<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462021000400003</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i4.610</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Entrepreneurial Social Discount Rate: Risk Premium and Loss Aversion in New Ventures]]></article-title>
<article-title xml:lang="es"><![CDATA[La tasa de descuento social empresarial: prima de riesgo y aversión a las pérdidas en nuevas empresas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ceballos Hornero]]></surname>
<given-names><![CDATA[David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mongrut Montalván]]></surname>
<given-names><![CDATA[Samuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universitat de Barcelona  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey EGADE Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad del Pacífico  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000400003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000400003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000400003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We derive a mathematical extension of the social discount rate (SDR) in such a way that we can valuate intergenerational startups financed with personal and government funds at the aggregate level. The results imply that the precise determination of the SDR can change the financial priority of investment. Therefore, we recommend government officials to include factors of economic growth (wealth effect), intergenerational prevention (precautionary effect), loss aversion, and the specific risk of the business in the valuation of new ventures and in the estimation of the social discount rate to be more representative of the social utility. Our contribution lies in including a risk premium from the firm&#8217;s average non-systematic risk and the loss aversion of a representative investor in estimating the SDR.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En esta investigación se deriva matemáticamente una extensión de la tasa de descuento social para valorar nuevas empresas intergeneracionales financiadas con capital personal y con fondos gubernamentales a nivel agregado. Los resultados implican que la determinación precisa de la tasa social de descuento cambia la prioridad financiera al invertir. Por tanto, recomendamos a los oficiales del gobierno que incluyan factores de crecimiento económico (efecto riqueza), prevención intergeneracional (efecto de precaución), aversión a las pérdidas y el riesgo específico de los negocios en la valoración de nuevos emprendimientos y en la determinación de la tasa de descuento social para ser más representativa de la utilidad social. Nuestra contribución radica en incluir una prima promedio por riesgo no sistemático de la empresa y la aversión a la pérdida de un inversionista representativo en la estimación de la tasa de descuento social.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Social discount rate]]></kwd>
<kwd lng="en"><![CDATA[non-systematic risk]]></kwd>
<kwd lng="en"><![CDATA[loss aversion]]></kwd>
<kwd lng="en"><![CDATA[entrepreneurship]]></kwd>
<kwd lng="es"><![CDATA[Tasa de descuento social]]></kwd>
<kwd lng="es"><![CDATA[riesgo no sistemático]]></kwd>
<kwd lng="es"><![CDATA[aversión al riesgo de pérdida]]></kwd>
<kwd lng="es"><![CDATA[emprendimiento]]></kwd>
</kwd-group>
</article-meta>
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<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhuang]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Liang]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
<name>
<surname><![CDATA[Lin]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[De Guzman]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Theory and Practice in the Choice of Social Discount Rate for Cost-Benefit Analysis: A Survey]]></source>
<year>2007</year>
<publisher-name><![CDATA[Asian Development Bank]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
