The standard approach to evaluating a long-term project is to use the social rate of time preference to discount the benefits and costs of future generations. A difficulty with this approach is that there is no consensus on the values of the required parameters that reflect intergenerational equity concerns. Assuming the existence of a coordinating debt policy, this article establishes a project evaluation rule that identifies Pareto-improving projects and is therefore free of value judgment. This article goes beyond the existing analysis of intergenerational discounting by exploring the implications of tax distortions in the capital market that drive a wedge between the gross (before-tax) and the net (after-tax) rates of return. Our project evaluation criterion is stricter than that recommended in government guidelines, causing fewer environmental projects to be accepted.

中文翻译：

---

为后代打折环境效益

评估长期项目的标准方法是使用社会时间偏好率来贴现后代的收益和成本。这种方法的一个困难在于，对于反映代际公平问题的所需参数的值没有达成共识。假设存在协调债务政策，本文建立了一个项目评估规则，该规则识别帕累托改进项目，因此没有价值判断。本文超越了对代际贴现的现有分析，探讨了资本市场税收扭曲的影响，这些扭曲在总（税前）和净（税后）回报率之间产生了楔子。我们的项目评估标准比政府指南推荐的更严格，