Europe, une région qui a traditionnellement attiré relativement peu d’intérêt empirique à un niveau paneuropéen notamment à cause de la grande diversité qui caractérise les pratiques comptables et les juridictions locales. Une étude basée sur les membres du Stoxx Europe Total Market Index a été réalisée afin de répondre à la problématique suivante : quels sont les facteurs influençant et expliquant le choix du taux d’actualisation et du taux de rendement attendu des actifs du régime ? / In light of the current debate about pension accounting, the dissertation examines the strengths and weaknesses of pension accounting as stipulated by the International Accounting Standards Board (IASB). To substantiate our arguments, we study the influence of key parameters, namely profitability, cash flow, leverage, funding status, and plan asset investment allocation, among others, on the choice of the discount rate and the expected rate of return used when accounting for defined benefit pension schemes. Prior literature, including research performed by Amir and Benartzi (1998), Asthana (1999), Picconi (2006), and Adams, Frank and Perry (2011), identifies these factors as influential in the choice of these rates. At a micro level, the impact of these rates can be tremendous on the financial status of reporting entities (e.g. inflated/deflated indebtedness or earnings) and at a macro level, the correct provisioning of pension represents a major challenge for sectors, industries or nations as a whole (OECD, 2011). In such a context, the dissertation reviews in details current regulation, research, and practices across Europe, a region which has historically attracted relatively little empirical research on a pan-European basis mainly because of the great diversity in accounting practices and local jurisdictions. A study focused on members of Stoxx Europe Total Market Index is performed to address the following research question: what are the factors impacting and explaining the choice of the discount rate and the expected rate of return ?

Scania’s discount rate - the return requirement of investments - refers to Scania’s WACC or weighted average cost of capital. The capital markets return requirement on equity and the credit market interest cost of borrowing is weighted to become the single discount rate, the WACC. The purpose of this study is to investigate which asset pricing model of APT and CAPM Scania should use in their WACC calculations. The company now uses a group WACC of 11 percent which is used in all company levels. The problem with this is that investments in low-risk markets will be discounted by the same factor as high-risk markets, which can result in a misleading NPV. The objective is to create a differentiated WACC which gives an opportunity to compare investments with different risk profiles. The study proposes the best fitting model, given by evaluating APT and CAPM in a Scania context. To achieve a differentiated WACC a new method is created, The JCJ-Method. The method uses an industry index as a benchmark of Scania. The results indicate that APT is the better model for Scania in the differentiating context. / Carl-Johan Peel

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).