Investment Policies to Extend the Life of Expressways in Japan

Table 4

Decomposition of benefits when .

RRA	1.00	1.05	1.10	1.15	1.20	1.25	1.30	1.35	1.40	1.45	1.50	1.55	1.60	1.65	1.70	1.75	1.80	1.85	1.90	1.95	2.00	2.05	2.10	2.15	2.20	2.25	2.30
Smoothing effect	0.471	0.439	0.409	0.382	0.356	0.332	0.309	0.288	0.268	0.250	0.233	0.217	0.202	0.188	0.175	0.163	0.152	0.142	0.132	0.123	0.114	0.106	0.099	0.092	0.086	0.080	0.074
Stock effect	5.071	4.780	4.506	4.248	4.004	3.775	3.558	3.354	3.162	2.980	2.810	2.648	2.496	2.353	2.218	2.091	1.971	1.858	1.751	1.651	1.556	1.467	1.383	1.303	1.228	1.158	1.092
Benefit	5.542	5.219	4.915	4.630	4.360	4.107	3.867	3.642	3.430	3.230	3.043	2.865	2.698	2.541	2.393	2.254	2.123	2.000	1.883	1.774	1.670	1.573	1.482	1.395	1.314	1.238	1.166