A study of the user's perception of economic value in nursing visits to primary care by the method of contingent valuation

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Conde-López Juan

2011-10-01

Full Text Available Abstract Background The identification of the attribution of economic value that users of a health system assign to a health service could be useful in planning these services. The method of contingent valuation can provide information about the user's perception of value in monetary terms, and therefore comparable between services of a very different nature. This study attempts to extract the economic value that the subject, user of primary care nursing services in a public health system, attributes to this service by the method of contingent valuation, based on the perspectives of Willingness to Pay (WTP and Willingness to Accept [Compensation] (WTA. Methods/Design This is an economic study with a transversal design. The contingent valuation method will be used to estimate the user's willingness to pay (WTP for the care received from the primary care nurse and the willingness to accept [compensation] (WTA, were this service eliminated. A survey that meets the requisites of the contingent valuation method will be constructed and pilot-tested. Subsequently, 600 interviews will be performed with subjects chosen by systematic randomized sampling from among those who visit nursing at twenty health centers with different socioeconomic characteristics in the Community of Madrid. The characteristics of the subject and of the care received that can explain the variations in WTP, WTA and in the WTP/WTA ratio expressed will be studied. A theoretical validation of contingent valuation will be performed constructing two explanatory multivariate mixed models in which the dependent variable will be WTP, and the WTP/WTA relationship, respectively. Discussion The identification of the attribution of economic value to a health service that does not have a direct price at the time of use, such as a visit to primary care nursing, and the definition of a profile of "loss aversion" in reference to the service evaluated, can be relevant elements in planning

Economic valuation of the ecosystem services provided by a protected area in the Brazilian Cerrado: application of the contingent valuation method.

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Resende, F M; Fernandes, G W; Andrade, D C; Néder, H D

2017-11-01

Considering that the economic valuation of ecosystem services is a useful approach to support the conservation of natural areas, we aimed to estimate the monetary value of the benefits provided by a protected area in southeast Brazil, the Serra do Cipó National Park. We calculated the visitor's willingness to pay to conserve the ecosystems of the protected area using the contingent valuation method. Located in a region under intense anthropogenic pressure, the Serra do Cipó National Park is mostly composed of rupestrian grassland ecosystems, in addition to other Cerrado physiognomies. We conducted a survey consisting of 514 interviews with visitors of the region and found that the mean willingness to pay was R$ 7.16 year-1, which corresponds to a total of approximately R$ 716,000.00 year-1. We detected that per capita income, the household size, the level of interest in environmental issues and the place of origin influenced the likelihood that individuals are willing to contribute to the conservation of the park, as well as the value of the stated willingness to pay. This study conveys the importance of conserving rupestrian grassland and other Cerrado physiognomies to decision makers and society.

Correcting for non-response bias in contingent valuation surveys concerning environmental non-market goods

DEFF Research Database (Denmark)

Bonnichsen, Ole; Olsen, Søren Bøye

2016-01-01

Data collection for economic valuation by using Internet surveys and pre-recruited Internet panels can be associated with severe disadvantages. Problems concerning sample coverage and sample representativeness can be expected. Representation errors may occur since people can choose whether....... This paper analyses a sample used for an Internet contingent valuation method survey eliciting preferences for improvements in water quality of a river. We find that some variables that affect the survey participation decision also affect willingness-to-pay, consequently biasing our welfare estimates. We...... show how adjusting willingness-to-pay for this bias can be accomplished by using a grouped data model incorporating a correlation parameter to account for selection....

The Value of Satellite Early Warning Systems in Kenya and Guatemala: Results and Lessons Learned from Contingent Valuation and Loss Avoidance Approaches

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Morrison, I.; Berenter, J. S.

2017-12-01

SERVIR, the joint USAID and NASA initiative, conducted two studies to assess the value of two distinctly different Early Warning Systems (EWS) in Guatemala and Kenya. Each study applied a unique method to asses EWS value. The evaluation team conducted a Contingent Valuation (CV) choice experiment to measure the value of a near-real time VIIRS and MODIS-based hot-spot mapping tool for forest management professionals targeting seasonal forest fires in Northern Guatemala. The team also conducted a survey-based Damage and Loss Avoidance (DaLA) exercise to calculate the monetary benefits of a MODIS-derived frost forecasting system for farmers in the tea-growing highlands of Kenya. This presentation compares and contrasts the use and utility of these two valuation approaches to assess EWS value. Although interest in these methods is growing, few empirical studies have applied them to benefit and value assessment for EWS. Furthermore, the application of CV and DaLA methods is much less common outside of the developed world. Empirical findings from these two studies indicated significant value for two substantially different beneficiary groups: natural resource management specialists and smallholder tea farmers. Additionally, the valuation processes generated secondary information that can help improve the format and delivery of both types of EWS outputs for user and beneficiary communities in Kenya and Guatemala. Based on lessons learned from the two studies, this presentation will also compare and contrast the methodological and logistical advantages, challenges, and limitations in applying the CV and DaLA methods in developing countries. By reviewing these two valuation methods alongside each other, the authors will outline conditions where they can be applied - individually or jointly - to other early warning systems and delivery contexts.

Explaining the discrepancy between intentions and actions: the case of hypothetical bias in contingent valuation

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Icek Ajzen; Thomas C. Brown; Franklin Carvajal

2004-01-01

An experiment was designed to account for intention-behavior discrepancies by applying the theory of planned behavior to contingent valuation. College students (N = 160) voted in hypothetical and real payment referenda to contribute $8 to a scholarship fund. Overestimates of willingness to pay in the hypothetical referendum could not be attributed to moderately...

Information bias in contingent valuation: effects of personal relevance, quality of information, and motivational orientation

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Icek Ajzen; Thomas C. Brown; Lori H. Rosenthal

1996-01-01

A laboratory experiment examined the potential for information bias in contingent valuation (CV). Consistent with the view that information about a public or private good can function as a persuasive communication, willingness to pay (WTP) was found to increase with the quality of arguments used to describe the good, especially under conditions of high personal...

Estimating willingness to pay for renewable energy in South Korea using the contingent valuation method

International Nuclear Information System (INIS)

Lee, Chul-Yong; Heo, Hyejin

2016-01-01

The importance of renewable energy as a response to climate change is universally acknowledged. However, its successful implementation requires public approval and cooperation. This study aims to identify the level of renewable energy acceptance in Korea by estimating Korean consumers’ additional willingness to pay (WTP) using the contingent valuation (CV) method, which is the most widely used to analyze consumer preferences. The estimation results indicate that Korean consumers are willing to pay an additional USD 3.21 per month for electricity generated with renewable energy. However, WTP in Korea is low relative to other advanced nations, indicating that these values could be influenced through policies aimed at improving knowledge and acceptance of renewable energy sources among Korean consumers. - Highlights: •Measures renewable energy acceptance in Korea with willingness to pay (WTP) estimates. •Contingent valuations estimate WTP overall and by consumer characteristics. •WTP in Korea doubled since the Fukushima disaster, but lags other advanced countries. •Policies must improve acceptance of renewables to enable construction of facilities.

Individual responsibility and health-risk behaviour: a contingent valuation study from the ex ante societal perspective.

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van der Star, Sanne M; van den Berg, Bernard

2011-08-01

This study analyzes peoples' social preferences for individual responsibility to health-risk behaviour in health care using the contingent valuation method adopting a societal perspective. We measure peoples' willingness to pay for inclusion of a treatment in basic health insurance of a hypothetical lifestyle dependent (smoking) and lifestyle independent (chronic) health problem. Our hypothesis is that peoples' willingness to pay for the independent and the dependent health problems are similar. As a methodological challenge, this study also analyzes the extent to which people consider their personal situation when answering contingent valuation questions adopting a societal perspective. 513 Dutch inhabitants responded to the questionnaire. They were asked to state their maximum willingness to pay for inclusion of treatments in basic health insurance package for two health problems. We asked them to assume that one hypothetical health problem was totally independent of behaviour (for simplicity called chronic disease). Alternatively, we asked them to assume that the other hypothetical health problem was totally caused by health-risk behaviour (for simplicity called smoking disease). We applied the payment card method to guide respondents to answer the contingent valuation method questions. Mean willingness to pay was 42.39 Euros (CI=37.24-47.55) for inclusion of treatment for health problem that was unrelated to behaviour, with '5-10' and '10-20 Euros' as most frequently stated answers. In contrast, mean willingness to pay for inclusion treatment for health-risk related problem was 11.29 Euros (CI=8.83-14.55), with '0' and '0-5 Euros' as most frequently provided answers. Difference in mean willingness to pay was substantial (over 30 Euros) and statistically significant (p-value=0.000). Smokers were statistically significantly more (p-valuenon-smokers, while people with chronic condition were not willing to pay more for the health-risk unrelated (chronic) problem

Preference uncertainty in nonmarket valuation: a fuzzy approach

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Kooten, van G.C.; Krcmar, E.; Bulte, E.H.

2001-01-01

In this article, we consider uncertain preferences for non-market goods, but we move away from a probabilistic representation of uncertainty and propose the use of fuzzy contingent valuation. We assume that a decision maker never fully knows her own utility function and we treat utility as a fuzzy

The value of informal care: A further investigation of the feasibility of contingent valuation in informal caregivers

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Meijer, C.A.M.; Brouwer, W.B.F.; Koopmanschap, M.A.; van den Berg, B.; Exel, N.J.A.

2010-01-01

Including informal care in economic evaluations is increasingly advocated but problematic. We investigated three well-known concerns regarding contingent valuation (CV): (1) the item non-response of CV values, (2) the sensitivity of CV values to the individual circumstances of caring, and (3) the

Accounting protesting and warm glow bidding in Contingent Valuation surveys considering the management of environmental goods

DEFF Research Database (Denmark)

Grammatikopoulou, Ioanna; Olsen, Søren Bøye

2013-01-01

Based on a Contingent Valuation survey aiming to reveal the willingness to pay (WTP) for conservation of a wetland area in Greece, we show how protest and warm glow motives can be taken into account when modeling WTP. In a sample of more than 300 respondents, we find that 54% of the positive bids...

Valuing Externalities of Watershed Restoration and Erosion Control Projects in Mediterranean Basins: A Comparative Analysis of the Contingent Valuation and Replacement Cost Methods

OpenAIRE

Saez, Maria Del Carmen Almansa; Calatrava-Requena, Javier

2002-01-01

The methodology used for Economic Valuation of the Externalities generated by the Watershead Restoration and Erosion Control Projects in the Hydrographic Basins of the Mediterranean Slope, is based on the Replacement Cost Method. Environmental Economics, however, today offer us other methodological possibilities, whose application to the valuation of this type of project may prove to be of interest. It is the case of the Contingent Valuation Method used for the evaluation of the effects of th...

Valuing Drinking Water Risk Reductions Using the Contingent Valuation Method: A Methodological Study of Risks from THM and Giardia (1986)

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This study develops contingent valuation methods for measuring the benefits of mortality and morbidity drinking water risk reductions. The major effort was devoted to developing and testing a survey instrument to value low-level risk reductions.

The value of informal care in the context of option B+ in Malawi: a contingent valuation approach.

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Chiwaula, Levison Stanely; Chirwa, Gowokani Chijere; Cataldo, Fabian; Kapito-Tembo, Atupele; Hosseinipour, Mina C; van Lettow, Monique; Tweya, Hannock; Kayoyo, Virginia; Khangamwa-Kaunda, Blessings; Kasende, Florence; Trapence, Clement; Gugsa, Salem; Rosenberg, Nora E; Eliya, Michael; Phiri, Sam

2016-04-19

Informal care, the health care provided by the patient's social network is important in low income settings although its monetary value is rarely estimated. The lack of estimates of the value of informal care has led to its omission in economic evaluations but this can result in incorrect decisions about cost effectiveness of an intervention. We explore the use of contingent valuation methods of willingness to pay (WTP) and willingness to accept (WTA) to estimate the value of informal care provided to HIV infected women that are accessing antiretroviral therapy (ART) under the Option B+ approach to prevention of mother-to-child transmission (PMTCT) of HIV in Malawi. We collected cross sectional data from 93 caregivers of women that received ART care from six health facilities in Malawi. Caregivers of women that reported for ART care on the survey day and consented to participate in the survey were included until the targeted sample size for the facility was reached. We estimated the value of informal care by using the willingness to accept (WTA) and willingness to pay (WTP) approaches. Medians were used to summarize the values and these were compared by the Wilcoxon signed-rank test. The median WTA to provide informal care in a month was US$30 and the median WTP for informal care was US$13 and the two were statistically different (p lower quintile (US$15 vs. US$13, p < 0.0462). Informal caregivers place substantial value on informal care giving. In low income settings where most caregivers are not formally employed, WTP and WTA approaches can be used to value informal care. NCT02005835.

Contingent Valuation Method and the beta model: an accounting economic vision for environmental damage in Atlântico Sul Shipyard

Directory of Open Access Journals (Sweden)

Silvana Karina de Melo Travassos

2018-02-01

Full Text Available ABSTRACT The objective of this paper is to apply the beta model as an alternative to the Valuation Method in order to estimate the environmental asset Willingness to Pay (WTP so that the Tribunal de Contas do Estado de Pernambuco (TCE/PE can supervise the Atlântico Sul Shipyard (ASS as a negative environmental externality, which is discussed here from an accounting perspective. Our methodology is exploratory, and the beta regression model was used in the contingent valuation to estimate the environmental asset. The results allowed estimating the value of the Ipojuca mangrove at US$ 134,079,793.50, and the value of the environmental damage caused by the shipyard to the public asset was valued at US$ 61,378,155.37. This latter value is object of interest to the inspection body. However, the final estimated value of the Ipojuca mangrove prompts a discussion about the implications from an accounting point of view, such as the attribution of monetary value to a public asset that does not have a financial value, problems regarding the conceptualization and valuation of public assets for governmental patrimony. It is concluded that the beta regression model to estimate the WTP for contingent valuation will serve as a contribution to the research on accounting measurement techniques for public assets.

Scope effects of respondent uncertainty in contingent valuation: Evidence from motorized emission reductions in the city of Nairobi, Kenya

NARCIS (Netherlands)

Ndambiri, H.; Mungatana, E.; Brouwer, R.

2017-01-01

This study analyzed the scope effects of respondent uncertainty in contingent valuation (CV) by evaluating whether willingness to pay (WTP) estimates were sensitive to changes in the magnitudes of motorized emission reductions in the city of Nairobi, Kenya. The WTP estimates were elicited through

Arbitrage-free valuation of energy derivatives

International Nuclear Information System (INIS)

Amin, K.; Ng, V.; Pirrong, C.

1999-01-01

This chapter focuses on techniques available for valuing energy-contingent claims and develops an arbitrage-free framework to value energy derivatives. The relationship between the spot, forward and futures prices is explained. Option valuation with deterministic convenience yields is discussed using an extension of the Black (1976) framework, and details of the risk-neutral valuation of European options, and valuation of American and European-style options are given. Option valuations with stochastic convenience yields, the evolution of the term structure of convenience yield, and a tree approach to valuing American and other options are discussed. Applications and limitations of the models for pricing energy derivative products are considered. The stochastic differential equation for the futures prices when the convenience yields are stochastic is presented in an appendix

Estimating the welfare loss to households from natural disasters in developing countries: a contingent valuation study of flooding in Vietnam

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Navrud, Ståle; Tuan, Tran Huu; Tinh, Bui Duc

2012-01-01

Background Natural disasters have severe impacts on the health and well-being of affected households. However, we find evidence that official damage cost assessments for floods and other natural disasters in Vietnam, where households have little or no insurance, clearly underestimate the total economic damage costs of these events as they do not include the welfare loss from mortality, morbidity and well-being experienced by the households affected by the floods. This should send a message to the local communities and national authorities that higher investments in flood alleviation, reduction and adaptive measures can be justified since the social benefits of these measures in terms of avoided damage costs are higher than previously thought. Methods We pioneer the use of the contingent valuation (CV) approach of willingness-to-contribute (WTC) labour to a flood prevention program, as a measure of the welfare loss experienced by household due to a flooding event. In a face-to-face household survey of 706 households in the Quang Nam province in Central Vietnam, we applied this approach together with reported direct physical damage in order to shed light of the welfare loss experienced by the households. We asked about households’ WTC labour and multiplied their WTC person-days of labour by an estimate for their opportunity cost of time in order to estimate the welfare loss to households from the 2007 floods. Results The results showed that this contingent valuation (CV) approach of asking about willingness-to-pay in-kind avoided the main problems associated with applying CV in developing countries. Conclusion Thus, the CV approach of WTC labour instead of money is promising in terms of capturing the total welfare loss of natural disasters, and promising in terms of further application in other developing countries and for other types of natural disasters. PMID:22761603

Valuation of the environmental impacts of the Kayraktepe dam/hydroelectric project, Turkey: An exercise in contingent valuation

International Nuclear Information System (INIS)

Biro, Y.E.K.

1998-01-01

This paper describes and evaluates the environmental impacts of the Kayraktepe Dam and Hydroelectric Power Plant in Turkey. The contingent valuation method is used to estimate the project's local environmental costs. The average local rural annual willingness to pay for the restoration of the environmental impacts of the project is found to be USD 300 person -1 . Loss of forestry and agricultural benefits from the reservoir area that will be inundated are estimated to be USD 12.66 mill. yr -1 . When the Kayraktepe Project's external costs are internalized, its benefit cost ratio falls from 1.35 to 0.84, indicating that the project is economically undesirable and the decision for its construction needs to be reconsidered 26 refs, 1 fig, 5 tabs

Consumer willingness to invest money and time for benefits of lifestyle behaviour change: An application of the contingent valuation method

NARCIS (Netherlands)

A.F.G. Alayli-Goebbels (Adrienne F.G.); N.J.A. van Exel (Job); A.J.H.A. Ament (André); N.K. de Vries (Nanne); S.D.M. Bot (Sandra); J.L. Severens (Hans)

2014-01-01

markdownabstract__Abstract__ Objective: To use contingent valuation (CV) to derive individual consumer values for both health and broader benefits of a public-health intervention directed at lifestyle behaviour change (LBC) and to examine the feasibility and validity of the method. Method:

Cost approach of health care entity intangible asset valuation.

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Reilly, Robert F

2012-01-01

In the valuation synthesis and conclusion process, the analyst should consider the following question: Does the selected valuation approach(es) and method(s) accomplish the analyst's assignment? Also, does the selected valuation approach and method actually quantify the desired objective of the intangible asset analysis? The analyst should also consider if the selected valuation approach and method analyzes the appropriate bundle of legal rights. The analyst should consider if there were sufficient empirical data available to perform the selected valuation approach and method. The valuation synthesis should consider if there were sufficient data available to make the analyst comfortable with the value conclusion. The valuation analyst should consider if the selected approach and method will be understandable to the intended audience. In the valuation synthesis and conclusion, the analyst should also consider which approaches and methods deserve the greatest consideration with respect to the intangible asset's RUL. The intangible asset RUL is a consideration of each valuation approach. In the income approach, the RUL may affect the projection period for the intangible asset income subject to either yield capitalization or direct capitalization. In the cost approach, the RUL may affect the total amount of obsolescence, if any, from the estimate cost measure (that is, the intangible reproduction cost new or replacement cost new). In the market approach, the RUL may effect the selection, rejection, and/or adjustment of the comparable or guideline intangible asset sale and license transactional data. The experienced valuation analyst will use professional judgment to weight the various value indications to conclude a final intangible asset value, based on: The analyst's confidence in the quantity and quality of available data; The analyst's level of due diligence performed on that data; The relevance of the valuation method to the intangible asset life cycle stage and

Using a contingent valuation approach for improved solid waste management facility: Evidence from Kuala Lumpur, Malaysia

International Nuclear Information System (INIS)

Afroz, Rafia; Masud, Muhammad Mehedi

2011-01-01

This study employed contingent valuation method to estimate the willingness to pay (WTP) of the households to improve the waste collection system in Kuala Lumpur, Malaysia. The objective of this study is to evaluate how household WTP changes when recycling and waste separation at source is made mandatory. The methodology consisted of asking people directly about their WTP for an additional waste collection service charge to cover the costs of a new waste management project. The new waste management project consisted of two versions: version A (recycling and waste separation is mandatory) and version B (recycling and waste separation is not mandatory). The households declined their WTP for version A when they were asked to separate the waste at source although all the facilities would be given to them for waste separation. The result of this study indicates that the households were not conscious about the benefits of recycling and waste separation. Concerted efforts should be taken to raise environmental consciousness of the households through education and more publicity regarding waste separation, reducing and recycling.

Estimating the non-market costs and benefits of native woodland restoration using the contingent valuation method.

OpenAIRE

MacMillan, Douglas C.; Duff, Elizabeth I.

1998-01-01

The restoration of native forests is an important priority for forestry and conservation organizations in the United Kingdom. The economic case for public sector support for native woodland restoration in the United Kingdom rests almost entirely on the provision of non-market benefits related to wildlife, landscape and recreational opportunities. This paper describes a discrete choice contingent valuation (CV) to estimate the value of the non-market benefits of restoring two native pinewood f...

Testing the effectiveness of certainty scales, cheap talk, and dissonance-minimization in reducing hypothetical bias in contingent valuation studies

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Mark Morrison; Thomas C. Brown

2009-01-01

Stated preference methods such as contingent valuation and choice modeling are subject to various biases that may lead to differences between actual and hypothetical willingness to pay. Cheap talk, follow-up certainty scales, and dissonance minimization are three techniques for reducing this hypothetical bias. Cheap talk and certainty scales have received considerable...

Using contingent valuation to explore willingness to pay for renewable energy: A comparison of collective and voluntary payment vehicles

Energy Technology Data Exchange (ETDEWEB)

Wiser, Ryan H.

2002-07-28

, and are also frequently referenced in the collective action literature, but have yet to be tested thoroughly in a contingent valuation context. Second, this report assesses the effects of socioeconomic, demographic, and attitudinal variables on willingness to pay for renewable energy through regression analysis. This analysis helps test the construct validity of the contingent valuation method, and informs our understanding of who is and is not willing to pay for renewable energy under different payment and provision contexts. Finally, through the implementation of a concurrent opinion survey with 202 respondents, this study compares the results of the CV surveys to a more direct approach of eliciting individuals' payment preferences. Responses to the opinion survey also allow a deeper exploration of other issues related to payment preferences.

Analyzing the determinants of willingness-to-pay values for testing the validity of the contingent valuation method. Application to home care compared to hospital care

OpenAIRE

Marie-Odile Carrère; Nathalie Havet; Magali Morelle; Raphaël Remonnay

2008-01-01

Working paper GATE 08-20; The contingent valuation (CV) method is an attractive approach for comparing home care to hospital care in which the only difference is patients' well-being during the treatment process and not health outcomes. We considered the empirical situation of blood transfusion (BT) in cancer patients and collected willingness to pay (WTP) values among BT users. Our main objective was to test the validity of the CV method, namely its ability to elicit true preferences. Firstl...

Willingness to pay for publicly financed health care services in Central and Eastern Europe: evidence from six countries based on a contingent valuation method.

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Tambor, Marzena; Pavlova, Milena; Rechel, Bernd; Golinowska, Stanisława; Sowada, Christoph; Groot, Wim

2014-09-01

The increased interest in patient cost-sharing as a measure for sustainable health care financing calls for evidence to support the development of effective patient payment policies. In this paper, we present an application of a stated willingness-to-pay technique, i.e. contingent valuation method, to investigate the consumer's willingness and ability to pay for publicly financed health care services, specifically hospitalisations and consultations with specialists. Contingent valuation data were collected in nationally representative population-based surveys conducted in 2010 in six Central and Eastern European (CEE) countries (Bulgaria, Hungary, Lithuania, Poland, Romania and Ukraine) using an identical survey methodology. The results indicate that the majority of health care consumers in the six CEE countries are willing to pay an official fee for publicly financed health care services that are of good quality and quick access. The consumers' willingness to pay is limited by the lack of financial ability to pay for services, and to a lesser extent by objection to pay. Significant differences across the six countries are observed, though. The results illustrate that the contingent valuation method can provide decision-makers with a broad range of information to facilitate cost-sharing policies. Nevertheless, the intrinsic limitations of the method (i.e. its hypothetical nature) and the context of CEE countries call for caution when applying its results. Copyright © 2014 Elsevier Ltd. All rights reserved.

Comparing Value of Urban Green Space Using Contingent Valuation and Travel Cost Methods

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Chintantya, Dea; Maryono

2018-02-01

Green urban open space are an important element of the city. They gives multiple benefits for social life, human health, biodiversity, air quality, carbon sequestration, and water management. Travel Cost Method (TCM) and Contingent Valuation Method (CVM) are the most frequently used method in various studies that assess environmental good and services in monetary term for valuing urban green space. Both of those method are determined the value of urban green space through willingness to pay (WTP) for ecosystem benefit and collected data through direct interview and questionnaire. Findings of this study showed the weaknesses and strengths of both methods for valuing urban green space and provided factors influencing the probability of user's willingness to pay in each method.

Measuring Values Of Environmental Quality Improvement And Leisure Time Through Combining Contingent Valuation and Travel Cost Data

OpenAIRE

Young Sook Eom; Douglas M. Larson

2004-01-01

This paper demonstrates a utility-theoretic empirical framework for estimating values of environmental quality improvement by combining travel cost and contingent valuation data in a two-constraint (time and money) budget framework. Recgninzing the role of time "prices" and time budget, the recreation demand and willingness to pay (WTP) functiuons are specified with full price and full budget arguments, with the opportunity cost of time being a fraction of wage rate. When applied to the case ...

Comparing Value of Urban Green Space Using Contingent Valuation and Travel Cost Methods

Directory of Open Access Journals (Sweden)

Chintantya Dea

2018-01-01

Full Text Available Green urban open space are an important element of the city. They gives multiple benefits for social life, human health, biodiversity, air quality, carbon sequestration, and water management. Travel Cost Method (TCM and Contingent Valuation Method (CVM are the most frequently used method in various studies that assess environmental good and services in monetary term for valuing urban green space. Both of those method are determined the value of urban green space through willingness to pay (WTP for ecosystem benefit and collected data through direct interview and questionnaire. Findings of this study showed the weaknesses and strengths of both methods for valuing urban green space and provided factors influencing the probability of user’s willingness to pay in each method.

Estimation the recreational value of Najvan park of Isfahan using a contingent valuation method

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M Sameti

2012-06-01

Full Text Available Determining the real value of natural ecosystems, due to their significant function and ecosystem services and necessity of the best management for make use of them, has a great importance. Recently, natural resource economists have studied ecosystem value of natural resources and its role in human welfare. These studies have made a considerable progress in valuation of environmental as well as ecological services that an ecosystem can offer. Therefore this study tries to determine recreational value of Najvan Park and measure of individual’s willingness to pay (WTP based on contingent valuation method (CVM and dichotomous choices (DC. Logit model was used for measuring of individual WTP. The model parameters were estimated based on the maximum likelihood (ML method. Moreover, the marginal effects of the changes in involved variables in considered model were determined using by factor for calculating of marginal effects. The results showed that individual preservation WTP in Najvan Park is directly related to income and education while it is negatively related tobid, age and the number of family member. The calculation of the expectancy of WTP using logit model led to 8,983 Rials monthly WTP per person.

Contingent valuation and incentives

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Patricia A. Champ; Nicholas E. Flores; Thomas C. Brown; James Chivers

2002-01-01

We empirically investigate the effect of the payment mechanism on contingent values by asking a willingness-to-pay question with one of three different payment mechanisms: individual contribution, contribution with provision point, and referendum. We find statistical evidence of more affirmative responses in the referendum treatment relative to the individual...

Stated Preference Methods for Valuation of Forest Attributes

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Thomas P. Holmes; Kevin J. Boyle

2003-01-01

The valuation methods described in this chapter are based on the idea that forest ecosystems produce a wide variety of goods and services that are valued by people. Rather than focusing attention on the holistic value of forest ecosystems as is done in contingent valuation studies, attribute-based valuation methods (ABMs) focus attention on a set of attributes that...

Demand assessment and price-elasticity estimation of quality-improved primary health care in Palestine: a contribution from the contingent valuation method.

Science.gov (United States)

Mataria, Awad; Luchini, Stéphane; Daoud, Yousef; Moatti, Jean-Paul

2007-10-01

This paper proposes a new methodology to assess demand and price-elasticity for health care, based on patients' stated willingness to pay (WTP) values for certain aspects of health care quality improvements. A conceptual analysis of how respondents consider contingent valuation (CV) questions allowed us to specify a probability density function of stated WTP values, and consequently, to model a demand function for quality-improved health care, using a parametric survival approach. The model was empirically estimated using a CV study intended to assess patients' values for improving the quality of primary health care (PHC) services in Palestine. A random sample of 499 individuals was interviewed following medical consultation in four PHC centers. Quality was assessed using a multi-attribute approach; and respondents valued seven specific quality improvements using a decomposed valuation scenario and a payment card elicitation technique. Our results suggest an inelastic demand at low user fees levels, and when the price-increase is accompanied with substantial quality-improvements. Nevertheless, demand becomes more and more elastic if user fees continue to rise. On the other hand, patients' reactions to price-increase turn out to depend on their level of income. Our results can be used to design successful health care financing strategies that include a consideration of patients' preferences and financial capacities. John Wiley & Sons, Ltd.

Combining accounting approaches to practice valuation.

Science.gov (United States)

Schwartzben, D; Finkler, S A

1998-06-01

Healthcare organizations that wish to acquire physician or ambulatory care practices can choose from a variety of practice valuation approaches. Basic accounting methods assess the value of a physician practice on the basis of a historical, balance-sheet description of tangible assets. Yet these methods alone are inadequate to determine the true financial value of a practice. By using a combination of accounting approaches to practice valuation that consider factors such as fair market value, opportunity cost, and discounted cash flow over a defined time period, organizations can more accurately assess a practice's actual value.

Implicit individual discount rate in China: A contingent valuation study.

Science.gov (United States)

Wang, Hua; He, Jie

2018-03-15

Two contingent valuation (CV) surveys were conducted in Kunming, China, to estimate households' willingness to pay (WTP) for the Panlong River rehabilitation project. The two surveys were conducted using the same procedures and questionnaires except for the payment schedule arrangements, which permitted a calculation of respondents' implicit discount rate. The surveys provided two estimates of WTP, one with a mean of 23 Yuan in monthly payment over 5 years and the other with a mean of 311 Yuan in a lump-sum payment that will cover all the expenses for a period of 5 years. The results produce an estimate of monthly discount rate of 7.6%-12.6% or annual discount rate of 141-315%. The estimates are higher than that reported from those studies conducted in the U.S., but are compatible with that of some other studies. This study also shows that both mean individual WTP and implicit individual discount rates are closely related to household demographic and economic characteristics and environment-related perceptions, as reported in the studies conducted in other countries. Copyright © 2017 Elsevier Ltd. All rights reserved.

Measuring the social value of nuclear energy using contingent valuation methodology

International Nuclear Information System (INIS)

Jun, Eunju; Joon Kim, Won; Hoon Jeong, Yong; Heung Chang, Soon

2010-01-01

As one of the promising energy sources for the next few decades, nuclear energy receives more attention than before as environmental issues become more important and the supply of fossil fuels becomes unstable. One of the reasons for this attention is based on the rapid innovation of nuclear technology which solves many of its technological constraints and safety issues. However, regardless of these rapid innovations, social acceptance for nuclear energy has been relatively low and unchanged. Consequently, the social perception has often been an obstacle to the development and execution of nuclear policy requiring enormous subsidies which are not based on the social value of nuclear energy. Therefore, in this study, we estimate the social value of nuclear energy-consumers' willingness-to-pay for nuclear energy-using the Contingent Valuation Method (CVM) and suggest that the social value of nuclear energy increases approximately 68.5% with the provision of adequate information about nuclear energy to the public. Consequently, we suggest that the social acceptance management in nuclear policy development is important along with nuclear technology innovation.

Citizens' distrust of government and their protest responses in a contingent valuation study of urban heritage trees in Guangzhou, China.

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Chen, Wendy Y; Hua, Junyi

2015-05-15

Protest response is a common aspect of contingent valuation (CV) studies, which has attracted growing attention from scholars worldwide. Distrust of government, understood as one of the major reasons for protest response, has been prevalent across transitional China experiencing dramatic changes in its economy, society and natural environment. Citizen distrust of government would significantly hinder the efficiency and validity of the contingent valuation method (CVM) application focusing on the provision of public environmental and ecological goods in China, as a large proportion of protest responses might be induced. Hitherto little has been done to link residents' trust in government to their environmental behaviors in developing and transitional economies like China where CVM has been increasingly applied to generate meaningful and reliable information for integrating both ecological and socioeconomic perspectives into policy decisions. This study aims to investigate the discrepancies between protest responses induced by distrust of government and non-protest responses, using the contingent valuation of heritage trees in Guangzhou as a case. The combination of a set of debriefing questions and several attitudinal questions is employed in the questionnaire. Based on logit analysis and discriminant analysis, it has been found that protestors who distrust government and non-protestors share similar salient values associated with urban heritage trees in Guangzhou, especially their distinctive historical and cultural values, in comparison with ordinary urban trees. Residents with low familiarity with heritage trees (who rarely visit sites with heritage trees, know little about management and conservation techniques, and consider present management to be ineffective) are likely to act as protesters with the "distrust of government" belief. Only if more opportunities are provided for residents to obtain access to urban heritage tree sites, more information (about

The application of the Contingent Valuation method towards the assessment of the impacts emerged from the March 2006 floods in the Evros River. An experts-based survey.

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Markantonis, V.; Bithas, K.

2009-04-01

In March 2006 Greece was struck by a severe flooding, which caused significant damages in the Prefecture of Evros, on the Eastern border of Greece. 250 million m² of farmland was flooded causing severe damages to agriculture, transport and water supply networks. Total direct damages are estimated at € 372 million. The negative effect on economic activity caused by the floods, considered the worst over the last 50 years, took place in an area that had already been severely affected by floods in 2005. Apart from the direct damages critical were also the indirect impacts on the environmental and the social level. The need for economic analysis concerning the design and implementation of efficient flood management policies is well emphasized in the natural hazards' policies. Within this framework, the present paper is analyzing the application of stated preferences valuation techniques for the assessment of the damages caused in the Prefecture of Evros by the severe floods of March 2006. The objective of this paper is to define the role of economic valuation techniques in assisting the design of efficient and sustainable policies for flood management. More specific, the Contingent Valuation (CV) method is applied in order to valuate the impacts of the March 2006 floods, including the environmental impacts as far as concerns the soil, the biodiversity and the aesthetic environment of the flooded areas. The paper begins with a discussion of the theoretical economic framework, and particularly, the contingent valuation method framework that can be used to evaluate flood impacts. Understanding public preferences for complex environmental policy changes, such as flood impacts, is a preeminent challenge for environmental economists and other social scientists. Information issues are central to the design and application of the survey-based contingent valuation (CV) method for valuing environmental goods. While content is under the control of the analyst, how this

Market-based approaches to tree valuation

Science.gov (United States)

Geoffrey H. Donovan; David T. Butry

2008-01-01

A recent four-part series in Arborist News outlined different appraisal processes used to value urban trees. The final article in the series described the three generally accepted approaches to tree valuation: the sales comparison approach, the cost approach, and the income capitalization approach. The author, D. Logan Nelson, noted that the sales comparison approach...

What determines urban households' willingness to pay for CO2 emission reductions in Turkey: A contingent valuation survey

International Nuclear Information System (INIS)

Adaman, Fikret; Karali, Nihan; Kumbaroglu, Guerkan; Or, Ilhan; Ozkaynak, Beguem; Zenginobuz, Unal

2011-01-01

This paper explores Turkish urban households' willingness to pay (WTP) for CO 2 emission reductions expected to result from improvements in power production. A face-to-face questionnaire, with a Contingent valuation (CV) module prepared using the double-bounded dichotomous choice elicitation framework, was administered to 2422 respondents representative of urban Turkey-a developing country with low but rapidly increasing greenhouse gas emissions. The determinants of WTP were identified by considering not only the impact of standard socio-economic factors but also the effects of environmental knowledge, attitudes and behaviour, the relevance of the identity of the collection agent (national versus international institutions) in terms of trust people have towards them, and the degree of perceived participation of others in the realization of the project. Our study confirms the existing literature in demonstrating that WTP figures reported by young and educated people that are active on environmental issues, and who also possess material security and environmental knowledge, are more likely to be high. However, their willingness to make contributions is hampered significantly by their belief that their fellow citizens will not contribute and the general lack of trust in institutions. Overall, this study may be taken as a call to eliminate governance-related uncertainties in climate change deals. - Research Highlights: → We explored the determinants of households' willingness to pay for CO 2 reductions. → We administered a contingent valuation survey to 2422 respondents in urban Turkey. → Young, educated, environmentally-knowledgeable and activist people contribute more. → Income is also found to be significant in increasing willingness to contribute. → Lack of trust in institutions and in other's participation hampers the contributions.

Cost-benefit analysis involving addictive goods: contingent valuation to estimate willingness-to-pay for smoking cessation.

Science.gov (United States)

Weimer, David L; Vining, Aidan R; Thomas, Randall K

2009-02-01

The valuation of changes in consumption of addictive goods resulting from policy interventions presents a challenge for cost-benefit analysts. Consumer surplus losses from reduced consumption of addictive goods that are measured relative to market demand schedules overestimate the social cost of cessation interventions. This article seeks to show that consumer surplus losses measured using a non-addicted demand schedule provide a better assessment of social cost. Specifically, (1) it develops an addiction model that permits an estimate of the smoker's compensating variation for the elimination of addiction; (2) it employs a contingent valuation survey of current smokers to estimate their willingness-to-pay (WTP) for a treatment that would eliminate addiction; (3) it uses the estimate of WTP from the survey to calculate the fraction of consumer surplus that should be viewed as consumer value; and (4) it provides an estimate of this fraction. The exercise suggests that, as a tentative first and rough rule-of-thumb, only about 75% of the loss of the conventionally measured consumer surplus should be counted as social cost for policies that reduce the consumption of cigarettes. Additional research to estimate this important rule-of-thumb is desirable to address the various caveats relevant to this study. Copyright (c) 2008 John Wiley & Sons, Ltd.

Legal acceptance of contingent valuation to determine natural resource damages

International Nuclear Information System (INIS)

Johnson, G.J.

1993-01-01

In enacting the Oil Pollution Act of 1990, Congress endorsed contingent valuation (CV) as an appropriate ''advanced technique'' to assess damages to natural resources resulting from oil and hazardous substance releases. Citing Ohio v. Department of Interior, 880 F.2d 432 (D.C.Cir. 1989), Congress stressed that ''forests are more than just board feed of lumbar,'' and rejected statutory language intended to prevent recovery of damages calculated using ''non-use'' or ''passive'' values of natural resources. Consequently, the key question is whether CV is a useful and rational means to determine non-use values when implementing statutory mandates to recover natural resource damages, not whether CV meets tests of statistical reliability. Because Congress intended that damages be calculated using non-use as well as use values, less precision in calculating non-use values is acceptable so the statutory right to full recovery is not rendered meaningless. While such damages might not be determined with the same precision as damages from a contract breach, a technique which yields results ''with as much or more certainty and accuracy as a jury determining damages for pain and suffering or mental anguish'' is adequate. No methodology except CV calculates non-use values. When designed and implemented conservatively, CV is sufficiently reliable to be used by natural resource trustees

Applying Contingent Valuation Method for Economic Valuation of Awqaf Wealth Management in Welfare Changes of Muslim Households in

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Sarabdeen Masahina

2012-08-01

Full Text Available Objective- The main objective of this study is to estimate the Willingness to Pay of the Muslim households to contribute cash waqf as a strategy towards wealth management in Sri Lanka. Waqf is holding or confinement which is emphasised in Islam as ibadah as it can distribute the wealth among the Muslim society and would help to develop the Islamic vision of brotherhood.Method- Contingent valuation method is used to estimate the Willingness to Pay of Muslim households to improve socio-economic status of the low income people through waqf wealth management in Sri Lanka. This study is developed based on Random Utility Theory.Result- This paper identifies the appropriate methods to estimate the willingness to pay of Muslim households in Sri Lanka for waqf (awqaf is plural institutions. Such evaluations are crucial for the Islamic financial system to function effectively in order to achieve the dignified objectives of socio-economic justice through proper distribution of wealth.Conclusion-This paper presents a conceptual model of waqf institutions which would be useful for further empirical research in this area. The findings are not only appropriate and applicable to Sri Lanka but also to other Muslim and non-Muslim countries. This is a unique contribution to the Islamic economic literature. The knowledge obtained from this study hopes to propose cash waqf to manage the wealth in order to improve the socio-economic status of low income people in Sri Lanka.Tujuan - Tujuan utama dari penelitian ini adalah untuk memperkirakan Kemauan Membayar rumah tangga Muslim untuk berkontribusi wakaf tunai sebagai strategi menuju pengelolaan kekayaan di Sri Lanka. Wakaf secara bahasa menahan (harta yang ditekankan dalam Islam sebagai ibadah karena dapat mendistribusikan kekayaan di antara masyarakat Muslim dan akan membantu untuk mengembangkan visi Islam yaitu persaudaraan.Metode - Metode penilaian Kontingensi digunakan untuk memperkirakan Kesediaan membayar rumah

Subjective Well-Being Approach to Environmental Valuation: Evidence for Greenhouse Gas Emissions

Science.gov (United States)

Beja, Edsel L., Jr.

2012-01-01

The subjective well-being approach to environmental valuation is applied to analyze the valuation of greenhouse gas emissions with a fairness-adjustment in the valuation exercise. Results indicate that industrialized countries have high willingness-to-pay to reduce emissions. Developing countries differ in their valuations. Results indicate that…

Willingness to pay for green electricity in Korea: A contingent valuation study

International Nuclear Information System (INIS)

Yoo, Seung-Hoon; Kwak, So-Yoon

2009-01-01

Green electricity is energy that is generated from renewable energy sources such as solar power, wind power, small-scale hydroelectric power, tidal power, and biomass power. These sources mostly do not produce pollutants and are considered environmentally friendly. However, considering the current state of technology, they are more costly. Government should take visible actions to compensate for the increased production costs. This paper attempts to apply a contingent valuation (CV) method to obtain at least a preliminary evaluation of the benefits that ensue from the introduction of the policy that raises the percentage of green electricity consumption from 0.2% of the total electricity supply to 7% by 2011. Overall, the CV survey was successful in eliciting the willingness to pay (WTP) for green electricity considering that the CV method operated within respondents' abilities to answer and the WTP estimates were statistically significant. The monthly mean WTP estimates from parametric and non-parametric methods were KRW 1681 (USD 1.8) and KRW 2072 (USD 2.2), respectively. The estimates of the annual benefits to relevant residents amounted to KRW 150.5 billion (USD 157.5 million) and KRW 185.6 billion (USD 194.2 million), respectively.

Estimation of conservation value of myrtle (Myrtus communis using a contingent valuation method: a case study in a Dooreh forest area, Lorestan Province, Iran

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Neda Amiri

2015-11-01

Full Text Available Background: Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if managed and harvested properly, could produce sustained economic benefits. In recent years, however, over half of the myrtle site areas was destroyed, due to inappropriate management and excessive harvesting practices. Thus, coming up with a practical harvesting approach along with identifying those factors damaging the sites, seems to be very crucial. Methods: In our investigation, we calculated the conservation value per hectare of myrtle in the Dooreh forest area in Lorestan Province. Using the Contingent Valuation (CV and Double Bounded Dichotomous Choice (DBDC methods, we determined the willingness to pay (WTP for myrtle conservation. The WTP was estimated with a logit model for which indices were obtained based on a maximum precision criterion. Results: The results showed that 86.67 per cent of people were willing to pay for the conservation of these myrtle sites. Average monthly WTP per family was calculated as $0.79. The annual conservation value in terms of WTP for the preservation of the myrtle sites in Dooreh was estimated as $102,525. Among the variables of the model presented, education had a positive impact, while the amount proposed for payment and family size had a negative impact on the WTP. Conclusions: Our estimate of the value of myrtle conservation should provide justification for policy makers and decision making bodies of natural resources to implement policies in order to conserve the natural sites of this species more effectively. Keywords: Conservation value, Myrtle, Contingent valuation method, Double Bounded Dichotomous method, Logit model

Use of the Contingent Valuation Method in the assessment of a landfill mining project.

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Marella, Giuliano; Raga, Roberto

2014-07-01

A comprehensive approach for the evaluation of the economic feasibility of landfill mining (LFM) should take into account not only the direct costs and revenues for the private investor, but also the social benefits or costs (generally called externalities), in such a way that projects generating major social benefits (and no significant private revenues) are not overlooked. With a view to contributing to the development of a common framework for the evaluation of LFM projects, this paper presents the results of a case study where the issue of the assessment of social benefits from a LFM project is addressed. In particular, the Contingent Valuation Method is applied for the monetary assessment of the community-perceived benefits from the remediation of an old uncontrolled waste deposit by means of LFM and the conversion of the area into a park. Based on the results of a survey carried out on a random sample of people living near the old landfill, the economic values of the individual willingness to pay (WTP) for LFM and the subsequent creation of a public park were calculated and the correlations with the relevant variables (distance from the landfill site, age, income, sex, education level) assessed. The results were then suitably extended and the monetary value of the welfare increase of the whole population resident in the area and potentially affected both by LFM and the creation of the park was calculated. Copyright © 2014 Elsevier Ltd. All rights reserved.

Intangible costs of alcohol dependence from the perspective of patients and their relatives: A contingent valuation study.

Science.gov (United States)

Mosquera Nogueira, Jacinto; Rodríguez-Míguez, Eva

2018-04-15

Alcohol dependence causes multiple problems not only for the person suffering dependence but also for others. In this study, the contingent valuation method is proposed to measure the intangible effects of alcohol dependence from the perspective of the persons directly involved: the patients and their relatives. Interviews were conducted with 145 patients and 61 relatives. Intangible effects of alcohol dependence were determined based on willingness to pay for a hypothetical treatment for dependence, with different success scenarios (100% and 50%). The mean monthly willingness to pay among the alcohol-dependent population was €129 and €168, respectively, for the treatments with 100% and 50% success. The willingness to pay of relatives was greater in both scenarios (€307 and €420, respectively), which could be explained by their greater perception of the family, labour, and health problems resulting from alcohol dependence. Regression analysis showed that patients' willingness to pay is positively related to treatment efficacy, personal income and moderate health deterioration, and negatively related to feeling discouraged and depressed. The results from this study can be applied to economic valuation studies that aim to measure the benefits of programs intended to reduce the prevalence of alcohol dependence. The intangible costs estimated can be added to the direct and indirect costs commonly used.

Revealing the economic value of managed aquifer recharge: Evidence from a contingent valuation study in Italy

Science.gov (United States)

Damigos, D.; Tentes, G.; Balzarini, M.; Furlanis, F.; Vianello, A.

2017-08-01

Managed aquifer recharge [MAR) is a promising water management tool toward restoring groundwater balance and securing groundwater ecosystem services (i.e., water for drinking, industrial or irrigation use, control of land subsidence, maintenance of environmental flows to groundwater dependent ecosystems, etc.). Obviously, MAR projects can improve the quality of lives of the people by several ways. Thus, from a social perspective, the benefits of MAR cannot and should not be based only on market revenues or costs. Although the value of groundwater, from a social perspective, has been a subject of socio-economic research, literature on the value of MAR per se is very limited. This paper, focusing on Italy which is a country with extensive utilization of MAR, aims to estimate the economic value of MAR and makes a first step toward filling this gap in the literature. For this purpose, the Contingent Valuation method was implemented to provide a monetary estimate and to explore the factors influencing people's attitude and willingness to pay for MAR. The results show that society holds not only use but also significant nonuse values, which are a part of the total economic value (TEV) of groundwater according to related research efforts. To this end, MAR valuation highlights its social importance for groundwater conservation and provides a solid basis for incorporating its nonmarket benefits into groundwater management policies and assessments.

A contingency table approach to nonparametric testing

CERN Document Server

Rayner, JCW

2000-01-01

Most texts on nonparametric techniques concentrate on location and linear-linear (correlation) tests, with less emphasis on dispersion effects and linear-quadratic tests. Tests for higher moment effects are virtually ignored. Using a fresh approach, A Contingency Table Approach to Nonparametric Testing unifies and extends the popular, standard tests by linking them to tests based on models for data that can be presented in contingency tables.This approach unifies popular nonparametric statistical inference and makes the traditional, most commonly performed nonparametric analyses much more comp

Introduction and critique of using contingent valuation to measure nonuse damages

International Nuclear Information System (INIS)

Desvousges, W.H.

