The Public-Sector Discount Rate for Canada: Some Further Observations

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Abstract
The increased interest by economists in the theoretical and empirical foundations of criteria to be used in making public-sector investment decisions in an encouraging development. Presently, as the federal government and several provinces are experiencing serious budgetary deficits while simultaneously facing demands to undertake a wide variety of major investment expenditures in areas such as energy supply and transportation, the determination of the empirical magnitude of the opportunity cost of the resources the public sector utilizes is an important topic in public policy research. The papers by Harry Campbell (1981) and David Burgess (1981) contribute to this discussion as does a previous comment by M. T. Sumner (1980); however, only a modest effort has been made to date to further the basic empirical research that is required to provide decision makers with improved estimates of this parameter.
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