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Selection of Interest and Inflation Rates for Infrastructure Investment Analyses.
| 题名： | Selection of Interest and Inflation Rates for Infrastructure Investment Analyses. |
| 作者： | K., Wang; X., Qin; Z., Wang |
| 关键词： | Construction; Economic Analysis; Highway Systems; Inflation (finance); Infrasturcture Analysis; Interest Rates; Transportion Planning |
| 摘要： | The South Dakota Department of Transportation (SDDOT) uses engineering economic analyses (EEA) to support planning, design, and construction decision-making such as project programming and planning, pavement type selection, and the occasional valuing of roads transferred from the state highway system to counties and cities. Interest, inflation, and discount rates are three critical factors that significantly affect the outcome of an economic analysis. The selection and use of appropriate interest and inflation rates for various SDDOT applications are of primary concern. The inflation rate currently used by SDDOT is calculated from the South Dakota Construction Composite Index (SDCCI). This general rate can neither differentiate between regional changes to highway construction costs nor show variation among the individual material inflation rates used to create the CCI. In addition, SDDOT generally assumes a zero interest rate which approximately equates the real discount rate to the inflation rate. The validity of this assumption needs to be verified. Establishing and maintaining sound and equitable rates of interest, inflation, and discount is extremely important to SDDOT. Using inappropriate values for interest and inflation rates could unfairly favor certain industries and regions, jeopardize economic analyses, and weaken the credibility of SDDOT investment decisions. This study is intended to determine whether appropriate rates are being used in various applications and to establish a means of obtaining appropriate rates that can help validate, support, and enhance SDDOT???s transportation investment decisions. |
| 报告类型： | 科技报告 |
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