1993-01-01

Contingent valuation (CV) is a method for measuring natural resource damages that involves the use of surveys to elicit people's stated willingness to pay for natural resources. The CV method involves a series of steps ranging from the development and testing of the survey questionnaire to the analysis of the resulting data. In this presentation, the author will describe the main steps involved in using the CV method and will use examples to illustrate the various ways the CV has been used in natural resource damage assessments. The presentation will highlight a few applications of CV to measuring use values, but the majority of the emphasis will be on the so-called nonuse or passive values that do not require people to use the potentially affected resources. In discussing the issues related to nonuse values, the author will use examples to highlight several of the important problem that arise in using CV to measure nonuse damages. These problems include the inability of CV to differentiate the scope of potential injuries, the influence of information and survey design on the estimated values, the lack of consideration of substitute resources, and the lack of calibration of stated willingness to pay with commitments of real dollars. The author will draw on examples from several oil spills including the Exxon Valdez and several of the Superfund cases that have featured CV applications

What determines urban households' willingness to pay for CO{sub 2} emission reductions in Turkey: A contingent valuation survey

Energy Technology Data Exchange (ETDEWEB)

Adaman, Fikret [Department of Economics, Bogazici University, 34342 Bebek, Istanbul (Turkey); Karali, Nihan; Kumbaroglu, Guerkan; Or, Ilhan [Department of Industrial Engineering, Bogazici University, 34342 Bebek, Istanbul (Turkey); Ozkaynak, Beguem, E-mail: begum.ozkaynak@boun.edu.t [Department of Economics, Bogazici University, 34342 Bebek, Istanbul (Turkey); Zenginobuz, Unal [Department of Economics, Bogazici University, 34342 Bebek, Istanbul (Turkey)

2011-02-15

This paper explores Turkish urban households' willingness to pay (WTP) for CO{sub 2} emission reductions expected to result from improvements in power production. A face-to-face questionnaire, with a Contingent valuation (CV) module prepared using the double-bounded dichotomous choice elicitation framework, was administered to 2422 respondents representative of urban Turkey-a developing country with low but rapidly increasing greenhouse gas emissions. The determinants of WTP were identified by considering not only the impact of standard socio-economic factors but also the effects of environmental knowledge, attitudes and behaviour, the relevance of the identity of the collection agent (national versus international institutions) in terms of trust people have towards them, and the degree of perceived participation of others in the realization of the project. Our study confirms the existing literature in demonstrating that WTP figures reported by young and educated people that are active on environmental issues, and who also possess material security and environmental knowledge, are more likely to be high. However, their willingness to make contributions is hampered significantly by their belief that their fellow citizens will not contribute and the general lack of trust in institutions. Overall, this study may be taken as a call to eliminate governance-related uncertainties in climate change deals. - Research Highlights: {yields} We explored the determinants of households' willingness to pay for CO{sub 2} reductions. {yields} We administered a contingent valuation survey to 2422 respondents in urban Turkey. {yields} Young, educated, environmentally-knowledgeable and activist people contribute more. {yields} Income is also found to be significant in increasing willingness to contribute. {yields} Lack of trust in institutions and in other's participation hampers the contributions.

Financing an efficient adaptation programme to climate change: A contingent valuation method tested in Malaysia

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Banna Hasanul

2016-03-01

Full Text Available This paper assesses farmers’ willingness to pay for an efficient adaptation programme to climate change for Malaysian agriculture. We used the contingent valuation method to determine the monetary assessment of farmers’ preferences for an adaptation programme. We distributed a structured questionnaire to farmers in Selangor, Malaysia. Based on the survey, 74% of respondents are willing to pay for the adaptation programme with several factors such as socio-economic and motivational factors exerting greater influences over their willingness to pay. However, a significant number of respondents are not willing to pay for the adaptation programme. The Malaysian government, along with social institutions, banks, NGOs, and media could come up with fruitful awareness programmes to motivate financing the programme. Financial institutions such as banks, insurances, leasing firms, etc. along with government and farmers could also donate a substantial portion for the adaptation programme as part of their corporate social responsibility (CSR.

Measuring the economic benefits of protecting the Parque Natural do Sudoeste Alentejano e Costa Vicentina from commercial tourism development : results from a contingent valuation survey

OpenAIRE

Nunes, Paulo A.L.D.

2002-01-01

This paper focus on a contingent valuation application as to measure the value that the Portuguese households are willing to pay for the recreation and biodiversity benefits provided by a Natural Park in Portugal. A national survey was designed and implemented. It gathered 1678 respondents and focus on three tourism development policy options for the Park. We refer to (1) the Wilderness- Area commercial tourism development scenario; (2) the Recreational-Area commercial tourism development sce...

Measuring the Economic Benefits of Removing Dams and Restoring the Elwha River: Results of a Contingent Valuation Survey

Science.gov (United States)

Loomis, John B.

1996-02-01

The contingent valuation method was used to obtain estimates of willingness to pay for removing the two dams on the Elwha River on the Olympic Peninsula in Washington State and restoring the ecosystem and the anadromous fishery. Using the dichotomous choice voter referendum format, the mean annual value per household is 59 in Clallam County, 73 for the rest of Washington, and 68 for households in the rest of the United States. The aggregate benefits to residents of the State of Washington is 138 million annually for 10 years and between 3 and 6 billion to all U.S. households. These estimates suggest that the general public would be willing to pay to remove old dams that block salmon migration.

Estimating the economic value of counselling services using the contingent valuation method.

Science.gov (United States)

Kim, A-Reum; Lee, Sang Min; An, Sunghee

2017-01-30

This study aimed to justify the use of the contingent valuation method to elicit the willingness to pay (WTP) for counselling services and to analyse the socio-demographic and psychological factors that influence WTP (through an increase in insurance premiums) for counselling services in South Korea. Regarding WTP for counselling services, the researchers asked 561 participants double-bounded dichotomous choice questions, which is one of the major estimation methods. Two survival analysis models were set up with their corresponding variables to investigate the factors affecting the WTP for an increase in insurance premiums to cover counselling services. The results indicate that a person in South Korea who makes KRW 2,500,000 (USD 2223.21) per month and pays KRW 66,625 (USD 59.25) per month in insurance premiums is willing to pay a roughly 1% premium to receive additional counselling services. The first regression analysis model for WTP showed that pocket money and counselling experience had significant positive effects while gender had a significant negative effect. The second model included four additional psychological factors and the significant effects of gender and counselling experience that had been found in the first model disappeared while only pocket money showed a significant effect on WTP.

Air quality assessment by contingent valuation in Ji'nan, China.

Science.gov (United States)

Wang, Yan; Zhang, Yi-Sheng

2009-02-01

Along with urbanization and environmental deterioration within China, many residents' desire for improved air quality has increased. To address this topic, this study focuses on the relationship between poor air quality and residents' willingness to pay for improved air quality in the city of Ji'nan. As a means of quantifying an individual's willingness to pay (WTP) for improved air quality, a contingent valuation method (CVM) was employed. A sample of 1500 residents was chosen, based on the stratified sampling method. The respondents' WTP was then elicited through a series of face-to-face interviews, conducted using a range of hypothetical, open-ended scenario questions. The results showed that 59.7% of respondents were able to express a positive WTP, and that the average WTP was 100 Chinese Yuan (CNY) per person, per year. In order to establish the relationship between endogenous variables and WTP, both a Probit model on the probability of a positive WTP, and a stepwise regression model were constructed. Most parameters in the econometric analysis demonstrated the expected results. It was found that annual household income, expenditure on the treatment of respiratory diseases and workers in the family significantly influenced WTP. The rates of positive WTP and the monetary amount were also larger for men than for women. Unlike developed countries, most respondents regard air quality improvement as a government responsibility in that more than 40% of respondents had no incentive to bear the costs of attempting to achieve better air quality, indicating a relatively low environmental consciousness.

Willingness to pay for municipality hospital services in rural Japan: a contingent valuation study

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Nakamura Toshihito

2011-06-01

Full Text Available Abstract Background The Japanese healthcare system has undergone reforms to address the struggles that municipality hospitals face. Reform guidelines clearly define criteria for administrative improvement. However, criteria to evaluate the demand for healthcare provisions in rural Japan, including the needs of rural residents for municipality hospitals in particular have not been specified. The purpose of this paper is to measure residents' willingness to pay (WTP for municipality hospital services using the contingent valuation method, and to evaluate municipality hospital valuation on the basis of WTP. K town, located in the Hokkaido prefecture of Japan, was selected as the location for this study. Participants were recruited by a town hall healthcare administrator, hospital and clinic staff, and a local dentist. Participants were asked what amount they would be willing to pay as taxes to continue accessing the services of the municipality hospital for one year by using open-ended questions in face-to-face interviews. Findings Forty-eight residents were initially recruited, and 40 participants were selected for the study (response rate 83%. As compared to K town's population, this data slanted toward the elderly, although there was no significant difference in frequency among the characteristics. The median WTP was estimated at 39,484 yen ($438.71, with a 95% confidence interval 27,806-55,437 yen ($308.95-615.96. Logistic regression revealed no significant factors affecting WTP. Conclusions If the total amount of residents' WTP for the municipality hospital were to be estimated by this result, it would calculate with 129,586,000 yen ($1,439,844. This is approximately equal to the amount of money to be transferred from the general account of the government of K town, more than one-half of the town tax of K town, and about two-fold in comparison to Japan as a whole. This showed that K town's residents placed a high valuation on the municipality

Valuation of investments in natural resources using contingent-claim framework with application to bituminous coal developments in Korea

International Nuclear Information System (INIS)

Won, Chaehwan

2009-01-01

As Brennan and Schwartz [Brennan M, Schwartz E. Evaluating natural resource investment. Journal of Business 1985;58:135-57] point out in their pioneering work, the valuation of natural resources projects is particularly difficult due to the high degree of uncertainty in output prices of resources. In general, there are two competing procedures to evaluate risky projects in natural resources developments. One is decision analytic, based on traditional discounted cash flow and stochastic dynamic programming [Fleten SE, Maribu KM, Wangensteen I. Optimal investment strategies in decentralized renewable power generation under uncertainty. Energy 2007;32:803-15; Smith J, McCardle K. Valuing oil properties: integrating option pricing and decision analysis approaches. Operations Research 1998;46(2):198-217; Szklo AS, Carneiro JTG, Machado G. Break-even price for upstream activities in Brazil: evaluation of the opportunity cost of oil production delay in a non-mature sedimentary production region. Energy 2008;33:589-600], and the other is contingent claims analysis, based on the no-arbitrage theory of financial markets [Brennan M, Schwartz E. Evaluating natural resource investment. Journal of Business 1985;58:135-57; Emhjellen M, Alaouze CM. A comparison of discounted cash flow and modern asset pricing methods - project selection and policy implications. Energy Policy 2003;31:1213-20; Laughton D. The management of flexibility in the upstream petroleum industry. The Energy Journal 1998;19:83-114; Paddock L, Siegel D, Smith J. Option valuation of claims on real assets: the case of offshore petroleum leases. Quarterly Journal of Economics 1988;103(3):479-508; Schwartz ES. Valuing long-term commodity assets. Journal of Energy Finance and Development 1998;3(2):85-99; Sezgen O, Goldman CA, Krishnarao P. Option value of electricity demand response. Energy 2007;32:108-19]. In this paper, we use the second approach to develop a new model, and the main contributions are providing a

Valuing the benefits of genetic testing for retinitis pigmentosa: a pilot application of the contingent valuation method.

Science.gov (United States)

Eden, Martin; Payne, Katherine; Combs, Ryan M; Hall, Georgina; McAllister, Marion; Black, Graeme C M

2013-08-01

Technological advances present an opportunity for more people with, or at risk of, developing retinitis pigmentosa (RP) to be offered genetic testing. Valuation of these tests using current evaluative frameworks is problematic since benefits may be derived from diagnostic information rather than improvements in health. This pilot study aimed to explore if contingent valuation method (CVM) can be used to value the benefits of genetic testing for RP. CVM was used to elicit willingness-to-pay (WTP) values for (1) genetic counselling and (2) genetic counselling with genetic testing. Telephone and face-to-face interviews with a purposive sample of individuals with (n=25), and without (n=27), prior experience of RP were used to explore the feasibility and validity of CVM in this context. Faced with a hypothetical scenario, the majority of participants stated that they would seek genetic counselling and testing in the context of RP. Between participant groups, respondents offered similar justifications for stated WTP values. Overall stated WTP was higher for genetic counselling plus testing (median=£524.00) compared with counselling alone (median=£224.50). Between-group differences in stated WTP were statistically significant; participants with prior knowledge of the condition were willing to pay more for genetic ophthalmology services. Participants were able to attach a monetary value to the perceived potential benefit that genetic testing offered regardless of prior experience of the condition. This exploratory work represents an important step towards evaluating these services using formal cost-benefit analysis.

Farmers’ Willingness to Pay for Health Risk Reductions of Pesticide Use in China: A Contingent Valuation Study

Science.gov (United States)

Wang, Wenyu; Jin, Jianjun; He, Rui; Gong, Haozhou; Tian, Yuhong

2018-01-01

This study aimed to estimate farmers’ willingness to pay (WTP) for health risk reductions of pesticide use by applying the contingent valuation method (CVM) and to explore the factors that influence farmers’ WTP in China. In total, 244 farmers were randomly selected and interviewed. The mean WTP was estimated to be $65.38 (0.94% of total household income) per household per year for a 5/10,000 reduction in morbidity risk. This study shows that farmers’ socioeconomic and attitudinal factors that significantly affect their WTP include farmers’ farming income, education, household size and risk perceptions. In particular, the results demonstrate that respondents’ social trust, social reciprocity and social networks have significant impacts on their WTP. The findings of this study can provide useful insights for policy makers to design effective policies to address health problems related to pesticide use in the developing world. PMID:29596345

Measuring economic value for tourism destination using contingent valuation method: The Sangiran Sites, Central Java Province, Indonesia

Science.gov (United States)

Subanti, S.; Zukhronah, E.; Handajani, S. S.; Irawan, BRM B.; Hakim, A. R.

2018-03-01

This purpose of study aims to estimate the economic value for quality improvement in Sangiran, Indonesia. This paper used contingent valuation method. The study was found significant factors affecting the probability of individuals to be willing to pay for quality improvement are the nominal amount bid, gender, and income. The economic value of Sangiran sites tourism was estimated between Rp 2.219 billion per year until Rp 2.756 billion per year. This value can be a guidance for management of the Sangiran as a basic reason for Sangiran’s improvement. The improvement includes to add the collection, to build supporting infrastructure in Sangiran, to increase services, to arrange training for Sangiran staff, and others. The suggestion from this paper, we must support the local government for Sangiran improvement, because it can be profitable and it can give benefits from many aspects includes economic, historical, and education.

Farmers’ Willingness to Pay for Health Risk Reductions of Pesticide Use in China: A Contingent Valuation Study

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Wenyu Wang

2018-03-01

Full Text Available This study aimed to estimate farmers’ willingness to pay (WTP for health risk reductions of pesticide use by applying the contingent valuation method (CVM and to explore the factors that influence farmers’ WTP in China. In total, 244 farmers were randomly selected and interviewed. The mean WTP was estimated to be $65.38 (0.94% of total household income per household per year for a 5/10,000 reduction in morbidity risk. This study shows that farmers’ socioeconomic and attitudinal factors that significantly affect their WTP include farmers’ farming income, education, household size and risk perceptions. In particular, the results demonstrate that respondents’ social trust, social reciprocity and social networks have significant impacts on their WTP. The findings of this study can provide useful insights for policy makers to design effective policies to address health problems related to pesticide use in the developing world.

Estimating irrigation water demand in the Moroccan Drâa Valley using contingent valuation.

Science.gov (United States)

Storm, Hugo; Heckelei, Thomas; Heidecke, Claudia

2011-10-01

Irrigation water management is crucial for agricultural production and livelihood security in Morocco as in many other parts of the world. For the implementation of an effective water management, knowledge about farmers' demand for irrigation water is crucial to assess reactions to water pricing policy, to establish a cost-benefit analysis of water supply investments or to determine the optimal water allocation between different users. Previously used econometric methods providing this information often have prohibitive data requirements. In this paper, the Contingent Valuation Method (CVM) is adjusted to derive a demand function for irrigation water along farmers' willingness to pay for one additional unit of surface water or groundwater. An application in the Middle Drâa Valley in Morocco shows that the method provides reasonable results in an environment with limited data availability. For analysing the censored survey data, the Least Absolute Deviation estimator was found to be a more suitable alternative to the Tobit model as errors are heteroscedastic and non-normally distributed. The adjusted CVM to derive demand functions is especially attractive for water scarce countries under limited data availability. Copyright © 2011 Elsevier Ltd. All rights reserved.

Dynamic learning and context-dependence in sequential, attribute-based, stated-preference valuation questions

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Thomas P. Holmes; Kevin J. Boyle

2005-01-01

A hybrid stated-preference model is presented that combines the referendum contingent valuation response format with an experimentally designed set of attributes. A sequence of valuation questions is asked to a random sample in a mailout mail-back format. Econometric analysis shows greater discrimination between alternatives in the final choice in the sequence, and the...

Contingent Valuation Analysis of an Otolaryngology and Ophthalmology Emergency Department: The Value of Acute Specialty Care.

Science.gov (United States)

Naunheim, Matthew R; Kozin, Elliot D; Sethi, Rosh K; Ota, H G; Gray, Stacey T; Shrime, Mark G

2017-03-01

Specialty emergency departments (EDs) provide a unique mechanism of health care delivery, but the value that they add to the medical system is not known. Evaluation of patient preferences to determine value can have a direct impact on resource allocation and direct-to-specialist care. To assess the feasibility of contingent valuation (CV) methodology using a willingness-to-pay (WTP) survey to evaluate specialty emergency services, in the context of an ophthalmology- and otolaryngology-specific ED. Contingent valuation analysis of a standalone otolaryngology and ophthalmology ED. Participants were English-speaking adults presenting to a dedicated otolaryngology and ophthalmology ED. The WTP questions were assessed using a payment card format, with reference to an alternative modality of treatment (ie, general ED), and were analyzed with multivariate regression. Validated WTP survey administered from October 14, 2014, through October 1, 2015. Sociodemographic data, level of distress, referral data, income, and WTP. A total of 327 of 423 (77.3%) ED patients responded to the WTP survey, with 116 ophthalmology and 211 otolaryngology patients included (52.3% female; mean [range] age, 46 [18-90] years). The most common reason for seeking care at this facility was a reputation for specialty care for both ear, nose, and throat (80 [37.9%]) and ophthalmology (43 [37.1%]). Mean WTP for specialty-specific ED services was $377 for ophthalmology patients, and $321 for otolaryngology patients ($340 overall; 95% CI, $294 to $386), without significant difference between groups (absolute difference, $56; 95% CI, $-156 to $43). Self-reported level of distress was higher among ear, nose, and throat vs ophthalmology patients (absolute difference, 0.47 on a Likert scale of 1-7; 95% CI, 0.10 to 0.84). Neither level of distress, income, nor demographic characteristics influenced WTP, but patients with higher estimates of total visit cost were more likely to have higher WTP (β coefficient

Considerations regarding the Valuation and Valorization of Cultural Heritage

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Filip IORGULESCU

2011-12-01

Full Text Available This paper presents the theoretical framework for the valuation of cultural heritage and of the economic effects produced by investments in the preservation and restoration of cultural heritage. The following methods are considered: impact studies, hedonic pricing method, contingent valuation method and travel cost method. The paper focuses on methodological issues, difficulties encountered when implementing the methods, as well as on their specific limitations. Moreover, each method is illustrated through the results of quantitative studies in the field.

Willingness to pay more for value-added pomegranate juice (Punica granatum L.): An open-ended contingent valuation.

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Romano, Karen Rodrigues; Dias Bartolomeu Abadio Finco, Fernanda; Rosenthal, Amauri; Vinicius Alves Finco, Marcus; Deliza, Rosires

2016-11-01

This study aimed at estimating the consumer's willingness to pay (WTP) more for value-added pomegranate juice using the contingent valuation method (CVM). The WTP was estimated applying the open-ended elicitation technique with 454 consumers in two supermarkets located in Rio de Janeiro, Brazil. The average consumer's WTP more for pomegranate juice was estimated in R$2.04 (Brazilian currency) and the income elasticity coefficient at the midpoint was 0.19, i.e., a 10% increase in consumer income will increase, on average, 1.9% the WTP of pomegranate juice (ceteris paribus). Therefore, the income elasticity coefficient was considered inelastic, once an increase in income would have low effect on the WTP for these consumers. The results indicated that the consumers were interested in acquiring a non-traditional juice processed using a technology that preserves vitamins and antioxidants, maintains the flavor of "fresh juice" without colorants and preservatives, despite the pomegranate is not part of the Brazilian diet. Copyright © 2016 Elsevier Ltd. All rights reserved.

The willingness to pay for positron emission tomography (PET). Evaluation of suspected lung cancer using contingent valuation

International Nuclear Information System (INIS)

Papatheofanis, F.J.

2000-01-01

In this study, contingent valuation is used to estimate the willingness-to-pay (WTP) for positron emission tomography (PET) imaging by patients with suspected benign or malignant lung disease. Patients (n=87) undergoing thoracic computed tomography were surveyed for their WTP for PET for the evaluation of lung disease in lieu of further testing. Patients were provided background PET information and a two-page self-administered questionnaire. The survey queried basic demographic information, perceived risk of malignancy, and perceived life expectancy given a diagnosis of malignancy. Patients with increased perception of risk were willing to pay more than those with lower perceived risk. Patients who were self-payers for their health insurance indicated a lower WTP than those who did not pay any out-of-pocket insurance premiums. Individuals are willing to pay additional out-of-pocket costs for diagnostic imaging to reduce their perception of risk and improve their quality of life

Determinants of Willingness to Pay for an Urban Green Area: A Contingent Valuation Survey of College Students

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Maria Bonaventura Forleo

2015-06-01

Full Text Available The aim of the study is to identify factors affecting young people’s willingness to pay (WTP for the conservation of an urban green area. A questionnaire survey, based on the Contingent Valuation method, was administered to a sample of students enrolled at the University of Molise (Italy. We examine the determinants of WTP for use and non-use values, visitors’ profiles, socioeconomic characteristics and environmental attitudes. We detect factors affecting WTP decisions through logistic regression analysis. Variables affecting the WTP differ from the environmental values and according to the visiting experience; socio-economic characteristics do not appear particularly significant; the main cause for zero bids is related to the perception of the green area as a public good. Our results highlight a growing tendency, in young generations, towards a more sustainable awareness, which we believe should be carefully nurtured through adequate policy instruments, so to enhance the quality of urban life.

Participatory Environmental Valuation: A Comparative Analysis of Four Case Studies

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Leslie Carnoye

2015-07-01

Full Text Available The valuation of multiple ecosystem services requires the design of valuation processes able to integrate different dimensions of value and to cope with complexity. Following the “value-articulating institution” framework, we note that three core problems arise: the cognitive, normative and composition problems. Combining valuation methods, such as contingent valuation and multicriteria analysis, with participatory and deliberative techniques is increasingly promoted as a means to address those fundamental problems. However, the quality and legitimacy of the valuation process then becomes dependent on how participation is framed. We note that numerous issues need to be taken into account, such as the roles assumed by participants, the differences in contribution among participants, the level of participatory impact and the level of democratization of the decision-making process. This paper proposes a detailed qualitative analysis of four case studies, each of them having implemented a specific valuation method in a participatory process. We analyze how those cases were handled in each of the dimensions considered and offer our conclusions about the added values and remaining challenges related to participatory environmental valuation.

Are children rational decision makers when they are asked to value their own health? A contingent valuation study conducted with children and their parents.

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Guerriero, Carla; Cairns, John; Bianchi, Fabrizio; Cori, Liliana

2018-02-01

Despite the importance of including children's preferences in the valuation of their own health benefits, no study has investigated the ability of children to understand willingness-to-pay (WTP) questions. Using a contingent valuation method, we elicit children's and parents' WTP to reduce children's risk of an asthma attack. Our results suggest that children are able to understand and value their own health risk reductions, and their ability to do so improves with age. Child age was found to be inversely related to parents' and children's WTP. The results also suggest that non-paternalistic altruism is predictive of children's WTP. For parents, care for their own health was found to be inversely related with their WTP for children's risk reductions. Comparison of parents' and children's WTP suggests that parents are willing to sacrifice for their child's health risk reduction an amount that is approximately twice that of their children. The analysis of matched pairs of parents and children suggest that there are within-household similarities as the child's WTP is positively related to parents' WTP. Copyright © 2017 John Wiley & Sons, Ltd.

Timing effects in health valuations.

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Leiter, Andrea M; Pruckner, Gerald J

2014-06-01

This paper analyzes the impact of external sources of information, conveyed by the frequency of risky events that vary across time, on the individual willingness to pay (WTP) for a reduction of mortality risk. We collected data from a contingent valuation (CV) exercise conducted in two waves (fall and winter) to examine whether individual WTP varied across periods that differed in the predominance of fatal accidents. Risk valuations were based on fatal snow avalanche accidents, that is, a type of risk with seasonal differences in occurrence. We found slightly lower but statistically significant mean WTP figures in the winter than in the fall sample because of time-varying individual risk attitudes and, therefore, recommend controlling for these factors in risk assessment CV surveys. Copyright © 2013 John Wiley & Sons, Ltd.

What's it worth? A general manager's guide to valuation.

Science.gov (United States)

Luehrman, T A

1997-01-01

Behind every major resource-allocation decision a company makes lies some calculation of what that move is worth. So it is not surprising that valuation is the financial analytical skill general managers want to learn more than any other. Managers whose formal training is more than a few years old, however, are likely to have learned approaches that are becoming obsolete. What do generalists need in an updated valuation tool kit? In the 1970s, discounted-cash-flow analysis (DCF) emerged as best practice for valuing corporate assets. And one version of DCF-using the weighted-average cost of capital (WACC)-became the standard. Over the years, WACC has been used by most companies as a one-size-fits-all valuation tool. Today the WACC standard is insufficient. Improvements in computers and new theoretical insights have given rise to tools that outperform WACC in the three basic types of valuation problems managers face. Timothy Luehrman presents an overview of the three tools, explaining how they work and when to use them. For valuing operations, the DCF methodology of adjusted present value allows managers to break a problem into pieces that make managerial sense. For valuing opportunities, option pricing captures the contingent nature of investments in areas such as R&D and marketing. And for valuing ownership claims, the tool of equity cash flows helps managers value their company's stake in a joint venture, a strategic alliance, or an investment that uses project financing.

Do Americans want ethanol? A comparative contingent-valuation study of willingness to pay for E-10 and E-85

Energy Technology Data Exchange (ETDEWEB)

Petrolia, Daniel R.; Bhattacharjee, Sanjoy [Department of Agricultural Economics, Mississippi State University, P.O. Box 5187, Mississippi State, MS 39762 (United States); Hudson, Darren [Department of Agricultural and Applied Economics, Texas Tech University, Lubbock, TX 79409 (United States); Herndon, Cary W. [North Mississippi Research and Extension Center, Mississippi State University, Verona, MS 38879 (United States)

2010-01-15

A nationwide contingent-valuation survey of consumer preferences for consumer fuel blends E-10 (a blend of 10% ethanol and 90% gasoline for use in standard vehicles) and E-85 (a blend of 85% ethanol and 15% gasoline for use in flex-fuel vehicles) was conducted to estimate willingness to pay (WTP) and identify key characteristics driving demand. Results indicate that overall perceptions of ethanol are positive, but ethanol is not the globally-preferred transportation-energy alternative, even among consumers with a positive WTP. Results indicate also that demand for E-85 is more price inelastic than E-10, with this result driven by consumers with no preference for E-10 but strong preferences for E-85. Finally, results also indicate that those consumers who are unsure about the micro-level benefits of E-85 are nonetheless more inclined to pay a premium. (author)

Do Americans want ethanol? A comparative contingent-valuation study of willingness to pay for E-10 and E-85

International Nuclear Information System (INIS)

Petrolia, Daniel R.; Bhattacharjee, Sanjoy; Hudson, Darren; Herndon, Cary W.

2010-01-01

A nationwide contingent-valuation survey of consumer preferences for consumer fuel blends E-10 (a blend of 10% ethanol and 90% gasoline for use in standard vehicles) and E-85 (a blend of 85% ethanol and 15% gasoline for use in flex-fuel vehicles) was conducted to estimate willingness to pay (WTP) and identify key characteristics driving demand. Results indicate that overall perceptions of ethanol are positive, but ethanol is not the globally-preferred transportation-energy alternative, even among consumers with a positive WTP. Results indicate also that demand for E-85 is more price inelastic than E-10, with this result driven by consumers with no preference for E-10 but strong preferences for E-85. Finally, results also indicate that those consumers who are unsure about the micro-level benefits of E-85 are nonetheless more inclined to pay a premium. (author)

Food Marketing Technology and Contingency Market Valuation

OpenAIRE

Garth J. Holloway; Anthony C. Zwart

1993-01-01

Marketing activities are introduced into a rational expectations model of the food marketing system. The model is used to evaluate effects of alternative marketing technologies on the distribution of the benefits of contingency markets in agriculture. Benefits depend on two parameters: the cost share of farm inputs and the elasticity of substitution between farm and nonfarm inputs in food marketing. Over a broad spectrum of technologies, consumers are likely to be the net beneficiaries and fa...

A Literature Review Fuzzy Pay-Off-Method – A Modern Approach in Valuation

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Daniel Manaţe

2015-01-01

Full Text Available This article proposes to present a modern approach in the analysis of updated cash flows. The approach is based on the Fuzzy Pay-Off-Method (FPOM for Real Option Valuation (ROV. This article describes a few types of models for the valuation of real options currently in use. In support for the chosen FPOM method, we included the mathematical model that stands at the basis of this method and a case study.

Application of the contingent valuation method to estimate a ...

African Journals Online (AJOL)

The values of freshwater inflows into the Kowie and the Kromme Estuaries were calculated at R0.072/m3 and R0.013/m3, respectively. Total WTP values were estimated at R938 296.59 and R974 019.20, respectively. A valuation function to predict willingness-to-pay was predicted using the Tobit model estimation of linear ...

Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA

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Cecilia Maya Ochoa

2004-12-01

Full Text Available There exists an abysm between market prices and traditional valuation approaches such as Discounted Cash Flows (DCF, a fact that neither academics nor practitioners could continue ignoring. Recently, a complementary approach has taken a foothold into the valuation world. Building on the DCF approach yet going further in the sense of incorporating flexibility in management investment decisions, and taking advantage of the advances in option pricing theory, the real options approach (ROA has become the alternative to capital budgeting and, lately, to corporate valuation. Empirical evidence shows that ROA explains actual prices better than DCF approaches and nowadays there is no question that from a theoretical point of view, ROA is a much more appealing concept than passive NPV. However, its acceptance by practitioners has been very slow due to the complexity of real options pricing.Existe un abismo entre precios de Mercado y la valoración estimada por métodos tradicionales tales como Flujos de Caja Descontados, un hecho que ni académicos ni practicantes pueden continuar ignorando. Recientemente, una metodología complementaria ha tomado gran fuerza. Partiendo de los Flujos de Caja Descontados, pero incorporando flexibilidad en las decisiones de inversión y aprovechando los avances en la teoría de valoración de opciones, el enfoque de opciones reales (ROA se ha convertido en la alternativa para presupuestación de capital y valoración de empresas. La evidencia empírica muestra que ROA explica los precios de mercado mejor que los enfoques basados en flujos de caja descontados y, hoy en día, no hay discusión de que es más atractivo desde un punto de vista teórico; sin embargo, su utilización en la práctica ha sido muy limitada debido a las dificultades que presenta la valoración de las opciones reales.

Contingent valuation method applied to survey on personal preferences on choice of electric power source

International Nuclear Information System (INIS)

Takahashi, Reiko; Nakagome, Yoshihiro

2004-01-01

A Survey was conducted on personal preferences regarding their choice of electric power source to verify the applicability of Contingent Valuation Method (CVM) to such analysis. The survey was carried out on local and urban inhabitants in two steps, first by mail and thereafter by direct interview. A choice of four typical forms of power source was presented: nuclear, coal, hydro and green power; and the question was asked whether the respondent would be willing to pay additional charge for specifying their preferable power source. The mail survey indicated more than half of the respondents hold some willingness to pay either for disuse of nuclear power or expansion of green power. The interview survey revealed various complex motives lying behind their answers. Consequently, it was found that their preference is significantly correlated to their personal image or knowledge of power sources, their thinking or attitude toward energy conservation, their sense of consumption and their private view of life. It is concluded that CVM is pertinently applicable to quantitative analysis of individual opinions, particularly in terms of their motivation to participate in national energy issues. A number of modifications, however, should be required to be brought to the survey design in order to ensure smooth application in practice. (author)

User behavior in contingent valuation and travel cost - The case of Parque das Palmeiras in Chapecó, SC, Brazil

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Claudio Alcides Jacoski

2010-08-01

Full Text Available The creation and maintenance of public areas for environmental preservation, recreation and leisure has been one of the challenges faced by public managers. Located in an area of urban expansion of Chapecó, Parque das Palmeiras is subject to environmental risk, making it a fragile natural asset. The aim of this study was to verify the characteristic behavior of park users using two methods for economic value assessment, i. e., “contingent valuation” and “travel cost” for estimating the value to maintain the park functions by users and the population using a questionnaire composed of socioeconomic and attitudinal issues. The application of the contingent valuation method revealed that the population is willing to pay for the maintenance of park functions an average of R$ 7.14/month. Thus, the estimated value for the yearly maintenance of the park functions is R$ 14,651,280.00. Regarding the application of the cost of travel it was possible to identify that the largest users’ participation is from surrounding towns such as Bela Vista and Jardim América. The added value achieved by applying the method of travel cost was R$ 5,580.00. A reference value to keep the Parque das Palmeiras may support government management decisions for the maintenance this natural asset, also directing for the application of economic instruments as a way to offseting environmental damage cost.

Ecosystem service valuations of mangrove ecosystems to inform decision making and future valuation exercises.

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Nibedita Mukherjee

Full Text Available The valuation of ecosystem services is a complex process as it includes several dimensions (ecological, socio-cultural and economic and not all of these can be quantified in monetary units. The aim of this paper is to conduct an ecosystem services valuation study for mangroves ecosystems, the results of which can be used to inform governance and management of mangroves. We used an expert-based participatory approach (the Delphi technique to identify, categorize and rank the various ecosystem services provided by mangrove ecosystems at a global scale. Subsequently we looked for evidence in the existing ecosystem services literature for monetary valuations of these ecosystem service categories throughout the biogeographic distribution of mangroves. We then compared the relative ranking of ecosystem service categories between the monetary valuations and the expert based analysis. The experts identified 16 ecosystem service categories, six of which are not adequately represented in the literature. There was no significant correlation between the expert based valuation (the Delphi technique and the economic valuation, indicating that the scope of valuation of ecosystem services needs to be broadened. Acknowledging this diversity in different valuation approaches, and developing methodological frameworks that foster the pluralism of values in ecosystem services research, are crucial for maintaining the credibility of ecosystem services valuation. To conclude, we use the findings of our dual approach to valuation to make recommendations on how to assess and manage the ecosystem services provided by mangrove ecosystems.

Ecosystem service valuations of mangrove ecosystems to inform decision making and future valuation exercises.

Science.gov (United States)

Mukherjee, Nibedita; Sutherland, William J; Dicks, Lynn; Hugé, Jean; Koedam, Nico; Dahdouh-Guebas, Farid

2014-01-01

The valuation of ecosystem services is a complex process as it includes several dimensions (ecological, socio-cultural and economic) and not all of these can be quantified in monetary units. The aim of this paper is to conduct an ecosystem services valuation study for mangroves ecosystems, the results of which can be used to inform governance and management of mangroves. We used an expert-based participatory approach (the Delphi technique) to identify, categorize and rank the various ecosystem services provided by mangrove ecosystems at a global scale. Subsequently we looked for evidence in the existing ecosystem services literature for monetary valuations of these ecosystem service categories throughout the biogeographic distribution of mangroves. We then compared the relative ranking of ecosystem service categories between the monetary valuations and the expert based analysis. The experts identified 16 ecosystem service categories, six of which are not adequately represented in the literature. There was no significant correlation between the expert based valuation (the Delphi technique) and the economic valuation, indicating that the scope of valuation of ecosystem services needs to be broadened. Acknowledging this diversity in different valuation approaches, and developing methodological frameworks that foster the pluralism of values in ecosystem services research, are crucial for maintaining the credibility of ecosystem services valuation. To conclude, we use the findings of our dual approach to valuation to make recommendations on how to assess and manage the ecosystem services provided by mangrove ecosystems.

Equity Valuation

DEFF Research Database (Denmark)

Christensen, Peter Ove; Feltham, Gerald A.

-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

Levers supporting tariff growth for water services: evidence from a contingent valuation analysis.

Science.gov (United States)

Guerrini, Andrea; Vigolo, Vania; Romano, Giulia; Testa, Federico

2018-02-01

The backwardness of the water utilities sector necessitates urgent investment in infrastructure to improve water quality and efficiency in water supply networks. A policy of tariff growth represents the main source to sustain such investments. Therefore, customer engagement in the form of willingness to pay (WTP) is highly desirable by water utilities to obtain social legitimization and support. This study examines the determinants of consumers' WTP for improvement programs for three drinking water issues: quality of water sources, renewal of water mains, and building of new wastewater treatment plants. The study is based on a survey conducted among a sample of 587 customers of a water utility located in the province of Verona in the north of Italy. The contingence valuation method is used to measure WTP. Specifically, an ordinal logistic regression model yields the following significant determinants of WTP: quality of water and services provided, preference for privatization of the water utility, sustainable consumption of water, and some socio-demographic variables. The findings provide interesting insights into the drivers of WTP as well as managerial recommendations for water utilities. In particular, the findings show that water utilities need to improve service and water quality to increase customers' acceptance of tariff growth. In addition, utilities should invest in customer education and communication activities focusing on specific age groups (e.g., older customers) to enhance their WTP. Finally, communication strategies should reinforce the possible role of liberalization and privatization in supporting infrastructure investments. Copyright © 2017 Elsevier Ltd. All rights reserved.

Willingness to pay for renewable electricity: A contingent valuation study in Beijing, China

International Nuclear Information System (INIS)

Guo, Xiurui; Liu, Haifeng; Mao, Xianqiang; Jin, Jianjun; Chen, Dongsheng; Cheng, Shuiyuan

2014-01-01

In China, renewable/green electricity, which can provide significant environmental benefits in addition to meeting energy demand, has more non-use value than use-value for electricity consumers, because its users have no way to actually own this use-value. To assess the value of renewable electricity and obtain information on consumer preferences, this study estimated the willingness to pay (WTP) of Beijing residents for renewable electricity by employing the contingent valuation method (CVM) and identified the factors which affect their WTP. The survey randomly selected 700 participants, of which 571 questionnaires were valid. Half of respondents were found to have positive WTP for renewable electricity. The average WTP of Beijing residents for renewable electricity is estimated to be 2.7–3.3 US$ (18.5–22.5CNY) per month. The main factors affecting the WTP of the respondents included income, electricity consumption, bid and payment vehicle. Knowledge of and a positive attitude towards renewable energy also resulted in the relatively higher willingness of a respondent to pay for renewable electricity. The proportion of respondents replying “yes” to WTP questions using a mandatory payment vehicle was slightly higher than that for questions using a voluntary vehicle. Lastly, several policy implications of this study are presented. - Highlights: • Most (54%) of respondents in Beijing have positive WTP to renewable electricity. • The average WTP for renewable electricity ranges from 2.7 to 3.3 US$ monthly. • The main factors affecting the WTP include income, electricity consumption, bid and payment vehicle. • Deployment of renewable electricity can cause considerable benefit

VALUING SOIL CONSERVATION PRACTICES USING CONTINGENT VALUATION TECHNIQUE: EVIDENCE FROM THE CENTRAL RIFT VALLEY OF ETHIOPIA

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Musa H. AHMED

2015-11-01

Full Text Available Land degradation mainly in the form of soil and nutrient depletion is the prominent problem that the Ethiopian agriculture is facing. Due to this, farmers should be aware of this problem and the necessity of implementing conservation measures. Hence, this study assesses farm households’ willingness to participate in soil conservation practice through a Contingent Valuation method in one of the most degraded parts of the country. Double Bounded Dichotomous choice with an Open-ended follow up format was used to elicit the households’ willingness to pay using data collected from randomly selected 140 sample households. Results show that the mean willingness to participate in soil conservation practices was about 25 person days per annum and the total aggregate value of soil conservation was computed to be at 975622.73 person days (24390568.3 Birr. Moreover, the Tobit regression model results indicate that the education level of the household head, initial-bid, income, labour shortage and number of days on holiday and social ceremony were important factors influencing the willingness to participate in soil conservation practices. Hence, to improve the participation level, policy should target on supporting adult education, introducing ways to increase farm income and creating awareness on the loss associated with too many days of social ceremonies.

Measuring the Social Value of Nuclear Energy using Contingent Valuation Methodology

International Nuclear Information System (INIS)

Jun, Eun Ju; Kim, Won Joon; Chang, Soon Heung

2009-01-01

In recent years, in addition to unstable energy supply and volatile energy prices, environmental concerns make energy security as the principal objective of energy policy in many nations. The International Energy Agency (2007) released what is probably its most pessimistic World Energy Outlook to date saying that oil and natural gas imports, coal use and greenhouse gas emissions are set to grow inexorably through 2030 - trends that threaten to undermine energy security and accelerate climate change, if countries do not change their energy use policies. In near term, nuclear is expected to be accepted as one of the promising alternatives which can achieve both energy security and prevention of climate change. However, nuclear energy has some vulnerable points in the view of social acceptance due to the history of its development and previous. Many countries which use nuclear power as one the major energy sources have been solving the problem of low social acceptance of nuclear energy by allocating enormous subsidy to local government. Korea decided to give 300 million dollar to the local government, Gyeongjoo, for constructing low level waste management facilities. Japan also paid 120 million dollar to Rokkasho-mura area for constructing nuclear waste repository. Sellarfield in England, Cabril in Spain also received subsidy every year from the related industries and their government. However these subsidies were provided without any appropriate estimation for the value of risk taking of nuclear energy. In addition, those subsidies are expected to increase and burden the central government for the further development and usage of nuclear. This study, therefore, aims to evaluate the value of nuclear energy in view of social acceptance in order to contribute to effective application for the future nuclear development and policy making. We estimate the Willingness-To-Pay of nuclear energy using Contingent Valuation Method (CVM). We find high social cost of nuclear

Willingness to pay for diagnostic technologies: a review of the contingent valuation literature.

Science.gov (United States)

Lin, Pei-Jung; Cangelosi, Michael J; Lee, David W; Neumann, Peter J

2013-01-01

To understand how people value information from diagnostic technologies, we reviewed and analyzed published willingness-to-pay (WTP) studies on the topic. We searched PubMed for English-language articles related to WTP for diagnostic laboratory tests published from 1985 through 2011. We characterized methodological differences across studies, examined individual- and technology-level factors associated with WTP, and summarized median WTP values across different diagnostic tests. We identified 66 relevant WTP studies. Half focused on oncology, while others analyzed infectious diseases (n = 11, 16.1%) and obstetric or gynecological conditions (n = 8, 11.7%), among others. Most laboratory tests included in studies were biological samples/genetic testing (n = 44, 61.1%) or imaging tests (n = 23, 31.9%). Approximately one third of the analyses (n = 20, 30.3%) used discrete-choice questions to elicit WTP values. Higher income, education, disease severity, perceived disease risk, family history, and more accurate tests were in general associated with higher WTP values for diagnostic information. Of the 44 studies with median WTP values available, most reported a median WTP value below $100. The median WTP value for colon or colorectal cancer screening ranged from below $100 to over $1000. The contingent valuation literature in diagnostics has grown rapidly, and suggests that many respondents place considerable value on diagnostic information. There exists, however, great variation in studies with respect to the type of technologies and diseases assessed, respondent characteristics, and study methodology. The perceived value of diagnostic technologies is also influenced by the study design and elicitation methods. Copyright © 2013 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

Assessment of willingness to pay for improved air quality using contingent valuation method

Directory of Open Access Journals (Sweden)

S. Akhtar

2017-09-01

Full Text Available Rapid urbanization and severe air quality deterioration in Pakistan have increased citizens’s concern towards air pollution. This study, conducted in November, 2016, aimed to develop relationship between degraded air quality and resident’s willingness to pay for improved air quality in city of Lahore, Pakistan through contingent valuation method to quantify an individual’s willingness to pay for improved air quality. Hypothetical market was created and 250 respondents, selected through random sampling, were asked to respond to pre tested questionnaire. Results revealed that 92.5% of respondents showed positive willingness to pay and average predicted willingness to pay by each person was $9.86 per month. Respondents were willing to pay $118 per year which was 1.27% of their mean monthly income. Stepwise regression model was used to develop relationship between independent variables and willingness to pay. Most parameters accompanied by econometric analysis elaborated expected results. Results disclosed that annual household income, symptoms of respiratory diseases and self observed air pollution pointedly impact willingness to pay. It is concluded that despite of the fact that Pakistan is among the lower income countries with no rigid budget allocation for improvement in air quality, people of Pakistan are willing to pay to reduce air pollution load. One of the factor which effected the positivity of willingness to pay is that, a quite large number of people were suffering from pollution related respiratory disorders like asthma, chronic bronchitis, wheezing, cough, and chest congestion. Only 7.5% of respondents were not interested to pay for improved air quality which reported unconcerned attitude and lack of environmental awareness.

Valuation of ecological resources

Energy Technology Data Exchange (ETDEWEB)

Scott, M.J.; Bilyard, G.R.; Link, S.O.; Ricci, P.F.; Seely, H.E.; Ulibarri, C.A.; Westerdahl, H.E.

1995-04-01

Ecological resources are resources that have functional value to ecosystems. Frequently, these functions are overlooked in terms of the value they provide to humans. Environmental economics is in search of an appropriate analysis framework for such resources. In such a framework, it is essential to distinguish between two related subsets of information: (1) ecological processes that have intrinsic value to natural ecosystems; and (2) ecological functions that are values by humans. The present study addresses these concerns by identifying a habitat that is being displaced by development, and by measuring the human and ecological values associated with the ecological resources in that habitat. It is also essential to determine which functions are mutually exclusive and which are, in effect, complementary or products of joint production. The authors apply several resource valuation tools, including contingent valuation methodology (CVM), travel cost methodology (TCM), and hedonic damage-pricing (HDP). One way to derive upper-limit values for more difficult-to-value functions is through the use of human analogs, because human-engineered systems are relatively inefficient at supplying the desired services when compared with natural systems. Where data on the relative efficiencies of natural systems and human analogs exist, it is possible to adjust the costs of providing the human analog by the relative efficiency of the natural system to obtain a more realistic value of the function under consideration. The authors demonstrate this approach in an environmental economic case study of the environmental services rendered by shrub-steppe habitats of Benton County, Washington State.

Evaluating the public perceptions of nuclear power in China: Evidence from a contingent valuation survey

International Nuclear Information System (INIS)

Sun, Chuanwang; Zhu, Xiting

2014-01-01

After the Fukushima nuclear accident, more and more attention has been paid to the safety issues of nuclear power in China, even though it is a clean and necessary substitution to coal power. Due to the consideration about the uncertainty of nuclear safety, the local citizens may resist the nuclear power programs in their neighborhood, as indicated by the anti-nuclear movement in Jiangmen 2013. This phenomenon is often related to the public perceptions of “not-in-my-back-yard” (NIMABY). The explosion of anti-nuclear movements will impose adverse effects on the nuclear power decision-making in China. Based on the Contingent Valuation Method (CVM), we evaluate the public Willingness-To-Pay (WTP) for avoiding the construction of nuclear power plants in their neighborhood. Moreover, we analyze whether more information about nuclear energy could improve the public acceptance. Our results show that the comprehensive information will decrease the public risk perception of nuclear power and increase the public support for nuclear power policy. This paper further suggests that China's decision makers should improve policy transparency and encourage the public involvement of nuclear energy decision making. - Highlights: • We firstly evaluate the WTP for avoiding nuclear construction in China. • The study is based on the CV survey data after the Fukushima accident. • More understanding of nuclear energy could improve public acceptance. • Decision-makers should improve policy transparency and public involvement

Assessing Local Communities’ Willingness to Pay for River Network Protection: A Contingent Valuation Study of Shanghai, China

Directory of Open Access Journals (Sweden)

Yu Jiang

2012-10-01

Full Text Available River networks have experienced serious degradation because of rapid urbanization and population growth in developing countries such as China, and the protection of these networks requires the integration of evaluation with ecology and economics. In this study, a structured questionnaire survey of local residents in Shanghai (China was conducted in urban and suburban areas. The study examined residents’ awareness of the value of the river network, sought their attitude toward the current status, and employed a logistic regression analysis based on the contingent valuation method (CVM to calculate the total benefit and explain the socioeconomic factors influencing the residents’ willingness to pay (WTP. The results suggested that residents in Shanghai had a high degree of recognition of river network value but a low degree of satisfaction with the government’s actions and the current situation. The study also illustrated that the majority of respondents were willing to pay for river network protection. The mean WTP was 226.44 RMB per household per year. The number of years lived in Shanghai, the distance from the home to the nearest river, and the amount of the bid were important factors that influenced the respondents’ WTP. Suggestions for comprehensive management were proposed for the use of policy makers in river network conservation.

Method of Banks Valuation

OpenAIRE

Eva Horvátová

2010-01-01

Since there is not a special common framework for valuation banks and it gives possibilities to create establishment, improvement and adaptation of various approaches to measuring the value of banks and financial institutions. Most approaches banks valuation note the strong dependence of financial institutions value from market interest rates (Mishkin, F., Miller, WD, Copeland, T., Koller, T., Damodaran, A., and others). Each approache reflects greater or lesser degree of accuracy depending o...

