Investment Policies to Extend the Life of Expressways in Japan

Table 5

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	0.426	0.395	0.366	0.339	0.314	0.291	0.269	0.249	0.231	0.214	0.198	0.183	0.170	0.157	0.145	0.134	0.124	0.115	0.106	0.098	0.091	0.084	0.078	0.072	0.067	0.062	0.057
Stock effect	4.850	4.538	4.246	3.972	3.716	3.477	3.253	3.043	2.847	2.663	2.492	2.331	2.181	2.040	1.909	1.786	1.671	1.563	1.462	1.368	1.280	1.198	1.120	1.048	0.980	0.917	0.858
Benefit	5.276	4.933	4.612	4.311	4.030	3.768	3.522	3.292	3.078	2.877	2.690	2.514	2.351	2.197	2.054	1.920	1.795	1.678	1.568	1.466	1.371	1.282	1.198	1.120	1.047	0.979	0.915