Customer value in legal services : a contingency approach

NARCIS (Netherlands)

Esther Verboon

2014-01-01

Purpose Due to the recent economic crisis, competition has considerably increased in the legal profession in the Netherlands. However, marketing in legal services is mostly in its infancy and value research in this context is scarce. We therefore used a contingency approach in exploring the origin

Valuation approaches to ecosystem goods and services for the National Botanical Garden, Bangladesh

Directory of Open Access Journals (Sweden)

Tahzeeda Jasia

2018-03-01

Full Text Available The main attractions of national parks include their scenic beauty, security, wildlife and trees. For preserving and maintaining national parks, an appropriate pricing policy can be used. The current study focuses on using the travel cost method (TCM and contingent valuation method (CVM as a non-market valuation technique to value the National Botanical Garden in Bangladesh, a developing country where little or no previous works of this kind has been conducted before. The main objective of the paper was to suggest an appropriate entrance fee for the park by assessing the willingness to pay (WTP from the TCM and CVM; by determining a revenue maximizing entrance fee from the CVM; and by considering socio-demographics, the characteristics of visits and the motivation of the visitors to preserve the National Botanical Garden. The study sampled 100 visitors. These visitors participated in a survey which consisted of closed questions followed by a semi structured in-depth interview. For data processing, SPSS and Microsoft Excel were used. Based on the travel cost demand function using the TCM, the study found that the amount respondents were willing to pay for entrance was 0.955 US dollars and yearly consumer surplus was 593634.5 USD. From the CVM, it was estimated that the WTP was 0.225 USD for the entrance and revenue maximizing entrance fee was 0.376 USD. Finally, the entrance fee suggested for National Botanical Garden was around 0.225 USD.

Approach-Avoidance Training Effects Are Moderated by Awareness of Stimulus-Action Contingencies.

Science.gov (United States)

Van Dessel, Pieter; De Houwer, Jan; Gast, Anne

2016-01-01

Prior research suggests that repeatedly approaching or avoiding a stimulus changes the liking of that stimulus. In two experiments, we investigated the relationship between, on one hand, effects of approach-avoidance (AA) training on implicit and explicit evaluations of novel faces and, on the other hand, contingency awareness as indexed by participants' memory for the relation between stimulus and action. We observed stronger effects for faces that were classified as contingency aware and found no evidence that AA training caused changes in stimulus evaluations in the absence of contingency awareness. These findings challenge the standard view that AA training effects are (exclusively) the product of implicit learning processes, such as the automatic formation of associations in memory. © 2015 by the Society for Personality and Social Psychology, Inc.

Contingent valuation of health and mood impacts of PM2.5 in Beijing, China.

Science.gov (United States)

Yin, Hao; Pizzol, Massimo; Jacobsen, Jette Bredahl; Xu, Linyu

2018-07-15

Air pollution from PM 2 . 5 affects many cities worldwide, causing both health impacts and mood depression. One of the obstacles to implementing environmental regulations for PM 2 . 5 reduction is that there are limited studies of PM 2 . 5 welfare loss and few investigations of mood depression caused by PM 2 . 5 . This article describes a survey study conducted in Beijing, China to estimate the welfare loss due to PM 2 . 5 . In total, 1709 participants completed either a face-to-face or online survey. A contingent valuation method was applied to elicit people's willingness to pay to avoid PM 2 . 5 pollution and willingness to accept a compensation for such pollution. The payment/compensation was evaluated for two outcome variables: perceived health impacts and mood depression caused by PM 2 . 5 pollution. This is one of few papers that explicitly studies the effects of PM 2 . 5 on subjective well-being, and to the authors' knowledge, the first to estimate welfare loss from PM 2 . 5 using a random forest model. Compared to the standard Turnbull, probit, and two-part models, the random forest model gave the best fit to the data, suggesting that this may be a useful tool for future studies too. The welfare loss due to health impacts and mood depression is CNY 1388.4/person/year and CNY 897.7/person/year respectively, indicating that the public attaches great importance to mood, feelings and happiness. The study provides scientific support to the development of economic policy instruments for PM 2 . 5 control in China. Copyright © 2018. Published by Elsevier B.V.

Conference Innovations in Derivatives Market : Fixed Income Modeling, Valuation Adjustments, Risk Management, and Regulation

CERN Document Server

Grbac, Zorana; Scherer, Matthias; Zagst, Rudi

2016-01-01

This book presents 20 peer-reviewed chapters on current aspects of derivatives markets and derivative pricing. The contributions, written by leading researchers in the field as well as experienced authors from the financial industry, present the state of the art in: • Modeling counterparty credit risk: credit valuation adjustment, debit valuation adjustment, funding valuation adjustment, and wrong way risk. • Pricing and hedging in fixed-income markets and multi-curve interest-rate modeling. • Recent developments concerning contingent convertible bonds, the measuring of basis spreads, and the modeling of implied correlations. The recent financial crisis has cast tremendous doubts on the classical view on derivative pricing. Now, counterparty credit risk and liquidity issues are integral aspects of a prudent valuation procedure and the reference interest rates are represented by a multitude of curves according to their different periods and maturities. A panel discussion included in the book (featuring D...

Alternative Approaches to the Analysis of Multidimensional Contingency Tables

Directory of Open Access Journals (Sweden)

Iva Pecáková

2011-12-01

Full Text Available The practical analyses of interactions between categorical variables in various areas (such as public opinion research or marketing research are often only applications of chi-square tests in two-way contingency tables. However, in many situations it is impossible to use large-sample approximations to sampling distributions when theiradequacy can be in doubt. It is known, that these approximations may be very poor when the contingency table contains very small expected frequencies. However, recent work has shown that these approximations can be very poor when the contingency table contains both small and large expected frequencies. Of course, the rule of thumb of a minimum expected frequency is not met either in the case of sparse table. The article deals with alternative approaches to the data analysis in such cases. It points out other possibilities and shows that thanks to the development of computer technology exact methods previously only difficult usable are available for this purpose.

Attribute-Based Methods

Science.gov (United States)

Thomas P. Holmes; Wiktor L. Adamowicz

2003-01-01

Stated preference methods of environmental valuation have been used by economists for decades where behavioral data have limitations. The contingent valuation method (Chapter 5) is the oldest stated preference approach, and hundreds of contingent valuation studies have been conducted. More recently, and especially over the last decade, a class of stated preference...

A Hybrid Approach to the Valuation of RFID/MEMS technology applied to ordnance inventory

OpenAIRE

Doerr, Kenneth H.; Gates, William R.; Mutty, John E.

2006-01-01

We report on an analysis of the costs and benefits of fielding Radio Frequency Identification / MicroElectroMechanical System (RFID /MEMS) technology for the management of ordnance inventory. A factorial model of these benefits is proposed. Our valuation approach combines a multi-criteria tool for the valuation of qualitative factors with a monte-carlo simulation of anticipated financial factors. In a sample survey, qualitative factors are shown to account of over half of the anticipated bene...

Willingness to pay for public health services in rural Central Java, Indonesia: methodological considerations when using the contingent valuation method.

Science.gov (United States)

Shono, Aiko; Kondo, Masahide; Ohmae, Hiroshi; Okubo, Ichiro

2014-06-01

In the health sectors of low- and middle-income countries, contingent valuation method (CVM) studies on willingness to pay (WTP) have been used to gather information on demand variation or financial perspectives alongside price setting, such as the introduction of user fees and valuation of quality improvements. However, WTP found in most CVM studies have only explored the preferences that consumers express through their WTP without exploring whether they are actually able to pay for it. Therefore, this study examines the issues pertaining to WTP estimation for health services using the conventional CVM. We conducted 202 household interviews in 2008, in which we asked respondents about three types of public health services in Indonesia and assessed WTP estimated by the conventional CVM as well as in the scenario of "resorting to debt" to recognize their budget constraints. We find that all the demand curves for both WTP scenarios show gaps. Furthermore, the gap for midwife services is negatively affected by household income and is larger for the poor. These results prove that CVM studies on WTP do not always reveal WTP in the latter scenario. Those findings suggest that WTP elicited by the conventional CVM is different to that from the maximum price that prevents respondents from resorting to debt as their WTP. In order to bridge this gap in the body of knowledge on this topic, studies should improve the scenarios that CVM analyses use to explore WTP. Furthermore, because valuing or pricing health services based on the results of CVM studies on WTP alone can exacerbate the inequity of access to these services, information provided by such studies requires careful interpretation when used for this purpose, especially for the poor and vulnerable sections of society. Copyright © 2014 Elsevier Ltd. All rights reserved.

Public's willingness to pay a premium for bioethanol in Korea: A contingent valuation study

International Nuclear Information System (INIS)

Lim, Seul-Ye; Kim, Hyo-Jin; Yoo, Seung-Hoon

2017-01-01

Bioethanol (BE), a renewable energy, is well-known to mitigate the greenhouse gas emissions compared with conventional gasoline. Thus, the Korean government is considering the introduction of a BE mandate in which the legal blend is 5% BE and 95% gasoline (E5) until 2020 in order to expand BE use. We should examine the public acceptability of the introduction, which incurs a rise in the fuel price. This study attempts to assess the public's willingness to pay (WTP) a premium for introducing the E5 program in Korea. To this end, a contingent valuation (CV) survey of 1000 randomly selected consumers was conducted in 2014 across the nation. We used a one-and-one-half-bound dichotomous choice question in the CV survey and applied the spike model to handle the WTP data with zeros. The mean WTP, a premium for the E5 per liter, is estimated to be KRW 290 (USD 0.27), which is statistically meaningful at the 1% level. This value amounts to 15.6% of the gasoline retail price in 2014 (KRW 1856 or USD 1.70) and can be interpreted as the external benefit of BE. We can conclude that gasoline consumers in Korea are ready to pay a significant premium for the E5. - Highlights: • Bioethanol (BE) can contribute to the reduction of greenhouse gases emissions. • Korea will introduce a BE mandate of 5% BE and 95% gasoline (E5) until 2020. • We assess the public’s willingness to pay (WTP) a premium for the introduction. • The mean additional WTP for E5 is estimated to be KRW 290 (USD 0.26) per liter. • This value amounts to 15.6% of the gasoline retail price (KRW 1856 or USD 1.70).

Valuation of common and preferred stocks

Directory of Open Access Journals (Sweden)

Nikolić Ljubica

2014-01-01

Full Text Available Buying stocks is a modern way of investing. The investors may place the available capital on the domestic and foreign stock market, they may buy more stocks of a single issuer or distribute money to purchase stocks of various public (stock-exchange companies, and they may form a portfolio of various securities. The investors' decisions on these options are based on their estimate on returns and risks underlying individual security instruments (securities. The two basic approaches to valuation of common stocks are: the Present Value Approach (method of valuating the capitalization of income and the P/E Ratio Approach (the method of valuating the multiple of per-share earnings. Instead of viewing these methods as competing alternatives, they should better be viewed as mutually complementary methods. Both methods are equally useful and their concurrent use may provide better grounds for the analysts' valuation of stocks.

Equity Valuation

DEFF Research Database (Denmark)

Christensen, Peter Ove; Feltham, Gerald A.

, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows......-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

Demand Response Valuation Frameworks Paper

Energy Technology Data Exchange (ETDEWEB)

Heffner, Grayson

2009-02-01

While there is general agreement that demand response (DR) is a valued component in a utility resource plan, there is a lack of consensus regarding how to value DR. Establishing the value of DR is a prerequisite to determining how much and what types of DR should be implemented, to which customers DR should be targeted, and a key determinant that drives the development of economically viable DR consumer technology. Most approaches for quantifying the value of DR focus on changes in utility system revenue requirements based on resource plans with and without DR. This ''utility centric'' approach does not assign any value to DR impacts that lower energy and capacity prices, improve reliability, lower system and network operating costs, produce better air quality, and provide improved customer choice and control. Proper valuation of these benefits requires a different basis for monetization. The review concludes that no single methodology today adequately captures the wide range of benefits and value potentially attributed to DR. To provide a more comprehensive valuation approach, current methods such as the Standard Practice Method (SPM) will most likely have to be supplemented with one or more alternative benefit-valuation approaches. This report provides an updated perspective on the DR valuation framework. It includes an introduction and four chapters that address the key elements of demand response valuation, a comprehensive literature review, and specific research recommendations.

Testing the construct validity of willingness to pay valuations using objective information about risk and health benefit.

Science.gov (United States)

Philips, Zoë; Whynes, David K; Avis, Mark

2006-02-01

This paper describes an experiment to test the construct validity of contingent valuation, by eliciting women's valuations for the NHS cervical cancer screening programme. It is known that, owing to low levels of knowledge of cancer and screening in the general population, women both over-estimate the risk of disease and the efficacy of screening. The study is constructed as a randomised experiment, in which one group is provided with accurate information about cervical cancer screening, whilst the other is not. The first hypothesis supporting construct validity, that controls who perceive greater benefits from screening will offer higher valuations, is substantiated. Both groups are then provided with objective information on an improvement to the screening programme, and are asked to value the improvement as an increment to their original valuations. The second hypothesis supporting construct validity, that controls who perceive the benefits of the programme to be high already will offer lower incremental valuations, is also substantiated. Copyright 2005 John Wiley & Sons, Ltd.

Contingent valuation study of the benefits of seasonal climate forecasts for maize farmers in the Republic of Benin, West Africa

Directory of Open Access Journals (Sweden)

Cocou Jaurès Amegnaglo

2017-04-01

Full Text Available This study aims to assess the economic benefits of seasonal climate forecasts in West Africa based on a random survey of 354 maize farmers and to use the contingent valuation method. Results indicate that farmers need accurate seasonal climate forecasts between 1 and 2 months before the onset of rains. The most desirable dissemination channels are radio, local elders, local farmer meetings and extension agents. The most likely used farming strategies are change of: planting date, crop acreage, crop variety, and production intensification. The vast majority of farmers are willing to pay for seasonal climate forecasts, and the average annual economic value of seasonal climate forecasts are about USD 5492 for the 354 sampled farmers and USD 66.5 million dollar at the national level. Furthermore, benefits of seasonal climate forecasts are likely to increase with better access to farmer based organisation, to extension services, to financial services, to modern communication tools, intensity of use of fertilizer and with larger farm sizes. Seasonal climate forecasts are a source of improvement of farmers’ performance and the service should be integrated in extension programmes and in national agricultural development agenda.

Willingness to pay and the sensitivity of willingness to pay for interdisciplinary musculoskeletal clinics: a contingent valuation study in Quebec, Canada.

Science.gov (United States)

Poder, Thomas G; He, Jie

2016-12-01

Orthopedics is a discipline that requires a continuum of care in close collaboration with physicians, nurses, and healthcare professionals to ensure effective rehabilitation. In some cases, the wait time for a consultation may be very long, which can jeopardize the patient's rehabilitation and sometimes even cause complications that lead to a loss of autonomy. In Quebec, there is a severe shortage of healthcare professionals-and of orthopedic surgeons, in particular-specializing in musculoskeletal problems. To address this problem, public managers have decided to establish interdisciplinary musculoskeletal clinics in regions outside the two major cities of Montréal and Québec. The major benefits of these clinics are that they reduce the wait time for consultation and treatment while maintaining service quality. Although their benefits are certain, these clinics remain threatened by relatively high initial costs. This study's objective is to evaluate whether the population of Quebec has a quantifiable willingness to pay (WTP) to establish these clinics. To our knowledge, this is the first study of its kind either in the province of Quebec or elsewhere. We selected 3822 subjects randomly within the target population using Internet surveys, telephone surveys and self-administered paper surveys as our methods of recruitment. Three payment vehicles were used and each participant was randomly allocated among these: tax, donation or lump-sum fee. A contingent valuation question using a referendum format with the option "don't know" was used. Econometric estimates were performed using probit and Wang's models. Our results indicate that the population of Quebec may potentially have a mean WTP of 42.3 Canadian dollars per person for such clinics, which would enable a mean reduction from 12 to 4 months of wait time. However, the WTP is found to be very sensitive to the survey mode and the payment vehicle used: about 1.2-2 times more important in the tax and the lump-sum fee

A comparative analysis of ecosystem services valuation approaches for application at the local scale and in data scarce regions

OpenAIRE

Pandeya, B.; Buytaert, W.; Zulkafli, Z.; Karpouzoglou, T.; Mao, F.; Hannah, D.M.

2016-01-01

Despite significant advances in the development of the ecosystem services concept across the science and policy arenas, the valuation of ecosystem services to guide sustainable development remains challenging, especially at a local scale and in data scarce regions. In this paper, we review and compare major past and current valuation approaches and discuss their key strengths and weaknesses for guiding policy decisions. To deal with the complexity of methods used in different valuation approa...

An Approach for Calculating Land Valuation by Using Inspire Data Models

Science.gov (United States)

Aydinoglu, A. C.; Bovkir, R.

2017-11-01

Land valuation is a highly important concept for societies and governments have always emphasis on the process especially for taxation, expropriation, market capitalization and economic activity purposes. To success an interoperable and standardised land valuation, INSPIRE data models can be very practical and effective. If data used in land valuation process produced in compliance with INSPIRE specifications, a reliable and effective land valuation process can be performed. In this study, possibility of the performing land valuation process with using the INSPIRE data models was analysed and with the help of Geographic Information Systems (GIS) a case study in Pendik was implemented. For this purpose, firstly data analysis and gathering was performed. After, different data structures were transformed according to the INSPIRE data model requirements. For each data set necessary ETL (Extract-Transform-Load) tools were produced and all data transformed according to the target data requirements. With the availability and practicability of spatial analysis tools of GIS software, land valuation calculations were performed for study area.

Pension regulation and the market value of pension liabilities - A contingent claims analysis using Parisian options

NARCIS (Netherlands)

Broeders, D.; Chen, A.

2008-01-01

We analyze the market-consistent valuation of pension liabilities in a contingent claim framework whereby a knock-out barrier feature is applied to capture early regulatory closure of a pension plan. We investigate two cases which we call "immediate closure procedure" and "delayed closure

A contingent valuation study to estimate the parental willingness-to-pay for childhood diarrhoea and gender bias among rural households in India.

Science.gov (United States)

Amin, Mo; Khondoker, Farhana

2004-06-24

We used contingent valuation technique to estimate the parental willingness to pay for an episode of diarrhoea among 324 children of both sexes aged between five and seven years in two rural villages of Chennai in India. The aim was to examine if there was any gender bias in the parental willingness to treat children for a diarrhoeal episode, and if so to what extent. The willingness to pay was specified as a hedonic function of the duration and severity of an episode, and of parents' socioeconomic characteristics. The findings suggest that parents were willing to pay more to protect their male child compared to the female child suffering from a diarrhoeal episode. The median willingness to pay to avoid an episode for male and female children were calculated at Rs. 33.7 (approx. US$ 0.72) and Rs. 25.2 (approx. US$ 0.54) respectively - a difference of around 34%. After adjusting for the greater duration and severity of the illness, it was found that the difference between the two medians increased to 51%.

A contingent valuation study to estimate the parental willingness-to-pay for childhood diarrhoea and gender bias among rural households in India

Directory of Open Access Journals (Sweden)

Khondoker Farhana

2004-06-01

Full Text Available Abstract We used contingent valuation technique to estimate the parental willingness to pay for an episode of diarrhoea among 324 children of both sexes aged between five and seven years in two rural villages of Chennai in India. The aim was to examine if there was any gender bias in the parental willingness to treat children for a diarrhoeal episode, and if so to what extent. The willingness to pay was specified as a hedonic function of the duration and severity of an episode, and of parents' socioeconomic characteristics. The findings suggest that parents were willing to pay more to protect their male child compared to the female child suffering from a diarrhoeal episode. The median willingness to pay to avoid an episode for male and female children were calculated at Rs. 33.7 (approx. US$ 0.72 and Rs. 25.2 (approx. US$ 0.54 respectively – a difference of around 34%. After adjusting for the greater duration and severity of the illness, it was found that the difference between the two medians increased to 51%.

Fuzzy-set based contingency ranking

International Nuclear Information System (INIS)

Hsu, Y.Y.; Kuo, H.C.

1992-01-01

In this paper, a new approach based on fuzzy set theory is developed for contingency ranking of Taiwan power system. To examine whether a power system can remain in a secure and reliable operating state under contingency conditions, those contingency cases that will result in loss-of-load, loss-of generation, or islanding are first identified. Then 1P-1Q iteration of fast decoupled load flow is preformed to estimate post-contingent quantities (line flows, bus voltages) for other contingency cases. Based on system operators' past experience, each post-contingent quantity is assigned a degree of severity according to the potential damage that could be imposed on the power system by the quantity, should the contingency occurs. An approach based on fuzzy set theory is developed to deal with the imprecision of linguistic terms

[Ecosystem services valuation of Qinghai Lake].

Science.gov (United States)

Jiang, Bo; Zhang, Lu; Ouyang, Zhi-yun

2015-10-01

Qinghai Lake is the largest inland and salt water lake in China, and provides important ecosystem services to beneficiaries. Economic valuation of wetland ecosystem services from Qinghai Lake can reveal the direct contribution of lake ecosystems to beneficiaries using economic data, which can advance the incorporation of wetland protection of Qinghai Lake into economic tradeoffs and decision analyses. In this paper, we established a final ecosystem services valuation system based on the underlying ecological mechanisms and regional socio-economic conditions. We then evaluated the eco-economic value provided by the wetlands at Qinghai Lake to beneficiaries in 2012 using the market value method, replacement cost method, zonal travel cost method, and contingent valuation method. According to the valuation result, the total economic values of the final ecosystem services provided by the wetlands at Qinghai Lake were estimated to be 6749.08 x 10(8) yuan RMB in 2012, among which the value of water storage service and climate regulation service were 4797.57 x 10(8) and 1929.34 x 10(8) yuan RMB, accounting for 71.1% and 28.6% of the total value, respectively. The economic value of the 8 final ecosystem services was ranked from greatest to lowest as: water storage service > climate regulation service > recreation and tourism service > non-use value > oxygen release service > raw material production service > carbon sequestration service > food production service. The evaluation result of this paper reflects the substantial value that the wetlands of Qinghai Lake provide to beneficiaries using monetary values, which has the potential to help increase wetland protection awareness among the public and decision-makers, and inform managers about ways to create ecological compensation incentives. The final ecosystem service evaluation system presented in this paper will offer guidance on separating intermediate services and final services, and establishing monitoring programs for

National valuation of monarch butterflies indicates an untapped potential for incentive-based conservation

Science.gov (United States)

Diffendorfer, Jay E.; Loomis, John B.; Ries, Leslie; Oberhauser, Karen; Semmens, Darius; Semmens, Brice; Butterfield, Bruce; Bagstad, Ken; Goldstein, Josh; Wiederholt, Ruscena; Mattsson, Brady; Thogmartin, Wayne E.

2013-01-01

The annual migration of monarch butterflies (Danaus plexippus) has high cultural value and recent surveys indicate monarch populations are declining. Protecting migratory species is complex because they cross international borders and depend on multiple regions. Understanding how much, and where, humans place value on migratory species can facilitate market-based conservation approaches. We performed a contingent valuation study of monarchs to understand the potential for such approaches to fund monarch conservation. The survey asked U.S. respondents about the money they would spend, or have spent, growing monarch-friendly plants, and the amount they would donate to monarch conservation organizations. Combining planting payments and donations, the survey indicated U.S. households valued monarchs as a total one-time payment of $4.78–$6.64 billion, levels similar to many endangered vertebrate species. The financial contribution of even a small percentage of households through purchases or donations could generate new funding for monarch conservation through market-based approaches.

Contingent self-definition and amorphous regions: a dynamic approach to place brand architecture

OpenAIRE

Dinnie, Keith

2017-01-01

This article explores the concept of contingent self-definition, whereby place brands employ flexible self-definitional approaches in constructing their place brand architecture. Adopting a view of regions as social constructs, the article builds on and extends previous work on place brand architecture by identifying the underlying factors that drive contingent self-definition decisions. Based on an empirical study of professionals tasked with managing region brands in the Netherlands, eleven...

Capability, environment and internationalization fit, and financial and marketing performance of MNEs' foreign subsidiaries An abductive contingency approach

NARCIS (Netherlands)

Dikova, Dessislava; Van Witteloostuijn, Arjen; Parker, Simon

2017-01-01

Purpose - Extant work in international business (IB) involves a partial contingency-theoretic perspective: a holistic view of the impact of bundles of contingencies on an outcome variable is missing. The purpose of this paper is to adopt a contingency approach to study multinational enterprise (MNE)

Capability, environment and internationalization fit, and financial and marketing performance of MNE's foreign subsidiaries : An abdicative contingency approach

NARCIS (Netherlands)

Dikova, D.; Parker, S.C.; van Witteloostuijn, Arjen

2017-01-01

Purpose Extant work in international business (IB) involves a partial contingency-theoretic perspective: a holistic view of the impact of bundles of contingencies on an outcome variable is missing. The purpose of this paper is to adopt a contingency approach to study multinational enterprise (MNE)

What determines urban households' willingness to pay for CO{sub 2} emission reductions in Turkey. A contingent valuation survey

Energy Technology Data Exchange (ETDEWEB)

Adaman, Fikret; Oezkaynak, Beguem; Zenginobuz, Uenal [Department of Economics, Bogazici University, 34342 Bebek, Istanbul (Turkey); Karali, Nihan; Kumbaroglu, Guerkan; Or, Ilhan [Department of Industrial Engineering, Bogazici University, 34342 Bebek, Istanbul (Turkey)

2011-02-15

This paper explores Turkish urban households' willingness to pay (WTP) for CO{sub 2} emission reductions expected to result from improvements in power production. A face-to-face questionnaire, with a Contingent valuation (CV) module prepared using the double-bounded dichotomous choice elicitation framework, was administered to 2422 respondents representative of urban Turkey - a developing country with low but rapidly increasing greenhouse gas emissions. The determinants of WTP were identified by considering not only the impact of standard socio-economic factors but also the effects of environmental knowledge, attitudes and behaviour, the relevance of the identity of the collection agent (national versus international institutions) in terms of trust people have towards them, and the degree of perceived participation of others in the realization of the project. Our study confirms the existing literature in demonstrating that WTP figures reported by young and educated people that are active on environmental issues, and who also possess material security and environmental knowledge, are more likely to be high. However, their willingness to make contributions is hampered significantly by their belief that their fellow citizens will not contribute and the general lack of trust in institutions. Overall, this study may be taken as a call to eliminate governance-related uncertainties in climate change deals. (author)

Willingness to participate and Pay for a proposed national health insurance in St. Vincent and the grenadines: a cross-sectional contingent valuation approach.

Science.gov (United States)

Adams, Rosmond; Chou, Yiing-Jenq; Pu, Christy

2015-04-09

Numerous Caribbean countries are considering implementing National Health Insurance (NHI) and pooling resources to finance their health sectors. Based on this increased interest in health insurance, we investigated the willingness to participate and to pay for NHI in St. Vincent and the Grenadines, an upper-middle-income Caribbean country. Four hundred heads of household in St. Vincent and the Grenadines were interviewed in August 2012 and September 2012. The samples were selected through simple random sampling, including the stratification of rural, semiurban, and urban communities to ensure the representativeness of the sample. A contingent valuation method with a pretested interviewer-led questionnaire was used. Respondents were presented with a hypothetical NHI plan. Chi-squared analysis was performed to identify factors that are associated with the willingness to participate. Multiple logistic regression was used to explore the factors that influence respondents' willingness to pay. In total, 69.5% (n = 278) of the respondents indicated that they were willing to participate in the proposed NHI plan, of whom 72.3% were willing to pay for the first bid (EC$50). When the bid was reduced to EC$25, all of the remaining respondents who indicated they were willing to participate were willing to pay this lowered bid. Overall, the respondents were willing to pay EC$77.83 (US$28.83) per month for each person to enroll in the NHI plan. Age, income, and having some form of health insurance were significantly associated with a willingness to participate in the plan. A higher socioeconomic status was the principal determinant factor for the willingness to participate. This is similar to studies on developing economies. The government can use these findings to guide the successful implementation of the proposed NHI program. People with a lower socioeconomic status must be engaged from the start of and throughout the development process to enhance their understanding of

Valuation methods within the framework of life cycle assessment

Energy Technology Data Exchange (ETDEWEB)

Finnveden, G.

1996-05-01

Life Cycle Assessment Valuation methods are discussed. Different approaches for valuation are discussed as well as presently available valuation methods in relation to: * the values involved in the valuation, * the LCA framework, and * different applications of LCA. Among the conclusions are: * ethical and ideological valuations are involved not only when applying valuation weighting factors, but also when choosing valuation method and also when choosing whether to perform a valuation weighting or not, * it can be questioned whether straight distance-to-target methods are valuation methods, * it is still an open question whether presently available valuation methods produce meaningful and reliable information, * further development of quantitative valuation methods could concentrate both on different types of monetarisation methods and panel methods, * in many applications of LCA, the expected result is an identification of critical areas rather than a one-dimensional score, reducing the need for valuation methods. 88 refs, 3 figs, 4 tabs

The economic value of an improved malaria treatment programme in Zambia: results from a contingent valuation survey

Directory of Open Access Journals (Sweden)

Rehnberg Clas

2005-12-01

Full Text Available Abstract Background Zambia is facing a double crisis of increasing malaria burden and dwindling capacity to deal with the endemic malaria burden. The pursuit of sustainable but equity mechanisms for financing malaria programmes is a subject of crucial policy discussion. This requires that comprehensive accounting of the economic impact of the various malaria programmes. Information on the economic value of programmes is essential in soliciting appropriate funding allocations for malaria control. Aims and objectives This paper specifically seeks to elicit a measure of the economic benefits of an improved malaria treatment programme in Zambia. The paper also studies the equity implications in malaria treatment given that demand or malaria treatment is determined by household socio-economic status. Methods A contingent valuation survey of about 300 Zambian households was conducted in four districts. Willingness-to-pay (WTP was elicited for an improved treatment programme for malaria in order to generate a measure of the economic benefits of the programme. The payment card method was used in eliciting WTP bids. Findings The study reports that malaria treatment has significant economic benefits to society. The total economic benefits of an improved treatment programme were estimated at an equivalent of US$ 77 million per annum, representing about 1.8% of Zambia's GDP. The study also reports the theoretically anticipated association between WTP and several socio-economic factors. Our income elasticity of demand is positive and similar in magnitude to estimates reported in similar studies. Finally, from an equity standpoint, the constraints imposed by income and socio-economic status are discussed.

COMPARABLE VALUATION METHOD A NEW APPROACH. CASE STUDY: A ROMANIAN FLEXOGRAPHIC PRINTING FIRM

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Kovacs Imola

2010-12-01

Full Text Available This study presents the valuation scheme of a flexographic printing industry firm. The industry, the technology used and most importantly the firm being young ones, it is not possible to use the classical comparable valuation methods. The new approach in this matter is to use as benchmark financial ratios not those related to the price of the firm (as P/E, P/S, P/BV, P/CF, P/CAPEX, but those related to the structure of the income statement, financial and operating leverage using 13 Romanian and 6 Hungarian reference firms data. Our main contribution to this line of research is to solve the problem of lack of reference data regarding the price, the benchmark companies not being listed on any stock exchange.

A least square support vector machine-based approach for contingency classification and ranking in a large power system

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Bhanu Pratap Soni

2016-12-01

Full Text Available This paper proposes an effective supervised learning approach for static security assessment of a large power system. Supervised learning approach employs least square support vector machine (LS-SVM to rank the contingencies and predict the system severity level. The severity of the contingency is measured by two scalar performance indices (PIs: line MVA performance index (PIMVA and Voltage-reactive power performance index (PIVQ. SVM works in two steps. Step I is the estimation of both standard indices (PIMVA and PIVQ that is carried out under different operating scenarios and Step II contingency ranking is carried out based on the values of PIs. The effectiveness of the proposed methodology is demonstrated on IEEE 39-bus (New England system. The approach can be beneficial tool which is less time consuming and accurate security assessment and contingency analysis at energy management center.

Graded Approach to the Development of a Contingency Plan for On-Line Maintenance

International Nuclear Information System (INIS)

Chang, Hee Seung; Kim, Jung Wun; Song, Tae Young

2012-01-01

Many utilities perform preventive maintenance for safety systems during power operation to improve equipment reliability so as to focus on the work activities more easily and improve the quality of maintenance. Such a strategy can also reduce outage work activities, thus allowing resources to be utilized effectively. Preventive maintenance during power operation, known as on-line maintenance (OLM), requires an assessment and mitigation of risk, which can increase owing to out-of-service safety systems. One of the mitigation action plans is a contingency plan. EPRI recommends the development of a contingency plan for all planned system outages which include factors that strongly affect safety. The Korea Hydro and Nuclear Power Company (KHNP) undertook the preventive maintenance of the Essential Chilled Water System (ECWS) of a Westinghouse plant as a pilot OLM implementation. During the preparation of the work activities, a contingency plan was a pertinent issue during the discussions with regulators, especially regarding the scope and depth of the plan. This paper discusses the purpose of a contingency plan, including as examples some cases of US utilities, and proposes a graded approach to develop a contingency plan for OLM in consideration of the risks

Contingency Management of Health Care Organizations: It Depends.

Science.gov (United States)

Olden, Peter C

Managers in health care organizations (HCOs) must perform many processes and activities, such as planning goals, designing organization structure, leading people, motivating employees, making decisions, and resolving conflict. How they do all this strongly affects the performance and outcomes of their organizations and themselves. Some managers develop a usual way of performing their jobs and achieve some success with a preferred method of leading or a favorite approach to motivating. However, their success will be limited if they always rely on a standard "1-size-fits-all" approach. This is because contingency factors influence the effectiveness of a given approach to managing. The "best" approach depends on contingency factors, including the situation and the people involved. Managers should choose an approach to fit with the changing contingency factors. This article explains why and how managers should develop a contingency approach to managing HCOs. The development of contingency theory is briefly described. Practical application of contingency management is explained for leading, motivating, decision making, and resolving conflict. By using a contingency approach, managers can be more effective when managing their HCOs.

VALUATION TECHNIQUES USED IN FAIR VALUE MEASUREMENT

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Cristina-Aurora, BUNEA-BONTAS

2013-12-01

Full Text Available Valuation of assets and liabilities involves significant judgements and estimates, especially when fair value measurement is required. Currently, IFRS 13 Fair Value Measurement offers a single and more comprehensive source of guidance that is applied to almost all fair value estimates. When measuring fair value of fixed assets, intangible assets, specified financial assets or liabilities, different valuation techniques may be used: the market approach, the cost approach and the income approach. This article reviews these techniques and points out that different valuation practices may provide different results depending on the item being fair valued and on the inputs used. Also it emphasizes that, in particular circumstances, there is the possibility that a certain technique may be more appropriate than other.

Use of Multicriteria Valuation of Spatial Units in a System of Mass Real Estate Valuation

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Miroslav Kuburić

2012-05-01

Full Text Available A model of mass valuation at the national level must be functional, practically applicable, consistent and adaptable to actual conditions and real estate market trends. A consideration of the influence of location on real estate value in a spatial unit, and a description of spatial units with a sufficient number of attributes to determine a connection between the value of these attributes and the average price of real estate in a spatial unit, are important tasks in modelling a system of mass real estate valuation. This paper, based on a test implementation of mass real estate valuation for an area covering a number of municipalities in the Republic of Serbia, offers conclusions on the suitability of the use of a mass valuation method grounded in the principles of logical aggregation and case based reasoning. The values of location characteristics, or factors of spatial unit valuation, were determined in spatial analyses employing GIS, according to an established system of multicriteria valuation. This approach ensures that a model-defined value is not stored as offline data, but that each time such data is needed, it can be determined following the proposed methodology, based on actual, updated data from the databases of official spatial data registries. Prior to this, it is necessary to meet all the required prerequisites, which include the distributed databases of official real estate data registries and other factors needed in the mass valuation procedure. Keywords: real estate valuation; spatial units; multicriteria analysis

The unstable core of global finance: contingent valuation and governance of international accounting standards

NARCIS (Netherlands)

Mügge, D.; Stellinga, B.

2015-01-01

Accounting standards are the foundations of the financial regulatory edifice, and global financial governance is no more stable than the asset valuations that feed it. Yet for two decades and up to this day, no international accounting rule for financial instruments - the bulk of banks' balance

Non-market value of Estonian seminatural grasslands: a contingent valuation study. Eesti poolloodusliku rohumaa turuväline väärtus: tingliku hindamise uuring

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Helli Lepasaar

2015-12-01

Full Text Available Seminatural grasslands i.e. the floodplain meadows, seashore meadows, wooded meadows, dry meadows, wooded pastures are the very traditional part of Estonian landscapes, which play an important role in the appearance of the landscape in general and also serve as an important habitat for many plant and animal species. In order to preserve the seminatural grasslands continuous annual mowing and/or pasturing is needed. This activity is not economically profitable and needs subsidizing. The authors of the work raise a hypothesis that the Estonian seminatural grasslands could be viewed as a valuable non-market environmental good for which a significant public demand exists. In order to find out the non-market value of the seminatural grasslands a contingent valuation study was carried out among the Estonian working-age population (size of the sample 1061 individuals. The average individual willingness to pay was 11.3 euros. During the study, the authors constructed the total demand function and discovered that the total annual demand for seminatural grasslands was 17.9 million euros.

Externalities of fuel cycles 'ExternE' project. Economic valuation. Economical valuation: An impact pathway approach

International Nuclear Information System (INIS)

Markandya, A.

1994-01-01

The EC/US study of the external costs of fuel cycles is designed to trace through all the environmental impacts arising from the use of a particular fuel, from the 'cradle' to the 'grave'; to quantify these impacts as far as possible (giving priority to those that are the considered the most important) and to value the damages arising from them in money terms as far as possible (again keeping to the priority listing established by the physical quantification). The fuel cycle has been identified as consisting of the following elements: activities -> emissions/burdens; emissions/burdens -> physical environmental impacts; physical impacts -> external environmental impacts; external impacts -> costs of these impacts. The activities consist of all the operations that are carried out in connection with the extraction transportation, use in electricity generation and finally disposal of the fuel. The emissions or burdens arising from the cycle result in physical impacts, which in turn imply certain environmental impacts. An illustration of a typical fuel cycle (coal) audits environmental impacts is given in Figures. The work of the fuels cycle study teams is to complete the valuation of the shaded areas but giving priority to those impacts that are likely to be quantitatively important. .Each fuel cycle is evaluated in a location-specific context, so that it refers to the impacts arising from the use of coal, or gas or whatever fuel is being considered at an actual plant that is operating. The purpose of this report on economic valuation is to: (a) examine the literature or economic valuation of environmental externalities in Europe; (b) assess its relevance to the fuel cycle study and (c) make recommendations on how the detailed analysis of the individual fuel cycles should use the economic valuation. It is important to recognize that the report is not a complete survey of all the research ever done on environmental valuation. Although as complete a survey of all the

A contingency-based approach to the etiology of 'disorganized' attachment: the 'flickering switch' hypothesis.

Science.gov (United States)

Koós, O; Gergely, G

2001-01-01

The authors present a new approach to the etiology of disorganized attachment based on contingency detection theory. According to this view, the relevant common factor in parental maltreatment and unresolved loss that leads to disorganized attachment has to do with the type of "deviant contingency environment" that both of these conditions generate. In such environments, infants experience periods of being in control followed by periods of sudden loss of control over the caregiver's behavior. The authors hypothesize that this adversely affects the developmental unfolding of the infant's innate "contingency detection module" (Gergely & Watson, 1999), which normally involves a maturational shift around 3 months from an initial attention bias for perfectly contingent stimulation to an emerging preference for less-than-perfect social contingencies. The periodically changing controllability of abusive and dissociating "unresolved" attachment figures is hypothesized to block this process and to lead to the defensive fixation of a dysfunctional "flickering contingency switch" mechanism with two dominant and competing target positions (self-oriented vs. other-oriented). This results in the dissociative style of attention and behavioral organization characteristic of disorganized infant attachment. The authors summarize the preliminary results of an empirical study that provides support for this model in 6.5-month-old infants using a modified Still-Face situation (the Mirror Interaction Situation). The study demonstrates differential emotional and behavioral reactions to sudden loss of maternal contingency and a specific interest in exploring the perfectly contingent self-image in the mirror in infants who at 12 months become categorized as "disorganized" in the Strange Situation.

Estimating the robustness of contingenet valuation estimates of WTP to survey mode and treatment of protest responses.

Science.gov (United States)

John Loomis; Armando Gonzalez-Caban; Joseph Champ

2011-01-01

Over the past four decades teh contingent valuation method (CVM) has become a technique frequently used by economists to estimate willingness-to-pay (WTP) for improvements in environmental quality and prot3tion of natural resources. The CVM was originall applied to estmate recreation use values (Davis, 1963; Hammack and Brown, 1974)and air quality (Brookshire et al....

Valuation of Transactive Systems

Energy Technology Data Exchange (ETDEWEB)

Hammerstrom, Donald J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Corbin, Charles D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Fernandez, Nicholas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Homer, Juliet S. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Pratt, Robert G. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Somani, Abhishek [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Gilbert, Erik I. [Navigant Consulting, Boulder, CO (United States); Chandler, Shawn [Navigant Consulting, Portland, OR (United States); Shandross, Richard [Navigant Consulting, Burlington, MA (United States)

2016-05-12

This is a final report from a project funded by the U.S. Department of Energy to formulate and test a methodology for valuation of systems where transaction-based mechanisms coordinate the exchange of value between the system’s actors. Today, the principal commodity being exchanged is electrical energy, and such mechanisms are called transactive energy systems. The authors strove to lay a foundation for meaningful valuations of transactive systems in general, and transactive energy systems as a special case. The word valuation is used in many different ways. This report proposes a valuation methodology that is inclusive of many types of valuations. Many will be familiar with cost-benefit valuations, in which both costs and benefits are assessed to determine whether the assets are worth their cost. Another set of valuation methods attempt to optimize an outcome using available resources, as is the case with integrated resource planning. In the end, this report’s methodology was most influenced by and most resembles the integrated-resource-planning approach. Regardless, we wish to enforce the premise that all valuations are comparative and should clearly specify a baseline scenario. A long, annotated list of prior valuation studies and valuation methodologies that influenced this report has been appended to this report. Much research is being conducted today concerning transactive systems, but only a handful of transactive system mechanisms have been formulated and field tested. They are found to be quite diverse, and the documentation of the various mechanisms is uneven in breadth and quality. It is therefore not adequate to simply assert that a valuation scenario includes a transactive system; certain characteristics and qualities of the chosen transactive system mechanism must be defined and stated. The report lists and discusses most of the known transactive system mechanisms. It offers a set of questions that may be used to help specify important

Measuring the Willingness to Pay for Tap Water Quality Improvements: Results of a Contingent Valuation Survey in Pusan

Directory of Open Access Journals (Sweden)

Chang-Seob Kim

2013-10-01

Full Text Available With increasing concern regarding health, people have developed an interest in the safety of drinking water. In this study, we attempt to measure the economic benefits of tap water quality improvement through a case study on Pusan, the second largest city in Korea. To this end, we use a scenario that the government plans to implement a new project of improving water quality and apply the contingent valuation (CV method. A one-and-one-half bounded dichotomous choice question (OOHBDC format is employed to reduce the potential for response bias in multiple-bound formats such as the double-bound model, while maintaining much of the efficiency. Moreover, we employ the spike model to deal with zero willingness to pay (WTP responses from the OOHBDC CV survey. The CV survey of 400 randomly selected households was rigorously designed to comply with the guidelines for best-practice CV studies using person-to-person interviews. From the spike OOHBDC CV model, the mean WTP for the improvement was estimated to be KRW 2,124 (USD 2.2, on average, per household, per month. The value amounts to 36.6% of monthly water bill and 20.2% of production costs of water. The conventional OOHBDC model produces statistically insignificant mean WTP estimate and even negative value, but the OOHBDC spike model gives us statistically significant mean WTP estimate and fitted our data well. The WTP value to Pusan residents can be computed to be KRW 31.2 billion (USD 32.1 million per year.

Contingency diagrams as teaching tools

OpenAIRE

Mattaini, Mark A.

1995-01-01

Contingency diagrams are particularly effective teaching tools, because they provide a means for students to view the complexities of contingency networks present in natural and laboratory settings while displaying the elementary processes that constitute those networks. This paper sketches recent developments in this visualization technology and illustrates approaches for using contingency diagrams in teaching.

Contingency proportion systematically influences contingency learning.

Science.gov (United States)

Forrin, Noah D; MacLeod, Colin M

2018-01-01

In the color-word contingency learning paradigm, each word appears more often in one color (high contingency) than in the other colors (low contingency). Shortly after beginning the task, color identification responses become faster on the high-contingency trials than on the low-contingency trials-the contingency learning effect. Across five groups, we varied the high-contingency proportion in 10% steps, from 80% to 40%. The size of the contingency learning effect was positively related to high-contingency proportion, with the effect disappearing when high contingency was reduced to 40%. At the two highest contingency proportions, the magnitude of the effect increased over trials, the pattern suggesting that there was an increasing cost for the low-contingency trials rather than an increasing benefit for the high-contingency trials. Overall, the results fit a modified version of Schmidt's (2013, Acta Psychologica, 142, 119-126) parallel episodic processing account in which prior trial instances are routinely retrieved from memory and influence current trial performance.

Societal and economic valuation of technology-transfer deals

Science.gov (United States)

Holmes, Joseph S., Jr.

2009-09-01

The industrial adoption of concepts such as open innovation brings new legitimacy to activities technology-transfer professionals have conducted for over 20 years. This movement highlights the need for an increased understanding of the valuation of intellectual property (IP) and technology-transfer deals. Valuation, though a centerpiece of corporate finance, is more challenging when applied to the inherent uncertainty surrounding innovation. Technology-transfer professionals are often overwhelmed by the complexity and data requirements of valuation techniques and skeptical of their applicability to and utility for technology transfer. The market longs for an approach which bridges the gap between valuation fundamentals and technology-transfer realities. This paper presents the foundations of a simple, flexible, precise/accurate, and useful framework for considering the valuation of technology-transfer deals. The approach is predicated on a 12-factor model—a 3×4 value matrix predicated on categories of economic, societal, and strategic value. Each of these three categories consists of three core subcategories followed by a fourth "other" category to facilitate inevitable special considerations. This 12-factor value matrix provides a framework for harvesting data during deals and for the application of best-of-breed valuation techniques which can be employed on a per-factor basis. Future work will include framework implementation within a database platform.

The economic value of water for irrigation - A contingent valuation study

International Nuclear Information System (INIS)

Escobar Jaramillo, Luis Alfonso; Gomez Olaya, Alvaro Pio

2007-01-01

This article summarizes a research carried out in the Corporacion Autonoma Regional del Valle del Cauca (CVC) in which a model of economic and social valuation of the water is meant to be built in the frame of the GIRH's vision in the basin of the Tulua River (Colombia). The estimation of water value is done from a methodological process in two stages. On the one hand, from the supply, where the costs of preserving the basin and constructing civil necessary works to assure an assignment given inside certain levels of reliability, and on the other hand, the value from the demand point of view, estimated on the basis of how much are the user ready to pay for having a certain flow of water.

APPLICATION OF THE SYNERGETIC APPROACH IN THE THEORY OF REAL ESTATE VALUATION

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Olga BUZU

2014-08-01

Full Text Available Synergetic approach is especially evident in the area of real estate valuation. Constituents and legal and material elements of the real estate, many components of these objects imply the emergence of new qualities (high value of the unique real estate. It is proposed to analyze the synergy of different levels in determining the value of real estate, with the inclusion of the principle of synergy in a set of principles for determining the property value.

Alternative Forms of Fit in Contingency Theory.

Science.gov (United States)

Drazin, Robert; Van de Ven, Andrew H.

1985-01-01

This paper examines the selection, interaction, and systems approaches to fit in structural contingency theory. The concepts of fit evaluated may be applied not only to structural contingency theory but to contingency theories in general. (MD)

Accounting protesting and warm glow bidding in Contingent Valuation surveys considering the management of environmental goods--an empirical case study assessing the value of protecting a Natura 2000 wetland area in Greece.

Science.gov (United States)

Grammatikopoulou, Ioanna; Olsen, Søren Bøye

2013-11-30

Based on a Contingent Valuation survey aiming to reveal the willingness to pay (WTP) for conservation of a wetland area in Greece, we show how protest and warm glow motives can be taken into account when modeling WTP. In a sample of more than 300 respondents, we find that 54% of the positive bids are rooted to some extent in warm glow reasoning while 29% of the zero bids can be classified as expressions of protest rather than preferences. In previous studies, warm glow bidders are only rarely identified while protesters are typically identified and excluded from further analysis. We test for selection bias associated with simple removal of both protesters and warm glow bidders in our data. Our findings show that removal of warm glow bidders does not significantly distort WTP whereas we find strong evidence of selection bias associated with removal of protesters. We show how to correct for such selection bias by using a sample selection model. In our empirical sample, using the typical approach of removing protesters from the analysis, the value of protecting the wetland is significantly underestimated by as much as 46% unless correcting for selection bias. Copyright © 2013 Elsevier Ltd. All rights reserved.

Valuation of Non-Life Liabilities from Claims Triangles

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Mathias Lindholm

2017-07-01

Full Text Available This paper provides a complete program for the valuation of aggregate non-life insurance liability cash flows based on claims triangle data. The valuation is fully consistent with the principle of valuation by considering the costs associated with a transfer of the liability to a so-called reference undertaking subject to capital requirements throughout the runoff of the liability cash flow. The valuation program includes complete details on parameter estimation, bias correction and conservative estimation of the value of the liability under partial information. The latter is based on a new approach to the estimation of mean squared error of claims reserve prediction.

Estimating Ecological Value of Small Hydropower Using Contingent Valuation Method： An Application to Tongjiqiao Reservoir in Zhejiang ＂ Province, China

Institute of Scientific and Technical Information of China (English)

Han Hongyun; Zhao Liange; Zhang Tong

2012-01-01

The small hydropower （SHP） will be less competitive in the absence of environmental value. The lack of information has become an important obstacle challenging decision-makers in resource-use choices. This paper is an application of contingent valuation method （CVM） in rural China to estimate the willing- ness-to-pay （WTP） for environmental services provided by exiting hydropower station. Using the single-bounded and dichotomous- choice CVM, the ecological value of Tongjiqiao Reservoir （TJQR） is estimated, and the annual mean WTPs of single-bounded and double-bounded CVM estimation are 141.05 and 219.52 Yuan （RMB）/a, respectively. The 95% confidence interval of annual WTP on an average is 118.47, 166.79 Yuan （RMB）/a and 204.41, 236.22 （Yuan RMB）/a, respectively. In contrast, double-bounded model could obtain much more information of WTP of the inves- tigated, thus reducing the confidence interval of estimation, and enhancing the estimation accuracy of the WTP. According to the estimated mean WTP of the double-bounded CVM, the total eco- system service value of the TJQR is 15.54 million Yuan （RMB）. Compared with the conventional electricity of fossil power and large hydropower, the SHP will be less competitive in the absence of non-market value, ignoring that the environmental impacts of existing SHP will undermine the healthy development of clean energy sector.

A method for selection of spent nuclear fuel (SNF) transportation route considering socioeconomic cost based on contingent valuation method (CVM)

International Nuclear Information System (INIS)

Kim, Young Sik

2008-02-01

A transportation of SNF may cause an additional radiation exposure to human beings. It means that the radiological risk should be estimated and managed quantitatively for the public who live near the shipments route. Before the SNF transportation is performed, the route selection is concluded based on the radiological risk estimated with RADTRAN code in existing method generally. It means the existing method for route selection is based only on the radiological health risk but there are not only the impacts related to the radiological health risk but also the socioeconomic impacts related to the cost. In this study, a new method and its numerical formula for route selection on transporting SNF is proposed based on cost estimation because there are several costs in transporting SNF. The total cost consists of radiological health cost, transportation cost, and socioeconomic cost. Each cost is defined properly to the characteristics of SNF transportation and many coefficients and variables describing the meaning of each cost are obtained or estimated through many surveys. Especially to get the socioeconomic cost, contingent valuation method (CVM) is used with a questionnaire. The socioeconomic cost estimation is the most important part of the total cost originated from transporting SNF because it is a very dominant cost in the total cost. The route selection regarding SNF transportation can be supported with the proposed method reasonably and unnecessary or exhausting controversies about the shipments could be avoided

Households’ Willingness to Pay for Improved Water Supply: Application of the Contingent Valuation Method; Evidence from Jigjiga Town, Ethiopia

Directory of Open Access Journals (Sweden)

Shemelis Kebede Hundie

2016-12-01

Full Text Available Water problem in developing countries like Ethiopia is twofold: low coverage levels and poor quality that require urgent attention to reduce associated health and social consequences. Understanding this fact, the government and NGOs are currently carrying out several activities to improve the coverage and quality of water supply. To this end, willingness to pay of households that are expected to be benefited from the project should be analysed. The central objective of this study is, hence, to estimate Willingness to Pay (WTP of households for better-quality water service provision and identify its determinants by using Contingent Valuation Method (CVM in Jigjiga city. We estimate Willingness to Pay (WTP for better quality of water supply service on cross-sectional survey of households in Jigjiga city taking 210 sample households randomly drawn. The highest relative WTP for improved water supply service was found in the city with the highest percentage of respondents being unsatisfied with the current water supply both in terms of quality and quantity. Response to the hypothetical scenario shown that sampled households stated that their mean WTP of 94 cents per 20 litres. The results of logit model revealed that household income, family size, water source, age of the respondent and bid value have significant effects on WTP for improved water service provision. The implication is that it is better take into account the socio-economic characteristics of the households in planning and designing water supply projects, which may serve to set rigorous demand oriented projects that can sustain the service delivery.

Economic valuation of environmental benefits from wastewater treatment processes: an empirical approach for Spain.

Science.gov (United States)

Hernández-Sancho, Francesc; Molinos-Senante, María; Sala-Garrido, Ramón

2010-01-15

Economic research into the design and implementation of policies for the efficient management of water resources has been emphasized by the European Water Framework Directive (Directive 2000/60/EC). The efficient implementation of policies to prevent the degradation and depletion of water resources requires determining their value in social and economic terms and incorporating this information into the decision-making process. A process of wastewater treatment has many associated environmental benefits. However, these benefits are often not calculated because they are not set by the market, due to inadequate property rights, the presence of externalities, and the lack of perfect information. Nevertheless, the valuation of these benefits is necessary to justify a suitable investment policy and a limited number of studies exist on the subject of the economic valuation of environmental benefits. In this paper, we propose a methodology based on the estimation of shadow prices for the pollutants removed in a treatment process. This value represents the environmental benefit (avoided cost) associated with undischarged pollution. This is a pioneering approach to the economic valuation of wastewater treatment. The comparison of these benefits with the internal costs of the treatment process will provide a useful indicator for the feasibility of wastewater treatment projects. Copyright 2009 Elsevier B.V. All rights reserved.

Carbon Sequestration in Forest Valuation

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Kazak Jan

2016-03-01

Full Text Available Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights, it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services.

Benefit-based tree valuation

Science.gov (United States)

E.G. McPherson

2007-01-01

Benefit-based tree valuation provides alternative estimates of the fair and reasonable value of trees while illustrating the relative contribution of different benefit types. This study compared estimates of tree value obtained using cost- and benefit-based approaches. The cost-based approach used the Council of Landscape and Tree Appraisers trunk formula method, and...

Log-Concavity Properties of Minkowski Valuations

OpenAIRE

Berg, Astrid; Parapatits, Lukas; Schuster, Franz E.; Weberndorfer, Manuel

2014-01-01

New Orlicz Brunn-Minkowski inequalities are established for rigid motion compatible Minkowski valuations of arbitrary degree. These extend classical log-concavity properties of intrinsic volumes and generalize seminal results of Lutwak and others. Two different approaches which refine previously employed techniques are explored. It is shown that both lead to the same class of Minkowski valuations for which these inequalities hold. An appendix by Semyon Alesker contains the proof of a new clas...

The Organizational Valuation of Valuation Devices

DEFF Research Database (Denmark)

Hauge, Amalie Martinus

2016-01-01

—integrated modes of valuation. Empirically, the paper draws on an ethnographic study of Lean management at a children’s hospital, which is presented through analytical snapshots. The paper suggests that an organizational turn is relevant for valuation studies, as this frst allows an analytical expansion to include...

Reasons to value the health care intangible asset valuation.

Science.gov (United States)

Reilly, Robert F

2012-01-01

There are numerous individual reasons to conduct a health care intangible asset valuation. This discussion summarized many of these reasons and considered the common categories of these individual reasons. Understanding the reason for the intangible asset analysis is an important prerequisite to conducting the valuation, both for the analyst and the health care owner/operator. This is because an intangible asset valuation may not be the type of analysis that the owner/operator really needs. Rather, the owner/operator may really need an economic damages measurement, a license royalty rate analysis, an intercompany transfer price study, a commercialization potential evaluation, or some other type of intangible asset analysis. In addition, a clear definition of the reason for the valuation will allow the analyst to understand if (1) any specific analytical guidelines, procedures, or regulations apply and (2) any specific reporting requirement applies. For example, intangible asset valuations prepared for fair value accounting purposes should meet specific ASC 820 fair value accounting guidance. Intangible asset valuations performed for intercompany transfer price tax purposes should comply with the guidance provided in the Section 482 regulations. Likewise, intangible asset valuations prepared for Section 170 charitable contribution purposes should comply with specific reporting requirements. The individual reasons for the health care intangible asset valuation may influence the standard of value applied, the valuation date selected, the valuation approaches and methods applied, the form and format of valuation report prepared, and even the type of professional employed to perform the valuation.

COMPARATIVE ANALYSIS OF TAX OBJECT SALES VALUE ON LAND AND BUILDINGS WITH INDONESIAN VALUATION STANDARD (SIP-BASED VALUATION IN MALANG CITY

Directory of Open Access Journals (Sweden)

Gani I.F.

2017-08-01

Full Text Available This research aimed to explore how the valuation/appraisal in determining land and building values at Tax Object Sales Value on Land and Buildings (NJOP PBB in Malang City and to analyze the comparison between the valuation of Tax Object Sales Value on Land and Buildings (NJOP PBB conducted in Malang and the valuation of land and buildings according to Indonesian Valuation Standards (SPI. Through the qualitative research with a case study approach, it was obtained that the model of mass and individual appraisals on the valuation of Tax Object Sales Value on Land and Buildings (NJOP PBB had the similar stages to the individual appraisal according to Indonesian Valuation Standards (SPI. Furthermore, from the results, the problems faced in valuing Tax Object Sales Value on Land and Buildings (NJOP PBB by the Local Revenue Office of Malang City were also known. It can be used as a consideration for the improvement of regulation or procedure in valuing Tax Object Sales Value on Land and Buildings (NJOP PBB.

Willingness to pay for physician services at a primary contact in Ukraine: results of a contingent valuation study.

Science.gov (United States)

Danyliv, Andriy; Pavlova, Milena; Gryga, Irena; Groot, Wim

2013-06-08

The existence of quasi-formal and informal payments in the Ukrainian health care system jeopardizes equity and creates barriers to access to proper care. Patient payment policies that better match patient preferences are necessary. We analyze the potential and feasibility of official patient charges for public health care services in Ukraine by studying the patterns of fee acceptability, ability and willingness to pay (WTP) for public health care among population groups. We use contingent valuation data collected from 303 respondents representative of the adult Ukrainian population. Three decision points were separated: objection to pay, inability to pay, and level of positive non-zero WTP. These decisions were studied for relations with quality profiles of the services, and socio-demographic characteristics of the respondents and their households. The likelihood to object to pay is mostly determined by the quality characteristics of the services. Objection to pay is not related to corresponding behavior in real life. The likelihood of being unable to pay is associated with older age, lower income, and a larger share of household members with no income. The level of positive WTP is positively related to income (+7% per 1000 UAH increase in income) and is lower for people who visited a doctor but did not pay (-22%). Rather substantial WTP levels (between 0.9% and 1.9% of household income) for one visit to physician indicate a potential for official patient charges in Ukraine. User fees may cover a substantial share of personnel cost in the out-patient sector. The patterns of inability to pay support well designed exemption criteria based on age, income, and other aspects of economic status. The WTP patterns highlight the necessity for payments that are proportional to income. Other methodological and policy implications are discussed.

Willingness to pay for physician services at a primary contact in Ukraine: Results of a contingent valuation study

Directory of Open Access Journals (Sweden)

Danyliv, Andriy

2011-05-01

Full Text Available BACKGROUND. Reforming healthcare system in Ukraine would imply changing financial mechanisms and involving patients into copayment for physician services. Therefore, it is important to understand patients’ willingness to pay (WTP and its main drivers. This study aims to investigate patients’ willingness to pay for physician services at a primary contact, its levels and determinants.METHODS. Contingent valuation method was applied to a nationally representative sample of 303 adult respondents surveyed in 2009. Respondents stated their willingness to pay for a visit to four hypothetical physicians, whose profiles were designed in a way to estimate separate effects of physician’s specialization and joint improvement in three quality-related attributes of a service: the state of medical equipment, maintenance of the physician’s office, and reduction in waiting time. A random effect tobit regression was applied to model effect of these service characteristics and socio-demographic characteristics on WTP.RESULTS. The strongest predictors (insensitive to model specifications associated with higher WTP for physician services were quality improvements in the three characteristics of the physician’s profile, higher income, and presence of private insurance policy, while the one associated with reduced WTP was age over 70. Consultation with a medical specialist instead of a general practitioner was also associated with higher WTP, though the magnitude of effect was much lower than for the abovementioned factors.CONCLUSIONS. Ukrainians are willing to pay for physician services at a primary contact, but the highest WTP would be expected for services of improved clinical and social quality and access. There might be an intention in the society or some of its groups to avoid the gatekeeper general practitioner at a primary level and to refer directly to the medical specialist. Finally, if patient payments are introduced, special caution should be

Willingness to pay for social health insurance among informal sector workers in Wuhan, China: a contingent valuation study

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Zhang Xinping

2007-07-01

Full Text Available Abstract Background Most of the about 140 million informal sector workers in urban China do not have health insurance. A 1998 central government policy leaves it to the discretion of municipal governments to offer informal sector workers in cities voluntary participation in a social health insurance for formal sector workers, the so-called 'basic health insurance' (BHI. Methods We used the contingent valuation method to assess the maximum willingness to pay (WTP for BHI among informal sector workers, including unregistered rural-to-urban migrants, in Wuhan City, China. We selected respondents in a two-stage self-weighted cluster sampling scheme. Results On average, informal sector workers were willing to pay substantial amounts for BHI (30 Renminbi (RMB, 95% confidence interval (CI 27-33 as well as substantial proportions of their incomes (4.6%, 95% CI 4.1-5.1%. Average WTP increased significantly when any one of the copayments of the BHI was removed in the valuation: to 51 RMB (95% CI 46-56 without reimbursement ceiling; to 43 RMB (95% CI 37-49 without deductible; and to 47 RMB (95% CI 40-54 without coinsurance. WTP was higher than estimates of the cost of BHI based on past health expenditure or on premium contributions of formal sector workers. Predicted coverage with BHI declined steeply with the premium contribution at low contribution levels. When we applied equity weighting in the aggregation of individual WTP values in order to adjust for inequity in the distribution of income, mean WTP for BHI increased with inequality aversion over a plausible range of the aversion parameter. Holding other factors constant in multiple regression analysis, for a 1% increase in income WTP for BHI with different copayments increased by 0.434-0.499% (all p Conclusion Our results suggest that Chinese municipal governments should allow informal sector workers to participate in the BHI. From a normative perspective, BHI for informal sector workers is likely to

The Graduate School and Its Organizational Structure: A Contingency Theory Approach.

Science.gov (United States)

Sanford, Judith Babcock

Contingency theory, the formal structure of graduate schools, and the applicability of contingency variables to graduate schools as organizations are examined. Contingency theory is based on an open systems concept that views an organization as composed of many interdependent parts that are interacting with one another. It also holds that under…

Analysis of Interbrand, BrandZ and BAV brand valuation methodologies

Directory of Open Access Journals (Sweden)

Krstić Bojan

2011-01-01

Full Text Available Brand valuation is considered for one of the most significant challenges of not only theory and practice of contemporary marketing, but other disciplines, as well. Namely, the complex nature of this issue implies the need for multidisciplinary approach and creation of methodology which goes beyond the borders of marketing as a discipline, and includes knowledge derived from accounting, finance and other areas. However, mostly one-sided approaches oriented towards determining brand value either based on research results of consumer behavior and attitudes or based on financial success of the brand are dominant in marketing and financial literature. Simultaneously with these theoretical methodologies, agencies for consultancy and marketing and other subjects have been developing their own brand valuation methods and models. Some of them can be appointed to comprehensive approach to brand valuation, which overcomes mentioned problem considering one-sided analysis of brand value. The comprehensive approach, namely, presumes brand valuation based on benefits which brand provides to both customers and enterprise that owns it, in other words - based on qualitative and quantitative measures respectively reflecting behavior and attitudes of consumers and assumed financial value of the brand, or, more precisely, brand value capitalization. According to the defined research subject, this paper is structured as follows: importance and problem of brand value are reviewed in the Introduction, and three most well-known brand valuation methodologies developed by consultancy agencies - Interbrand methodology and BrandZ and BAV models are analyzed in the next section. In the further considerations the results of comparative analysis of these methodologies are presented and implications for adequate brand valuation suggested.

A contingent valuation study of buriti ( Mauritia flexuosa L.f. in the main region of production in Brazil: is environmental conservation a collective responsibility?

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Irlaine R. Vieira

Full Text Available ABSTRACT The immature leaves of the buriti palm (Mauritia flexuosa are widely harvested in the municipality of Barreirinhas, Maranhão, for the production of handicrafts, which are sold to locals and tourists. The increasing demand for these artisanal goods is stimulating the emergence of an informal market for immature buriti leaves, leading to an intensification of their extraction and resulting in negative effects on local buriti palm populations and the ecosystem. Thus, the objective of the present study was to assess the environmental value of the buriti palm tree based on the maximum willingness to pay (WTP for its conservation, using the contingent valuation method. Among the respondents, 99.74% reported that the palm species should be protected and the majority of them (65.75% agreed to pay for its conservation (annual WTP R$ 179.49 ± 222.05. Multivariate analysis revealed that the WTP was not influenced by the socio-economic profile of the respondents. The main reasons for non-WTP are related to dissatisfaction with the government and the belief that financial contributions would not solve problems of environmental damage. Overall, the evaluated population believes that environmental conservation is not an obligation of the government or that of the population, but is a collective responsibility.

Theory of the property valuation + valuation of specific property in Prague 6

OpenAIRE

Wurst, David

2011-01-01

The objective of Bachelor thesis is the definition of basic terms and methods used in the property valuation and the subsequent valuation of specific property. The thesis is divided into theoretical and practical part. The theoretical part is devoted to (description) describing the basic terms and bases needed for the valuation and characteristics of the most widely used methods of property valuation. In the practical part is going to be made the valuation of the specific property by the comp...

VALUATION METHODS- LITERATURE REVIEW

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Dorisz Talas

2015-07-01

Full Text Available This paper is a theoretical overview of the often used valuation methods with the help of which the value of a firm or its equity is calculated. Many experts (including Aswath Damodaran, Guochang Zhang and CA Hozefa Natalwala classify the methods. The basic models are based on discounted cash flows. The main method uses the free cash flow for valuation, but there are some newer methods that reveal and correct the weaknesses of the traditional models. The valuation of flexibility of management can be conducted mainly with real options. This paper briefly describes the essence of the Dividend Discount Model, the Free Cash Flow Model, the benefit from using real options and the Residual Income Model. There are a few words about the Adjusted Present Value approach as well. Different models uses different premises, and an overall truth is that if the required premises are real and correct, the value will be appropriately accurate. Another important condition is that experts, analysts should choose between the models on the basis of the purpose of valuation. Thus there are no good or bad methods, only methods that fit different goals and aims. The main task is to define exactly the purpose, then to find the most appropriate valuation technique. All the methods originates from the premise that the value of an asset is the present value of its future cash flows. According to the different points of view of different techniques the resulted values can be also differed from each other. Valuation models and techniques should be adapted to the rapidly changing world, but the basic statements remain the same. On the other hand there is a need for more accurate models in order to help investors get as many information as they could. Today information is one of the most important resources and financial models should keep up with this trend.

Valuation of energy enterprises

International Nuclear Information System (INIS)

Kjaerland, Frode

2005-01-01

Since the deregulation of the energy market in Norway, there has been a number of mergers and acquisitions of energy enterprises. In all these transaction the companies has been valued. The value has often been not insignificant above what the value should be according to traditional methods of valuation. What is the explanation of this premium. This paper describes a project which has as goal to test weather real option theory can explain the difference between actual price and theoretical value based on conventional discounted cash flow methods. This is supposed to be compared with an accounting based residual income approach of valuation. The goal is to see if a real option approach better can explain the value of the transactions in this industry in the past decade, and thereby better understand the value and value components of these enterprises. This is a first draft, and this paper will be rewritten and revised by the presentation in the conference ultimo August 2005. (Author)

Consumption-based Equity Valuation

DEFF Research Database (Denmark)

Bach, Christian; Christensen, Peter Ove

2013-01-01

the performance of the model with several implementations of standard valuation models, both in terms of absolute valuation errors, and in terms of the returns on simple investment strategies based on the differences between model and market prices in the respective valuation models. The CCAPM-based valuation...... model performs substantially better than the best performing standard valuation model when comparing absolute valuation errors. Both types of models are able to identify investment strategies with subsequent excess returns but also in this setting, the CCAPM-based valuation model outperforms...... residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk-adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare...

Equity valuation : Under Armour

OpenAIRE

Vicente, António Rafael Mendes

2016-01-01

The present dissertation aims to value Under Armour, an American sportswear company. Since Valuation is not an exact science, during the literature review will be presented several valuation methods. Most of the authors mention DCF Valuation as one of the best but it seems impossible for them to reach a consensus about which one is in fact the best. In order to get Under Armour’s target price, a DCF valuation will be made and accompanied by a Relative Valuation that, when it is properly us...

Sales Comparison Approach Indicating Heterogeneity of Particular Type of Real Estate and Corresponding Valuation Accuracy

Directory of Open Access Journals (Sweden)

Martin Cupal

2017-01-01

Full Text Available The article focuses on heterogeneity of goods, namely real estate and consequently deals with market valuation accuracy. The heterogeneity of real estate property is, in particular, that every unit is unique in terms of its construction, condition, financing and mainly location and thus assessing the value must necessarily be difficult. This research also indicates the rate of efficiency of markets across the types based on their level of variability. The research is based on two databases consisting of various types of real estate with specific market parameters. These parameters determine the differences across the types and reveal heterogeneity. The first database has been set on valuations by sales comparison approach and the second one on data of real properties offered on the market. The methodology is based on univariate and multivariate statistics of key variables of those databases. The multivariate analysis is performed by Hotelling T2 control chart and statistics with appropriate numerical characteristics. The results of both databases were joint by weights with regard to the dependence criterion of the variables. The final results indicate potential valuation accuracy across the types. The main contribution of the research is that the evaluation was not only derived from the price deviation or distribution, but it also draws from causes of real property heterogeneity as a whole.

Valuation of Property.

Science.gov (United States)

Bodley, Joanne H.; Goodenough, Linda

This report describes property tax revenues and assessment rates for all 50 States during 1966. The following information is summarized by State and by class of property: (1) The total valuation and the taxable valuation of property subject to local general property taxation and the percent distribution of total valuation by class of property; (2)…

Monetizing the social benefits of landfill mining: Evidence from a Contingent Valuation survey in a rural area in Greece.

Science.gov (United States)

Damigos, Dimitris; Menegaki, Maria; Kaliampakos, Dimitris

2016-05-01

Despite the emerging global attention towards promoting waste management policies that reduce environmental impacts and conserve natural resources, landfilling still remains the dominant waste management practice in many parts of the world. Owing to this situation, environmental burdens are bequeathed to and large amounts of potentially valuable materials are lost for future generations. As a means to undo these adverse effects a process known as landfill mining (LFM) could be implemented provided that economic feasibility is ensured. So far, only a few studies have focused on the economic feasibility of LFM from a private point of view and even less studies have attempted to economically justify the need for LMF projects from a social point of view. This paper, aiming to add to the limited literature in the field, presents the results of a survey conducted in a rural district in Greece, by means of the Contingent Valuation method (CVM) in order to estimate society's willingness to pay for LFM programs. According to the empirical survey, more than 95% of the respondents recognize the need for LFM programs. Nevertheless, only one-fourth of the respondents are willing to pay through increased taxes for LFM, owing mainly to economic depression and unemployment. Those who accept the increased tax are willing to pay about €50 per household per year, on average, which results in a mean willingness to pay (WTP) for the entire population under investigation of around €12 per household per year. The findings of this research work provide useful insights about the 'dollar-based' benefits of LFM in the context of social cost-benefit analysis of LFM projects. Yet, it is evident that further research is necessary. Copyright © 2015 Elsevier Ltd. All rights reserved.

Consumer willingness to invest money and time for benefits of lifestyle behaviour change: an application of the contingent valuation method.

Science.gov (United States)

Alayli-Goebbels, Adrienne F G; van Exel, Job; Ament, André J H A; de Vries, Nanne K; Bot, Sandra D M; Severens, Johan L

2015-12-01

To use contingent valuation (CV) to derive individual consumer values for both health and broader benefits of a public-health intervention directed at lifestyle behaviour change (LBC) and to examine the feasibility and validity of the method. Participants of a lifestyle intervention trial (n = 515) were invited to complete an online CV survey. Respondents (n = 312) expressed willingness to invest money and time for changes in life expectancy, health-related quality of life (HRQOL) and broader quality of life aspects. Internal validity was tested for by exploring associations between explanatory variables (i.e. income, paid work, experience and risk factors for cardiovascular diseases) and willingness to invest, and by examining ordering effects and respondents' sensitivity to the scope of the benefits. The majority of respondents (94.3%) attached value to benefits of LBC, and 87.4% were willing to invest both money and time. Respondents were willing to invest more for improvements in HRQOL (€42/month; 3 h/week) and broader quality of life aspects (€40/month; 2.6 h/week) than for improvements in life expectancy (€24/month; 2 h/week). Protest answers were limited (3%) and findings regarding internal validity were mixed. The importance of broader quality of life outcomes to consumers suggests that these outcomes are relevant to be considered in the decision making. Our research showed that CV is a feasible method to value both health and broader outcomes of LBC, but generalizability to other areas of public health still needs to be examined. Mixed evidence regarding internal validity pleads for caution to use CV as only the base for decision making. © 2014 John Wiley & Sons Ltd.

Co-financing for viral load monitoring during the course of antiretroviral therapy among patients with HIV/AIDS in Vietnam: A contingent valuation survey.

Science.gov (United States)

Nguyen, Quyen Le Thi; Nguyen, Long Hoang; Tran, Bach Xuan; Phan, Huong Thi Thu; Le, Huong Thi; Nguyen, Hinh Duc; Tran, Tho Dinh; Do, Cuong Duy; Nguyen, Cuong Manh; Thuc, Vu Thi Minh; Latkin, Carl; Zhang, Melvyn W B; Ho, Roger C M

2017-01-01

Viral load testing is considered the gold standard for monitoring HIV treatment; however, given its high cost, some patients cannot afford viral load testing if this testing is not subsidized. Since foreign aid for HIV/AIDS in Vietnam is rapidly decreasing, we sought to assess willingness to pay (WTP) for viral load and CD4 cell count tests among HIV-positive patients, and identified factors that might inform future co-payment schemes. A multi-site cross-sectional survey was conducted with 1133 HIV-positive patients on antiretroviral therapy (ART) in Hanoi and Nam Dinh. Patients' health insurance coverage, quality of life, and history of illicit drug use were assessed. A contingent valuation approach was employed to measure patients' WTP for CD4 cell count and viral load testing. HIV-positive patients receiving ART at provincial sites reported more difficulty obtaining health insurance (HI) and had the overall the poorest quality of life. Most patients (90.9%) were willing to pay for CD4 cell count testing; here, the mean WTP was valued at US$8.2 (95%CI = 7.6-8.8 US$) per test. Most patients (87.3%) were also willing to pay for viral load testing; here, mean WTP was valued at US$18.6 (95%CI = 16.3-20.9 US$) per test. High income, high education level, and hospitalization were positively associated with WTP, while co-morbidity with psychiatric symptoms and trouble paying for health insurance were both negatively related to WTP. These findings raise concerns that HIV-positive patients in Vietnam might have low WTP for CD4 cell count and viral load testing. This means that without foreign financial subsidies, many of these patients would likely go without these important tests. Treating psychiatric co-morbidities, promoting healthcare services utilization, and removing barriers to accessing health insurance may increase WTP for monitoring of HIV/AIDS treatment among HIV+-positive Vietnamese patients.

Over-valuation: avoid double counting when retaining dividends in the FCFE valuation

OpenAIRE

Silva, J. M.; Pereira, J. A.

2017-01-01

Valuation based on DCF (Discounted Cash Flow) has been the dominant valuation procedure during the last decades. In spite of this dominance, enterprise valuation using the discounted FCF (Free Cash Flow) model has some practical drawbacks, since there is often some confusion on how to effectively use it. Commonly, the valuation procedures start by estimating future FCF figures from historical data, such as mean FCF, growth and retention ratio, alongside many other variables. These FCF forecas...

Valuation of intangible assets

OpenAIRE

Karlíková, Jitka

2010-01-01

The thesis is focused on the valuation of intangible assets, particularly trademarks and copyrights. In the beginning it deals with the problems of valuation of intangible assets. The main part of the thesis provides an overview of methods for valuation of intangible assets. This part is followed by a practical section that illustrates the procedure of valuation of trademarks and copyrights on a concrete example.

Methods of Bank Valuation in the Age of Globalization

Directory of Open Access Journals (Sweden)

Alexander Karminsky

2015-01-01

Full Text Available This paper reviews the theory ofvalue-based management at the commercial bank and the main valuation methods in the age of globalization. The paper identifies five main factors that significantly influence valuation models selection and building: funding, liquidity, risks, exogenous factors and the capital cushion. It is shown that valuation models can be classified depending on underlying cash flows. Particular attention is paid to models based on potentially available cash flows (Discounted cash flow-oriented approaches, DCF and models based on residual income flows (Residual income-oriented approaches. In addition, we consider an alternative approach based on comparison with same sector banks (based on multiples. For bank valuation equity discounted сash flow method is recommended (Equity DCF. Equity DCF values equity value of a bank directly by discounting cash flows to equity at the cost of equity (Capital Asset Pricing Model, CAPM, rather than at the weighted average cost of capital (WACC. For the purposes of operational management residual income-oriented approaches are recommended for use, because they are better aligned with the process of internal planning and forecasting in banks. For strategic management residual income-oriented methods most useful when expected cash flows are negative throughout the forecast period. Discounted сash flow-oriented approaches are preferable when expected cash flows have positive values and needs for models using is motivated by supporting the investment decisions. Proposed classification can be developed in interests of bank management tasks in the midterm in the age of globalization.

ASPECTS OF THE STOCK VALUATION AND ACCOUNTING IN AGRICULTURAL UNITS IN ROMANIA

Directory of Open Access Journals (Sweden)

Mariana BANUTA

2014-11-01

Full Text Available This paper approaches a current and common and topical problem of the business entities operating in agriculture, the stock valuation and accounting problem. Thus, gradually the article starts from the delimitation of the categories of inventories in agriculture, continues with the reasons for the need to valuate them and shows the stock valuation methods in the current accounting and in other specific situations.

Contingency in the Cosmos and the Contingency of the Cosmos : Two Theological Approaches

NARCIS (Netherlands)

Drees, W.B.

Contingency in reality may be epistemic, due to incomplete knowledge or the intersection of unrelated causal trajectories. In quantum physics, it appears to be ontological. More fundamental and interesting is the limit-question ‘why is there something rather than nothing,’ pointing out the

A Kramers-Moyal approach to the analysis of third-order noise with applications in option valuation.

Science.gov (United States)

Popescu, Dan M; Lipan, Ovidiu

2015-01-01

We propose the use of the Kramers-Moyal expansion in the analysis of third-order noise. In particular, we show how the approach can be applied in the theoretical study of option valuation. Despite Pawula's theorem, which states that a truncated model may exhibit poor statistical properties, we show that for a third-order Kramers-Moyal truncation model of an option's and its underlier's price, important properties emerge: (i) the option price can be written in a closed analytical form that involves the Airy function, (ii) the price is a positive function for positive skewness in the distribution, (iii) for negative skewness, the price becomes negative only for price values that are close to zero. Moreover, using third-order noise in option valuation reveals additional properties: (iv) the inconsistencies between two popular option pricing approaches (using a "delta-hedged" portfolio and using an option replicating portfolio) that are otherwise equivalent up to the second moment, (v) the ability to develop a measure R of how accurately an option can be replicated by a mixture of the underlying stocks and cash, (vi) further limitations of second-order models revealed by introducing third-order noise.

IMPLEMENTATION OF CORPORATE VALUATION TECHNIQUES IN PRACTICE

Directory of Open Access Journals (Sweden)

Kiss Anita

2015-07-01

Full Text Available This paper focuses on the main tools and techniques of firm valuation. One of the objectives in this paper is to present the reasons for such differences in value across different models, and to help in choosing the right model for a specific task. In today's management literature there are a lot of evaluation models, which based on the different approaches. The most important dimensions in the evaluation are the past performance analysis, the current value of the firm based on the forecast period and the appraisal of future opportunities. Nowadays it is quite problematic that these concepts regarding the valuation methods used in practice are not homogeneous. In view of the major principles is equal, but the details are different. In this paper my goal is to categorize the methods in the right section and to demonstrate the characteristics, advantages and disadvantages as well. This study proceeds as follow. The first section classifies and categorizes the different valuation approaches, which are the ratios based on accounting data, the asset-based approach, the income-based approach within the discounted cash flow models and the value added methods, the relative valuation, at last the real options. The second part presents the main features and implementation of the methods. Finally, the third section concludes what might be learned from this study. Based on the related literature reviewed and my previous researches I conclude that, in the evaluation, the problem is not that there are not enough models to complete the task but on the contrary, the selection of the appropriate model is the first challenge in the work. The different approaches lead to significantly different values. The other main finding of this work that, professionals involved in the assessment task explained the reason for the differences, and selection the correct model which is the best fit for the job. Considering the models described below a best model cannot be

Contingent approach to Internet-based supply network integration

Science.gov (United States)

Ho, Jessica; Boughton, Nick; Kehoe, Dennis; Michaelides, Zenon

2001-10-01

The Internet is playing an increasingly important role in enhancing the operations of supply networks as many organizations begin to recognize the benefits of Internet- enabled supply arrangements. However, the developments and applications to-date do not extend significantly beyond the dyadic model, whereas the real advantages are to be made with the external and network models to support a coordinated and collaborative based approach. The DOMAIN research group at the University of Liverpool is currently defining new Internet- enabled approaches to enable greater collaboration across supply chains. Different e-business models and tools are focusing on different applications. Using inappropriate e- business models, tools or techniques will bring negative results instead of benefits to all the tiers in the supply network. Thus there are a number of issues to be considered before addressing Internet based supply network integration, in particular an understanding of supply chain management, the emergent business models and evaluating the effects of deploying e-business to the supply network or a particular tier. It is important to utilize a contingent approach to selecting the right e-business model to meet the specific supply chain requirements. This paper addresses the issues and provides a case study on the indirect materials supply networks.

Measuring Sovereign Risk in Turkey; An Application of the Contingent Claims Approach

OpenAIRE

Christian Keller; Peter J Kunzel; Marcos R Souto

2007-01-01

Improved macroeconomic conditions and changes to the asset-liability structure on Turkish balance sheets since the 2001 crisis have improved Turkey's overall sovereign risk profile. Nonetheless, the country remains subject to bouts of volatility, as evidenced most recently in the May/June 2006 market turbulence. This paper examines these changes in Turkey's risk profile using the Contingent Claims Approach (CCA), to quantify the evolution of Turkey's sovereign risk, relate risk indicators to ...

Social impact analysis: monetary valuation

Science.gov (United States)

Wainger, Lisa A.; Johnston, Robert J.; Bagstad, Kenneth J.; Casey, Frank; Vegh, Tibor

2014-01-01

This section provides basic guidance for using and conducting economic valuation, including criteria for judging whether valuation is appropriate for supporting decisions. It provides an introduction to the economic techniques used to measure changes in social welfare and describes which methods may be most appropriate for use in valuing particular ecosystem services. Rather than providing comprehensive valuation instructions,it directs readers to additional resources.More generally, it establishes that the valuation of ecosystem services is grounded in a long history of non-market valuation and discusses how ecosystem services valuation can be conducted within established economic theory and techniques.

MONTE CARLO SIMULATION AND VALUATION: A STOCHASTIC APPROACH SIMULAÇÃO DE MONTE CARLO E VALUATION: UMA ABORDAGEM ESTOCÁSTICA

Directory of Open Access Journals (Sweden)

Marcos Roberto Gois de Oliveira

2013-01-01

Full Text Available Among the various business valuation methodologies, the discounted cash flow is still the most adopted nowadays on both academic and professional environment. Although many authors support thatmethodology as the most adequate one for business valuation, its projective feature implies in an uncertaintyissue presents in all financial models based on future expectations, the risk that the projected assumptionsdoes not occur. One of the alternatives to measure the risk inherent to the discounted cash flow valuation isto add Monte Carlo Simulation to the deterministic business valuation model in order to create a stochastic model, which can perform a statistic analysis of risk. The objective of this work was to evaluate thepertinence regarding the Monte Carlo Simulation adoption to measure the uncertainty inherent to the business valuation using discounted cash flow, identifying whether the Monte Carlo simulation enhance theaccuracy of this asset pricing methodology. The results of this work assures the operational e icacy ofdiscounted cash flow business valuation using Monte Carlo Simulation, confirming that the adoption of thatmethodology allows a relevant enhancement of the results in comparison with those obtained by using thedeterministic business valuation model.Dentre as diversas metodologias de avaliação de empresas, a avaliação por fluxo de caixa descontadocontinua sendo a mais adotada na atualidade, tanto no meio acadêmico como no profissional. Embora  essametodologia seja considerada por diversos autores como a mais adequada para a avaliação de empresas no contexto atual, seu caráter projetivo remete a um componente de incerteza presente em todos os modelos baseados em expectativas futuras o risco de as premissas de projeção adotadas não se concretizarem. Uma das alternativas para a mensuração do risco inerente à avaliação de empresas pelo fluxo de caixa descontadoconsiste na incorporação da Simulação de Monte

Disentangling WTP per QALY data: different analytical approaches, different answers.

Science.gov (United States)

Gyrd-Hansen, Dorte; Kjaer, Trine

2012-03-01

A large random sample of the Danish general population was asked to value health improvements by way of both the time trade-off elicitation technique and willingness-to-pay (WTP) using contingent valuation methods. The data demonstrate a high degree of heterogeneity across respondents in their relative valuations on the two scales. This has implications for data analysis. We show that the estimates of WTP per QALY are highly sensitive to the analytical strategy. For both open-ended and dichotomous choice data we demonstrate that choice of aggregated approach (ratios of means) or disaggregated approach (means of ratios) affects estimates markedly as does the interpretation of the constant term (which allows for disproportionality across the two scales) in the regression analyses. We propose that future research should focus on why some respondents are unwilling to trade on the time trade-off scale, on how to interpret the constant value in the regression analyses, and on how best to capture the heterogeneity in preference structures when applying mixed multinomial logit. Copyright © 2011 John Wiley & Sons, Ltd.

Capturing Business Strategy and Value in Enterprise Architecture to Support Portfolio Valuation

NARCIS (Netherlands)

Iacob, Maria Eugenia; Quartel, Dick; Jonkers, H.

2012-01-01

This paper investigates and enhances the suitability of the Archi Mate enterprise architecture modeling language to support the modeling of business strategy concepts and architecture-based approaches to IT portfolio valuation. It gives an overview of existing strategy and valuation concepts and

Valuation of gas stored in salt cavern facilities

Energy Technology Data Exchange (ETDEWEB)

Bond, Michael A. [St. Mary' s University, TX (United States); Grant, Floyd H. [Purdue University, IN (United States)

2008-07-01

Since natural gas production is relatively inelastic towards demand in the short term, underground storage is used as a buffer against periods of high demand. Of the three most common storage facility types, depleted reservoirs, aquifers and manmade salt caverns, the latter is the most costly to develop. The challenge then is to maximize profits through efficient operation, well-timed injection and withdrawal of gas. The valuation of a commodity in storage is a challenging problem and has been the subject of study for decades. We investigate selected existing valuation approaches and look for ways to leverage salt-cavern-specific physical characteristics for financial advantage. The basis for our valuation is the Black-Scholes model for pricing options. Then, applying Monte-Carlo methods and simulation, we model combinations of characteristics in multi-cavern facilities and their impact on profitability. We describe the theory behind our work and our analytical framework and provide numerical results of our analysis. Our approach offers increased efficiency in salt-cavern gas storage facility operations. (author)

Intangibles and methods for their valuation in financial terms: Literature review

Directory of Open Access Journals (Sweden)

Damián Pastor

2017-02-01

Full Text Available Purpose: The purpose of this paper is to review literature devoted to intangibles and their valuation and give examples of the methods that can be used for valuation of individual intangibles in financial terms. Design/methodology/approach: Paper presents a systematic review of articles dedicated to intangibles and their valuation. Findings: This review shows that there is a need for consensus in definitions of intangibles, intangible assets, knowledge assets and other related terms. These terms are used interchangeably in spite of their different meanings. Many methods for valuation of intangibles can be found in the literature, but widely accepted list of basic intangibles with suggested methods for their valuation in financial terms is still missing. Research limitations/implications: Not all the papers related to this topic could be covered in this paper. Presented list of important intangible components may be enhanced and examples of some other methods for their valuation may be added in the future. Practical implications: Paper calls for development of framework comprising list of the most important intangibles, proposals of methods used for their valuation and examples of their use. This framework can be helpful for organization, which are confronted with a difficult task of intangibles valuation. Originality/value: Basic definitions and differences between intangibles, intangible assets, identifiable intangible assets, knowledge assets and intellectual capital have not been mentioned in one paper yet. List of intangibles and methods for their valuation gives a direction for future work that can be fruitful for valuation of intangibles.

Consumption-based Equity Valuation

DEFF Research Database (Denmark)

Bach, Christian; Christensen, Peter O.

2016-01-01

implementations of standard valuation models, both in terms of median absolute valuation errors (MAVE) and in terms of excess returns on simple investment strategies based on the differences between model and market prices. The CCAPM-based valuation model yields a significantly lower MAVE than the best performing...... standard valuation model. Both types of models can identify investment strategies with subsequent excess returns. The CCAPM-based valuation model yields time-series of realized hedge returns with more and higher positive returns and fewer and less negative returns compared with the time-series of realized...... through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare the performance of the model with several...

The Role Of Business Valuation For The Financial Management Of Industrial Companies

OpenAIRE

Donka, Andreeva

2013-01-01

The approaches and methods for business valuation of industrial companies, related in a specific way in a methodology, are the focus of this article. These approaches and methods are increasingly attracting attention, especially the attention of financial management, due to the constant need for specifying the value of the industrial company and of its business respectively, currently, as well as in the future. The methods for business valuation of the industrial business company are illustra...

Market valuation in the framework of modern life insurance mathematics

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Maja Petrač

2013-12-01

Full Text Available In the traditional actuarial life insurance mathematics, liabilities to beneficiaries (technical reserves are calculated based on conservative assumptions of mortality and interest rates. However, this approach was found to be incomplete since it does not contain the market component which has become essential due to the development of the financial market. Since about 80% of total liabilities of life insurance companies are made up of technical reserves, this issue has a major impact on the overall performance of insuran - ce companies. The introduction of financial components into the actuarial valuation resulted in actuarial mathematics using more and more the elements of financial mathematics thus creating new, modern life insurance mathematics. Using a simple example, this paper compares the traditional and market approaches to valuation. For this purpose, one of the principles of modern life insurance mathematics, the principle of equivalence, was observed. The above market approach to valuation, together with operational risk management, forms the basis of Solvency II Directive, the new legislative and regulatory framework for insurance and reinsurance companies in the European Union.

Contingent Valuation of Residents' Attitudes and Willingness-to-Pay for Non-point Source Pollution Control: A Case Study in AL-Prespa, Southeastern Albania

Science.gov (United States)

Grazhdani, Dorina

2015-07-01

Recently, local governments in Albania have begun paying attention to management of small watershed, because there are specific boundaries and people living within a watershed basin tend to be more concerned about the basin's environmental, economic, and social development. But this natural resource management and non-point source (NPS) pollution control is still facing challenges. Albanian part of Prespa Park (AL-Prespa) is a good case study, as it is a protected wetland area of high biodiversity and long human history. In this framework, this study was undertaken, the main objectives of which were to explore: (1) the attitudes of the residents toward NPS pollution control, (2) their willingness-to-pay for improving water quality, and (3) factors affecting the residents' willingness-to-pay. Descriptive statistics, one-way ANOVA (analysis of variance), Chi-square analysis, and multivariate data analysis techniques were used. Findings strongly suggested that the residents' attitudes toward NPS pollution control in this area were positive. With the combination of two major contingent valuation methods—dichotomous choice and open-ended formats, the survey results indicated that the average yearly respondents' WTP was €6.4. The survey revealed that residents' yearly income and education level were the main factors affecting residents' willingness-to-pay for NPS pollution control in this area, and there was no significant correlation between residents' yearly income and their education level. The current study would lay a solid foundation on decision-making in further NPS pollution control and public participation through community-based watershed management policies in AL-Prespa watershed and similar areas.

Negotiating contingent knowledges in a time of epistemic doubt

DEFF Research Database (Denmark)

Phillips, Louise Jane

How can/should we produce and communicate social scientific knowledge with authority under conditions of epistemic doubt? If all knowledge is contingent and if truth is a discursive effect rather than the final claim about reality - as post-foundationalism suggests - how can we formulate...... and provide support for contingent knowledge-claims? And how can the communication of social scientificknowlege be theorised and practised as the negotiation between social scientific knowledge and other forms of contingent knowledge rather than the one-way transmission of universal, value-free truth......-claims? In the paper, I outline an approach to addressing the final question. The approach is based on a combination of approaches to the production of knowledge developed in post-foundationalist sociology and philosophy of science, approaches to the communication of knowlege developed within communication studies...

Industry Valuation Driven Earnings Management

NARCIS (Netherlands)

T. Jiao (Tao); G.M.H. Mertens (Gerard); P.G.J. Roosenboom (Peter)

2007-01-01

textabstractThis paper investigates whether industry valuation impacts firms’ earnings management decisions. Existing accounting literature assumes that industry valuation has a constant impact on this decision. We argue that a higher industry valuation increases the perceived benefits of earnings

Integral geometry and valuations

CERN Document Server

Solanes, Gil

2014-01-01

Valuations are finitely additive functionals on the space of convex bodies. Their study has become a central subject in convexity theory, with fundamental applications to integral geometry. In the last years there has been significant progress in the theory of valuations, which in turn has led to important achievements in integral geometry. This book originated from two courses delivered by the authors at the CRM and provides a self-contained introduction to these topics, covering most of the recent advances. The first part, by Semyon Alesker, is devoted to the theory of convex valuations, with emphasis on the latest developments. A special focus is put on the new fundamental structures of the space of valuations discovered after Alesker's irreducibility theorem. Moreover, the author describes the newly developed theory of valuations on manifolds. In the second part, Joseph H. G. Fu gives a modern introduction to integral geometry in the sense of Blaschke and Santaló, based on the notions and tools presented...

Cross currency swap valuation

OpenAIRE

Boenkost, Wolfram; Schmidt, Wolfgang M.

2004-01-01

Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency into another. The market charges for this a liquidity premium, the cross currency basis spread, which should be taken into account by the valuation methodology. We describe and compare two valuation methods for cross currency swaps which are based upon using two different discounting curves. The first method is very popular in practice but inconsistent with single currency swap valuation methods....

The Need for a Strategic Approach to Contingency Contracting

National Research Council Canada - National Science Library

D'Angelo, Anthony F; Houglan, Danny H; Ruckwardt, Edwin

2007-01-01

...; however, the contingency arena is often overlooked. Corporations are finding a strategic enterprise orientation to procurement can create or enhance their own competitive position within a market...

Valuation relationships under growth

OpenAIRE

Benavides Franco, Julián

2003-01-01

One of the most important topics on valuation is the appropriate relationships between cash flows and rate of returns. I review those relationships under the premise, by Myers (1974), of the cost of debt as the right discount for the tax shield. Different hypotheses have been advanced for the tax shield risk, each one producing different valuation results, especially when growth is present. The consequences of some common mistakes on valuation are explored. One difference between the results ...

Successful New Product Pricing Practices: A Contingency Approach

NARCIS (Netherlands)

Ingenbleek, P.T.M.; Debruyne, M.; Frambach, R.T.; Verhallen, T.M.M.

2003-01-01

The purpose of this study is to examine the success of new product pricing practices and the conditions upon which success is contingent. We distinguish three different pricing practices that refer to the use of information on customer value, competition, and costs respectively. Following Monroe's

Successful New Product Pricing Practices: A Contingency Approach

NARCIS (Netherlands)

Ingenbleek, P.T.M.; Debruyne, M.; Frambach, R.T.; Verhallen, Th.M.M.

2003-01-01

Abstract The purpose of this study is to examine the success of new product pricing practices and the conditions upon which success is contingent. We distinguish three different pricing practices that refer to the use of information on customer value, competition, and costs respectively. Following

A Formal Valuation Framework for Emotions and Their Control.

Science.gov (United States)

Huys, Quentin J M; Renz, Daniel

2017-09-15

Computational psychiatry aims to apply mathematical and computational techniques to help improve psychiatric care. To achieve this, the phenomena under scrutiny should be within the scope of formal methods. As emotions play an important role across many psychiatric disorders, such computational methods must encompass emotions. Here, we consider formal valuation accounts of emotions. We focus on the fact that the flexibility of emotional responses and the nature of appraisals suggest the need for a model-based valuation framework for emotions. However, resource limitations make plain model-based valuation impossible and require metareasoning strategies to apportion cognitive resources adaptively. We argue that emotions may implement such metareasoning approximations by restricting the range of behaviors and states considered. We consider the processes that guide the deployment of the approximations, discerning between innate, model-free, heuristic, and model-based controllers. A formal valuation and metareasoning framework may thus provide a principled approach to examining emotions. Copyright © 2017 Society of Biological Psychiatry. Published by Elsevier Inc. All rights reserved.

The Organizational Valuation of Valuation Devices: Putting Lean whiteboard management to work in a hospital department

Directory of Open Access Journals (Sweden)

Amalie Martinus Hauge

2016-12-01

Full Text Available This paper is about the interplay between multiple modes of valuation. The paper engages with the question of how a valuation device intersects with the working values of an organization. While the many studies of valuation practices have drawn attention to the pervasive effects of valuation devices, only a few studies have taken into account the fact that many spaces, including organizations, are already filled with practices and ideas that constitute what is valuable. Revisiting classical organization theory, this paper shows that organizations comprise multiple, more - or less - integrated modes of valuation. Empirically, the paper draws on an ethnographic study of Lean management at a children's hospital, which is presented through analytical snapshots. The paper suggests that an organizational turn is relevant for valuation studies, as this fi rst allows an analytical expansion to include less 'deviced' valuations, contributes to the ongoing culture vs. device debate offering an alternative to the causal analysis of devices and effects without making the 'ineffable culture' what makes or breaks the causality.

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

OpenAIRE

HOLT GHEORGHE

2015-01-01

Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow). Valuation of Intangible Assets is the objective of the International Valuation Standards (GN) 4 Valuation of Intangible A...

State-of-the-art risk-based approach to spill contingency planning and risk management

International Nuclear Information System (INIS)

Schmidt Etkin, Dagmar; Reilly, Timothy; French McCay, Deborah

2011-01-01

The paper proposes incorporating a comprehensive examination of spill risk into risk management and contingency planning, and applying state-of-the-art modeling tools to evaluate various alternatives for appropriate spill response measures and optimize protective responses. The approach allows spill contingency planners and decision-makers to determine the types of spill scenarios that may occur in a particular location or from a particular source and calculate the probability distribution of the various scenarios. The spill probability information is useful in assessing and putting into perspective the various costs options for spill control systems that will be recommended ultimately. Using advanced modeling tools helps in estimating the potential environmental and socioeconomic consequences of each spill scenario based on location-specific factors over a range of stochastic possibilities, simulating spill scenarios and determining optimal responses and protection strategies. The benefits and costs of various response alternatives and variations in response time can be calculated and modeling tools for training and risk allocation/transfer purposes used.

On a Generalized Squared Gaussian Diffusion Model for Option Valuation

Directory of Open Access Journals (Sweden)

Edeki S.O.

2017-01-01

Full Text Available In financial mathematics, option pricing models are vital tools whose usefulness cannot be overemphasized. Modern approaches and modelling of financial derivatives are therefore required in option pricing and valuation settings. In this paper, we derive via the application of Ito lemma, a pricing model referred to as Generalized Squared Gaussian Diffusion Model (GSGDM for option pricing and valuation. Same approach can be considered via Stratonovich stochastic dynamics. We also show that the classical Black-Scholes, and the square root constant elasticity of variance models are special cases of the GSGDM. In addition, general solution of the GSGDM is obtained using modified variational iterative method (MVIM.

VALUATION METHODS- LITERATURE REVIEW

OpenAIRE

Dorisz Talas

2015-01-01

This paper is a theoretical overview of the often used valuation methods with the help of which the value of a firm or its equity is calculated. Many experts (including Aswath Damodaran, Guochang Zhang and CA Hozefa Natalwala) classify the methods. The basic models are based on discounted cash flows. The main method uses the free cash flow for valuation, but there are some newer methods that reveal and correct the weaknesses of the traditional models. The valuation of flexibility of managemen...

Multiple approaches to valuation of conservation design and low-impact development features in residential subdivisions.

Science.gov (United States)

Bowman, Troy; Tyndall, John C; Thompson, Janette; Kliebenstein, James; Colletti, Joe P

2012-08-15

Residents, developers and civic officials are often faced with difficult decisions about appropriate land uses in and around metropolitan boundaries. Urban expansion brings with it the potential for negative environmental impacts, but there are alternatives, such as conservation subdivision design (CSD) or low-impact development (LID), which offer the possibility of mitigating some of these effects at the development site. Many urban planning jurisdictions across the Midwest do not currently have any examples of these designs and lack information to identify public support or barriers to use of these methods. This is a case study examining consumer value for conservation and low-impact design features in one housing market by using four different valuation techniques to estimate residents' willingness to pay for CSD and LID features in residential subdivisions. A contingent valuation survey of 1804 residents in Ames, IA assessed familiarity with and perceptions of subdivision development and used an ordered value approach to estimate willingness to pay for CSD and LID features. A majority of residents were not familiar with CSD or LID practices. Residents indicated a willingness to pay for most CSD and LID features with the exception of clustered housing. Gender, age, income, familiarity with LID practices, perceptions of attractiveness of features and the perceived effect of CSD and LID features on ease of future home sales were important factors influencing residents' willingness to pay. A hypothetical referendum measured willingness to pay for tax-funded conservation land purchases and estimated that a property tax of around $50 would be the maximum increase that would pass. Twenty-seven survey respondents participated in a subsequent series of experimental real estate negotiations that used an experimental auction mechanism to estimate willingness to pay for CSD and LID features. Participants indicated that clustered housing (with interspersed preserved forest

Probabilistic real-time contingency ranking method

International Nuclear Information System (INIS)

Mijuskovic, N.A.; Stojnic, D.

2000-01-01

This paper describes a real-time contingency method based on a probabilistic index-expected energy not supplied. This way it is possible to take into account the stochastic nature of the electric power system equipment outages. This approach enables more comprehensive ranking of contingencies and it is possible to form reliability cost values that can form the basis for hourly spot price calculations. The electric power system of Serbia is used as an example for the method proposed. (author)

Associationism and cognition: human contingency learning at 25.

Science.gov (United States)

Shanks, David R

2007-03-01

A major topic within human learning, the field of contingency judgement, began to emerge about 25 years ago following publication of an article on depressive realism by Alloy and Abramson (1979). Subsequently, associationism has been the dominant theoretical framework for understanding contingency learning but this has been challenged in recent years by an alternative cognitive or inferential approach. This article outlines the key conceptual differences between these approaches and summarizes some of the main methods that have been employed to distinguish between them.

Valuation of Wind Energy Projects: A Real Options Approach

Directory of Open Access Journals (Sweden)

Luis M. Abadie

2014-05-01

Full Text Available We address the valuation of an operating wind farm and the finite-lived option to invest in it under different reward/support schemes: a constant feed-in tariff, a premium on top of the electricity market price (either a fixed premium or a variable subsidy such as a renewable obligation certificate or ROC, and a transitory subsidy, among others. Futures contracts on electricity with ever longer maturities enable market-based valuations to be undertaken. The model considers up to three sources of uncertainty: the electricity price, the level of wind generation, and the certificate (ROC price where appropriate. When analytical solutions are lacking, we resort to a trinomial lattice combined with Monte Carlo simulation; we also use a two-dimensional binomial lattice when uncertainty in the ROC price is considered. Our data set refers to the UK. The numerical results show the impact of several factors involved in the decision to invest: the subsidy per MWh generated, the initial lump-sum subsidy, the maturity of the investment option, and electricity price volatility. Different combinations of variables can help bring forward investments in wind generation. One-off policies, e.g., a transitory initial subsidy, seem to have a stronger effect than a fixed premium per MWh produced.

Power plant construction lead times: The value of contingency planning

International Nuclear Information System (INIS)

Rubin, L.J.

1985-01-01

In this paper an analysis of two different approaches to the construction of a major power plant (nuclear) is presented. The analysis compares an accelerated, ''go-for-broke'' strategy-which has some risk of being delayed-with a more deliberate contingency construction schedule in terms of revenue requirements and costs of electricity. It is demonstrated that under a wide variety of circumstances there are important advantages to the contingency strategy, but that the magnitude of those advantages is sensitive to the character of the power system being examined and to the flexibility of the contingency approach

South African mine valuation

Energy Technology Data Exchange (ETDEWEB)

Storrar, C D

1977-01-01

This article sets out the basic concepts of mine valuation, with gold mining receiving more space than base minerals and coal. Sampling practice is given special attention. Chapter headings are methods of investigation, sampling, underground sampling, averaging of underground sampling, diamond-drill sampling, mass and mineral content of ore, organization of a sample office, working costs, mining pay limits, ore reserves, ore accounting, maintenance of grade, forecasting operations and life of mine, statistical mine valuation, state's share of profits and taxation, and financial valuation of mining ventures.

Economic Valuation of Mangrove Restoration in Indonesia

Directory of Open Access Journals (Sweden)

Djoko Suprapto

2015-12-01

Full Text Available Mangrove forest is one of the important ecosystems in Karimunjawa, Indonesia. It provides a variety of services both ecologically and economically. However, over-exploited activity, such as timber theft, can be threatening the sustainability of mangrove forest in Karimunjawa now and in the future. Thus, the improved management for mangrove forest is necessary to ensure its sustainability, and it is depending on how people value the conservation from economic and environment consideration. This study examines the factors influencing on the willingness to pay (WTP of respondents for mangrove restoration in Karimunjawa. A total of 502 respondents were interviewed using census method. The method employed is Contingent Valuation Method (CVMSingle Bounded. In CVM, the logit model was defined based on dichotomous choice method to estimate the willingness-to-pay (WTP randomly with three different starting bid value. Findings showed that local awareness of the importance of the values given by mangroves was popularized among local communities. The findings also indicated that respondents who are higher education and have more income were more likely to pay for the mangrove restoration.

Rational valuations

Directory of Open Access Journals (Sweden)

Georg Spielthenner

2007-01-01

Full Text Available Valuations are ubiquitous. We may be for or against genetically modified food; we find some politicians irresponsible; we prefer Beethoven to rock ‘n’ roll or vice versa; some enjoy bird-watching while others find it boring; and we may think that we have to tighten up on green-house gas emissions. Valuing is pervasive and often we are not even aware that we are valuing. However, many of ourvaluations are ill grounded and rationally defective. They are frequently based on misinformation, sloppy thinking, prejudice, and are biased in many ways as psychological research shows. For this reason there is widespread agreement among phi-losophers that we need an account of substantive valuational rationality, both for the theory of practical reasoning and for ethics as well. My main objectin this paper is to outline such an account and to present a principle that allows a non-technical rational criticism of valuations

Financial accounting as a method of household finance capacity valuation

Directory of Open Access Journals (Sweden)

A. B. Untanov

2017-01-01

Full Text Available The article presents existing household finance capacity investigations. Comparison conducting allowed to determinate collisions and flaws of previous works. That substantiates to find a new approach in household finance capacity valuation necessity. The article contains theoretical research of household finance fundamental categories. In particular, it notes significant difference between domestic and foreign experience of household finance determination. Although emphasizing key similarities allows identifying household finance capacity composition. Moreover, the article provides a public and corporate finance sectors experience, which contains a huge knowledge of finance capacity investigations. Used research allows classify finance capacity not only as a resource valuation, but also as an economic entity’s ability to generate financial result. In terms of resource valuation, the paper suggests assessing both financial resources in classical meaning and any other property, which participating household economic activity and could be evaluated. The author’s position in terms of household finance capacity valuation is suggested. A broad definition of finance capacity causes applying conceptually different approach in this paper. Thus, comparative analysis method is suggested to substantiate household and corporate firm similarities. Used method allows forming household financial accounting, which leads to clear determination of household finance capacity composition and structure. Specificity forming household financial accounting is considered. An author’s position in regards existing contradictions with early research is suggested.

Temporal contingency.

Science.gov (United States)

Gallistel, C R; Craig, Andrew R; Shahan, Timothy A

2014-01-01

Contingency, and more particularly temporal contingency, has often figured in thinking about the nature of learning. However, it has never been formally defined in such a way as to make it a measure that can be applied to most animal learning protocols. We use elementary information theory to define contingency in such a way as to make it a measurable property of almost any conditioning protocol. We discuss how making it a measurable construct enables the exploration of the role of different contingencies in the acquisition and performance of classically and operantly conditioned behavior. Copyright © 2013 Elsevier B.V. All rights reserved.

Temporal contingency

Science.gov (United States)

Gallistel, C.R.; Craig, Andrew R.; Shahan, Timothy A.

2015-01-01

Contingency, and more particularly temporal contingency, has often figured in thinking about the nature of learning. However, it has never been formally defined in such a way as to make it a measure that can be applied to most animal learning protocols. We use elementary information theory to define contingency in such a way as to make it a measurable property of almost any conditioning protocol. We discuss how making it a measurable construct enables the exploration of the role of different contingencies in the acquisition and performance of classically and operantly conditioned behavior. PMID:23994260

Human Resource Valuation and the Performance of Selected Banks ...

African Journals Online (AJOL)

Human Resource Valuation and the Performance of Selected Banks in ... the researcher gathered data from Nigerian banks listed in the Nigeria Stock ... Conclusively, human resources cost approach to corporate performance measurement ...

Time-consistent actuarial valuations

NARCIS (Netherlands)

Pelsser, A.A.J.; Salahnejhad Ghalehjooghi, A.

2016-01-01

Time-consistent valuations (i.e. pricing operators) can be created by backward iteration of one-period valuations. In this paper we investigate the continuous-time limits of well-known actuarial premium principles when such backward iteration procedures are applied. This method is applied to an

Resource management and nonmarket valuation research

Science.gov (United States)

Douglas, A.J.; Taylor, J.G.

1999-01-01

Survey based nonmarket valuation research is often regarded as economics research. However, resource economists need to be aware of and acknowledge the manifold information sources that they employ in order to enhance the policy credibility of their studies. Communication between resource economists and practitioners of allied disciplines including chemistry, civil engineering, sociology, and anthropology are often neglected. Recent resource allocation policy debates have given rise to an extensive discussion of methodological issues that narrow the scope of the subject. The present paper provides a format for the presentation of nonmarket valuation research results that emphasizes the manifold links between economics studies that employ different methodologies to estimate nonmarket resource values. A more robust emphasis on the interlocking features of the different approaches for estimating nonmarket benefits should foster appreciation of the transdisciplinary aspects of the subject.

Training opioid addiction treatment providers to adopt contingency management: A prospective pilot trial of a comprehensive implementation science approach.

Science.gov (United States)

Becker, Sara J; Squires, Daniel D; Strong, David R; Barnett, Nancy P; Monti, Peter M; Petry, Nancy M

2016-01-01

Few prospective studies have evaluated theory-driven approaches to the implementation of evidence-based opioid treatment. This study compared the effectiveness of an implementation model (Science to Service Laboratory; SSL) to training as usual (TAU) in promoting the adoption of contingency management across a multisite opioid addiction treatment program. We also examined whether the SSL affected putative mediators of contingency management adoption (perceived innovation characteristics and organizational readiness to change). Sixty treatment providers (39 SSL, 21 TAU) from 15 geographically diverse satellite clinics (7 SSL, 8 TAU) participated in the 12-month study. Both conditions received didactic contingency management training and those in the predetermined experimental region received 9 months of SSL-enhanced training. Contingency management adoption was monitored biweekly, whereas putative mediators were measured at baseline, 3 months, and 12 months. Relative to providers in the TAU region, treatment providers in the SSL region had comparable likelihood of contingency management adoption in the first 20 weeks of the study, and then significantly higher likelihood of adoption (odds ratios = 2.4-13.5) for the remainder of the study. SSL providers also reported higher levels of one perceived innovation characteristic (Observability) and one aspect of organizational readiness to change (Adequacy of Training Resources), although there was no evidence that the SSL affected these putative mediators over time. Results of this study indicate that a fully powered randomized trial of the SSL is warranted. Considerations for a future evaluation are discussed.

Cooperation, competition, and team performance : Toward a contingency approach

NARCIS (Netherlands)

Beersma, Bianca; Hollenbeck, John R.; Humphrey, Stephen E.; Moon, Henry; Conlon, Donald E.; Ilgen, Daniel R.

2003-01-01

This study examined whether the relationship between reward structure and team performance is contingent upon task dimension, team composition, and individual performance level. Seventy-five four-person teams engaged in a simulated interactive task in which reward structure was manipulated. A

Valuation of international oil- and gas companies

International Nuclear Information System (INIS)

Osmundsen, Petter; Mohn, Klaus; Espedal, Harald; Loevaas, Kjell

2002-01-01

In Norway, stock exchange quotation of Statoil has led to increased interest in valuation of oil companies. This article goes through the theory of corporate valuation. Then it compares the theory with practice, where valuation largely is built on accounts-based indicators. Taking the oil companies as a case, the article describes and evaluates the valuation methods used by analysts and investment banks

Advances in automated valuation modeling AVM after the non-agency mortgage crisis

CERN Document Server

Kauko, Tom

2017-01-01

This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

Unilever Group : equity valuation

OpenAIRE

Pires, Susana Sofia Castelo

2014-01-01

The following dissertation has the purpose to value the Unilever Group, but more specifically Unilever N.V. being publicly traded in the Amsterdam Exchange Index. Unilever is seen as a global player and one of most successful and competitive fast-moving consumer goods companies. In order to valuate Unilever’s equity, a Discounted Cash Flow (DCF) approach is first carried out, since it is believed to be the most reliable methodology. The value estimated was €36.39, advising one to buy its s...

Three residual income valuation methods and discounted cash flow valuation

OpenAIRE

Fernandez, Pablo

2003-01-01

In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

Ecosystem's Modeling of Bhoj Wetland - A Base For Economic Valuation and Sustainable Management

Science.gov (United States)

Verma, M.; Bakshi, N.; Nair, R.

terms of productivity losses and health impacts? How feedback can be taken from these impacts to revise or develop management policies and to seek participation of stakeholders to check wet- land degradation or losses? What type of benefits accrues to people from this wetland? What is the willingness of the people to pay to conserve this important water body? Lake degradation is due to multiple causes hence lakeSs restoration requires multi- ple interventions. To suggest such interventions and above all their prioritizations, an 1 ecosystem model for the lake has been developed following the systemSs dynamics approach. The main objective of the Ecosystem Modeling of the wetland was to under- stand the changes in the hydrology of the wetland first on account of certain changes in the conditions of the surroundings such that valuation process can be followed with current and future scenarios of the lakes hydrology in hand. A sophisticated computer software called as STELLA was used for the modeling exercise. The model used wa- ter quality parameters to show the impact of flow of sewage on dissolved oxygen, bio-chemical oxygen demand, pH, total hardness, total alkalinity, bacterial count and growth of weeds. A base scenario has been created and various simulation runs have been performed for the pre and ongoing restoration activities for next 25 years so as to represent the health of the wetlandSs ecosystem. These scenarios have then been used in the valuation exercise to estimate the conservation value of the lake. Various valuation techniques like contingent valuation, production function approach, hedonic pricing and supply cost have been used to capture the economic values as perceived by different stakeholders. These scenarios and the valuation exercises further throw light on the prioritization of future policy intervention for sustainable management of this urban wetland. Key words: Ecosystem Services, Water Quality Parameters, EcosystemSs Modeling, Economic

FINANCIAL STATEMENTS ANALYSIS AND FIRMS’ VALUATION IN VIETNAM

OpenAIRE

Kim, Trang Thu

2009-01-01

Valuation is the central focus in fundamental analysis. This dissertation considers the usefulness of financial statements in predicting market values of companies in Vietnam stock market by adopting the valuation model constructed by Chung et al., (2001). The overview of Vietnam stock market; some definitions about financial statements, valuation; description of several basis valuation models and empirical evidence including the description of valuation model developed by Chung et al., (2001...

Pension plan asset valuation

OpenAIRE

Owadally, M. I; Haberman, S.

2001-01-01

Various asset valuation methods are used in the context of funding valuations. The motivation for such methods and their properties are briefly described. Some smoothed value or market-related methods based on arithmetic averaging and exponential smoothing are considered and their effect on funding is discussed. Suggestions for further research are also made.

The valuative tree

CERN Document Server

Favre, Charles

2004-01-01

This volume is devoted to a beautiful object, called the valuative tree and designed as a powerful tool for the study of singularities in two complex dimensions. Its intricate yet manageable structure can be analyzed by both algebraic and geometric means. Many types of singularities, including those of curves, ideals, and plurisubharmonic functions, can be encoded in terms of positive measures on the valuative tree. The construction of these measures uses a natural tree Laplace operator of independent interest.

Market-consistent actuarial valuation

CERN Document Server

Wüthrich, Mario V

2016-01-01

This is the third edition of this well-received textbook, presenting powerful methods for measuring insurance liabilities and assets in a consistent way, with detailed mathematical frameworks that lead to market-consistent values for liabilities. Topics covered are stochastic discounting with deflators, valuation portfolio in life and non-life insurance, probability distortions, asset and liability management, financial risks, insurance technical risks, and solvency. Including updates on recent developments and regulatory changes under Solvency II, this new edition of Market-Consistent Actuarial Valuation also elaborates on different risk measures, providing a revised definition of solvency based on industry practice, and presents an adapted valuation framework which takes a dynamic view of non-life insurance reserving risk.

The tension between nature conservation and economic valuation of ecosystem services

NARCIS (Netherlands)

Admiraal, J.F.

2016-01-01

Economic valuation of ecosystem services is a popular yet troubled approach in modern nature conservation. It's effectiveness remains unknown while a lot of criticism is noted in the literature about potential consequences of this approach. This thesis first clarifies the various discourses extant

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

HOLT GHEORGHE

2015-03-01

Full Text Available Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow. Valuation of Intangible Assets is the objective of the International Valuation Standards (GN 4 Valuation of Intangible Assets (revised 2010. Next to it was recently proposed GN 16 Valuation of Intangible Assets for IFRS reporting. International Accounting Standard (IAS 38 Intangible Assets prescribe the accounting treatment for intangible assets, analyze the criteria that an intangible asset must meet to be recognized, specific carrying amount of intangible assets and sets out requirements for disclosure of intangible assets. From an accounting perspective, relevant professional accounting standards and the following: IFRS 3 Business Combinations, IAS 36 Impairment of Assets and SFAS 157 fair value measurement, developed by the FASB. There is a more pronounced near the provisions of IAS 38 contained in GN 4. Therefore, a good professional intangible asset valuation must know thoroughly the conditions, principles, criteria and assessment methods recognized by those standards

Can renewable energy replace nuclear power in Korea? An economic valuation analysis

International Nuclear Information System (INIS)

Park, Soo Ho; Jung, Woo Jin; Kim, Tae Hwan; Lee, Sang Yong Tom

2016-01-01

This paper studies the feasibility of renewable energy as a substitute for nuclear and energy by considering Korean customers' willingness to pay (WTP). For this analysis, we use the contingent valuation method to estimate the WTP of renewable energy, and then estimate its value using ordered logistic regression. To replace nuclear power and fossil energy with renewable energy in Korea, an average household is willing to pay an additional 102,388 Korean Won (KRW) per month (approx. US $85). Therefore, the yearly economic value of renewable energy in Korea is about 19.3 trillion KRW (approx. US $16.1 billion). Considering that power generation with only renewable energy would cost an additional 35 trillion KRW per year, it is economically infeasible for renewable energy to be the sole method of low-carbon energy generation in Korea

Can Renewable Energy Replace Nuclear Power in Korea? An Economic Valuation Analysis

Directory of Open Access Journals (Sweden)

Soo-Ho Park

2016-04-01

Full Text Available This paper studies the feasibility of renewable energy as a substitute for nuclear and energy by considering Korean customers' willingness to pay (WTP. For this analysis, we use the contingent valuation method to estimate the WTP of renewable energy, and then estimate its value using ordered logistic regression. To replace nuclear power and fossil energy with renewable energy in Korea, an average household is willing to pay an additional 102,388 Korean Won (KRW per month (approx. US $85. Therefore, the yearly economic value of renewable energy in Korea is about 19.3 trillion KRW (approx. US $16.1 billion. Considering that power generation with only renewable energy would cost an additional 35 trillion KRW per year, it is economically infeasible for renewable energy to be the sole method of low-carbon energy generation in Korea.

Can renewable energy replace nuclear power in Korea? An economic valuation analysis

Energy Technology Data Exchange (ETDEWEB)

Park, Soo Ho [Korea Institute for Advancement of Technology, Korea Technology Center, Seoul (Korea, Republic of); Jung, Woo Jin [Graduate School of Information, Yonsei University, Seoul (Korea, Republic of); Kim, Tae Hwan; Lee, Sang Yong Tom [School of Business, Hanyang University, Seoul (Korea, Republic of)

2016-04-15

This paper studies the feasibility of renewable energy as a substitute for nuclear and energy by considering Korean customers' willingness to pay (WTP). For this analysis, we use the contingent valuation method to estimate the WTP of renewable energy, and then estimate its value using ordered logistic regression. To replace nuclear power and fossil energy with renewable energy in Korea, an average household is willing to pay an additional 102,388 Korean Won (KRW) per month (approx. US $85). Therefore, the yearly economic value of renewable energy in Korea is about 19.3 trillion KRW (approx. US $16.1 billion). Considering that power generation with only renewable energy would cost an additional 35 trillion KRW per year, it is economically infeasible for renewable energy to be the sole method of low-carbon energy generation in Korea.

Flexibility valuation in the Brazilian power system: A real options approach

International Nuclear Information System (INIS)

Marreco, Juliana de Moraes; Carpio, Lucio Guido Tapia

2006-01-01

This paper presents a valuation study of operational flexibility in the complex Brazilian Power System. Thermopower plants represent operational flexibility for the national system operator provided they can be dispatched in dry periods to supply part of the load when reservoir waters are too low. Deficit costs can be avoided as a result. We have adopted a real options approach to calculate the fair value of a financial subsidy to be paid to thermal generators for their availability to the system. A financial subsidy is mandatory for their economic feasibility and, therefore, for increased thermopower capacity in the Brazilian Power System. This is why this policy is currently being studied by Brazil's federal government. In order to illustrate our modeling we have run the model for the southeast subsystem. We found a flexibility value of US$4.52 billion, which represents US$497/MW per year. This means that a 100 MW thermopower plant should receive US$49,700 for each year of its economic lifetime as a fair premium incentive to investments

Project valuation and investment decisions: CAPM versus arbitrage

OpenAIRE

Magni, Carlo Alberto

2007-01-01

This paper shows that (i) project valuation via disequilibrium NPV+CAPM contradicts valuation via arbitrage pricing, (ii) standard CAPM-minded decision makers may fail to profit from arbitrage opportunities, (iii) standard CAPM-based valuation violates value additivity. As a consequence, the standard use of CAPM for project valuation and decision making should be reconsidered.

Employing contingent and inferred valuation methods to evaluate the conservation of olive groves and associated ecosystem services in Andalusia (Spain)

Czech Academy of Sciences Publication Activity Database

Torres-Miralles, M.; Grammatikopoulou, Ioanna; Rescia, A. J.

2017-01-01

Roč. 26, AUG (2017), s. 258-269 ISSN 2212-0416 Institutional support: RVO:86652079 Keywords : social-ecological system * agricultural landscape * public preferences * management * benefits * perspectives * opportunity * insights * values * areas * Agricultural landscape * Economic valuation * Protected area * Social perception * Sustainable management Subject RIV: EH - Ecology, Behaviour OBOR OECD: Environmental sciences (social aspects to be 5.7) Impact factor: 4.072, year: 2016

Valuation of nature in conservation and restoration

NARCIS (Netherlands)

Swart, JAA; van der Windt, HJ; Keulartz, J

Valuation of nature is an important aspect of nature conservation and restoration. Understanding valuation in a broad sense may contribute to conservation strategies since it may lead to better support from society. In this article we propose a model of valuation with respect to conservation and

Valuation of Nature in Conservation and Restoration

NARCIS (Netherlands)

Keulartz, F.W.J.; Swart, S.; Windt, v.d. H.

2001-01-01

Valuation of nature is an important aspect of nature conservation and restoration. Understanding valuation in a broad sense may contribute to conservation strategies since it may lead to better support from society. In this article we propose a model of valuation with respect to conservation and

Prime divisors and noncommutative valuation theory

CERN Document Server

Marubayashi, Hidetoshi

2012-01-01

Classical valuation theory has applications in number theory and class field theory as well as in algebraic geometry, e.g. in a divisor theory for curves.  But the noncommutative equivalent is mainly applied to finite dimensional skewfields.  Recently however, new types of algebras have become popular in modern algebra; Weyl algebras, deformed and quantized algebras, quantum groups and Hopf algebras, etc. The advantage of valuation theory in the commutative case is that it allows effective calculations, bringing the arithmetical properties of the ground field into the picture.  This arithmetical nature is also present in the theory of maximal orders in central simple algebras.  Firstly, we aim at uniting maximal orders, valuation rings, Dubrovin valuations, etc. in a common theory, the theory of primes of algebras.  Secondly, we establish possible applications of the noncommutative arithmetics to interesting classes of algebras, including the extension of central valuations to nice classes of quantized a...

Institutionalizing environmental valuation into policy

NARCIS (Netherlands)

Phelps, Jacob; Dermawan, Ahmad; Garmendia, Eneko

2017-01-01

Monetary valuation of the environment is increasingly embedded in policy. Despite broad claims that valuation is policy-relevant, there is widespread frustration that it has not widely improved environmental outcomes, that it obscures many other types of values, and presents unintended consequences.

Valuation of ecological impacts - a regional approach using the ecological footprint concept

International Nuclear Information System (INIS)

Knaus, Michael; Loehr, Dirk; O'Regan, Bernadette

2006-01-01

All economic activities impact on the environment but not all environmental impacts are assigned values and taken into consideration in development budgets. At project level, the environmental consequences of proposed economic activities have to be evaluated by conducting an environmental impact assessment. Threshold levels in physical terms are outlined in corresponding laws and regulations. Projects fulfilling the necessary environmental assessment requirements (threshold levels) tend to be permitted without predicting the expected environmental impacts in monetary terms. The economic valuation of environmental impacts tends to be affected by uncertainties. The following example of indirect monetary valuation of environmental impacts uses the Ecological Footprint (EF) concept to calculate the total land use of projects. According to the strong sustainability concept it is assumed that every additional direct or indirect utilisation of land caused by a project requires corresponding offset areas. The offset areas required by different project alternatives are valued with relevant regional guide land values

12 CFR 950.10 - Collateral valuation; appraisals.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Collateral valuation; appraisals. 950.10...-BALANCE SHEET ITEMS ADVANCES Advances to Members § 950.10 Collateral valuation; appraisals. (a) Collateral valuation. Each Bank shall determine the value of collateral securing the Bank's advances in accordance with...

26 CFR 20.2032-1 - Alternate valuation.

Science.gov (United States)

2010-04-01

... alternate valuation method under section 2032, the property included in the decedent's gross estate on the..., the alternate valuation method applies to all property included in the gross estate and cannot be... elects the alternate valuation method under section 2432, all property interests existing at the date of...

Évaluation institutionnelle : Cadre pour le renforcement des ...

International Development Research Centre (IDRC) Digital Library (Canada)

Les applications possibles vont de l'auto-évaluation interne à l'auto-évaluation externe par un organisme de financement et de l'évaluation exhaustive du fonctionnement d'une institution au relevé d'impressions-clés à l'occasion de visites brèves. Évaluation institutionnelle s'adresse notamment à une institution récente ou ...

26 CFR 26.2642-2 - Valuation.

Science.gov (United States)

2010-04-01

... reflects net appreciation and depreciation (occurring between the valuation date and the date of... on a basis that fairly reflects net appreciation and depreciation (occurring between the valuation...

Investigation of joint costs management practices of dairy industry: a contingency approach

Directory of Open Access Journals (Sweden)

Vinícius Costa da Silva Zonatto

2014-06-01

Full Text Available The research has investigated the adoption of administration practices in the set of costs in dairy product industries in the Southwest Region in Parana State, as well as, the contingency factors which has influenced the system in the management control at these companies. The explore research was developed through a study on data in quantitative approach in forty- three dairies. From these, just twenty-three produce milk and the other twenty cheese and its derivatives. According to the study these companies are concerned on how to check their costs on production. However, just the dairies which produce cheese and its derivatives are managing costs based on data in a planning and control process. The way used to determine the costs is based on the method of market value. These organizations stand out by the development of control systems of computerized costs where the aims are related to right identification of the costs and the prices for sale, as well. The main outside elements which have affected the organizations are the market needs and the goods availability. In relation to the model  of the manage control in these organizations, it was  checked that these are different from the others in the strategies structure, complexity in the production process, level of computerization and the aims of the use. It was concluded that the administration practices in those researched dairies are influenced by contingency factors.

Valuation Studies 4(1) 2016

DEFF Research Database (Denmark)

2016-01-01

This issue of Valuation Studies presents an anthropological take on 'alternative valuations'. The three articles in this issue stem from a workshop held in August 2012 at James Cook University in Cairns, Australia. The workshop was organized by the guest editors of this issue along with Bruce...

Decision-making in the European water framework directive

DEFF Research Database (Denmark)

Wright, Stuart Anthony Lewis

2007-01-01

draws attention to a potential development path, which the DCA process could take, based on an important guidance document on economics in the WFD (WATECO) and the AquaMoney project, a large neoclassical project established to produce guidelines for member states as to how to conduct DCA, essentially...... based on economic valuation methodologies, specifically contingent valuation and benefit transfer. The paper is critical of this potential approach based on a theoretical discussion, which concludes that deliberative approaches to decision-making appear to be more appropriate as they better fit...... the nature of environmental problems. The second part of the paper is an analysis of the decision-making process in the WFD. The WFD both introduces economic methodologies and public participation for river basin management. The paper concludes that the use of neoclassical methods, such as contingent...

Management issues regarding the contingent workforce

Energy Technology Data Exchange (ETDEWEB)

Bowen-Smed, S. [Bowen Workforce Solutions, Calgary, AB (Canada)

2004-07-01

Fifty per cent of corporate leaders in Calgary today will be eligible for retirement over the next 5 years. In addition, 53 per cent of the entire Calgary workforce is 45 years or older. This paper suggests that only companies that seek aggressive programs to engage immigrants and contractors will weather the skills shortages anticipated in the future. It was noted that contractors care about aligning values to organizations, regardless of the project length, and that professional development is a key consideration when it comes to selecting their next project. Contingent workforce issues include: effectiveness; classification; risk; and cost. It was stated that effectiveness of the contingent workforce is an employer's responsibility. Factors that would strengthen the relationship between corporations and contractors include: proper orientation to manage expectations; training to improve productivity; tracking to enhance the quality of the workforce; and a management process to ensure adherence to protocol. It was concluded that the contingent workforce is an essential component to human capital management strategy, but that key issues must be managed to avoid unnecessary costs. In addition, effectiveness improves when processes are implemented. It was also suggested that technology is an essential component of the solution. Outsourcing is an effective approach to managing the contingent workforce. tabs., figs.

An Improved On-line Contingency Screening for Power System Transient Stability Assessment

DEFF Research Database (Denmark)

Weckesser, Johannes Tilman Gabriel; Jóhannsson, Hjörtur; Glavic, Mevludin

2017-01-01

This paper presents a contingency screening method and a framework for its on-line implementation. The proposed method carries out contingency screening and on-line stability assessment with respect to first-swing transient stability. For that purpose, it utilizes the single machine equivalent...... method and aims at improving the prior developed contingency screening approaches. In order to determine vulnerability of the system with respect to a particular contingency, only one time-domain simulation needs to be performed. An early stop criteria is proposed so that in a majority of the cases...... the simulation can be terminated after a few hundred milliseconds of simulated system response. The method's outcome is an assessment of the system's stability and a classification of each considered contingency. The contingencies are categorized by exploiting parameters of an equivalent one machine infinite bus...

A Valuation of the Restoration of Hwangnyongsa Temple in South Korea

Directory of Open Access Journals (Sweden)

Ju-Hee Kim

2018-01-01

Full Text Available Hwangnyongsa Temple (HT in South Korea belongs to the Gyeongju Historic Areas, designated as a UNESCO World Heritage Site in 2000. The temple was destroyed by fire in AD 1238 and today there are few traces left, however the government is seeking to restore HT. This paper aims to evaluate the economic benefits of the restoration using contingent valuation (CV, and to then perform a cost-benefit analysis of the restoration. For this purpose, people’s willingness to pay (WTP for the restoration is elicited from a survey of 1000 households. The average household’s WTP is estimated as KRW 2341 (USD 2.07 per annum. The current values of the benefits and costs of the restoration computed for the relevant period and population are KRW 415.3 billion (USD 366.9 million and KRW 232.2 billion (USD 205.1 million, respectively. As the former is more than the latter, the restoration is socially profitable.

Cultural valuation and biodiversity conservation in the Upper Guinea forest, West Africa

Directory of Open Access Journals (Sweden)

James A. Fraser

2016-09-01

Full Text Available The cultural valuation of biodiversity has taken on renewed importance over the last two decades as the ecosystem services framework has become widely adopted. Conservation initiatives increasingly use ecosystem service frameworks to render tropical forest landscapes and their peoples legible to market-oriented initiatives such as REDD+ and biodiversity offsetting schemes. Ecosystem service approaches have been widely criticized by scholars in the social sciences and humanities for their narrow focus on a small number of easily quantifiable and marketable services and a reductionist and sometimes simplistic approach to culture. We address the need to combine methods from each of the "three cultures" of natural science, quantitative social science, and qualitative social science/humanities in conceptualizing the relationship between cultural valuation and biodiversity conservation. We combine qualitative data with forest inventories and a quantitative index of cultural value to evaluate the relationship between cultural valuation and biodiversity conservation in Upper Guinea forest in Liberia, West Africa. Our study focuses on "sacred agroforests," spaces that are associated with Mande macro-language speaking groups such as the Loma. We demonstrate that sacred agroforests are associated with different cultural values compared with secondary forests. Although biodiversity and biomass are similar, sacred agroforests exhibit a different species composition, especially of culturally salient species, increasing overall landscape agro-biodiversity. Sacred agroforests are also shaped and conserved by local cultural institutions revolving around ancestor worship, ritual, and the metaphysical conceptual category "salɛ." We conclude that to understand the relationship between cultural valuation and biodiversity conservation, interpretivist approaches such as phenomenology should be employed alongside positivist ecosystem service frameworks.

Hanford Facility contingency plan

International Nuclear Information System (INIS)

Sutton, L.N.; Miskho, A.G.; Brunke, R.C.

1993-10-01

The Hanford Facility Contingency Plan, together with each TSD unit-specific contingency plan, meets the WAC 173-303 requirements for a contingency plan. This plan includes descriptions of responses to a nonradiological hazardous materials spill or release at Hanford Facility locations not covered by TSD unit-specific contingency plans or building emergency plans. This plan includes descriptions of responses for spills or releases as a result of transportation activities, movement of materials, packaging, and storage of hazardous materials

Comparing 15D Valuation Studies in Norway and Finland-Challenges When Combining Information from Several Valuation Tasks.

Science.gov (United States)

Michel, Yvonne Anne; Augestad, Liv Ariane; Rand, Kim

2018-04-01

The 15D is a generic preference-based health-related quality-of-life instrument developed in Finland. Values for the 15D instrument are estimated by combining responses to three distinct valuation tasks. The impact of how these tasks are combined is relatively unexplored. To compare 15D valuation studies conducted in Norway and Finland in terms of scores assigned in the valuation tasks and resulting value algorithms, and to discuss the contributions of each task and the algorithm estimation procedure to observed differences. Norwegian and Finnish scores from the three valuation tasks were compared using independent samples t tests and Lin concordance correlation coefficients. Covariance between tasks was assessed using Pearson product-moment correlations. Norwegian and Finnish value algorithms were compared using concordance correlation coefficients, total ranges, and ranges for individual dimensions. Observed differences were assessed using minimal important difference. Mean scores in the main valuation task were strikingly similar between the two countries, whereas the final value algorithms were less similar. The largest differences between Norway and Finland were observed for depression, vision, and mental function. 15D algorithms are a product of combining scores from three valuation tasks by use of methods involving multiplication. This procedure used to combine scores from the three tasks by multiplication serves to amplify variance from each task. From relatively similar responses in Norway and Finland, diverging value algorithms are created. We propose to simplify the 15D algorithm estimation procedure by using only one of the valuation tasks. Copyright © 2018 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

26 CFR 20.7520-2 - Valuation of charitable interests.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of charitable interests. 20.7520-2... Valuations § 20.7520-2 Valuation of charitable interests. (a) In general—(1) Valuation. Except as otherwise... such interests determined under § 20.7520-1. (2) Prior-month election rule. If any part of the property...

26 CFR 20.2031-9 - Valuation of other property.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of other property. 20.2031-9 Section... Valuation of other property. The valuation of any property not specifically described in §§ 20.2031-2 to 20... future interest in property not subject to valuation in accordance with the actuarial principles set...

Contingency planning: preparation of contingency plans

DEFF Research Database (Denmark)

Westergaard, J M

2008-01-01

. The risk of introducing disease pathogens into a country and the spread of the agent within a country depends on a number of factors including import controls, movement of animals and animal products and the biosecurity applied by livestock producers. An adequate contingency plan is an important instrument...... in the preparation for and the handling of an epidemic. The legislation of the European Union requires that all Member States draw up a contingency plan which specifies the national measures required to maintain a high level of awareness and preparedness and is to be implemented in the event of disease outbreak...

10 myths of healthcare business valuation.

Science.gov (United States)

Robeson, J David; Kaplan, Karin Chernoff

2008-10-01

*Acceptance of common myths regarding business valuations can undermine a hospital's efforts to successfully negotiate deals with physicians. *Hospitals need to clearly understand the nature of fair market value (FMV), the use of multiples, the "guideline company technique," whether the FMV can be based on acute care revenue stream, the physician compensation model used in the valuation, and the applicability of the physician's historical production level. *Other matters that warrant careful consideration include whether to tax effect, whether to pay for goodwill, and whether obsolescence can be accounted for in the valuation.

Preliminary view on owner’s and manager’s approach to valuation

OpenAIRE

Jiri Strouhal; Dana Dvorakova; Bohuslava Knapova

2009-01-01

There is a strong pressure from investors to report accounting items using fair value concept upon economic boom. The financial crisis period may raise an issue of revival of conservative concepts in financial reporting, e.g. historical costs measurement and application of prudence principle. Conceptual solution of valuation issues need not to come out from current economic situation and it is impossible to change this concept every time when economic conditions tend to change. Unsystematical...

Learning, awareness, and instruction: subjective contingency awareness does matter in the colour-word contingency learning paradigm.

Science.gov (United States)

Schmidt, James R; De Houwer, Jan

2012-12-01

In three experiments, each of a set colour-unrelated distracting words was presented most often in a particular target print colour (e.g., "month" most often in red). In Experiment 1, half of the participants were told the word-colour contingencies in advance (instructed) and half were not (control). The instructed group showed a larger learning effect. This instruction effect was fully explained by increases in subjective awareness with instruction. In Experiment 2, contingency instructions were again given, but no contingencies were actually present. Although many participants claimed to be aware of these (non-existent) contingencies, they did not produce an instructed contingency effect. In Experiment 3, half of the participants were given contingency instructions that did not correspond to the correct contingencies. Participants with these false instructions learned the actual contingencies worse than controls. Collectively, our results suggest that conscious contingency knowledge might play a moderating role in the strength of implicit learning. Copyright © 2012 Elsevier Inc. All rights reserved.

Valuation of Company Merger from the Shareholders’ Point of View

Directory of Open Access Journals (Sweden)

Christian Toll

2017-08-01

Full Text Available By means of a company merger formerly legally and economically independent companies are tied up to an economic entity. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged company. The interest is focused on the valuation of shares and, consequently, on the allocation of the future economic benefits of the merged company to each owner. Despite the apparent relevance of company mergers in practice, the scientific literature deals with this topic only in an unsatisfying manner. After some early simple model-oriented approaches with the aim to define an ideal exchange ratio, the valuation problem of a merger was taken up again not earlier than in Hering (2004. Based on his considerations, the aim of our paper is to extend and generalize the valuation methods for a company merger and foremost to set the algebra for the computation of the critical share by using maximization of wealth as target function on a firm foundation. We assign a certain marginal quota to the shareholders representing the minimum share in the merged company which puts them in a financial position no worse than compared to the going concern basis. For this reason, we introduce the state marginal quota model as an innovative valuation approach that considers both existing market imperfections and individual expectations of a specific shareholder. To pinpoint our key finding: If private financial redistributions are available, our extended and generalized model shows that the marginal quota * in question cannot be “trivially” obtained as a ratio of utilities. Instead, it is essential to consider the private decision field of a shareholder to allow a restructuring of the dividend payout stream offered by the merged company in order to reach at least a level of utility which is comparable to the state before the merger.

Assessment of Wetland Valuation Processes for Compensation in ...

African Journals Online (AJOL)

The issue of compensation has been debated in various fora; however compensation on wetland resources has not been given the primary place. Wetland valuation like any other type of valuation requires going through stages, which may be more complex than real estate valuation for compensation. This study therefore ...

A Contingency-Oriented Approach to Understanding Borderline Personality Disorder: Situational Triggers and Symptoms

Science.gov (United States)

Miskewicz, Kelly; Fleeson, William; Arnold, Elizabeth Mayfield; Law, Mary Kate; Mneimne, Malek; Furr, R. Michael

2015-01-01

This article tested a contingency-oriented perspective to examine the dynamic relationships between in-the-moment borderline personality disorder (BPD) symptom events and in-the-moment triggers. An experience sampling study with 282 adults, including 77 participants with BPD, obtained reports of situational triggers and BPD symptom events five times daily for two weeks. Triggers included being rejected, betrayed, abandoned, offended, disappointed, having one’s self-concept threatened, being in a boring situation, and being alone. BPD was associated with increased situational triggers. Multilevel models revealed significant within-person associations between situational triggers and BPD symptoms for the average participant in the study, with significant individual variance in the strength and direction of trigger-symptom contingencies. Most trigger-symptom contingencies were stronger for individuals with higher borderline symptomatology, suggesting that triggers are meaningfully related to BPD. These findings highlight possible proximal mechanisms that maintain BPD and help explain the course of a disorder often described as chaotic and unpredictable. PMID:26200848

Fast and precise method of contingency ranking in modern power system

DEFF Research Database (Denmark)

Rather, Zakir Hussain; Chen, Zhe; Thøgersen, Paul

2011-01-01

Contingency Analysis is one of the most important aspect of Power System Security Analysis. This paper presents a fast and precise method of contingency ranking for effective power system security analysis. The method proposed in this research work takes due consideration of both apparent power o...... is based on realistic approach taking practical situations into account. Besides taking real situations into consideration the proposed method is fast enough to be considered for on-line security analysis.......Contingency Analysis is one of the most important aspect of Power System Security Analysis. This paper presents a fast and precise method of contingency ranking for effective power system security analysis. The method proposed in this research work takes due consideration of both apparent power...

Ensuring the Reliable Operation of the Power Grid: State-Based and Distributed Approaches to Scheduling Energy and Contingency Reserves

Science.gov (United States)

Prada, Jose Fernando

Keeping a contingency reserve in power systems is necessary to preserve the security of real-time operations. This work studies two different approaches to the optimal allocation of energy and reserves in the day-ahead generation scheduling process. Part I presents a stochastic security-constrained unit commitment model to co-optimize energy and the locational reserves required to respond to a set of uncertain generation contingencies, using a novel state-based formulation. The model is applied in an offer-based electricity market to allocate contingency reserves throughout the power grid, in order to comply with the N-1 security criterion under transmission congestion. The objective is to minimize expected dispatch and reserve costs, together with post contingency corrective redispatch costs, modeling the probability of generation failure and associated post contingency states. The characteristics of the scheduling problem are exploited to formulate a computationally efficient method, consistent with established operational practices. We simulated the distribution of locational contingency reserves on the IEEE RTS96 system and compared the results with the conventional deterministic method. We found that assigning locational spinning reserves can guarantee an N-1 secure dispatch accounting for transmission congestion at a reasonable extra cost. The simulations also showed little value of allocating downward reserves but sizable operating savings from co-optimizing locational nonspinning reserves. Overall, the results indicate the computational tractability of the proposed method. Part II presents a distributed generation scheduling model to optimally allocate energy and spinning reserves among competing generators in a day-ahead market. The model is based on the coordination between individual generators and a market entity. The proposed method uses forecasting, augmented pricing and locational signals to induce efficient commitment of generators based on firm

RESEARCH: An Ecoregional Approach to the Economic Valuation of Land- and Water-Based Recreation in the United States

Science.gov (United States)

Bhat; Bergstrom; Teasley; Bowker; Cordell

1998-01-01

/ This paper describes a framework for estimating the economic value of outdoor recreation across different ecoregions. Ten ecoregions in the continental United States were defined based on similarly functioning ecosystem characters. The individual travel cost method was employed to estimate recreation demand functions for activities such as motor boating and waterskiing, developed and primitive camping, coldwater fishing, sightseeing and pleasure driving, and big game hunting for each ecoregion. While our ecoregional approach differs conceptually from previous work, our results appear consistent with the previous travel cost method valuation studies.KEY WORDS: Recreation; Ecoregion; Travel cost method; Truncated Poisson model

Valuation and creative accounting

Directory of Open Access Journals (Sweden)

Maria Madalina VOINEA

2014-06-01

Full Text Available This paper deals with the economic and financial valuation, that is the only type of valuation, based on a diagnosis and expertise, which has as objective to establish the market value of elements, whether goods or businesses, being a "orientation tool" for the economic operators on the market. There are specific means to measure value but there are also some mechanisms that can influence the value obtained, from the category of creative accounting. Creative accounting occurs due to human intervention and even the most advanced accounting systems are not able to do this due to the lack of reasoning. There must be also assumed that it is possible that these creative accounting techniques may be caused by a simple mistake and not necessarily with the intention of manipulating the financial results and reports. The aim of the paper is to see how specific element valuation can influence the general one, namely the value of a company.

A Simple Approach to Interest-Rate Option Pricing.

OpenAIRE

Turnbull, Stuart M; Milne, Frank

1991-01-01

A simple introduction to contingent claim valuation of risky assets in a discrete time, stochastic interest-rate economy is provided. Taking the term structure of interest rates as exogenous, closed-form solutions are derived for European options written on (1) Treasury bills, (2) interest-rate forward contracts, (3) interest-rate futures contracts, (4) Treasury bonds, (5) interest-rate caps, (6) stock options, (7) equity forward contracts, (8) equity futures contracts, (9) Eurodollar liabili...

Natural resource valuation: A primer on concepts and techniques

International Nuclear Information System (INIS)

Ulibarri, C.A.; Wellman, K.F.

1997-07-01

Natural resource valuation has always had a fundamental role in the practice of cost-benefit analysis of health, safety, and environmental issues. The authors provide an objective overview of resource valuation techniques and describe their potential role in environmental restoration/waste management (ER/WM) activities at federal facilities. This handbook considers five general classes of valuation techniques: (1) market-based techniques, which rely on historical information on market prices and transactions to determine resource values; (2) nonmarket techniques that rely on indirect estimates of resource values; (3) nonmarket techniques that are based on direct estimates of resource values; (4) cross-cutting valuation techniques, which combine elements of one or more of these methods; and (5) ecological valuation techniques used in the emerging field of ecological economics. The various valuation techniques under consideration are described by highlighting their applicability in environmental management and regulation. The handbook also addresses key unresolved issues in the application of valuation techniques generally, including discounting future values, incorporating environmental equity concerns, and concerns over the uncertainties in the measurement of natural resource values and environmental risk

THEORETICAL FOUNDATIONS EFFICIENT MASS VALUATION

Directory of Open Access Journals (Sweden)

Koshel A.

2016-08-01

Full Text Available In the article the theoretical basis for determining the effectiveness of mass valuation of land in present-day conditions are described. The concept defenitsy effect and effectiveness as economic categories and their classification values for mass valuation of land are presented. The effectiveness of mass valuation of land in the settlements defines the structure of local budget and economic activities undertaken by local authorities on the basis of the results of the mass appraisal of real estate. Mass valuation is regular and it is characterized by high degree of standardization of procedures and a significant increase in the role of statistical methods for processing data related to the use of the most significant factors influencing the parameters of the object to its cost, as well as the need to determine the value of the objective laws change equivalent, which is only possible when using economic and mathematical methods and statistical analysis. Quality control results of mass valuation carried out principally in other ways, as obtained by applying statistical machine results can be checked as soon statistical methods. This shows the relevance of research topic and lack of elaboration for Ukraine problems of efficiency of mass land valuation. Scientific research conducted through the use of the dialectical method and techniques of abstraction, comparative analysis and synthesis, the article various models and methods of valuation of land for taxation purposes are analyzed. In addition, the group explored methods used, comparisons, and more. In economic theory and practice problems and determine the effect of efficiency aimed at profit is quite relevant. Economists consider cost-effectiveness, such as economic efficiency. In this case, the production can be attributed to the activities to conduct and organization of mass valuation of land. This pushes many different positions on criteria and indicators of economic efficiency, the

Valuation of rangeland ecosystem services

Science.gov (United States)

Gascoigne, W.R.

2011-01-01

Economic valuation lends itself well to the anthropocentric orientation of ecosystem services. An economic perspective on ecosystems portrays them as natural assets providing a flow of goods and services valuable to individuals and society collectively. A few examples include the purification of drinking water, reduced risk from flooding and other extreme events, pollination of agricultural crops, climate regulation, and recreation opportunities from plant and animal habitat maintenance, among many others. Once these goods and services are identified and quantified, they can be monetized to complete the valuation process. The monetization of ecosystem goods and services (in the form of dollars) provides a common metric that allows for cross-comparison of attributes and evaluation of differing ecological scenarios. Complicating the monetization process is the fact that most of these goods and services are public and non-market in nature; meaning they are non-rival and non-exclusive and are typically not sold in a traditional market setting where monetary values are revealed. Instead, one must employ non-market valuation techniques, with primary valuation methods typically being very time and resource consuming, intimidating to non-economists, and often impractical. For these reasons, benefit transfer methods have gained popularity. This methodology harnesses the primary collection results of existing studies to make inferences about the economic values of non-market goods and services at an alternative policy site (in place and/or in time). For instance, if a primary valuation study on oak reestablishment on rangelands in southern California yielded a value of $30 per-acre associated with water regulation, this result can be transferred, with some adjustments, to say something about the value of an acre of oaks on rangelands in northern portions of the state. The economic valuation of rangeland ecosystem services has many roles. Economic values may be used as input

Economic valuation of health care services in public health systems: a study about Willingness to Pay (WTP) for nursing consultations.

Science.gov (United States)

Martín-Fernández, Jesús; del Cura-González, Ma Isabel; Rodríguez-Martínez, Gemma; Ariza-Cardiel, Gloria; Zamora, Javier; Gómez-Gascón, Tomás; Polentinos-Castro, Elena; Pérez-Rivas, Francisco Javier; Domínguez-Bidagor, Julia; Beamud-Lagos, Milagros; Tello-Bernabé, Ma Eugenia; Conde-López, Juan Francisco; Aguado-Arroyo, Óscar; Sanz-Bayona, Ma Teresa; Gil-Lacruz, Ana Isabel

2013-01-01

Identifying the economic value assigned by users to a particular health service is of principal interest in planning the service. The aim of this study was to evaluate the perception of economic value of nursing consultation in primary care (PC) by its users. Economic study using contingent valuation methodology. A total of 662 users of nursing consultation from 23 health centers were included. Data on demographic and socioeconomic characteristics, health needs, pattern of usage, and satisfaction with provided service were compiled. The validity of the response was evaluated by an explanatory mixed-effects multilevel model in order to assess the factors associated with the response according to the welfare theory. Response reliability was also evaluated. Subjects included in the study indicated an average Willingness to Pay (WTP) of €14.4 (CI 95%: €13.2-15.5; median €10) and an average Willingness to Accept [Compensation] (WTA) of €20.9 (CI 95%: €19.6-22.2; median €20). Average area income, personal income, consultation duration, home visit, and education level correlated with greater WTP. Women and older subjects showed lower WTP. Fixed parameters explained 8.41% of the residual variability, and response clustering in different health centers explained 4-6% of the total variability. The influence of income on WTP was different in each center. The responses for WTP and WTA in a subgroup of subjects were consistent when reassessed after 2 weeks (intraclass correlation coefficients 0.952 and 0.893, respectively). The economic value of nursing services provided within PC in a public health system is clearly perceived by its user. The perception of this value is influenced by socioeconomic and demographic characteristics of the subjects and their environment, and by the unique characteristics of the evaluated service. The method of contingent valuation is useful for making explicit this perception of value of health services.

Waste Management Project Contingency Analysis

International Nuclear Information System (INIS)

Edward L. Parsons, Jr.

1999-01-01

The purpose of this report is to provide the office of Waste Management (WM) with recommended contingency calculation procedures for typical WM projects. Typical projects were defined as conventional construction-type activities that use innovative elements when necessary to meet the project objectives. Projects involve treatment, storage, and disposal of low level, mixed low level, hazardous, transuranic, and high level waste. Cost contingencies are an essential part of Total Cost Management. A contingency is an amount added to a cost estimate to compensate for unexpected expenses resulting from incomplete design, unforeseen and unpredictable conditions, or uncertainties in the project scope (DOE 1994, AACE 1998). Contingency allowances are expressed as percentages of estimated cost and improve cost estimates by accounting for uncertainties. The contingency allowance is large at the beginning of a project because there are more uncertainties, but as a project develops, the allowance shrinks to adjust for costs already incurred. Ideally, the total estimated cost remains the same throughout a project. Project contingency reflects the degree of uncertainty caused by lack of project definition, and process contingency reflects the degree of uncertainty caused by use of new technology. Different cost estimation methods were reviewed and compared with respect to terminology, accuracy, and Cost Guide standards. The Association for the Advancement of Cost Engineering (AACE) methods for cost estimation were selected to represent best industry practice. AACE methodology for contingency analysis can be readily applied to WM Projects, accounts for uncertainties associated with different stages of a project, and considers both project and process contingencies and the stage of technical readiness. As recommended, AACE contingency allowances taper off linearly as a project nears completion

SalMar ASA : Strategic analysis and valuation

OpenAIRE

Augenstein, Daniel

2017-01-01

The objective of this thesis is to estimate the theoretical value of equity for SalMar ASA and thereby the value per share at 27.11.2017. Fundamental valuation through a two-stage discounted cash flow model is chosen as the main method, while a valuation using comparable firms is performed as a supplement. In the fundamental valuation I have estimated the enterprise value by discounting the expected future cash flows to present value. To find the value of equity, the net-intere...

Investigating How Digital Technologies Can Support a Triad-Approach for Student Assessment in Higher Education / Étude des technologies numériques comme appuis à l’évaluation tripartite des étudiants universitaires

Directory of Open Access Journals (Sweden)

Norm Vaughan

2013-07-01

Full Text Available The purpose of this research study was to investigate if and how digital technologies could be used to support a triad-approach for student assessment in higher education. This triad-approach consisted of self-reflection, peer feedback, and instructor assessment practices in a pre-service teacher education course at a Canadian university. Through online surveys, journal postings, and post-course interviews the study participants indicated that digital technologies could be used to effectively support such a triad-approach only if students were more actively involved in the assessment process and the course instructor placed a greater emphasis on formative assessment practices. Le but de cette recherche était d’étudier dans quelle mesure les technologies numériques pouvaient être utilisées pour soutenir une approche triadique de l’évaluation des étudiants universitaires. Cette approche tripartite consistait dans l’autoréflexion, la rétroaction par les pairs et les pratiques d’évaluation de l’enseignant dans un cours de formation des futurs enseignants au sein d’une université canadienne. À l’aide de sondages en ligne, d’annonces de journaux et d’entrevues post-formation, les participants à l’étude ont indiqué que les technologies numériques pouvaient être utilisées pour soutenir efficacement une telle approche triadique, à condition que les étudiants soient impliqués plus activement dans le processus d’évaluation et que l’enseignant mette davantage l’accent sur les pratiques d’évaluation formative.

Derivative pricing based on local utility maximization

OpenAIRE

Jan Kallsen

2002-01-01

This paper discusses a new approach to contingent claim valuation in general incomplete market models. We determine the neutral derivative price which occurs if investors maximize their local utility and if derivative demand and supply are balanced. We also introduce the sensitivity process of a contingent claim. This process quantifies the reliability of the neutral derivative price and it can be used to construct price bounds. Moreover, it allows to calibrate market models in order to be co...

Variable capacity utilization, ambient temperature shocks and generation asset valuation

Energy Technology Data Exchange (ETDEWEB)

Tseng, Chung-Li; Dmitriev, Alexandre [Australian School of Business, University of New South Wales, Sydney NSW 2052 (Australia); Zhu, Wei [Optim Energy, 225 E. John Carpenter Freeway, Irving, TX 75062 (United States)

2009-11-15

This paper discusses generation asset valuation in a framework where capital utilization decisions are endogenous. We use real options approach for valuation of natural gas fueled turbines. Capital utilization choices that we explore include turning on/off the unit, operating the unit at increased firing temperatures (overfiring), and conducting preventive maintenance. Overfiring provides capacity enhancement which comes at the expense of reduced maintenance interval and increased costs of part replacement. We consider the costs and benefits of overfiring in attempt to maximize the asset value by optimally exercising the overfire option. In addition to stochastic processes governing prices, we incorporate an exogenous productivity shock: ambient temperature. We consider how variation in ambient temperature affects the asset value through its effect on gas turbine's productivity. (author)

Future Contingents

DEFF Research Database (Denmark)

Øhrstrøm, Peter; Hasle., Per F. V.

2015-01-01

contingent statements. The problem of future contingents is interwoven with a number of issues in theology, philosophy, logic, semantics of natural language, computer science, and applied mathematics. The theological issue of how to reconcile the assumption of God's foreknowledge with the freedom and moral...... accountability of human beings has been a main impetus to the discussion and a major inspiration to the development of various logical models of time and future contingents. This theological issue is connected with the general philosophical question of determinism versus indeterminism. Within logic, the relation...... about the future. Finally, it should be mentioned that temporal logic has found a remarkable application in computer science and applied mathematics. In the late 1970s the first computer scientists realised the relevance of temporal logic for the purposes of computer science (see Hasle and Øhrstrøm 2004)....

Future Contingents

DEFF Research Database (Denmark)

Øhrstrøm, Peter; Hasle., Per F. V.

2011-01-01

contingent statements. The problem of future contingents is interwoven with a number of issues in theology, philosophy, logic, semantics of natural language, computer science, and applied mathematics. The theological issue of how to reconcile the assumption of God's foreknowledge with the freedom and moral...... accountability of human beings has been a main impetus to the discussion and a major inspiration to the development of various logical models of time and future contingents. This theological issue is connected with the general philosophical question of determinism versus indeterminism. Within logic, the relation...... about the future. Finally, it should be mentioned that temporal logic has found a remarkable application in computer science and applied mathematics. In the late 1970s the first computer scientists realised the relevance of temporal logic for the purposes of computer science (see Hasle and Øhrstrøm 2004)....

Intelligent databases assist transparent and sound economic valuation of ecosystem services.

Science.gov (United States)

Villa, Ferdinando; Ceroni, Marta; Krivov, Sergey

2007-06-01

Assessment and economic valuation of services provided by ecosystems to humans has become a crucial phase in environmental management and policy-making. As primary valuation studies are out of the reach of many institutions, secondary valuation or benefit transfer, where the results of previous studies are transferred to the geographical, environmental, social, and economic context of interest, is becoming increasingly common. This has brought to light the importance of environmental valuation databases, which provide reliable valuation data to inform secondary valuation with enough detail to enable the transfer of values across contexts. This paper describes the role of next-generation, intelligent databases (IDBs) in assisting the activity of valuation. Such databases employ artificial intelligence to inform the transfer of values across contexts, enforcing comparability of values and allowing users to generate custom valuation portfolios that synthesize previous studies and provide aggregated value estimates to use as a base for secondary valuation. After a general introduction, we introduce the Ecosystem Services Database, the first IDB for environmental valuation to be made available to the public, describe its functionalities and the lessons learned from its usage, and outline the remaining needs and expected future developments in the field.

The valuation of environmental externalities in energy conservation planning

International Nuclear Information System (INIS)

Chernick, P.L.; Caverhill, E.J.

1990-01-01

The determination of the full societal costs of energy usage must incorporate estimates of the environmental effects, or externalities, of energy production and delivery. An externality is any cost or benefit that is not reflected in the price paid by a utility or its customers for energy produced or consumed. The potential variety and scope of externality analyses are discussed. Four methods of externality valuation are briefly discussed to highlight the uses, strengths and pitfalls of each method. The use of pollutants' relative potency, polling of experts, direct estimation of costs, and implied valuation, are compared. The authors preferred method of valuation for near-term energy supply decisions, implied valuation, is discussed in detail. The distinguishing feature of the implied valuation technique is its use of the cost of control, rather than the direct cost of emissions. Only the most expensive required control measure is relevant to valuation of the external effects. The difficulties in applying implied valuation, such as the definition of the margin, the multiple effects of pollutants and the imperfect nature of the regulatory system, are also considered. The effect of environmental externalities on the benefits of conservation are summarized

Willingness to pay function for two fuel treatments to reduce wildfire acreage burned: A scope test and comparison of White and Hispanic households

Science.gov (United States)

John B. Loomis; Le Trong Hung; Armando Gonzalez-Caban

2009-01-01

This research uses the Contingent Valuation Method to test whether willingness to pay increases for larger reductions in acres of forests burned by wildfires across the states of California. Florida and Montana. This is known as a test of scope, a measure of internal validity of the contingent valuation method (CVM). The scope test is conducted separately for White...

Comparing methods for measuring consumer willingness to pay for a basic and an improved ready made soup product

DEFF Research Database (Denmark)

Grunert, Klaus G.; Juhl, Hans Jørn; Esbjerg, Lars

2009-01-01

Willingness to pay (WTP) for a basic chilled soup product and for an improved, self-heating version was measured by methods experimentally varied according to a 2 x 3 design, varying the basic measurement approach (contingent valuation, experimental auction, conjoint analysis) and the use of real...

49 CFR 1544.301 - Contingency plan.

Science.gov (United States)

2010-10-01

... 49 Transportation 9 2010-10-01 2010-10-01 false Contingency plan. 1544.301 Section 1544.301... COMMERCIAL OPERATORS Threat and Threat Response § 1544.301 Contingency plan. Each aircraft operator must adopt a contingency plan and must: (a) Implement its contingency plan when directed by TSA. (b) Ensure...

Supervisory Styles: A Contingency Framework

Science.gov (United States)

Boehe, Dirk Michael

2016-01-01

While the contingent nature of doctoral supervision has been acknowledged, the literature on supervisory styles has yet to deliver a theory-based contingency framework. A contingency framework can assist supervisors and research students in identifying appropriate supervisory styles under varying circumstances. The conceptual study reported here…

Currency Valuation and Purchasing Power Parity

OpenAIRE

Jamal Ibrahim Haidar

2011-01-01

This paper aims to highlight key limitations of The Economist magazine’s Big Mac Index (BMI). The Economist markets the BMI as a tool to determine valuation of currencies. This paper shows that the BMI is a misleading measure of currency valuation for economies whose markets are structurally different from the benchmark currency countries.

Significant others and contingencies of self-worth: activation and consequences of relationship-specific contingencies of self-worth.

Science.gov (United States)

Horberg, E J; Chen, Serena

2010-01-01

Three studies tested the activation and consequences of contingencies of self-worth associated with specific significant others, that is, relationship-specific contingencies of self-worth. The results showed that activating the mental representation of a significant other with whom one strongly desires closeness led participants to stake their self-esteem in domains in which the significant other wanted them to excel. This was shown in terms of self-reported contingencies of self-worth (Study 1), in terms of self-worth after receiving feedback on a successful or unsatisfactory performance in a relationship-specific contingency domain (Study 2), and in terms of feelings of reduced self-worth after thinking about a failure in a relationship-specific contingency domain (Study 3). Across studies, a variety of contingency domains were examined. Furthermore, Study 3 showed that failing in an activated relationship-specific contingency domain had negative implications for current feelings of closeness and acceptance in the significant-other relationship. Overall, the findings suggest that people's contingencies of self-worth depend on the social situation and that performance in relationship-specific contingency domains can influence people's perceptions of their relationships.

Licensee safeguards contingency plans

International Nuclear Information System (INIS)

Anon.

1978-01-01

The Nuclear Regulatory Commission is amending its regulations to require that licensees authorized to operate a nuclear reactor (other than certain research and test reactors), and those authorized to possess strategic quantities of plutonium, uranium-233, or uranium-235 develop and implement acceptable plans for responding to threats, thefts, and industrial sabotage of licensed nuclear materials and facilities. The plans will provide a structured, orderly, and timely response to safeguards contingencies and will be an important segment of NRC's contingency planning programs. Licensee safeguards contingency plans will result in organizing licensee's safeguards resources in such a way that, in the unlikely event of a safeguards contingency, the responding participants will be identified, their several responsibilities specified, and their responses coordinated

Five essays in property valuation

OpenAIRE

Yang, Zan

2000-01-01

This doctoral thesis consists of five self-contained essayspresented to the Faculty Board of the Royal Institute ofTechnology. Property valuation is a central issue that forms acommon thread in the analysis in these essays. In the thesisproperty is considered in a mixed asset context in an attemptto build a bridge between valuation, property investment andfinancial theory. The object of the thesis is to value propertyfor finance, sales and purchases and investment. Theinvestigation of the the...

30 CFR 282.26 - Contingency Plan.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Contingency Plan. 282.26 Section 282.26 Mineral... § 282.26 Contingency Plan. (a) When required by the Director, a lessee shall include a Contingency Plan as part of its request for approval of a Delineation, Testing, or Mining Plan. The Contingency Plan...

Option valuation for energy issues

International Nuclear Information System (INIS)

Ostertag, K.; Llerena, P.; Richard, A.

2004-01-01

In many industrial and economic situations, decision processes, both individual and collective, have to simultaneously face uncertainty and irreversibility of some kind. This is particularly valid for energy choices if they are linked to technological alternatives. The purpose of this book is to highlight specific aspects of these situations. This is done from the particular perspective of option valuation. The contributions to this book grew out of an international workshop on ''Option valuation in energy and environmental issues'' held at the Fraunhofer ISI in February 2003. This workshop brought together reseachers from energy economics, but also researchers working on option valuation in other empirical fields or with a more theoretical perspective. This is reflected in the organisation of the book, which starts with some theory-oriented contributions and subsequently presents more applied contributions in the field of energy economics with an extension to water infrastructure in the annex. (orig.)

Administrateur de programme principal, Évaluation (h/f) | CRDI ...

International Development Research Centre (IDRC) Digital Library (Canada)

amélioration du système d'évaluation du Centre. ... méthodes de planification, de suivi et d'évaluation de la recherche au service du développement;; appuie les recherches sur des outils et des méthodes d'évaluation effectuées par des partenaires ...

26 CFR 20.2032-1T - Alternate valuation (temporary).

Science.gov (United States)

2010-04-01

...) the value of the property as of the alternate valuation date. For example, assume that the decedent... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Alternate valuation (temporary). 20.2032-1T...-1T Alternate valuation (temporary). (a) through (e) [Reserved] For further guidance, see § 20.2032-1...

Contingency table analysis methods and implementation using R

CERN Document Server

Kateri, Maria

2014-01-01

Combining theory and applications, this book presents models and methods for the analysis of two‐ and multi‐dimensional contingency tables. The author uses a threefold approach: fundamental models and related inferences are presented, their interpretational aspects are highlighted, and their practical usefulness is demonstrated. Throughout, practical guidance for using R is provided along with a comprehensive R-functions web-appendix.   Contingency tables arise in diverse fields, including the life, pedagogic, social and political sciences. They also play a prominent role in market research and opinion surveys. The analysis of contingency tables can provide insight into essential structures, relevant quantities and their interactions, and thus leads to improved decision-making.   Special features include:   ·         A motivating example for each topic ·         Applications and implementations in R for all models discussed ·         Emphasis on association and symmetry model...

Contingencies of self-worth and social-networking-site behavior.

Science.gov (United States)

Stefanone, Michael A; Lackaff, Derek; Rosen, Devan

2011-01-01

Social-networking sites like Facebook enable people to share a range of personal information with expansive groups of "friends." With the growing popularity of media sharing online, many questions remain regarding antecedent conditions for this behavior. Contingencies of self-worth afford a more nuanced approach to variable traits that affect self-esteem, and may help explain online behavior. A total of 311 participants completed an online survey measuring such contingencies and typical behaviors on Facebook. First, exploratory factor analyses revealed an underlying structure to the seven dimensions of self-worth. Public-based contingencies explained online photo sharing (β = 0.158, p relationship with time online (β = -0.186, p relationship with the intensity of online photo sharing (β = 0.242), although no relationship was evident for time spent managing profiles.

Valuation in the Public Sector. Reference Factor in a Credible and Fair Administration

Directory of Open Access Journals (Sweden)

Adela DEACONU

2014-11-01

Full Text Available Public administration reform aims at the transformation of public institutions in business entities in which the principles that govern them are very close to the ones from the sphere of pri- vate entities. Public valuation is an accepted and implemented concept in public administration as a condition for ensuring complete, accurate and transparent images of available resources and their use. The present research determines through an empirical approach the regulation convergence of valuation in the public sector and presents its determinant factors and effects. The referentials subject to comparative analysis are International Valuation Standards (IVS, the last two editions, and International Public Sector Ac- counting Standards (IPSAS.The findings highlight the achievement of the objective of accounting and valuation stan- dard setters, IPSASB and IVSC, with regard to the convergence of valuation concepts and tools, in its last edition from 2011; however, the findings indicate certain differences regarding the guidance extent and the reference to mar- kets and atypical cases triggered by the global economic crisis. Our research has further found that the public accounting referential is closer to IVS 2011 than to IVS 2007 in what concerns disclosure requirements. This is in favor of the requirements imposed by the current economic environment regarding financial reporting, name- ly to provide more detail on the process of value estimation, the hypotheses and predictions used in this respect, and the risk of change of the es- timated value. 

Contingent Conspiracies: Art, Philosophy, Science

DEFF Research Database (Denmark)

Wilson, Alexander

2013-01-01

The question of whether creativity comes from being “open” or “closed” to contingent processes, deeply intersects art-historical discourse on authorship, style, technique and practice: from the Greek notion of the Daimon, through commedia dell'arte’s improvised styles and romanticism’s investment......, Hegel) contain a deeper tension between contingency and necessity, often revealed in correlate discussions of the sublime. But as artists find themselves returning again to a concern or care for contingency (a thread running through Heidegger, Levinas and Derrida) or the question how to conspire...... with contingency (Negarestani), they do so today with a new paradigm of scientific knowledge at their disposal. For science too has increasingly been forced to respond to the notion of contingency. Progressively discovering the ubiquity of non-linear dynamics, deterministic chaos and emergent complexity...

Attributing a monetary value to patients’ time : A contingent valuation approach

NARCIS (Netherlands)

van den Berg, Bernard; Gafni, Amiram; Portrait, France

2017-01-01

It is hard to ignore the importance of patient time investment in the production of health since the influential paper by Grossman (1972). Patients’ time includes time to admission, travel time, waiting time, and treatment time and can be substantial. Patients’ time is, however, often ignored in

Attributing a monetary value to patients' time : A contingent valuation approach

NARCIS (Netherlands)

van den Berg, Bernard; Gafni, Amiram; Portrait, France

It is hard to ignore the importance of patient time investment in the production of health since the influential paper by Grossman (1972). Patients' time includes time to admission, travel time, waiting time, and treatment time and can be substantial. Patients' time is, however, often ignored in

APPROPRIATE ALLOCATION OF CONTINGENCY USING RISK ANALYSIS METHODOLOGY

Directory of Open Access Journals (Sweden)

Andi Andi

2004-01-01

Full Text Available Many cost overruns in the world of construction are attributable to either unforeseen events or foreseen events for which uncertainty was not appropriately accommodated. It is argued that a significant improvement to project management performance may result from greater attention to the process of analyzing project risks. The objective of this paper is to propose a risk analysis methodology for appropriate allocation of contingency in project cost estimation. In the first step, project risks will be identified. Influence diagramming technique is employed to identify and to show how the risks affect the project cost elements and also the relationships among the risks themselves. The second step is to assess the project costs with regards to the risks under consideration. Using a linguistic approach, the degree of uncertainty of identified project risks is assessed and quantified. The problem of dependency between risks is taken into consideration during this analysis. For the final step, as the main purpose of this paper, a method for allocating appropriate contingency is presented. Two types of contingencies, i.e. project contingency and management reserve are proposed to accommodate the risks. An illustrative example is presented at the end to show the application of the methodology.

Willingness to pay for a 4% chlorhexidine (7.1% chlorhexidine digluconate) product for umbilical cord care in rural Bangladesh: a contingency valuation study.

Science.gov (United States)

Coffey, Patricia S; Metzler, Mutsumi; Islam, Ziaul; Koehlmoos, Tracey P

2013-10-18

Recent trials in Bangladesh, Nepal, and Pakistan have shown that chlorhexidine is an effective antiseptic for umbilical cord care compared to existing community-based cord care practices. Because of the aggregate reduction in neonatal mortality in these trials, interest is high in introducing a 7.1% chlorhexidine digluconate liquid or gel that delivers 4% chlorhexidine for umbilical cord care in Bangladesh and elsewhere. In 2010, we conducted a household survey applying a contingent valuation method with 1717 eligible couples (pregnant women or women with a first child younger than 6 months old, and their husbands) in the rural subdistricts of Abhoynagar and Mirsarai in Bangladesh to assess their willingness to pay for three types of umbilical cord care products at different price points. Each respondent was asked about willingness to pay prefixed prices for any one of three 7.1% chlorhexidine digluconate products: 1) a single-dose liquid, 2) a multi-dose liquid, or 3) a gel formulation. Each also reported the maximum price they were independently willing to pay for their selected product. We compared participant willingness-to-pay responses to the prefixed prices with their independently reported maximum prices for each type of the product separately. The comparison identified to what extent the respondents' positive responses to the prefixed prices matched their independently reported maximum prices. This cross matching revealed that willingness to pay the prefixed prices was 41% for the single-dose liquid, 33% for the multi-dose liquid, and 31% for the gel formulation. Although the majority of the respondents were unwilling to pay the prefixed prices, all were willing to pay some amount and reported they could borrow money if necessary. Subsequent analysis of responses to the multi-dose liquid showed borrowing money would not be required if the unit price was Bangladeshi taka 15-25. A unit price of Bangladeshi taka 15-25 (US$0.21-0.35) for multi-dose 7

THE FARMLAND VALUATION REVISITED

Directory of Open Access Journals (Sweden)

Xin Li

2016-04-01

Full Text Available Empirical research is scarce concerning the dynamics of farmland markets which inspire the decision to sell farmlands. This paper explores the real option to postpone the sale of land in farmland valuation. In this article, a real options approach is used to analyze farmland prices behavior using historical cash flow and land price information for Illinois. In general, rising farmland values are primarily dependent on agricultural commodity prices and interest rates. Results suggest that uncertainty about future growth and capital gains is a significant component of farmland market value. Furthermore, this research examines several shift factors of the option value of the state’s farmland by taking into account of uncertainty to improve the analysis of farmland market values.

Valuation of inventories in systems with product recovery

OpenAIRE

Teunter, Ruud; Laan, Erwin

2003-01-01

textabstractValuation of inventories has different purposes, in particular accounting and decision making, and it is not necessary for a firm to use the same valuation method for both purposes. In fact, it is not uncommon to use accounting books as well as management books. In this chapter, we will only consider inventory values from the perspective of decision making. More specifically, we will analyze the effect of inventory valuation on inventory control decisions (and not the correspondin...

A valuation-Based Test of Market Timing

NARCIS (Netherlands)

Koeter-Kant, J.; Elliott, W.B.; Warr, R.S.

2007-01-01

We implement an earnings-based fundamental valuation model to test the impact of market timing on the firm's method of funding the financing deficit. We argue that our valuation metric provides a superior measure of equity misvaluation because it avoids multiple interpretation problems faced by the

VALUATION AND INVESTMENT PROFESSION

Directory of Open Access Journals (Sweden)

Lidija Dedi

2013-06-01

Full Text Available Investment professionals, particularly financial analysts or security analysts evaluate securities and try to determine characteristics of securities and to identify mispriced securities. For that purpose they use different models to estimate the intrinsic value of the common stocks. Traditional valuation models based on the present value of future cash flows are affected by estimated growth rate of the variable used and by the investor’s required rate of return. These models can be used for valuing fixed income securities, such as bonds and preferred stocks. However, in valuing companies with significant growth opportunities they have to expand traditional analysis with option valuation.

Robustness via Run-Time Adaptation of Contingent Plans

Science.gov (United States)

Bresina, John L.; Washington, Richard; Norvig, Peter (Technical Monitor)

2000-01-01

In this paper, we discuss our approach to making the behavior of planetary rovers more robust for the purpose of increased productivity. Due to the inherent uncertainty in rover exploration, the traditional approach to rover control is conservative, limiting the autonomous operation of the rover and sacrificing performance for safety. Our objective is to increase the science productivity possible within a single uplink by allowing the rover's behavior to be specified with flexible, contingent plans and by employing dynamic plan adaptation during execution. We have deployed a system exhibiting flexible, contingent execution; this paper concentrates on our ongoing efforts on plan adaptation, Plans can be revised in two ways: plan steps may be deleted, with execution continuing with the plan suffix; and the current plan may be merged with an "alternate plan" from an on-board library. The plan revision action is chosen to maximize the expected utility of the plan. Plan merging and action deletion constitute a more conservative general-purpose planning system; in return, our approach is more efficient and more easily verified, two important criteria for deployed rovers.

Contingency Contractor Optimization Phase 3 Sustainment Software Design Document - Contingency Contractor Optimization Tool - Prototype

Energy Technology Data Exchange (ETDEWEB)

Durfee, Justin David; Frazier, Christopher Rawls; Bandlow, Alisa; Jones, Katherine A

2016-05-01

This document describes the final software design of the Contingency Contractor Optimization Tool - Prototype. Its purpose is to provide the overall architecture of the software and the logic behind this architecture. Documentation for the individual classes is provided in the application Javadoc. The Contingency Contractor Optimization project is intended to address Department of Defense mandates by delivering a centralized strategic planning tool that allows senior decision makers to quickly and accurately assess the impacts, risks, and mitigation strategies associated with utilizing contract support. The Contingency Contractor Optimization Tool - Prototype was developed in Phase 3 of the OSD ATL Contingency Contractor Optimization project to support strategic planning for contingency contractors. The planning tool uses a model to optimize the Total Force mix by minimizing the combined total costs for selected mission scenarios. The model optimizes the match of personnel types (military, DoD civilian, and contractors) and capabilities to meet mission requirements as effectively as possible, based on risk, cost, and other requirements.

29 CFR 4044.41 - General valuation rules.

Science.gov (United States)

2010-07-01

... part 4044.) (b) Valuation of assets. Plan assets shall be valued at their fair market value, based on the method of valuation that most accurately reflects such fair market value. Trusteed Plans ... been or will be placed into trusteeship by the PBGC shall value plan benefits in accordance with...

Control, Contingency and Delegation in Decision-Making.

Science.gov (United States)

Michael, Stephen R.

1979-01-01

Proposes a model which emphasizes the delegation of decision-making authority and managerial control of operations. Suggests that risks can be reduced by using (1) a contingency approach to delegation, (2) decision rules for consistency, (3) decision models for specific situations, (4) vital indicator reports, (5) management by objectives, and (6)…

Contingent Valuation of Watershed Protection in Nigeria: A Case Study

Directory of Open Access Journals (Sweden)

Femi Olokesusi

2013-07-01

This paper focusses on the use of the willingness-to-pay (WTP approach for determining the amount of money that people in selected large-scale irrigation and dam project areas in the Sudano-Saludian zone of Nigeria are willing to forego for the sake of environmental protection in the watershed. After a general description of the problems and approaches to valuing and monetising environmental resources and their protection, the details of the study findings and policy implications are discussed.

36 CFR 254.42 - Valuation of tracts.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Valuation of tracts. 254.42 Section 254.42 Parks, Forests, and Public Property FOREST SERVICE, DEPARTMENT OF AGRICULTURE LANDOWNERSHIP ADJUSTMENTS Conveyance of Small Tracts § 254.42 Valuation of tracts. (a) Approximately equal value shall be...

Aquatic habitat measurement and valuation: imputing social benefits to instream flow levels

Science.gov (United States)

Douglas, Aaron J.; Johnson, Richard L.

1991-01-01

Instream flow conflicts have been analysed from the perspectives offered by policy oriented applied (physical) science, theories of conflict resolution and negotiation strategy, and psychological analyses of the behavior patterns of the bargaining parties. Economics also offers some useful insights in analysing conflict resolution within the context of these water allocation problems. We attempt to analyse the economics of the bargaining process in conjunction with a discussion of the water allocation process. In particular, we examine in detail the relation between certain habitat estimation techniques, and the socially optimal allocation of non-market resources. The results developed here describe the welfare implications implicit in the contemporary general equilibrium analysis of a competitive market economy. We also review certain currently available techniques for assigning dollar values to the social benefits of instream flow. The limitations of non-market valuation techniques with respect to estimating the benefits provided by instream flows and the aquatic habitat contingent on these flows should not deter resource managers from using economic analysis as a basic tool for settling instream flow conflicts.

APPLICATION OF DIVIDEND DISCOUNT MODEL VALUATION AT MACEDONIAN STOCK-EXCHANGE

Directory of Open Access Journals (Sweden)

Zoran Ivanovski

2015-06-01

Full Text Available Dividend discount model (DDM is the simplest model for valuing equities in finance. Many analysts belived that DDM is outmoded, but much of the intuition that drives Discounted Cash Flow (DCF valuation is embedded in the DDM model. There are also specific companies stocks where the DDM model remains a useful tool for estimating value. The basic task of these research is to examine if DDM models offer relevant and safe valuation of long-term securities at Macedonian Stock Exchange (MSE through the process of empirical valuation of random chosen stocks. This research helped us to identify problems in use of DDM valuation models at MSE, to determine causes for differences between the intrinsic values and the stock market prices and to determine basic parameters for implementation of valuation on Macedonian financial market. We find that DDM models are usefull only as additional tool beside relative and DCF stocks valuation at MSE.

Valuation of long-term investments in energy assets under uncertainty

Energy Technology Data Exchange (ETDEWEB)

Abadie, L. M. [Bilbao Bizkaia Kutxa, Gran Via 30, 48009 Bilbao (Spain)

2009-07-01

This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV) or the Internal Rate of Return (IRR), despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived. (author)

Valuation of Long-Term Investments in Energy Assets under Uncertainty

Directory of Open Access Journals (Sweden)

Luis M. Abadie

2009-09-01

Full Text Available This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV or the Internal Rate of Return (IRR, despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived.

Valuation of long-term investments in energy assets under uncertainty

International Nuclear Information System (INIS)

Abadie, L. M.

2009-01-01

This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV) or the Internal Rate of Return (IRR), despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived. (author)

User behavior in contingent valuation and travel cost - The case of Parque das Palmeiras in Chapecó, SC, Brazil

OpenAIRE

Claudio Alcides Jacoski; Débora Carneiro Leite

2010-01-01

The creation and maintenance of public areas for environmental preservation, recreation and leisure has been one of the challenges faced by public managers. Located in an area of urban expansion of Chapecó, Parque das Palmeiras is subject to environmental risk, making it a fragile natural asset. The aim of this study was to verify the characteristic behavior of park users using two methods for economic value assessment, i. e., “contingent valuation” and “travel cost” for estimating the value ...

Application of Contingency Theories to the Supervision of Student Teachers.

Science.gov (United States)

Phelps, Julia D.

1985-01-01

This article examines selected approaches to student teacher supervision within the context of contingency theory. These include authentic supervision, developmental supervision, and supervision based on the student's level of maturity. (MT)

Innovation in healthcare services – creating a Combined Contingency Theory and Ecosystems Approach

Science.gov (United States)

Engelseth, Per; Kritchanchai, Duangpun

2018-04-01

The purpose of this conceptual paper is to develop an analytical framework used for process development in healthcare services. Healthcare services imply a form of operations management demanding an adapted research approach. This study therefore highlights first in the introduction challenges of healthcare services as a reasoning of this study. It is a type of service that has high societal and therefore ethical concern, but at the same time needs to be carried out efficiently to economise service production resource use. Combined business and ethics concerns need to be balanced in this service supply system. In the literature review that is the bulk of this paper, first, particularities of the service industry processes are considered. This is followed by considering literature on contingency theory to consider the nature of the supply chain context of the healthcare service processes highlighting interdependencies and appropriate technology use. This developed view is then expanded to consider an ecosystems approach to encompass the environment expanding analyses to considering in balanced manner features of business, society and nature. A research model for directing both further researches on the healthcare service industry an innovation of such services in practice is introduced.

Contingencies of Value

DEFF Research Database (Denmark)

Strandvad, Sara Malou

2014-01-01

Based on a study of the admission test at a design school, this paper investigates the contingencies of aesthetic values as these become visible in assessment practices. Theoretically, the paper takes its starting point in Herrnstein Smith’s notion of ‘contingencies of values’ and outlines...... a pragmatist ground where cultural sociology and economic sociology meet. Informed by the literature on cultural intermediaries, the paper discusses the role of evaluators and the devices which accompany them. Whereas studies of cultural intermediaries traditionally apply a Bourdieusian perspective, recent......, the paper does not accept this storyline. As an alternative, the paper outlines the contingencies of values which are at play at the admission test, composed of official assessment criteria and scoring devices together with conventions within the world of design, and set in motion by interactions...

48 CFR 18.201 - Contingency operation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contingency operation. 18... METHODS AND CONTRACT TYPES EMERGENCY ACQUISITIONS Emergency Acquisition Flexibilities 18.201 Contingency operation. (a) Contingency operation is defined in 2.101. (b) Micro-purchase threshold. The threshold...

Financial accounting as a method of household finance capacity valuation

OpenAIRE

A. B. Untanov

2017-01-01

The article presents existing household finance capacity investigations. Comparison conducting allowed to determinate collisions and flaws of previous works. That substantiates to find a new approach in household finance capacity valuation necessity. The article contains theoretical research of household finance fundamental categories. In particular, it notes significant difference between domestic and foreign experience of household finance determination. Although emphasizing key similaritie...

Convertible bond valuation focusing on Chinese convertible bond market

OpenAIRE

Yang, Ke

2010-01-01

This paper mainly discusses the methods of valuation of convertible bonds in Chinese market. Different from common convertible bonds in European market, considering the complicate features of Chinese convertible bond, this paper represents specific pricing approaches for pricing convertible bonds with different provisions along with the increment of complexity of these provisions. More specifically, this paper represents the decomposing method and binomial tree method for pricing both of Non-...

Problems with Contingency Theory: Testing Assumptions Hidden within the Language of Contingency "Theory".

Science.gov (United States)

Schoonhoven, Clausia Bird

1981-01-01

Discusses problems in contingency theory, which relates organizational structure to the tasks performed and the information needed. Analysis of data from 17 hospitals suggests that traditional contingency theory underrepresents the complexity of relations among technological uncertainty, structure, and organizational effectiveness. (Author/RW)

Optimal self-esteem is contingent: Intrinsic versus extrinsic and upward versus downward contingencies

NARCIS (Netherlands)

Vonk, R.; Smit, H.M.M.

2012-01-01

We argue that noncontingent, unconditional self-esteem is not optimal but defensive. We introduce the concept of intrinsic contingency, where self-esteem is affected by whether one's actions are self-congruent and conducive to personal growth. Whereas external contingencies, especially social and

Consistent Valuation across Curves Using Pricing Kernels

Directory of Open Access Journals (Sweden)

Andrea Macrina

2018-03-01

Full Text Available The general problem of asset pricing when the discount rate differs from the rate at which an asset’s cash flows accrue is considered. A pricing kernel framework is used to model an economy that is segmented into distinct markets, each identified by a yield curve having its own market, credit and liquidity risk characteristics. The proposed framework precludes arbitrage within each market, while the definition of a curve-conversion factor process links all markets in a consistent arbitrage-free manner. A pricing formula is then derived, referred to as the across-curve pricing formula, which enables consistent valuation and hedging of financial instruments across curves (and markets. As a natural application, a consistent multi-curve framework is formulated for emerging and developed inter-bank swap markets, which highlights an important dual feature of the curve-conversion factor process. Given this multi-curve framework, existing multi-curve approaches based on HJM and rational pricing kernel models are recovered, reviewed and generalised and single-curve models extended. In another application, inflation-linked, currency-based and fixed-income hybrid securities are shown to be consistently valued using the across-curve valuation method.

48 CFR 218.201 - Contingency operation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Contingency operation. 218... Flexibilities 218.201 Contingency operation. (1) Selection, appointment, and termination of appointment... in a contingency contracting force. See 201.603-2(2). (2) Policy for unique item identification...

Ecosystems, ecological restoration, and economics: does habitat or resource equivalency analysis mean other economic valuation methods are not needed?

Science.gov (United States)

Shaw, W Douglass; Wlodarz, Marta

2013-09-01

Coastal and other area resources such as tidal wetlands, seagrasses, coral reefs, wetlands, and other ecosystems are often harmed by environmental damage that might be inflicted by human actions, or could occur from natural hazards such as hurricanes. Society may wish to restore resources to offset the harm, or receive compensation if this is not possible, but faces difficult choices among potential compensation projects. The optimal amount of restoration efforts can be determined by non-market valuation methods, service-to-service, or resource-to-resource approaches such as habitat equivalency analysis (HEA). HEA scales injured resources and lost services on a one-to-one trade-off basis. Here, we present the main differences between the HEA approach and other non-market valuation approaches. Particular focus is on the role of the social discount rate, which appears in the HEA equation and underlies calculations of the present value of future damages. We argue that while HEA involves elements of economic analysis, the assumption of a one-to-one trade-off between lost and restored services sometimes does not hold, and then other non-market economic valuation approaches may help in restoration scaling or in damage determination.

Investment Valuation Analysis with Artificial Neural Networks

Directory of Open Access Journals (Sweden)

Hüseyin İNCE

2017-07-01

Full Text Available This paper shows that discounted cash flow and net present value, which are traditional investment valuation models, can be combined with artificial neural network model forecasting. The main inputs for the valuation models, such as revenue, costs, capital expenditure, and their growth rates, are heavily related to sector dynamics and macroeconomics. The growth rates of those inputs are related to inflation and exchange rates. Therefore, predicting inflation and exchange rates is a critical issue for the valuation output. In this paper, the Turkish economy’s inflation rate and the exchange rate of USD/TRY are forecast by artificial neural networks and implemented to the discounted cash flow model. Finally, the results are benchmarked with conventional practices.

Valuation Biases, Error Measures, and the Conglomerate Discount

NARCIS (Netherlands)

I. Dittmann (Ingolf); E.G. Maug (Ernst)

2006-01-01

textabstractWe document the importance of the choice of error measure (percentage vs. logarithmic errors) for the comparison of alternative valuation procedures. We demonstrate for several multiple valuation methods (averaging with the arithmetic mean, harmonic mean, median, geometric mean) that the

The Necessity of Contingency or Contingent Necessity: Meillassoux, Hegel, and the Subject

Directory of Open Access Journals (Sweden)

John Van Houdt

2011-06-01

Full Text Available This article addresses the relationship of contingency to necessity as developed by Quentin Meillassoux and G.W.F. Hegel. Meillassoux criticizes the restriction of possibility by modern philosophy to the conditions of the transcendental subject, which he calls ‘correlationism’, and opposes to this correlationism, mathematics as an absolute form of thought. The arch-figure of a metaphysical version of correlationism for Meillassoux is Hegel. This article argues that, while Meillassoux is right to criticize a version of correlationism for restricting the range of contingency, he overlooks Hegel’s unique contribution to this issue. Hegel provides us a version of necessity modeled on the mathematical proof which answers Meillassoux’s concerns about correlationist versions of necessity but does not altogether jettison the concept of the subject. Instead, the subject in Hegel is a contingent interruption which emerges from the breaks in the kinds of necessity we posit about the world. Hegel offers us a way of tying these two concepts together in what I call ‘contingent necessity’.

Use of dichotomous choice nonmarket methods to value the whooping crane resource

Science.gov (United States)

J. Michael Bowker; John R. Stoll

1985-01-01

A dichotomous choice form of contingent valuation is applied to quantify individuals' economic surplus associated with preservation of the whooping crane resource. Specific issues and limitations of the empirical approach are discussed. The results of this case study reveal that models with similar statistical fits can lead to very disparate measures of economic...

Valuation in life sciences: a practical guide

National Research Council Canada - National Science Library

Bogdan, Boris; Villiger, Ralph

2010-01-01

... apply valuation methodologies in life sciences. One of the complicating factors is that, compared to other industries, valuation of biotech innovation is much more demanding. The long 10-15-year development and clinical trials process still represents the main risks faced by any biotech company. Added to that is the fact that getting a drug across the regulato...

40 CFR 264.53 - Copies of contingency plan.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 25 2010-07-01 2010-07-01 false Copies of contingency plan. 264.53... Contingency Plan and Emergency Procedures § 264.53 Copies of contingency plan. A copy of the contingency plan... called upon to provide emergency services. [Comment: The contingency plan must be submitted to the...

26 CFR 25.2512-1 - Valuation of property; in general.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of property; in general. 25.2512-1... valuation of other particular kinds of property. See § 25.2702-6 for an adjustment to the total amount of an... AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-1 Valuation of...

49 CFR 1542.301 - Contingency plan.

Science.gov (United States)

2010-10-01

... 49 Transportation 9 2010-10-01 2010-10-01 false Contingency plan. 1542.301 Section 1542.301..., DEPARTMENT OF HOMELAND SECURITY CIVIL AVIATION SECURITY AIRPORT SECURITY Contingency Measures § 1542.301 Contingency plan. (a) Each airport operator required to have a security program under § 1542.103(a) and (b...

The improved business valuation model for RFID company based on the community mining method.

Science.gov (United States)

Li, Shugang; Yu, Zhaoxu

2017-01-01

Nowadays, the appetite for the investment and mergers and acquisitions (M&A) activity in RFID companies is growing rapidly. Although the huge number of papers have addressed the topic of business valuation models based on statistical methods or neural network methods, only a few are dedicated to constructing a general framework for business valuation that improves the performance with network graph (NG) and the corresponding community mining (CM) method. In this study, an NG based business valuation model is proposed, where real options approach (ROA) integrating CM method is designed to predict the company's net profit as well as estimate the company value. Three improvements are made in the proposed valuation model: Firstly, our model figures out the credibility of the node belonging to each community and clusters the network according to the evolutionary Bayesian method. Secondly, the improved bacterial foraging optimization algorithm (IBFOA) is adopted to calculate the optimized Bayesian posterior probability function. Finally, in IBFOA, bi-objective method is used to assess the accuracy of prediction, and these two objectives are combined into one objective function using a new Pareto boundary method. The proposed method returns lower forecasting error than 10 well-known forecasting models on 3 different time interval valuing tasks for the real-life simulation of RFID companies.

DCF Fair Value Valuation, Excessive Assetes and Hidden Inefficiencies

Directory of Open Access Journals (Sweden)

Paweł Mielcarz

2011-12-01

Full Text Available Fair value concept is widely used in DCF (Discounted Cash Flow  business valuation. One of the main principle of fair value concept is full information symmetry between contracting parties. The assumption enforces specific way of FCF (Free Cash Flow estimation: all areas of inefficiency of valuated companies should be identified and their effect on free cash flow should be eliminated. The projection of free cash flow thus prepared should reflect the optimum operations of the business. The methodological issues of fair value valuation of inefficient companies are not comprehensibly addressed in the financial and accounting literature. There is easily observable gap between fair value theory and valuation practices. Thus this article is an attempt to answer the question about practical issues in fair value valuation of companies which do not apply value based management rules. It is based on literature review, theory examination and short case studies which present proposed solution for practical problems. Methods of identification and assessment of impact of inefficiencies on the fair value of a business are hereinafter presented and supported with arguments.

Economic Valuation of Health Care Services in Public Health Systems: A Study about Willingness to Pay (WTP) for Nursing Consultations

Science.gov (United States)

Martín-Fernández, Jesús; del Cura-González, Mª Isabel; Rodríguez-Martínez, Gemma; Ariza-Cardiel, Gloria; Zamora, Javier; Gómez-Gascón, Tomás; Polentinos-Castro, Elena; Pérez-Rivas, Francisco Javier; Domínguez-Bidagor, Julia; Beamud-Lagos, Milagros; Tello-Bernabé, Mª Eugenia; Conde-López, Juan Francisco; Aguado-Arroyo, Óscar; Bayona, Mª Teresa Sanz-; Gil-Lacruz, Ana Isabel

2013-01-01

Background Identifying the economic value assigned by users to a particular health service is of principal interest in planning the service. The aim of this study was to evaluate the perception of economic value of nursing consultation in primary care (PC) by its users. Methods and Results Economic study using contingent valuation methodology. A total of 662 users of nursing consultation from 23 health centers were included. Data on demographic and socioeconomic characteristics, health needs, pattern of usage, and satisfaction with provided service were compiled. The validity of the response was evaluated by an explanatory mixed-effects multilevel model in order to assess the factors associated with the response according to the welfare theory. Response reliability was also evaluated. Subjects included in the study indicated an average Willingness to Pay (WTP) of €14.4 (CI 95%: €13.2–15.5; median €10) and an average Willingness to Accept [Compensation] (WTA) of €20.9 (CI 95%: €19.6–22.2; median €20). Average area income, personal income, consultation duration, home visit, and education level correlated with greater WTP. Women and older subjects showed lower WTP. Fixed parameters explained 8.41% of the residual variability, and response clustering in different health centers explained 4–6% of the total variability. The influence of income on WTP was different in each center. The responses for WTP and WTA in a subgroup of subjects were consistent when reassessed after 2 weeks (intraclass correlation coefficients 0.952 and 0.893, respectively). Conclusions The economic value of nursing services provided within PC in a public health system is clearly perceived by its user. The perception of this value is influenced by socioeconomic and demographic characteristics of the subjects and their environment, and by the unique characteristics of the evaluated service. The method of contingent valuation is useful for making explicit this perception of value of

Economic valuation of health care services in public health systems: a study about Willingness to Pay (WTP for nursing consultations.

Directory of Open Access Journals (Sweden)

Jesús Martín-Fernández

Full Text Available BACKGROUND: Identifying the economic value assigned by users to a particular health service is of principal interest in planning the service. The aim of this study was to evaluate the perception of economic value of nursing consultation in primary care (PC by its users. METHODS AND RESULTS: Economic study using contingent valuation methodology. A total of 662 users of nursing consultation from 23 health centers were included. Data on demographic and socioeconomic characteristics, health needs, pattern of usage, and satisfaction with provided service were compiled. The validity of the response was evaluated by an explanatory mixed-effects multilevel model in order to assess the factors associated with the response according to the welfare theory. Response reliability was also evaluated. Subjects included in the study indicated an average Willingness to Pay (WTP of €14.4 (CI 95%: €13.2-15.5; median €10 and an average Willingness to Accept [Compensation] (WTA of €20.9 (CI 95%: €19.6-22.2; median €20. Average area income, personal income, consultation duration, home visit, and education level correlated with greater WTP. Women and older subjects showed lower WTP. Fixed parameters explained 8.41% of the residual variability, and response clustering in different health centers explained 4-6% of the total variability. The influence of income on WTP was different in each center. The responses for WTP and WTA in a subgroup of subjects were consistent when reassessed after 2 weeks (intraclass correlation coefficients 0.952 and 0.893, respectively. CONCLUSIONS: The economic value of nursing services provided within PC in a public health system is clearly perceived by its user. The perception of this value is influenced by socioeconomic and demographic characteristics of the subjects and their environment, and by the unique characteristics of the evaluated service. The method of contingent valuation is useful for making explicit this perception

ACCOUNTING FOR CONTINGENT CONSIDERATIONS IN BUSINESS COMBINATIONS

Directory of Open Access Journals (Sweden)

Gurgen KALASHYAN

2017-07-01

Full Text Available According to IFRS 3 Business Combinations contingent considerations must be included in the total consideration given for the acquired entity along with cash, other assets, ordinary or preference equity instruments, options, warrants. The contingent consideration is the determined amount which acquiring entity has to pay to acquired entity provided, that certain conditions will be fulfilled in the future. In case the provisions are not satisfied, we will get the situation when the amount of contingent consideration has been included in the total consideration given in the business combination, but in fact, the acquirer has not paid that amount. In its turn, the acquired entity will recognize the contingent consideration as a financial asset according to IFRS 9 Financial Instruments. In that case, it would be appropriately to recognize the contingent consideration as a contingent asset applying IAS 37. In the Article the author will explore the challenges of contingent consideration accounting and suggest the ways of solving the above mentioned problems.

Using contingency management procedures to reduce at-risk drinking in heavy drinkers.

Science.gov (United States)

Dougherty, Donald M; Lake, Sarah L; Hill-Kapturczak, Nathalie; Liang, Yuanyuan; Karns, Tara E; Mullen, Jillian; Roache, John D

2015-04-01

Treatments for alcohol use disorders typically have been abstinence based, but harm reduction approaches that encourage drinkers to alter their drinking behavior to reduce the probability of alcohol-related consequences, have gained in popularity. This study used a contingency management procedure to determine its effectiveness in reducing alcohol consumption among heavy drinkers. Eighty-two nontreatment-seeking heavy drinkers (ages 21 to 54, M = 30.20) who did not meet diagnostic criteria for alcohol dependence participated in the study. The study had 3 phases: (i) an Observation phase (4 weeks) where participants drank normally; (ii) a Contingency Management phase (12 weeks) where participants were paid $50 weekly for not exceeding low levels of alcohol consumption as measured by transdermal alcohol concentrations, contingencies were removed. Transdermal alcohol monitors were used to verify meeting contingency requirements; all other analyses were conducted on self-reported alcohol use. On average 42.3% of participants met the contingency criteria and were paid an average of $222 during the Contingency Management phase, with an average $1,998 in total compensation throughout the study. Compared to the Observation phase, the percent of any self-reported drinking days significantly decreased from 59.9 to 40.0% in the Contingency Management and 32.0% in the Follow-up phases. The percent of self-reported heavy drinking days reported also significantly decreased from 42.4% in the Observation phase to 19.7% in the Contingency Management phase, which was accompanied by a significant increase in percent days of self-reported no (from 40.1 to 60.0%) and low-level drinking (from 9.9 to 15.4%). Self-reported reductions in drinking either persisted, or became more pronounced, during the Follow-up phase. Contingency management was associated with a reduction in self-reported episodes of heavy drinking among nontreatment-seeking heavy drinkers. These effects persisted even

Contingency management: perspectives of Australian service providers.

Science.gov (United States)

Cameron, Jacqui; Ritter, Alison

2007-03-01

Given the very positive and extensive research evidence demonstrating efficacy and effectiveness of contingency management, it is important that Australia explore whether contingency management has a role to play in our own treatment context. Qualitative interviews were conducted with 30 experienced alcohol and drug practitioners, service managers and policy-makers in Victoria. Interviewees were selected to represent the range of drug treatment services types and included rural representation. A semi-structured interview schedule, covering their perceptions and practices of contingency management was used. All interviews were transcribed verbatim and analysed using N2 qualitative data analysis program. The majority of key informants were positively inclined toward contingency management, notwithstanding some concerns about the philosophical underpinnings. Concerns were raised in relation to the use of monetary rewards. Examples of the use of contingency management provided by key informants demonstrated an over-inclusive definition: all the examples did not adhere to the key principles of contingency management. This may create problems if a structured contingency management were to be introduced in Australia. Contingency management is an important adjunctive treatment intervention and its use in Australia has the potential to enhance treatment outcomes. No unmanageable barriers were identified in this study.

Sustained Forced Sale Value Opinion Advice in Nigerian Valuation ...

African Journals Online (AJOL)

Sultan

volume of secured lending by commercial banks. ... Keywords: Forced sale value, mortgage valuation, Nigeria, valuation ... fact that given the rather large set of unknowns .... Besides the primary data .... mortgage lending value add anything.

Valuation of brands and intellectual capital

OpenAIRE

Fernández, Pablo

2002-01-01

In this paper we review several methods used for valuing brands. Among them, those of Interbrand, Damodaran, Financial World, Houlihan Valuation Advisors, Market Facts, Young & Rubicam and CDB Research & Consulting. In particular, we analyze in depth the valuations of Kellogg's and Coca-Cola performed by Damodaran and the method proposed by Interbrand. Damodaran valued the Coca-Cola brand at 24.6 billion dollars in 1993 and at 102.6 billion dollars in 1998. In recent years, a lot has been sai...

7 CFR 4290.503 - RBIC's adoption of an approved valuation policy.

Science.gov (United States)

2010-01-01

... close of the quarter. (e) Review of valuations by independent public accountant. (1) For valuations performed as of the end of your fiscal year, your independent public accountant must review your valuation... independent public accountant's report on your audited annual financial statements (SBA Form 468) must include...

13 CFR 107.503 - Licensee's adoption of an approved valuation policy.

Science.gov (United States)

2010-01-01

... of the quarter. (e) Review of valuations by independent public accountant. (1) For valuations performed as of the end of your fiscal year, your independent public accountant must review your valuation... independent public accountant's report on your audited annual financial statements (SBA Form 468) must include...

Valuation of medical resource units collected in health economic studies.

Science.gov (United States)

Copley-Merriman, C; Lair, T J

1994-01-01

This paper reviews the issues that are critical for the valuation of medical resources in the context of health economic studies. There are several points to consider when undertaking the valuation of medical resources. The perspective of the analysis should be established before determining the valuation process. Future costs should be discounted to present values, and time and effort spent in assigning a monetary value to a medical resource should be proportional to its importance in the analysis. Prices vary considerably based on location of the service and the severity of the illness episode. Because of the wide variability in pricing data, sensitivity analysis is an important component of validation of study results. A variety of data sources have been applied to the valuation of medical resources. Several types of data are reviewed in this paper, including claims data, national survey data, administrative data, and marketing research data. Valuation of medical resources collected in clinical trials is complex because of the lack of standardization of the data sources. A national pricing data source for health economic valuation would greatly facilitate study analysis and make comparisons between results more meaningful.

Economic valuation of aquatic ecosystem services in developing countries

DEFF Research Database (Denmark)

Korsgaard, Louise; Schou, Jesper S.

2010-01-01

-the silent water user. A promising way of placing aquatic ecosystems on the water agenda is by economic valuation of services sustained by ecosystems. In developing countries, the livelihoods of rural people often depend directly on the provision of aquatic ecosystem services. In such situations, economic......An important challenge of integrated water resources management (IWRM) is to balance water allocation between different users. While economically and/or politically powerful users have well developed methods for quantifying and justifying their water needs, this is not the case for ecosystems...... valuation of ecosystem services becomes particularly challenging. This paper reviews recent literature on economic valuation of aquatic ecosystem services in developing countries. "Market price" is the most widespread method used for valuating marketed ecosystem services in developing countries. "Cost based...

Tensor valuations and their applications in stochastic geometry and imaging

CERN Document Server

Kiderlen, Markus

2017-01-01

The purpose of this volume is to give an up-to-date introduction to tensor valuations and their applications. Starting with classical results concerning scalar-valued valuations on the families of convex bodies and convex polytopes, it proceeds to the modern theory of tensor valuations. Product and Fourier-type transforms are introduced and various integral formulae are derived. New and well-known results are presented, together with generalizations in several directions, including extensions to the non-Euclidean setting and to non-convex sets. A variety of applications of tensor valuations to models in stochastic geometry, to local stereology and to imaging are also discussed.

Differences Between Individual and Societal Health State Valuations

Science.gov (United States)

Chapman, Benjamin P.; Franks, Peter; Duberstein, Paul R.; Jerant, Anthony

2009-01-01

Objective The concept of “adaptation” has been proposed to account for differences between individual and societal valuations of specific health states in patients with chronic diseases. Little is known about psychological indices of adaptational capacity, which may predict differences in individual and societal valuations of health states. We investigated whether such differences were partially explained by personality traits in chronic disease patients. Research Design Analysis of baseline data of randomized controlled trial. Subjects Three hundred seventy patients with chronic disease. Measures The NEO-five factor inventory measure of personality, EuroQoL-5D (EQ-5D) societal-based, and the EQ visual analogue scale individually-based measures of health valuation. Results Regression analyses modeled Dev, a measure of difference between the EQ-Visual Analogue Scale and EQ-5D, as a function of personality traits, sociodemographic factors, and chronic diseases. Individual valuations were significantly and clinically higher than societal valuations among patients in the second and third quartile of conscientiousness (Dev = 0.08, P = 0.01); among covariates, only depression (Dev = -0.04, P = 0.046) was also associated with Dev. Conclusion Compared with societal valuations of a given health state, persons at higher quartiles of conscientiousness report less disutility associated with poor health. The effect is roughly twice that of some estimates of minimally important clinical differences on the EQ-5D and of depression. Although useful at the aggregate level, societal preference measures may systematically undervalue the health states of more conscientious individuals. Future work should examine the impact this has on individual patient outcome evaluation in clinical studies. PMID:19543121

Ineffable Cultures or Material Devices: What Valuation Studies can Learn from the Disappearance of Ensured Solidarity in a Health Care Market

Directory of Open Access Journals (Sweden)

Teun Zuiderent-Jerak

2015-10-01

Full Text Available Valuation studies addresses how values are made in valuation practices. A next - or rather previous - question becomes: what then makes valuation practices? Two oppositional replies are starting to dominate how that question can be answered: a more materially oriented focus on devices of valuation and a more sociologically inclined focus on ineffable valuation cultures. The debate between proponents of both approaches may easily turn into the kind of leapfrog debates that have dominated many previous discussions on whether culture or materiality would play a decisive role in driving history. This paper explores a less repetitive reply. It does so by analyzing the puzzling case of the demise of solidarity as a core value within the recent Dutch health care system of regulated competition. While "solidarity among the insured" was both a strong cultural value within the Dutch welfare-based health system, and a value that was built into market devices by health economists, within a fairly short time "fairness" became of lesser importance than "competition". This makes us call for a more historical, relational, and dynamic understanding of the role of economists, market devices, and of culture in valuation studies.

Issues in the valuation of travel time savings

DEFF Research Database (Denmark)

Gissel, Stine

1998-01-01

The subject of the paper is the valuation of travel time savings (emanating from investment in transport infrastructure). In the first part of the paper the question is approached within a microeconomic framework. It is discussed if and how the theory can give indications on the relative value...... of travel time elements and on the extrapolation of time values into the future. In the second part of the paper the same questions are investigated on the basis of the results of several empirical studies....

Appendix F - Sample Contingency Plan

Science.gov (United States)

This sample Contingency Plan in Appendix F is intended to provide examples of contingency planning as a reference when a facility determines that the required secondary containment is impracticable, pursuant to 40 CFR §112.7(d).

19 CFR 10.18 - Valuation of assembled articles.

Science.gov (United States)

2010-04-01

... 19 Customs Duties 1 2010-04-01 2010-04-01 false Valuation of assembled articles. 10.18 Section 10... THE TREASURY ARTICLES CONDITIONALLY FREE, SUBJECT TO A REDUCED RATE, ETC. General Provisions Articles Assembled Abroad with United States Components § 10.18 Valuation of assembled articles. As in the case of...

Valuation of inventories in systems with product recovery

NARCIS (Netherlands)

R.H. Teunter (Ruud); E.A. van der Laan (Erwin)

2003-01-01

textabstractValuation of inventories has different purposes, in particular accounting and decision making, and it is not necessary for a firm to use the same valuation method for both purposes. In fact, it is not uncommon to use accounting books as well as management books. In this chapter, we will

Dynamic Contingency Analysis Tool

Energy Technology Data Exchange (ETDEWEB)

2016-01-14

The Dynamic Contingency Analysis Tool (DCAT) is an open-platform and publicly available methodology to help develop applications that aim to improve the capabilities of power system planning engineers to assess the impact and likelihood of extreme contingencies and potential cascading events across their systems and interconnections. Outputs from the DCAT will help find mitigation solutions to reduce the risk of cascading outages in technically sound and effective ways. The current prototype DCAT implementation has been developed as a Python code that accesses the simulation functions of the Siemens PSS/E planning tool (PSS/E). It has the following features: It uses a hybrid dynamic and steady-state approach to simulating the cascading outage sequences that includes fast dynamic and slower steady-state events. It integrates dynamic models with protection scheme models for generation, transmission, and load. It models special protection systems (SPSs)/remedial action schemes (RASs) and automatic and manual corrective actions. Overall, the DCAT attempts to bridge multiple gaps in cascading-outage analysis in a single, unique prototype tool capable of automatically simulating and analyzing cascading sequences in real systems using multiprocessor computers.While the DCAT has been implemented using PSS/E in Phase I of the study, other commercial software packages with similar capabilities can be used within the DCAT framework.

Thevenin Equivalent Method for Dynamic Contingency Assessment

DEFF Research Database (Denmark)

Møller, Jakob Glarbo; Jóhannsson, Hjörtur; Østergaard, Jacob

2015-01-01

A method that exploits Thevenin equivalent representation for obtaining post-contingency steady-state nodal voltages is integrated with a method of detecting post-contingency aperiodic small-signal instability. The task of integrating stability assessment with contingency assessment is challenged...... by the cases of unstable post-contingency conditions. For unstable postcontingency conditions there exists no credible steady-state which can be used for basis of a stability assessment. This paper demonstrates how Thevenin Equivalent methods can be applied in algebraic representation of such bifurcation...... points which may be used in assessment of post-contingency aperiodic small-signal stability. The assessment method is introduced with a numeric example....

Yampa River Valley sub-area contingency plan

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-08-01

The Yampa River Valley sub-area contingency plan (Contingency Plan) has been prepared for two counties in northwestern Colorado: Moffat County and Routt County. The Contingency Plan is provided in two parts, the Contingency Plan and the Emergency Response Action Plan (ERAP). The Contingency Plan provides information that should be helpful in planning to minimize the impact of an oil spill or hazardous material incident. It contains discussions of planning and response role, hazards identification, vulnerability analysis, risk analysis, cleanup, cost recovery, training, and health and safety. It includes information on the incident command system, notifications, response capabilities, emergency response organizations, evacuation and shelter-in-place, and immediate actions.

40 CFR 265.54 - Amendment of contingency plan.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 25 2010-07-01 2010-07-01 false Amendment of contingency plan. 265.54... DISPOSAL FACILITIES Contingency Plan and Emergency Procedures § 265.54 Amendment of contingency plan. The contingency plan must be reviewed, and immediately amended, if necessary, whenever: (a) Applicable regulations...

40 CFR 264.54 - Amendment of contingency plan.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 25 2010-07-01 2010-07-01 false Amendment of contingency plan. 264.54 Section 264.54 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) SOLID WASTES... Contingency Plan and Emergency Procedures § 264.54 Amendment of contingency plan. The contingency plan must be...

Coupled hydrological, ecological, decision and economic models for monetary valuation of riparian ecosystem services

Science.gov (United States)

Goodrich, D. C.; Brookshire, D.; Broadbent, C.; Dixon, M. D.; Brand, L. A.; Thacher, J.; Benedict, K. K.; Lansey, K. E.; Stromberg, J. C.; Stewart, S.; McIntosh, M.

2011-12-01

Water is a critical component for sustaining both natural and human systems. Yet the value of water for sustaining ecosystem services is not well quantified in monetary terms. Ideally decisions involving water resource management would include an apples-to-apples comparison of the costs and benefits in dollars of both market and non-market goods and services - human and ecosystem. To quantify the value of non-market ecosystem services, scientifically defensible relationships must be developed that link the effect of a decision (e.g. human growth) to the change in ecosystem attributes from current conditions. It is this linkage that requires the "poly-disciplinary" coupling of knowledge and models from the behavioral, physical, and ecological sciences. In our experience another key component of making this successful linkage is development of a strong poly-disciplinary scientific team that can readily communicate complex disciplinary knowledge to non-specialists outside their own discipline. The time to build such a team that communicates well and has a strong sense of trust should not be underestimated. The research described in the presentation incorporated hydrologic, vegetation, avian, economic, and decision models into an integrated framework to determine the value of changes in ecological systems that result from changes in human water use. We developed a hydro-bio-economic framework for the San Pedro River Region in Arizona that considers groundwater, stream flow, and riparian vegetation, as well as abundance, diversity, and distribution of birds. In addition, we developed a similar framework for the Middle Rio Grande of New Mexico. There are six research components for this project: (1) decision support and scenario specification, (2) regional groundwater model, (3) the riparian vegetation model, (4) the avian model, (5) methods for displaying the information gradients in the valuation survey instruments (Choice Modeling and Contingent Valuation), and (6

Stochastic Actuarial Modelling of a Defined-Benefit Social Security Pension Scheme: An Analytical Approach

OpenAIRE

Iyer, Subramaniam

2017-01-01

Among the systems in place in different countries for the protection of the population against the long-term contingencies of old-age (or retirement), disability and death (or survivorship), defined-benefit social security pension schemes, i.e. social insurance pension schemes, by far predominate, despite the recent trend towards defined-contribution arrangements in social security reforms. Actuarial valuations of these schemes, unlike other branches of insurance, continue to be carried out a...

Outpatient imaging center valuations: do you need a fair-market value analysis?

Science.gov (United States)

Koonsman, G S

2001-01-01

Typically, outpatient diagnostic imaging centers are formed as partnerships between radiologists, radiologists and hospitals, and/or radiologists and diagnostic imaging center management companies. As a result of these partnership structures, the question of equity valuation frequently arises. It is not only important to understand when an independent valuation would be required, but also what "type" of valuation needs to be performed. The type of valuation may vary based upon the use of the valuation. In partnerships that involve hospitals and physicians, the federal anti-kickback statutes (fraud and abuse laws) require that all transactions between referring physicians and hospitals be consummated at fair-market value. In addition, tax-exempt hospitals that enter into partnerships with physicians are required to enter into those transactions at fair-market value or risk losing their tax-exempt status. Fair-market value is also typically the standard of value that all partnerships strive to conduct equity transactions with shareholders. Qualifications required by those who perform independent fair-market value opinions include: Proper business valuation training and focus on valuations as a primary business Focus on the healthcare industry and specifically on the valuation of diagnostic imaging centers In order to perform a reasonable business valuation analysis, the appraiser must have access to a significant amount of financial, operational and legal information. The analyst must be able to understand the history of the imaging center as well as the projected future of the center. Ultimately, a valuation is a measurement of the estimated future cash flows of the center--risk adjusted--in order to quantify the present value of those cash flows.

Partitioning Stakeholders for the Economic Valuation of Ecosystem Services: Examples of a Mangrove System

Energy Technology Data Exchange (ETDEWEB)

Micheletti, Tatiane, E-mail: micheletti@forst.tu-dresden.de [Institute of Forest Botany and Forest Zoology (Germany); Jost, François [Institute for International Forestry and Wood Industry (Germany); Berger, Uta [Institute of Forest Growth and Forest Computer Sciences (Germany)

2016-09-15

Although the importance of ecosystem services provided by natural forests, especially mangroves, is well known, the destruction of these environments is still ubiquitous and therefore protection measures are urgently needed. The present study compares the current approach of economic valuation of ecosystem services to a proposed one, using a study case of a mangrove system as an example. We suggest that a cost-benefit analysis for economically valuing environmental services should be performed with three additional modifications consisting of (i) a categorization of local stakeholders as demanders of particular ecosystem services, (ii) acknowledgement of the government as one of these demander groups, and (iii) the inclusion of opportunity costs in the valuation. The application of this approach to the mangrove area in the east portion of Great Abaco Island, the Bahamas, reveals that not only the ecosystem services received differ between demander groups, but the monetary benefits and costs are also specific to each of these groups. We show that the economic valuation of the ecosystem should be differentiated for each category, instead of being calculated as a net ‘societal value’ as it is currently. Applying this categorization of demanders enables a better understanding of the cost and benefit structure of the protection of a natural area. The present paper aims to facilitate discussions regarding benefit and cost sharing related to the protection of natural areas.

Partitioning Stakeholders for the Economic Valuation of Ecosystem Services: Examples of a Mangrove System

International Nuclear Information System (INIS)

Micheletti, Tatiane; Jost, François; Berger, Uta

2016-01-01

Although the importance of ecosystem services provided by natural forests, especially mangroves, is well known, the destruction of these environments is still ubiquitous and therefore protection measures are urgently needed. The present study compares the current approach of economic valuation of ecosystem services to a proposed one, using a study case of a mangrove system as an example. We suggest that a cost-benefit analysis for economically valuing environmental services should be performed with three additional modifications consisting of (i) a categorization of local stakeholders as demanders of particular ecosystem services, (ii) acknowledgement of the government as one of these demander groups, and (iii) the inclusion of opportunity costs in the valuation. The application of this approach to the mangrove area in the east portion of Great Abaco Island, the Bahamas, reveals that not only the ecosystem services received differ between demander groups, but the monetary benefits and costs are also specific to each of these groups. We show that the economic valuation of the ecosystem should be differentiated for each category, instead of being calculated as a net ‘societal value’ as it is currently. Applying this categorization of demanders enables a better understanding of the cost and benefit structure of the protection of a natural area. The present paper aims to facilitate discussions regarding benefit and cost sharing related to the protection of natural areas.

Valuation of agrifood SMEs. Lessons to be learnt from the stock market

Directory of Open Access Journals (Sweden)

Raül Vidal

2018-02-01

Full Text Available The European agrifood industry is mostly characterized by small and medium enterprises (SMEs; as in 2013, SMEs represented 99.13% of the total number of companies. The valuation of SMEs not listed in any stock market is a complex task since there is not enough information on comparable transactions. When applying discounted cash flow (DCF models to value private agrifood companies, the capital structure and the cost of equity are two key parameters to be determined. The implications of these parameters in the value of the enterprise are not clear inasmuch as it is not possible to carry out a contrast due, precisely, to the lack of comparables. The main goal of this study is to determine the biases that those two parameters can introduce into the valuation process of an agrifood company. We have used the stock market as a framework wherein to apply a simple fundamental model to the companies of the European food industry in order to obtain three valuation multiples. By means of two bootstrap approaches, the bias induced in the multiples has been assessed for every year from 2002-2013. Results show that the use of the return on equity as cost of equity tends to undervaluation; the use of capital asset pricing model (CAPM tends to a slight overvaluation, whereas using the total beta induces an undervaluation bias. Moreover, the capital structure shows little influence on the valuation multiples. The conclusions drawn from this paper can be useful for managers and shareholders of privately-held agrifood companies.

Valuation of agrifood SMEs. Lessons to be learnt from the stock market

Energy Technology Data Exchange (ETDEWEB)

Vidal, R.; Ribal, J.

2017-07-01

The European agrifood industry is mostly characterized by small and medium enterprises (SMEs); as in 2013, SMEs represented 99.13% of the total number of companies. The valuation of SMEs not listed in any stock market is a complex task since there is not enough information on comparable transactions. When applying discounted cash flow (DCF) models to value private agrifood companies, the capital structure and the cost of equity are two key parameters to be determined. The implications of these parameters in the value of the enterprise are not clear inasmuch as it is not possible to carry out a contrast due, precisely, to the lack of comparables. The main goal of this study is to determine the biases that those two parameters can introduce into the valuation process of an agrifood company. We have used the stock market as a framework wherein to apply a simple fundamental model to the companies of the European food industry in order to obtain three valuation multiples. By means of two bootstrap approaches, the bias induced in the multiples has been assessed for every year from 2002-2013. Results show that the use of the return on equity as cost of equity tends to undervaluation; the use of capital asset pricing model (CAPM) tends to a slight overvaluation, whereas using the total beta induces an undervaluation bias. Moreover, the capital structure shows little influence on the valuation multiples. The conclusions drawn from this paper can be useful for managers and shareholders of privately-held agrifood companies.

Valuation of agrifood SMEs. Lessons to be learnt from the stock market

International Nuclear Information System (INIS)

Vidal, R.; Ribal, J.

2017-01-01

The European agrifood industry is mostly characterized by small and medium enterprises (SMEs); as in 2013, SMEs represented 99.13% of the total number of companies. The valuation of SMEs not listed in any stock market is a complex task since there is not enough information on comparable transactions. When applying discounted cash flow (DCF) models to value private agrifood companies, the capital structure and the cost of equity are two key parameters to be determined. The implications of these parameters in the value of the enterprise are not clear inasmuch as it is not possible to carry out a contrast due, precisely, to the lack of comparables. The main goal of this study is to determine the biases that those two parameters can introduce into the valuation process of an agrifood company. We have used the stock market as a framework wherein to apply a simple fundamental model to the companies of the European food industry in order to obtain three valuation multiples. By means of two bootstrap approaches, the bias induced in the multiples has been assessed for every year from 2002-2013. Results show that the use of the return on equity as cost of equity tends to undervaluation; the use of capital asset pricing model (CAPM) tends to a slight overvaluation, whereas using the total beta induces an undervaluation bias. Moreover, the capital structure shows little influence on the valuation multiples. The conclusions drawn from this paper can be useful for managers and shareholders of privately-held agrifood companies.

Network location theory and contingency planning

Energy Technology Data Exchange (ETDEWEB)

Hakimi, S L

1983-08-01

A brief survey of results in network location theory is first presented. Then, a systems view of contingency planning is described. Finally, some results in location theory are re-examined and it is shown that they are motivated by contingency planning considerations. Some new issues and problems in location theory are described, which, if properly tackled, will have a substantial impact on contingency planning in transportation.

Valuation of ecosystem services: paradox or Pandora’s box for decision-makers?

OpenAIRE

Nijnik,Maria; Miller,David

2017-01-01

The valuation of ecosystem services (ES) employs a range of methods. Based on a literature review and selected empirical examples, we consider major opportunities and challenges in ecosystem services valuation. We analyse when different valuation methods are appropriate and most useful. We demonstrate that mechanisms to capture benefits and costs are needed; and that the use of valuation should be incorporated more widely in decision-making. However, we argue that ecosystems are complex syste...

Application of Real Options Valuation to R&D Investments in Pharmaceutical Companies

OpenAIRE

Zhang, Huan Ran

2006-01-01

This paper provides an insight into the application of real option valuation method to R&D projects in pharmaceutical companies. As one of the most important corporate finance decision-making methods, real option valuation method has been introduced in the last two decades. By applying option valuation methods, real option valuation is a useful tool to company managers. R&D investments in pharmaceutical companies are subject to considerable uncertainty, which may involve possibilities (i...

Towards an International Data Standard for Immovable Property Valuation

NARCIS (Netherlands)

Kara, A.; Çağdaş, Volkan; Işıkdağ, Ümit; van Oosterom, P.J.M.; Lemmen, Christiaan; Stubkjær, Erik; Halme, Pekka

2017-01-01

Immovable property valuation is performed by public sector actors for several land management activities, such as property taxation, expropriation or compulsory purchase of land, land re-adjustment and land consolidation; and private sector actors perform valuation for purchase, real estate

26 CFR 25.2512-4 - Valuation of notes.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of notes. 25.2512-4 Section 25.2512-4... GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-4 Valuation of notes. The fair market... the property, if any, pledged or mortgaged as security is insufficient to satisfy it. ...

48 CFR 211.274-3 - Policy for valuation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Policy for valuation. 211... Documents 211.274-3 Policy for valuation. (a) It is DoD policy that contractors shall be required to...'s unit acquisition cost is— (1) For fixed-price type line, subline, or exhibit line items, the unit...

CORPORATE VALUATION USING TWO-DIMENSIONAL MONTE CARLO SIMULATION

Directory of Open Access Journals (Sweden)

Toth Reka

2010-12-01

Full Text Available In this paper, we have presented a corporate valuation model. The model combine several valuation methods in order to get more accurate results. To determine the corporate asset value we have used the Gordon-like two-stage asset valuation model based on the calculation of the free cash flow to the firm. We have used the free cash flow to the firm to determine the corporate market value, which was calculated with use of the Black-Scholes option pricing model in frame of the two-dimensional Monte Carlo simulation method. The combined model and the use of the two-dimensional simulation model provides a better opportunity for the corporate value estimation.

30 CFR 218.152 - Fishermen's Contingency Fund.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Fishermen's Contingency Fund. 218.152 Section 218.152 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR MINERALS REVENUE..., Offshore § 218.152 Fishermen's Contingency Fund. Upon the establishment of the Fishermen's Contingency Fund...

40 CFR 265.53 - Copies of contingency plan.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 25 2010-07-01 2010-07-01 false Copies of contingency plan. 265.53... DISPOSAL FACILITIES Contingency Plan and Emergency Procedures § 265.53 Copies of contingency plan. A copy of the contingency plan and all revisions to the plan must be: (a) Maintained at the facility; and (b...

Public support for hosting the Olympic Summer Games in Germany: The CVM approach

OpenAIRE

Pamela Wicker; John C. Whitehead; Daniel S. Mason; Bruce K. Johnson

2015-01-01

Cities throughout the world continue to weigh the merits of hosting major sport events, including the Olympic Games. These events are considered desirable due to a range of benefits, including economic and/or tourism development. In addition, previous research has shown that hosting the Olympics may confer intangible benefits for cities and their residents. This paper presents the results of a contingent valuation method estimate of the monetary value of intangible benefits to Germans of host...

Equilibria of perceptrons for simple contingency problems.

Science.gov (United States)

Dawson, Michael R W; Dupuis, Brian

2012-08-01

The contingency between cues and outcomes is fundamentally important to theories of causal reasoning and to theories of associative learning. Researchers have computed the equilibria of Rescorla-Wagner models for a variety of contingency problems, and have used these equilibria to identify situations in which the Rescorla-Wagner model is consistent, or inconsistent, with normative models of contingency. Mathematical analyses that directly compare artificial neural networks to contingency theory have not been performed, because of the assumed equivalence between the Rescorla-Wagner learning rule and the delta rule training of artificial neural networks. However, recent results indicate that this equivalence is not as straightforward as typically assumed, suggesting a strong need for mathematical accounts of how networks deal with contingency problems. One such analysis is presented here, where it is proven that the structure of the equilibrium for a simple network trained on a basic contingency problem is quite different from the structure of the equilibrium for a Rescorla-Wagner model faced with the same problem. However, these structural differences lead to functionally equivalent behavior. The implications of this result for the relationships between associative learning, contingency theory, and connectionism are discussed.

26 CFR 20.2031-4 - Valuation of notes.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of notes. 20.2031-4 Section 20.2031-4... ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-4 Valuation of notes... of the party or parties liable, or for other cause), and that any property pledged or mortgaged as...

Modelling the role of forests on water provision services: a hydro-economic valuation approach

Science.gov (United States)

Beguería, S.; Campos, P.

2015-12-01

Hydro-economic models that allow integrating the ecological, hydrological, infrastructure, economic and social aspects into a coherent, scientifically- informed framework constitute preferred tools for supporting decision making in the context of integrated water resources management. We present a case study of water regulation and provision services of forests in the Andalusia region of Spain. Our model computes the physical water flows and conducts an economic environmental income and asset valuation of forest surface and underground water yield. Based on available hydrologic and economic data, we develop a comprehensive water account for all the forest lands at the regional scale. This forest water environmental valuation is integrated within a much larger project aiming at providing a robust and easily replicable accounting tool to evaluate yearly the total income and capital of forests, encompassing all measurable sources of private and public incomes (timber and cork production, auto-consumption, recreational activities, biodiversity conservation, carbon sequestration, water production, etc.). We also force our simulation with future socio-economic scenarios to quantify the physical and economic efects of expected trends or simulated public and private policies on future water resources. Only a comprehensive integrated tool may serve as a basis for the development of integrated policies, such as those internationally agreed and recommended for the management of water resources.

The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis.

Science.gov (United States)

McDonald, John F

2004-05-01

The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

50 CFR 296.3 - Fishermen's contingency fund.

Science.gov (United States)

2010-10-01

... 50 Wildlife and Fisheries 7 2010-10-01 2010-10-01 false Fishermen's contingency fund. 296.3... ADMINISTRATION, DEPARTMENT OF COMMERCE CONTINENTAL SHELF FISHERMEN'S CONTINGENCY FUND § 296.3 Fishermen's contingency fund. (a) General. There is established in the Treasury of the United States the Fishermen's...

Willingness to Pay for Air Quality Improvements in Klang Valley Malaysia

OpenAIRE

Rafia Afroz; Mohd N. Hassan; Muhamad Awang; Noor A. Ibrahim

2005-01-01

This research employed contingent valuation method (CVM) to estimate the willingness to pay (WTP) of the respondents to improve the air quality in Klang Valley. The samples were divided according to different question formats i.e. open ended(OE), dichotomous choice(DC) and payment card(PC). The objective of this study is to investigate the convergent validity of contingent valuation estimates by comparing the WTP values of different question formats. The comparison of responses to different q...

Valuation of international oil- and gas companies; Verdsetting av internasjonale olje- og gasselskaper

Energy Technology Data Exchange (ETDEWEB)

Osmundsen, Petter; Mohn, Klaus; Espedal, Harald; Loevaas, Kjell

2002-07-01

In Norway, stock exchange quotation of Statoil has led to increased interest in valuation of oil companies. This article goes through the theory of corporate valuation. Then it compares the theory with practice, where valuation largely is built on accounts-based indicators. Taking the oil companies as a case, the article describes and evaluates the valuation methods used by analysts and investment banks.

Motor contingency learning and infants with Spina Bifida.

Science.gov (United States)

Taylor, Heather B; Barnes, Marcia A; Landry, Susan H; Swank, Paul; Fletcher, Jack M; Huang, Furong

2013-02-01

Infants with Spina Bifida (SB) were compared to typically developing infants (TD) using a conjugate reinforcement paradigm at 6 months-of-age (n = 98) to evaluate learning, and retention of a sensory-motor contingency. Analyses evaluated infant arm-waving rates at baseline (wrist not tethered to mobile), during acquisition of the sensory-motor contingency (wrist tethered), and immediately after the acquisition phase and then after a delay (wrist not tethered), controlling for arm reaching ability, gestational age, and socioeconomic status. Although both groups responded to the contingency with increased arm-waving from baseline to acquisition, 15% to 29% fewer infants with SB than TD were found to learn the contingency depending on the criterion used to determine contingency learning. In addition, infants with SB who had learned the contingency had more difficulty retaining the contingency over time when sensory feedback was absent. The findings suggest that infants with SB do not learn motor contingencies as easily or at the same rate as TD infants, and are more likely to decrease motor responses when sensory feedback is absent. Results are discussed with reference to research on contingency learning in infants with and without neurodevelopmental disorders, and with reference to motor learning in school-age children with SB.

Valuation of Biochemical and Microbiological Indicators in Soil Quality Assessment

OpenAIRE

Peruzzi, Elisabetta

2017-01-01

This thesis research aimed at valuating the suitability of biochemical and microbiological indicators in soil quality and soil health assessment, applying an interdisciplinary approach by means of different methodologies. As the concept of soil quality encompasses both functionality and biological diversity, two cases of study are proposed and each of them aimed at the description of this two aspects. The first case study examined the degree of interference of high soil copper contamination w...

Valuation In The Constitutional Era

Directory of Open Access Journals (Sweden)

Elmien du Plessis

2015-12-01

Full Text Available The Constitution brought about a new compensation regime for expropriations. Compensation for expropriation must now be "just and equitable". Whereas before the Constitution came into force market value played a central role in compensation for expropriation, market value is now only one factor or aspect of compensation that the court needs to take into account. Yet we find that courts tend to focus on market value and to still employ the valuation methods used to calculate market value. This article argues that the methods used to calculate the market value, once thought to be objective, are not as objective as was believed. While it is impossible to give judges specific tools for the assessment of market value, this article provides guidelines on how the calculation of compensation should be approached.

Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

Directory of Open Access Journals (Sweden)

Jonas Alm

2015-09-01

Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

10 CFR 72.184 - Safeguards contingency plan.

Science.gov (United States)

2010-01-01

... 10 Energy 2 2010-01-01 2010-01-01 false Safeguards contingency plan. 72.184 Section 72.184 Energy... Protection § 72.184 Safeguards contingency plan. (a) The requirements of the licensee's safeguards contingency plan for responding to threats and radiological sabotage must be as defined in appendix C to part...

Contingency theory, climate change, and low-carbon operations management

DEFF Research Database (Denmark)

Furlan Matos Alves, Marcelo Wilson; Lopes de Sousa Jabbour, Ana Beatriz; Kannan, Devika

2017-01-01

of sustainability managers on the adoption of low-carbon operations management practices and their related benefits. Design/methodology/approach: To achieve this goal, this research uses NVivo software to gather evidence from interviews conducted with ten high-level managers in sustainability and related areas from...... seven leading companies located in Brazil. Findings: The authors present four primary results: a proposal of an original framework to understand the relationship between contingency theory, changes in organisational structure to embrace low-carbon management, adoption of low-carbon operations practices......-change contingencies at the supply chain level, organisational structure for low-carbon management and low-carbon operations management practices and benefits. This research also highlights evidence from an emerging economy and registers future research propositions....

Searching for Plausible N-k Contingencies Endangering Voltage Stability

DEFF Research Database (Denmark)

Weckesser, Johannes Tilman Gabriel; Van Cutsem, Thierry

2017-01-01

This paper presents a novel search algorithm using time-domain simulations to identify plausible N − k contingencies endangering voltage stability. Starting from an initial list of disturbances, progressively more severe contingencies are investigated. After simulation of a N − k contingency......, the simulation results are assessed. If the system response is unstable, a plausible harmful contingency sequence has been found. Otherwise, components affected by the contingencies are considered as candidate next event leading to N − (k + 1) contingencies. This implicitly takes into account hidden failures...

Valuation of Volunteer Work in the Satellite Account of Non-Profit Institutions

Directory of Open Access Journals (Sweden)

Václav Rybáček

2017-12-01

Full Text Available Volunteer work constitutes an important input into the activities of non-profit institutions. However, in the core system of national accounts, volunteering falls outside the production boundary even if it leads to the production of services. By doing so, national accounts inevitably underestimates the contribution of non-profit institutions to the well-being. This shortcoming is overcome by the Satellite Account of Non-profit Institutions complementing and extending the concept of national accounts chiefly by incorporation of the value of volunteering and by full coverage of non-profit institutions classified in a number of economic sectors. This paper is an attempt to address the key issue that is the way of volunteer work´s valuation for analytical purposes. We will discuss different approaches to the valuation and their impact on key macroeconomic aggregates.

The pitfalls of capital budgeting : when costs correlate to oil price. Is the real-options approach superior to traditional valuation?

Energy Technology Data Exchange (ETDEWEB)

Schiozer, R.F. [Getulio Vargas Foundation, Sao Paolo (Brazil). School of Administration de Empresas; Costa Lima, G.A.; Suslick, S.B. [Unicamp, Campinas (Brazil). Center of Petroleum Studies

2007-07-01

Due to increased demand for drilling rigs, specialized labor force and other resources, the costs of exploration, appraisal, development and production have significantly risen over the last five years. The change in costs has mostly been attributed to the increased activity in the oil and gas exploration and production (EP) industry, as a result of the increase in oil prices. It was hypothesized that operating costs in the EP industry were strongly correlated to the price of oil. However, the correlation between prices and costs has traditionally been overlooked in the capital budgeting process. This paper investigated the economic relationship between oil price and the operating costs in the EP industry. It also explored its implications for the capital budgeting process and decision-making. The paper demonstrated the evaluation of projects under traditional net present value (NPV) and real-option approaches. Empirical evidence was also provided on how costs correlated to oil prices. The differences between project valuation when cost-price correlation was taken into account or not was also discussed. Last, findings, conclusions and general implications of the results obtained for the decision-making process were identified. It was concluded that there was a positive correlation between price and operating costs, and that overlooking this relationship would have significant implications on the valuation of investment projects, both using a traditional NPV methodology, which resulted in undervalued projects, and under real option analysis, which resulted in overvaluing projects. 6 refs., 2 tabs., 5 figs.

The pitfalls of capital budgeting : when costs correlate to oil price. Is the real-options approach superior to traditional valuation?

International Nuclear Information System (INIS)

Schiozer, R.F.; Costa Lima, G.A.; Suslick, S.B.

2007-01-01

Due to increased demand for drilling rigs, specialized labor force and other resources, the costs of exploration, appraisal, development and production have significantly risen over the last five years. The change in costs has mostly been attributed to the increased activity in the oil and gas exploration and production (EP) industry, as a result of the increase in oil prices. It was hypothesized that operating costs in the EP industry were strongly correlated to the price of oil. However, the correlation between prices and costs has traditionally been overlooked in the capital budgeting process. This paper investigated the economic relationship between oil price and the operating costs in the EP industry. It also explored its implications for the capital budgeting process and decision-making. The paper demonstrated the evaluation of projects under traditional net present value (NPV) and real-option approaches. Empirical evidence was also provided on how costs correlated to oil prices. The differences between project valuation when cost-price correlation was taken into account or not was also discussed. Last, findings, conclusions and general implications of the results obtained for the decision-making process were identified. It was concluded that there was a positive correlation between price and operating costs, and that overlooking this relationship would have significant implications on the valuation of investment projects, both using a traditional NPV methodology, which resulted in undervalued projects, and under real option analysis, which resulted in overvaluing projects. 6 refs., 2 tabs., 5 figs

A social preference valuations set for EQ-5D health states in Flanders, Belgium.

Science.gov (United States)

Cleemput, Irina

2010-04-01

This study aimed at deriving a preference valuation set for EQ-5D health states from the general Flemish public in Belgium. A EuroQol valuation instrument with 16 health states to be valued on a visual analogue scale was sent to a random sample of 2,754 adults. The initial response rate was 35%. Eventually, 548 (20%) respondents provided useable valuations for modeling. Valuations for 245 health states were modeled using a random effects model. The selection of the model was based on two criteria: health state valuations must be consistent, and the difference with the directly observed valuations must be small. A model including a value decrement if any health dimension of the EQ-5D is on the worst level was selected to construct the social health state valuation set. A comparison with health state valuations from other countries showed similarities, especially with those from New Zealand. The use of a single preference valuation set across different health economic evaluations within a country is highly preferable to increase their usability for policy makers. This study contributes to the standardization of outcome measurement in economic evaluations in Belgium.

76 FR 71491 - Gross Estate; Election to Value on Alternate Valuation Date

Science.gov (United States)

2011-11-18

... 14 may be applicable to determine fair market value for Federal estate tax purposes. (iii... valuation period shall be added to the value of the entity on the alternate valuation date. The sum of the... Gross Estate; Election to Value on Alternate Valuation Date AGENCY: Internal Revenue Service (IRS...

Conceptual bases of the brand valuation by cost method

Directory of Open Access Journals (Sweden)

G.Y. Studinska

2015-03-01

Full Text Available The necessity of valuing intangible assets in accordance with international trends is substantiated. The brand is seen as more important component of intangible assets, as an effective management tool company. The benefits and uses of brand evaluation results are investigated. System monocriterion cost brand evaluation methods is analyzed. In particular, methods that require evaluation by the time factor (current and forecast methods and methods for factor comparison base (relative and absolute. The cost method of brand valuation through market transactions in accordance J.Common’s classification is considered in detail. The explanation of the difference between method a summation of all costs and method of brand valuation through market transactions is provided. The advantages and disadvantages considered cost method of brand valuation are investigated. The cost method as the relative-predicted of the brand valuation, «The method of determining the proportion of the brand from the discounted total costs» is grounded

Psychophysics of associative learning: Quantitative properties of subjective contingency.

Science.gov (United States)

Maia, Susana; Lefèvre, Françoise; Jozefowiez, Jérémie

2018-01-01

Allan and collaborators (Allan, Hannah, Crump, & Siegel, 2008; Allan, Siegel, & Tangen, 2005; Siegel, Allan, Hannah, & Crump, 2009) recently proposed to apply signal detection theory to the analysis of contingency judgment tasks. When exposed to a flow of stimuli, participants are asked to judge whether there is a contingent relation between a cue and an outcome, that is, whether the subjective cue-outcome contingency exceeds a decision threshold. In this context, we tested the following hypotheses regarding the relation between objective and subjective cue-outcome contingency: (a) The underlying distributions of subjective cue-outcome contingency are Gaussian; (b) The mean distribution of subjective contingency is a linear function of objective cue-outcome contingency; and (c) The variance in the distribution of subjective contingency is constant. The hypotheses were tested by combining a streamed-trial contingency assessment task with a confidence rating procedure. Participants were exposed to rapid flows of stimuli at the end of which they had to judge whether an outcome was more (Experiment 1) or less (Experiment 2) likely to appear following a cue and how sure they were of their judgment. We found that although Hypothesis A seems reasonable, Hypotheses B and C were not. Regarding Hypothesis B, participants were more sensitive to positive than to negative contingencies. Regarding Hypothesis C, the perceived cue-outcome contingency became more variable when the contingency became more positive or negative, but only to a slight extent. (PsycINFO Database Record (c) 2018 APA, all rights reserved).

Monetary valuation in Life Cycle Assessment

DEFF Research Database (Denmark)

Pizzol, Massimo; Weidema, Bo Pedersen; Brandão, Miguel

2015-01-01

different impacts and/or with other economic costs and benefits. For this reason, monetary valuation has a great potential to be applied also in Life Cycle Assessment (LCA), especially in the weighting phase. However, several challenges limit its diffusion in the field, which resulted in only a few......Monetary valuation is the practice of converting measures of social and biophysical impacts into monetary units and is used to determine the economic value of non-market goods, i.e. goods for which no market exists. It is applied in cost benefit analysis to enable the cross-comparison between...

Pharmacological Blockade of Adenosine A2A but Not A1 Receptors Enhances Goal-Directed Valuation in Satiety-Based Instrumental Behavior

Directory of Open Access Journals (Sweden)

Yan Li

2018-04-01

Full Text Available The balance and smooth shift between flexible, goal-directed behaviors and repetitive, habitual actions are critical to optimal performance of behavioral tasks. The striatum plays an essential role in control of goal-directed versus habitual behaviors through a rich interplay of the numerous neurotransmitters and neuromodulators to modify the input, processing and output functions of the striatum. The adenosine receptors (namely A2AR and A1R, with their high expression pattern in the striatum and abilities to interact and integrate dopamine, glutamate and cannabinoid signals in the striatum, may represent novel therapeutic targets for modulating instrumental behavior. In this study, we examined the effects of pharmacological blockade of the A2ARs and A1Rs on goal-directed versus habitual behaviors in different information processing phases of instrumental learning using a satiety-based instrumental behavior procedure. We found that A2AR antagonist acts at the coding, consolidation and expression phases of instrumental learning to modulate animals’ sensitivity to goal-directed valuation without modifying action-outcome contingency. However, pharmacological blockade and genetic knockout of A1Rs did not affect acquisition or sensitivity to goal-valuation of instrumental behavior. These findings provide pharmacological evidence for a potential therapeutic strategy to control abnormal instrumental behaviors associated with drug addiction and obsessive-compulsive disorder by targeting the A2AR.

Sustained forced sale value opinion advice in Nigerian valuation ...

African Journals Online (AJOL)

This study, the first in a series testing for standardisation of practice among professional Valuers, explores the issue of level of awareness of International Valuation Standards (IVS) provisions among Nigerian Valuers. This is with respect to mortgage valuations in the face of increased volume of secured lending by ...

Évaluation des télécentres communautaires

International Development Research Centre (IDRC) Digital Library (Canada)

La plupart des études d'évaluation auront pour objectif de mesurer les .... Les télécentres peuvent faire du contrôle régulier une de leurs tâches de gestion ...... Planning, monitoring and évaluation of programme performance: a resource book.

48 CFR 225.7303-4 - Contingent fees.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Contingent fees. 225.7303....7303-4 Contingent fees. (a) Except as provided in paragraph (b) of this subsection, contingent fees are generally allowable under DoD contracts, provided— (1) The fees are paid to a bona fide employee or a bona...

The valuation of franchises : a restaurant case study / Gavin Stanvliet

OpenAIRE

Stanvliet, Gavin Dennis

2012-01-01

The objective of a business valuation arrangement is to reach a reasonable and acceptable opinion of value. Valuing a business entity has become less of a guessing game than before. Business valuations are two thirds science and one third art according to several theorists and practitioners. The result of a valuation is only definite if it can accurately predict the future, and given that it is not possible, there will always be an element of risk that the actual value differs from the expect...

Quantitative valuation of platform technology based intangibles companies

OpenAIRE

Achleitner, Ann-Kristin; Nathusius, Eva; Schraml, Stephanie

2007-01-01

In the course of raising external equity, e.g. from venture capitalists, a quantitative valuation is usually required for entrepreneurial ventures. This paper examines the challenges of quantitatively valuing platform technology based entrepreneurial ventures. The distinct characteristics of such companies pose specific requirements on the applicability of quantitative valuation methods. The entrepreneur can choose from a wide range of potential commercialization strategies to pursue in the c...

Variáveis Contingenciais aos Métodos de Valoração dos Produtos: estudo empírico em PME’S industriais portuguesasContingent Variables to the Valuation Product Methods: empirical study of industrial portuguese SMEsVariables Contingenciales a los Métodos de Valoración de los Productos: estudio empírico en PME’S industriales portuguesas

Directory of Open Access Journals (Sweden)

MACHADO, Maria João Cardoso Vieira

2011-12-01

identification of relationships between the method of valuation of products used by SMEs and three contingent variables: firm size, type of production; the keeping of the capital. We have found statistically significant relationships between firm size and methods of goods valuation. The collected data also suggests a relationship between how the company values their products as well as the fact that they produce for stock or under orders, however the small number of observations did not allow validate this evidence statistically. Regarding to the shareholding, the information collected shows that there is no relationship between the type of society and the method of goods valuation.RESUMENLa teoría de la contingencia se basa en la premisa de que no existe un sistema de contabilidad ideal que pueda aplicarse de la misma forma en todas las organizaciones, todo depende de varios factores contingenciales. Los estudios ya realizados permiten identificar diversas variables contingenciales a los métodos de contabilidad de gestión, sin embargo ninguno de estos estudios fue dirigido a Pequeñas y Medianas Empresas (PYME´s; esto justifica una investigación que permita concluir si estas variables contingenciales ya consolidadas en la teoría, también se encuentran al analizar empresas de pequeñas dimensiones. Los objetivos de este estudio se relacionan con la identificación de las relaciones entre el método de valoración de los productos utilizado por las PYME´s y tres variables contingenciales: la dimensión de las empresas; el tipo de producción y la detención del capital. Se han encontrado relaciones estadísticamente significativas entre la dimensión de las empresas y los métodos de valoración de los productos. Los datos recabados también indican que existe una relación entre la forma cómo las empresas valoran los productos y el hecho de que produzcan sea para "stock", o por encargo, sin embargo el pequeño número de observaciones no permitió validar estad

The Impact of Individual Differences on E-Learning System Satisfaction: A Contingency Approach

Science.gov (United States)

Lu, Hsi-Peng; Chiou, Ming-Jen

2010-01-01

This study investigated the impact of contingent variables on the relationship between four predictors and students' satisfaction with e-learning. Five hundred and twenty-two university students from 10 intact classes engaging in online instruction were asked to answer questionnaires about their learning styles, perceptions of the quality of the…

L’évaluation des experts dans les organisations

Directory of Open Access Journals (Sweden)

Pierre Mirralès

2009-03-01

Full Text Available L’avènement des nouvelles technologies et le développement de la société de connaissance n’ont fait qu’amplifier le rôle central de l’expert dans l’organisation. Plus que tout autre individu évoluant dans un milieu professionnel, son évaluation s’avère incontournable et cruciale. Du point de vue managérial pourtant, cette nécessaire évaluation génère très souvent de nombreuses frustrations de l’ensemble des parties prenantes. Notre travail de recherche s’attache à comprendre et à apporter des éléments de réponse à une évaluation des experts qui soit acceptable par eux –mêmes, par les dirigeants de l’organisation et par les autres parties prenantes (Etat, clients, actionnaires, fournisseurs…. Il met en évidence deux grandes modalités de l’évaluation : l’évaluation contrôle et l’évaluation régulation, pour lesquelles les réactions des experts sont diamétralement opposées. Notre méthodologie de recherche utilise des études de cas entreprises auprès d’une trentaine d’experts de deux secteurs d’activité différents.The advent of new technologies and the development of the Knowledge society have increased the central role of experts in organizations. More than any other professional individual, his evaluation is crucial. From the managerial point of view however, this evaluation often creates frustration of many stakeholders. This article tries to understand the process and develop a method which is acceptable to the management of the organization but also for other stakeholders (State, clients, shareholders, suppliers…. The article highlights two methods of evaluation: the control and regulation methods, for which the reactions of the experts are completely opposed. The methodology is based on case studies of firms with some 30 experts in two sectors of activity.

Contingency and its consequences in Tristram Shandy by Laurence Sterne

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Tomasz Umerle

2010-06-01

Full Text Available My paper proposes a new approach to the famous novel by Laurence Sterne Tristram Shandy. In my reading of this work I use the category of contingency which I define by referring to the German philosopher Odo Marquard and literary theories of a monographer of the contigency in literature and film Rafał Koschany. These are the basic inspirations for reflections on Tristram as a character, and simultaneously, narrator in the novel. In my view contingency manifests itself in Sterne's work in a two-fold manner it affects Tristram's life and narration. I will try to focus on the different ways in which these manifestations relate to each other.

Exploring a Sense of Intellectual Property Valuation for Indian SMEs

OpenAIRE

Sumanjeet Singh; Minakshi Paliwal

2014-01-01

As intellectual property (IP) has become an integral part of business strategy, the valuation of these assets has become more and more critical. Consequently, the strategic decisions of Indian SMEs also increasingly depend on understanding the economics affecting the value of these assets and most crucially appraising the approximate value of their IP. In this light, the paper reviews the principal approaches and methods used to evaluate an IP asset and proposes a framework to help the Indian...

Valuing ecosystem services using benefit transfer: separating credible and incredible approaches: chapter 3

Science.gov (United States)

Loomis, John H.; Richardson, Leslie; Kroeger, Timm; Casey, Frank

2014-01-01

Ecosystem goods and services are now widely recognized as the benefits that humans derive from the natural environment around them including abiotic (e.g. atmosphere) and biotic components. The work by Costanza et al. (1997) to value the world’s ecosystem services brought the concept of ecosystem service valuation to the attention of the world press and environmental economists working in the area of non-market valuation. The article’s US$33 trillion estimate of these services, despite world GDP being only US$18 trillion, was definitely headline grabbing. This ambitious effort was undertaken with reliance on transferring existing values per unit from other (often site specific) valuation studies. Benefit transfer (see Boyle and Bergstrom, 1992; Rosenberger and Loomis, 2000, 2001) involves transfers of values per unit from an area that has been valued using primary valuation methods such as contingent valuation, travel cost or hedonic property methods (Champ et al., 2003) to areas for which values are needed. Benefit transfer often provides a reasonable approximation of the benefit of unstudied ecosystem services based on transfer of benefits estimates per unit (per visitor day, per acre) from existing studies. An appropriate benefit transfer should be performed on the same spatial scale of analysis (e.g. reservoir to reservoir, city to city) as the original study. However, the reasonableness of benefit transfer may be strained when applying locally derived per acre values from studies of several thousand acres of a resource such as wetlands to hundreds of millions of acres of wetlands.

MEASURING INSOLVENCY: VALUATION GUIDELINES FOR ROMANIAN COMPANIES

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Tudor Andrei RĂDULESCU

2014-11-01

Full Text Available Nowadays valuation has become an inherent part of business environment which has experienced dynamic changes in economic activity through mergers and acquisitions, organizational restructuring and repurchasing of shares. The dynamic centre of all these activities is valuation, whose methods are needed not only for accounting purposes, but to serve as information support to all stakeholders. Although there are many individual techniques of assessment businesses in difficulty, selecting the most suitable method of valuation is often difficult. The paper is a mini-guide that should be taken into account by all actors involved in the assessment of firms in difficulty when they pursue to carry out such activities. In this regard, we compare the financial and accounting aspects with the national regulation on insolvency, highlighting the usefulness or, where appropriate, the lack of consistency based on assessments completed to date. In the end we insist on the reconciliation of financial vision with the rule of law in order to simplify insolvency proceedings in Romania.

40 CFR 264.51 - Purpose and implementation of contingency plan.

Science.gov (United States)

2010-07-01

... contingency plan. 264.51 Section 264.51 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED... DISPOSAL FACILITIES Contingency Plan and Emergency Procedures § 264.51 Purpose and implementation of contingency plan. (a) Each owner or operator must have a contingency plan for his facility. The contingency...

Contingency Theories of Leadership: A Study.

Science.gov (United States)

Saha, Sunhir K.

1979-01-01

Some of the major contingency theories of leadership are reviewed; some results from the author's study of Fiedler's contingency model are reported; and some thoughts for the future of leadership research are provided. (Author/MLF)

Valuation of Inventories Considering the Fair Value Options

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Deaconu Adela

2008-04-01

Full Text Available Our paper represents a pleading for fair value in the specific case of valuating inventories. The real significance and implications of fair value can only be seen after analyzing the topic from different points of view concerning all involved actors. Therefore we have based our scientific demarche on analyzing the trade literature and comparing the foresights of international regulations given by both the accounting setting bodies and the valuation setting bodies. Moreover we have followed two of the three moments which require valuation and for these moments we have selected those cases which require the using of fair value. Our opinion regarding the findings of the research is expresses by giving practical examples for the specific application of fair value and the way to reach it.

"Gaining or losing": The importance of the perspective in primary care health services valuation.

Science.gov (United States)

Martín-Fernández, Jesús; Ariza-Cardiel, Gloria; Peña-Longobardo, Luz Mª; Polentinos-Castro, Elena; Oliva-Moreno, Juan; Gil-Lacruz, Ana Isabel; Medina-Palomino, Héctor; Del Cura-González, Isabel

2017-01-01

Economic theory classifies an intervention as socially beneficial if the total Willingness to Pay (WTP) of those who gain exceeds the total Willingness to accept (WTA) of those who are harmed. This paper examines the differences in health system users' valuation of a health care service in primary care setting based on the WTP and WTA perspectives, discussing the impact of personal and service variables, including risk attitudes, on these disparities. Six hundred and sixty two subjects who asked for care in health centres in the Region of Madrid (Spain) were interviewed, using the contingent valuation method to estimate WTP and WTA. Patient sociodemographic characteristics, health needs, satisfaction with the service and risk attitude and behaviour under risk (measured by self-reported scales and lottery games respectively) were collected. Generalised Linear Models were used to estimate the association between the explanatory variables and the WTA/WTP ratio. We obtained the WTA/WTP ratio for 570 subjects (mean 1.66 CI 95%: 1.53-1.79; median 1, interquartile range 1-2). People with higher education or in high social groups expressed WTA values closest to WTP. The opposite occurred in patients with the greatest health needs or who were born abroad. Self-reported expression of risk aversion appeared also related to increases in the WTA/WTP ratio. Satisfaction with the service evaluated was the most influential factor in the WTA/WTP ratio. Health need, difficulty in obtaining substitutes and satisfaction with the service could serve for profiling people averse to loss for health care services in primary care setting. Self-reported expression of risk aversion could also be related to increases in the WTA/WTP ratio. This would mean that these characteristics should be taken into account both in the design and implementation of new healthcare interventions, as in the making decision for disinvestment.

"Gaining or losing": The importance of the perspective in primary care health services valuation.

Directory of Open Access Journals (Sweden)

Jesús Martín-Fernández

Full Text Available Economic theory classifies an intervention as socially beneficial if the total Willingness to Pay (WTP of those who gain exceeds the total Willingness to accept (WTA of those who are harmed. This paper examines the differences in health system users' valuation of a health care service in primary care setting based on the WTP and WTA perspectives, discussing the impact of personal and service variables, including risk attitudes, on these disparities.Six hundred and sixty two subjects who asked for care in health centres in the Region of Madrid (Spain were interviewed, using the contingent valuation method to estimate WTP and WTA. Patient sociodemographic characteristics, health needs, satisfaction with the service and risk attitude and behaviour under risk (measured by self-reported scales and lottery games respectively were collected. Generalised Linear Models were used to estimate the association between the explanatory variables and the WTA/WTP ratio.We obtained the WTA/WTP ratio for 570 subjects (mean 1.66 CI 95%: 1.53-1.79; median 1, interquartile range 1-2. People with higher education or in high social groups expressed WTA values closest to WTP. The opposite occurred in patients with the greatest health needs or who were born abroad. Self-reported expression of risk aversion appeared also related to increases in the WTA/WTP ratio. Satisfaction with the service evaluated was the most influential factor in the WTA/WTP ratio.Health need, difficulty in obtaining substitutes and satisfaction with the service could serve for profiling people averse to loss for health care services in primary care setting. Self-reported expression of risk aversion could also be related to increases in the WTA/WTP ratio. This would mean that these characteristics should be taken into account both in the design and implementation of new healthcare interventions, as in the making decision for disinvestment.

[Contingencies of self-worth in Japanese culture: validation of the Japanese contingencies of self-worth scale].

Science.gov (United States)

Uchida, Yukiko

2008-08-01

The author developed a Japanese version of the Contingencies of Self-Worth Scale (CSWS) that was originally developed in the United States (Crocker, Luhtanen, Cooper, & Bouvrette, 2003). The Japanese version of the scale measures seven contingencies of self-esteem: Defeating others in competition, appearance, relationship harmony, other's approval, academic competence, virtue, and support of family and friends. Scores on the scale had systematic relationships with related variables, and the scale therefore exhibited satisfactory levels of construct validity: Relationship harmony, other's approval, and support of family and friends were positively correlated with sympathy and interdependence, whereas competitiveness was negatively correlated with sympathy. Moreover, competitiveness and academic achievement contingencies predicted competitive motivation, whereas the support of family and friends contingency predicted self-sufficient motivation. The scale has adequate test-retest reliability and a seven-factor structural model was confirmed. The implications for self-esteem and interpersonal relationships in Japanese culture are discussed.

Prepayment and the Valuation of Danish Mortgage-Backed Bonds

DEFF Research Database (Denmark)

Jakobsen, Svend

Ph.D. thesis on prepayment modelling and valuation of Danish mortgage backed bonds. The thesis discusses several aspects of mortgage backed bonds including after-tax valuation, the special Danish delivery option, rational prepayment behavior, transaction costs and heterogenous borrowers. The thes...... concludes with an empirical analysis of pricing and holding period returns...

Alleged Approach-Avoidance Conflict for Food Stimuli in Binge Eating Disorder.

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Elisabeth J Leehr

Full Text Available Food stimuli are omnipresent and naturally primary reinforcing stimuli. One explanation for the intake of high amounts of food in binge eating disorder (BED is a deviant valuation process. Valuation of food stimuli is supposed to influence approach or avoidance behaviour towards food. Focusing on self-reported and indirect (facial electromyography valuation process, motivational aspects in the processing of food stimuli were investigated.We compared an overweight sample with BED (BED+ with an overweight sample without BED (BED- and with normal weight controls (NWC regarding their self-reported and indirect (via facial electromyography valuation of food versus non-food stimuli.Regarding the self-reported valuation, the BED+ sample showed a significantly stronger food-bias compared to the BED- sample, as food stimuli were rated as significantly more positive than the non-food stimuli in the BED+ sample. This self-reported valuation pattern could not be displayed in the indirect valuation. Food stimuli evoked negative indirect valuation in all groups. The BED+ sample showed the plainest approach-avoidance conflict marked by a diverging self-reported (positive and indirect (negative valuation of food stimuli.BED+ showed a deviant self-reported valuation of food as compared to BED-. The valuation process of the BED+ sample seems to be characterized by a motivational ambivalence. This ambivalence should be subject of further studies and may be of potential use for therapeutic interventions.

Inevitability, contingency, and epistemic humility.

Science.gov (United States)

Kidd, Ian James

2016-02-01

This paper offers an epistemological framework for the debate about whether the results of scientific enquiry are inevitable or contingent. I argue in Sections 2 and 3 that inevitabilist stances are doubly guilty of epistemic hubris--a lack of epistemic humility--and that the real question concerns the scope and strength of our contingentism. The latter stages of the paper-Sections 4 and 5-address some epistemological and historiographical worries and sketch some examples of deep contingencies to guide further debate. I conclude by affirming that the concept of epistemic humility can usefully inform critical reflection on the contingency of the sciences and the practice of history of science. Copyright © 2015 Elsevier Ltd. All rights reserved.

Phase Two Protected Species Valuation

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Nonmarket valuation research has produced economic value estimates for a variety of threatened, endangered, and rare species around the world. Although over 40 value...

Phase One Protected Species Valuation

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Nonmarket valuation research has produced economic value estimates for a variety of threatened, endangered, and rare species around the world. Although over 40 value...

Monetary ecosystem services valuation in natural environment management

OpenAIRE

Álvarez, David

2017-01-01

As it happened with Stern Report, which made international community change their attitude related to climate change, TEEB (The Economics of Ecosystem Services and Biodiversity) was a turning point in valuing biodiversity and ecosystem services. This change of attitude happened, partially, thanks to include monetary ecosystem valuation of ecosystem services and how much their conservation and avoid their loss worth to the entire society. Integrate monetary valuation in green infrastructur...

Modeling Zone-3 Protection with Generic Relay Models for Dynamic Contingency Analysis

Energy Technology Data Exchange (ETDEWEB)

Huang, Qiuhua; Vyakaranam, Bharat GNVSR; Diao, Ruisheng; Makarov, Yuri V.; Samaan, Nader A.; Vallem, Mallikarjuna R.; Pajuelo, Eli

2017-10-02

This paper presents a cohesive approach for calculating and coordinating the settings of multiple zone-3 protections for dynamic contingency analysis. The zone-3 protections are represented by generic distance relay models. A two-step approach for determining zone-3 relay settings is proposed. The first step is to calculate settings, particularly, the reach, of each zone-3 relay individually by iteratively running line open-end fault short circuit analysis; the blinder is also employed and properly set to meet the industry standard under extreme loading conditions. The second step is to systematically coordinate the protection settings of the zone-3 relays. The main objective of this coordination step is to address the over-reaching issues. We have developed a tool to automate the proposed approach and generate the settings of all distance relays in a PSS/E dyr format file. The calculated zone-3 settings have been tested on a modified IEEE 300 system using a dynamic contingency analysis tool (DCAT).

Classe de langue et compétence évaluative des enseignants : entre pratiques évaluatives et politique éducative

Directory of Open Access Journals (Sweden)

Mina Sadiqui

2014-12-01

Dans une dernière partie nous esquisserons, en nous basant sur une approche didactique, quelques repères qui permettraient à tout enseignant ou futur enseignant de repenser les éléments organisateurs d’un dispositif d’évaluation ,et donc de construire une compétence évaluative en classe de langue, si on veut vraiment mettre en place une nouvelle politique éducative relative à l’enseignement/apprentissage des langues ,en l’occurrence celle du FLE au lycée au Maroc.

Conservatism in Corporate Valuation

DEFF Research Database (Denmark)

Bach, Christian

Using a CCAPM based risk adjustment model, consistent with general asset pricing theory, I perform corporate valuations of a large sample of stocks listed on NYSE, AMEX and NASDAQ. The model is different from the standard CAPM model in the sense that it discounts forecasted residual income for ri...

Control Variates for Monte Carlo Valuation of American Options

DEFF Research Database (Denmark)

Rasmussen, Nicki S.

2005-01-01

This paper considers two applications of control variates to the Monte Carlo valuation of American options. The main contribution of the paper lies in the particular choice of a control variate for American or Bermudan options. It is shown that for any martingale process used as a control variate...... technique is used for improving the least-squares Monte Carlo (LSM) approach for determining exercise strategies. The suggestions made allow for more efficient estimation of the continuation value, used in determining the strategy. An additional suggestion is made in order to improve the stability...

Strategy as Mutually Contingent Choice

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Neil Martin

2016-05-01

Full Text Available Thomas Schelling’s The Strategy of Conflict carries significant behavioral implications which have been overlooked by economic readers. I argue that these implications are central to Schelling’s vision of game theory, that they fit well with recent advances in experimental psychology and behavioral economics, and provide a comprehensive framework that can inform research on strategy. In my view, Schelling develops a non-mathematical approach to strategy which anticipates on Gigerenzer and Selten’s “ecological rationality” program. This approach maps the processes involved in strategic reasoning and highlights their reliance on the particular information structure of interactive social environments. Building on this approach, I model strategy as a heuristic form of reasoning that governs the way in which individuals search for and provide cues in situations of mutually contingent choice. I conclude by examining how the reference to ecological rationality can help clarify Schelling’s contribution to game theory and outline potential avenues of research into strategic reasoning and interaction.

Spécialiste de programme principal, Évaluation (h/f) | CRDI - Centre ...

International Development Research Centre (IDRC) Digital Library (Canada)

Il recommande les méthodes, outils et processus d'évaluation et d'autoévaluation appropriés et en facilite la conception et l'utilisation par le personnel et la direction des programmes afin d'appuyer leur utilisation de l'évaluation pour éclairer la conception de projets et de programmes, améliorer les pratiques de gestion, ...

Does Accrual Management Impair the Performance of Earnings-Based Valuation Models?

OpenAIRE

Lucie Courteau; Jennifer L. Kao; Yao Tian

2013-01-01

This study examines empirically how the presence of accrual management may affect firm valuation. We compare the performance of earnings-based and non-earnings-based valuation models, represented by Residual Income Model (RIM) and Discounted Cash Flow (DCF), respectively, based on the absolute percentage pricing and valuation errors for two subsets of US firms: “Suspect” firms that are likely to have engaged in accrual management and “Normal” firms matched on industry, year and size. Results ...

48 CFR 1318.201 - Contingency operation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contingency operation. 1318.201 Section 1318.201 Federal Acquisition Regulations System DEPARTMENT OF COMMERCE CONTRACTING METHODS AND CONTRACT TYPES EMERGENCY ACQUISITIONS Emergency Acquisition Flexibilities 1318.201 Contingency...

7 CFR 457.9 - Appropriation contingency.

Science.gov (United States)

2010-01-01

... 7 Agriculture 6 2010-01-01 2010-01-01 false Appropriation contingency. 457.9 Section 457.9 Agriculture Regulations of the Department of Agriculture (Continued) FEDERAL CROP INSURANCE CORPORATION, DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.9 Appropriation contingency...

Contingent feasibility for forest carbon credit: evidence from South Korean firms.

Science.gov (United States)

Roh, TaeWoo; Koo, Ja-Choon; Cho, Dong-Sung; Youn, Yeo-Chang

2014-11-01

Under the Kyoto Protocol, a global governmental response to climate change, protocol signatories make an effort to cut their greenhouse gas emissions. South Korea is not included in the list of Annex I countries; yet, South Korea is the seventh highest emitter of CO2. The South Korean government has enacted various institutional policies to encourage greenhouse gas reductions. While previous studies have focused on the guidance that reflects the stance of suppliers in the carbon market, this study focuses on South Korean firms' actual demand for forest carbon credits. By applying the contingent valuation method, we estimated domestic firms' willingness to pay for forest carbon credits. We then applied a rank-ordered logistic regression to confirm whether the rank of forest carbon credits, as compared to any other carbon credit, is influenced by a firm's characteristics. The results showed that Korean firms are willing to pay 5.45 USD/tCO2 and 7.77 USD/tCO2 for forest carbon credits in domestic and overseas forest carbon projects, respectively. Therefore, the introduction of forest carbon credits in the Korean carbon market seems reasonable. Analysis of the priority rankings of forest carbon credits, however, demonstrated that forestry projects were least likely to be ranked by firms as their first priority. Although relative preferences for forest carbon credits were influenced by individual firms' characteristics such as prior experience of environmental CSR related activities and whether the firm established an emissions reduction plan, the impact of perceived behavior control, whether the firm was included in the emissions target management scheme on forest carbon credits was negligible. Therefore, forest carbon credits are not a feasible solution without strong government support or institutional instruments. The results of this study are expected to provide policy makers with realistic approaches to formulate climatic change-related policies. Copyright © 2014

Relative speed of processing determines color-word contingency learning.

Science.gov (United States)

Forrin, Noah D; MacLeod, Colin M

2017-10-01

In three experiments, we tested a relative-speed-of-processing account of color-word contingency learning, a phenomenon in which color identification responses to high-contingency stimuli (words that appear most often in particular colors) are faster than those to low-contingency stimuli. Experiment 1 showed equally large contingency-learning effects whether responding was to the colors or to the words, likely due to slow responding to both dimensions because of the unfamiliar mapping required by the key press responses. For Experiment 2, participants switched to vocal responding, in which reading words is considerably faster than naming colors, and we obtained a contingency-learning effect only for color naming, the slower dimension. In Experiment 3, previewing the color information resulted in a reduced contingency-learning effect for color naming, but it enhanced the contingency-learning effect for word reading. These results are all consistent with contingency learning influencing performance only when the nominally irrelevant feature is faster to process than the relevant feature, and therefore are entirely in accord with a relative-speed-of-processing explanation.

Strategic financial statement analysis and valuation of Aker solutions ASA

OpenAIRE

Farstadvoll, Haakon Simonsen

2017-01-01

The purpose of this paper is to estimate the fair value of Aker Solutions ASA per 31.05.2017. The fair value is held up against the market price to make a recommendation as to what investment strategy an external, well-diversified investor should follow. The strategic analysis concludes that Aker Solutions has a potential strategic advantage in the longer term, but faces strong challenges in the market in the short term. A fundamental valuation by a DCF approach is used as the ...

Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

Directory of Open Access Journals (Sweden)

Ahsan Habib

2011-12-01

Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

Relative level of occurrence of the principal heuristics in Nigeria property valuation

Directory of Open Access Journals (Sweden)

Iroham C.O.,

2013-06-01

Full Text Available The neglect of the other principal heuristics namely avaialability, representative and positivity in real estate behaviourial property research as against the exclusive focus on anchoring and adjustment heuristics invariably results to a lopsided research. This work studied the four principal heuristics in property behaviourial property valutaion in a bid to discovering its relative level of occurrence. The study adopted a cross-sectional questionnaire survey approach of 159 of the 270 Head Offices of Estate Surveying and Valuation firms in Lagos Metropolis, while 29 and 30 questionnaire were distributed to the Head Offices of the entire Estate Surveying and Valuation Firms in Abuja and Port-Harcourt respectively. The data gotten was analyzed with the aid of Statistical Package for the Social Sciences first using frequency distributions/means and the data so analyzed was further analyzed using maximum and minimum values, means/standard deviations and ultimately ranking of such means. The result revealed that respondents use the various principal heuristics in this decreasing order of magnitude: availability heuristics (26.77%, anchoring and adjustment heuristics (18.62%; representative heuristics (15.63% and least of all positivity heuristics (10.41%. The authors thereby opined that emphasis be placed more on availability heuristics research particularly as usage of heuristcis (anchoring and adjustment has been seen to influence valuation inconsistency/accuracy

The possibilities and pitfalls presented by a pragmatic approach to ecosystem service valuation in an arid biodiversity hotspot

CSIR Research Space (South Africa)

O'Farrell, PJ

2011-01-01

Full Text Available Arid regions are home to unique fauna, flora, and vulnerable human populations, and present a challenge for sustainable land-use management. The authors undertook an assessment and valuation of three key services, grazing, tourism and water supply...

A parametric approach for the valuation of power plant flexibility options

Directory of Open Access Journals (Sweden)

Julia Hentschel

2016-11-01

Full Text Available Conventional generation units encounter a changing role in modern societies’ energy supply. With increased need for flexible operation, engineers and project managers have to evaluate the benefits of technical improvements. For this purpose, a valuation tool has been developed, comparing economical cornerstones and technical constraints of generation units to European Energy Exchange prices for PHELIX 2014. It enables the user to relate a change in technical parameters to an economic effect and possible revenues. Four different types of conventional power plants are investigated in scenarios with increasing CO2 and fuel prices to determine the impact of different flexibility options. Results show that an increased ramp rate has not the same magnitude of positive economic impact as reduced minimum operation load, based on an observation on a price signal with resolution of fifteen minutes.

A note on envy-free cake cutting with polynomial valuations

DEFF Research Database (Denmark)

Branzei, Simina

2015-01-01

number of players. The only existing finite envy-free cake cutting protocol for any number of players, designed by Brams and Taylor [4], has the property that its runtime can be made arbitrarily large by setting up the valuation functions of the players appropriately. Moreover, there is no closed formula...... that relates the valuation functions to the number of queries required by the protocol. In this note we show that when the valuations can be represented as polynomial functions, there exists a protocol in the standard query model that is much simpler conceptually and has a runtime bound depending...

Valuation of environmental problems in landfill deposition and composting - test of methodology; Verdsetting av miljoekonsekvenser av avfallsdeponering og kompostering - metodeutproeving

Energy Technology Data Exchange (ETDEWEB)

Leknes, Einar; Movik, Espen; Wiik, Ragnhild; Meissnes, Rudolf

1995-08-01

This study is aimed at the tests and design of methods for valuation of environmental problems associated with the landfill deposition of household waste. An extensive review of literature has been conducted with respect to the environmental impacts and valuation methods. Environmental impact assessment and valuation with respect to emission of greenhouse gases (GHG's), leachate and disamenity, have been performed for 4 Norwegian landfills. These differ in their approach towards waste treatment in terms of GHG-collection, briquette production and composting and also in their location in terms of proximity to residential areas and the quality of natural recipients. The study shows that the collection of methane and production of briquettes causes major reductions in the generation of GHG's, whereas composting brings significant reductions for all types of environmental impacts. (author)

Valuation of environmental problems in landfill deposition and composting - test of methodology; Verdsetting av miljoekonsekvenser av avfallsdeponering og kompostering - metodeutproeving

Energy Technology Data Exchange (ETDEWEB)

Leknes, Einar; Movik, Espen; Wiik, Ragnhild; Meissnes, Rudolf

1995-08-01

This study is aimed at the tests and design of methods for valuation of environmental problems associated with the landfill deposition of household waste. An extensive review of literature has been conducted with respect to the environmental impacts and valuation methods. Environmental impact assessment and valuation with respect to emission of greenhouse gases (GHG's), leachate and disamenity, have been performed for 4 Norwegian landfills. These differ in their approach towards waste treatment in terms of GHG-collection, briquette production and composting and also in their location in terms of proximity to residential areas and the quality of natural recipients. The study shows that the collection of methane and production of briquettes causes major reductions in the generation of GHG's, whereas composting brings significant reductions for all types of environmental impacts. (author)

Mini-Membrane Evaporator for Contingency Spacesuit Cooling

Science.gov (United States)

Makinen, Janice V.; Bue, Grant C.; Campbell, Colin; Petty, Brian; Craft, Jesse; Lynch, William; Wilkes, Robert; Vogel, Matthew

2015-01-01

The next-generation Advanced Extravehicular Mobility Unit (AEMU) Portable Life Support System (PLSS) is integrating a number of new technologies to improve reliability and functionality. One of these improvements is the development of the Auxiliary Cooling Loop (ACL) for contingency crewmember cooling. The ACL is a completely redundant, independent cooling system that consists of a small evaporative cooler--the Mini Membrane Evaporator (Mini-ME), independent pump, independent feedwater assembly and independent Liquid Cooling Garment (LCG). The Mini-ME utilizes the same hollow fiber technology featured in the full-sized AEMU PLSS cooling device, the Spacesuit Water Membrane Evaporator (SWME), but Mini-ME occupies only approximately 25% of the volume of SWME, thereby providing only the necessary crewmember cooling in a contingency situation. The ACL provides a number of benefits when compared with the current EMU PLSS contingency cooling technology, which relies upon a Secondary Oxygen Vessel; contingency crewmember cooling can be provided for a longer period of time, more contingency situations can be accounted for, no reliance on a Secondary Oxygen Vessel (SOV) for contingency cooling--thereby allowing a reduction in SOV size and pressure, and the ACL can be recharged-allowing the AEMU PLSS to be reused, even after a contingency event. The first iteration of Mini-ME was developed and tested in-house. Mini-ME is currently packaged in AEMU PLSS 2.0, where it is being tested in environments and situations that are representative of potential future Extravehicular Activities (EVA's). The second iteration of Mini-ME, known as Mini-ME2, is currently being developed to offer more heat rejection capability. The development of this contingency evaporative cooling system will contribute to a more robust and comprehensive AEMU PLSS.

[Valuation and prospect of function preserving gastrectomy].

Science.gov (United States)

Wang, Shuchang; Yu, Site; Xu, Jia; Zhao, Gang

2017-10-25

Preserving gastric function and improving quality of life (QOL) is the tendency of surgery for early gastric cancer. Function preserving gastrectomy (FPG) is applied to modify the extent of surgery and to achieve better quality of life at the premise of radical resection. Pylorus-preserving gastrectomy is the most favorable approach of FPG with oncological safety, which can improve nutritional status and QOL via preserving pylorus and vagal nerve. Proximal gastrectomy is widely accepted as FPG for early upper 1/3 gastric cancer. However, the most optimal way of anastomosis is not yet solved. Sentinel node navigation is currently the most accurate approach for intraoperative diagnosis of lymph node metastasis, which stimulates the development of many kinds of FPG procedures for individual treatment. Nevertheless, more efforts should be made to reduce false negative rate of sentinel node biopsy. Herein we discuss the valuation and prospect of FPG.

Contingency learning in human fear conditioning involves the ventral striatum.

Science.gov (United States)

Klucken, Tim; Tabbert, Katharina; Schweckendiek, Jan; Merz, Christian Josef; Kagerer, Sabine; Vaitl, Dieter; Stark, Rudolf

2009-11-01

The ability to detect and learn contingencies between fearful stimuli and their predictive cues is an important capacity to cope with the environment. Contingency awareness refers to the ability to verbalize the relationships between conditioned and unconditioned stimuli. Although there is a heated debate about the influence of contingency awareness on conditioned fear responses, neural correlates behind the formation process of contingency awareness have gained only little attention in human fear conditioning. Recent animal studies indicate that the ventral striatum (VS) could be involved in this process, but in human studies the VS is mostly associated with positive emotions. To examine this question, we reanalyzed four recently published classical fear conditioning studies (n = 117) with respect to the VS at three distinct levels of contingency awareness: subjects, who did not learn the contingencies (unaware), subjects, who learned the contingencies during the experiment (learned aware) and subjects, who were informed about the contingencies in advance (instructed aware). The results showed significantly increased activations in the left and right VS in learned aware compared to unaware subjects. Interestingly, this activation pattern was only found in learned but not in instructed aware subjects. We assume that the VS is not involved when contingency awareness does not develop during conditioning or when contingency awareness is unambiguously induced already prior to conditioning. VS involvement seems to be important for the transition from a contingency unaware to a contingency aware state. Implications for fear conditioning models as well as for the contingency awareness debate are discussed.

Valuing Ecotourism of a Recreational Site in Ciamis District of West Java, Indonesia

Directory of Open Access Journals (Sweden)

Endah Saptutyningsih

2017-03-01

Full Text Available Ecotourism, as an alternative tourism, involves visiting natural areas in order to learn, to study or to carry out activities environmentally friendly, that is a tourism based on the nature experience which enables the economic and social development of local communities. Ecotourism encourages rural economics and provides benefits to income and employment generation. It is considered as an alternative for enhancing rural lifestyle and for leading positive changes in the distribution of income. One of the area which has ecotourism site in Indonesia is Karangkamulyan site, Ciamis District of West Java. There is a tourist attraction that not only offers natural beauty, history and cool atmosphere, it also serves as a place of education and research on the history in the field of archeology. This attraction should receive special attention from the local government so that the tourists and local people also get the benefits. Ecotourism can be classified as possessing public goods-type characteristics, and as such, welfare benefit estimates must utilize non-market valuation techniques. This study employs the travel cost method and contingent valuation method. Travel cost and contingent valuation methods are applied to the problem of estimating the potential consumer surplus available to tourists from ecotourism in Ciamis. The results are compared with contingent valuation analysis of willingness-to-pay of tourists in their current trip to ecotourism sites of Ciamis. The result of travel cost method indicates that tourists’ average travel cost is estimated at no more than one hundred thousand rupiahs. The contingent valuation method concludes that the tourists’ average willingness to pay in their trip to ecotourism sites of Ciamis is are about IDR 6,800 in average. 

40 CFR 264.227 - Emergency repairs; contingency plans.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 25 2010-07-01 2010-07-01 false Emergency repairs; contingency plans... FACILITIES Surface Impoundments § 264.227 Emergency repairs; contingency plans. (a) A surface impoundment... days after detecting the problem. (c) As part of the contingency plan required in subpart D of this...

Economic Valuation of Contamination Risks and its Effect on Site Investigations

International Nuclear Information System (INIS)

Back, Paer-Erik; Rosen, Lars

2006-01-01

Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks

Economic Valuation of Contamination Risks and its Effect on Site Investigations

Energy Technology Data Exchange (ETDEWEB)

Back, Paer-Erik; Rosen, Lars [Chalmers Univ. of Technology, Goeteborg (Sweden). Dept. of Civil Engineering

2006-09-15

Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks.

Contingent and Alternative Work Arrangements, Defined.

Science.gov (United States)

Polivka, Anne E.

1996-01-01

Discusses the definitions of contingent workers and alternative work arrangements used by the Bureau of Labor Statistics to analyze data, and presents aggregate estimates of the number of workers in each group. Discusses the overlap between contingent workers and workers in alternative arrangements. (Author/JOW)

Spring cleaning: rural water impacts, valuation, and property rights institutions.

Science.gov (United States)

Kremer, Michael; Leino, Jessica; Miguel, Edward; Zwane, Alix Peterson

2011-01-01

Using a randomized evaluation in Kenya, we measure health impacts of spring protection, an investment that improves source water quality. We also estimate households' valuation of spring protection and simulate the welfare impacts of alternatives to the current system of common property rights in water, which limits incentives for private investment. Spring infrastructure investments reduce fecal contamination by 66%, but household water quality improves less, due to recontamination. Child diarrhea falls by one quarter. Travel-cost based revealed preference estimates of households' valuations are much smaller than both stated preference valuations and health planners' valuations, and are consistent with models in which the demand for health is highly income elastic. We estimate that private property norms would generate little additional investment while imposing large static costs due to above-marginal-cost pricing, private property would function better at higher income levels or under water scarcity, and alternative institutions could yield Pareto improvements.

The ecological rationality of state-dependent valuation.

Science.gov (United States)

McNamara, J M; Trimmer, P C; Houston, A I

2012-01-01

Laboratory studies on a range of animals have identified a bias that seems to violate basic principles of rational behavior: a preference is shown for feeding options that previously provided food when reserves were low, even though another option had been found to give the same reward with less delay. The bias presents a challenge to normative models of decision making (which only take account of expected rewards and the state of the animal at the decision time). To understand the behavior, we take a broad ecological perspective and consider how valuation mechanisms evolve when the best action depends upon the environment being faced. We show that in a changing and uncertain environment, state-dependent valuation can be favored by natural selection: Individuals should allow their hunger to affect learning for future decisions. The valuation mechanism that typically evolves produces the kind of behavior seen in standard laboratory tests. By providing an insight into why learning should be affected by the state of an individual, we provide a basis for understanding psychological principles in terms of an animal's ecology.

Valuation of international oil companies - size matters

International Nuclear Information System (INIS)

Mohn, Klaus

2005-01-01

According to economic theory, exploration and the development of new oil and gas fields should respond positively to increasing prices. But since the late 1990s, financial analysts have focused strongly on short-term accounting return measures, like RoACE (Return on Average Capital Employed), for benchmarking and valuation of international oil and gas companies. Consequently, the demands for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. We investigate the presumed positive relation between RoACE and stock market valuation. Based on panel data for 12 international oil and gas companies for the period 1997-2002, we seek to establish econometric relations between market valuation on one hand, and simple financial and operational indicators on the other. Our findings do not support the perceived positive relation between reported RoACE and market-based multiples. Recent evidence also suggests that the stock market is increasingly concerned about reserve replacement and sustained profitable production growth. The current high-price, low-investment equilibrium is therefore hardly stable. (Author)

40 CFR 51.1012 - Requirement for contingency measures.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 2 2010-07-01 2010-07-01 false Requirement for contingency measures... Implementation of PM2.5 National Ambient Air Quality Standards § 51.1012 Requirement for contingency measures... contingency measures to be undertaken if the area fails to make reasonable further progress, or fails to...

The Role of Feedback Contingency in Perceptual Category Learning

Science.gov (United States)

Ashby, F. Gregory; Vucovich, Lauren E.

2016-01-01

Feedback is highly contingent on behavior if it eventually becomes easy to predict, and weakly contingent on behavior if it remains difficult or impossible to predict even after learning is complete. Many studies have demonstrated that humans and nonhuman animals are highly sensitive to feedback contingency, but no known studies have examined how feedback contingency affects category learning, and current theories assign little or no importance to this variable. Two experiments examined the effects of contingency degradation on rule-based and information-integration category learning. In rule-based tasks, optimal accuracy is possible with a simple explicit rule, whereas optimal accuracy in information-integration tasks requires integrating information from two or more incommensurable perceptual dimensions. In both experiments, participants each learned rule-based or information-integration categories under either high or low levels of feedback contingency. The exact same stimuli were used in all four conditions and optimal accuracy was identical in every condition. Learning was good in both high-contingency conditions, but most participants showed little or no evidence of learning in either low-contingency condition. Possible causes of these effects are discussed, as well as their theoretical implications. PMID:27149393

Relative valuation of alternative methods of tax avoidance

OpenAIRE

Inger, Kerry Katharine

2012-01-01

This paper examines the relative valuation of alternative methods of tax avoidance. Prior studies find that firm value is positively associated with overall measures of tax avoidance; I extend this research by providing evidence that investors distinguish between methods of tax reduction in their valuation of tax avoidance. The impact of tax avoidance on firm value is a function of tax risk, permanence of tax savings, tax planning costs, implicit taxes and contrasts in disclosures of tax re...

48 CFR 1632.770 - Contingency reserve payments.

Science.gov (United States)

2010-10-01

... FINANCING Contract Funding 1632.770 Contingency reserve payments. (a) Payments from the contingency reserve... advise the carrier of its decision. However, OPM shall not unreasonably withhold approval for amounts...

The use of fuzzy real option valuation method to rank Giga ...

African Journals Online (AJOL)

The use of fuzzy real option valuation method to rank Giga Investment Projects on Iran's natural gas reserves. ... Journal of Fundamental and Applied Sciences ... methodology – discounted cash flow analysis – in valuation of Giga investments.

INVESTIGATION OF CONTINGENCY PATTERNS OF TEACHERS’ SCAFFOLDING IN TEACHING AND LEARNING MATHEMATICS

Directory of Open Access Journals (Sweden)

Anwar Anwar

2016-12-01

Full Text Available The purpose of this study is to investigate the patterns of scaffolding contingency in teaching and learning mathematics carried out by three teachers. Contingency patterns are obtained by examining the transcription from video recording of conversation fragments between teachers and students during the provision of scaffolding. The contingency patterns are drawn in three strategies: diagnostic strategy, intervention strategy, and checking diagnosis. The result shows that the three teachers expressed different interaction contingencies in their scaffolding activities: contingent dominant, non-contingent dominant, and pseudo-contingent. It is also found that the learning interaction performed by experienced teachers tends to be contingent dominant compared to novice teachers. Keywords: Contingency, Contingent Dominant, Non-Contingent Dominant, Pseudo Contingent, Scaffolding DOI: http://dx.doi.org/10.22342/jme.8.1.3410.65-76

Resurgence of instrumental behavior after an abstinence contingency.

Science.gov (United States)

Bouton, Mark E; Schepers, Scott T

2014-06-01

In resurgence, an extinguished instrumental behavior (R1) recovers when a behavior that has replaced it (R2) is also extinguished. The phenomenon may be relevant to understanding relapse that can occur after the termination of "contingency management" treatments, in which an unwanted behavior (e.g., substance abuse) is reduced by reinforcing an alternative behavior. When reinforcement is discontinued, the unwanted behavior might resurge. However, unlike most resurgence experiments, contingency management treatments also introduce a negative contingency, in which reinforcers are not delivered unless the client has abstained from the unwanted behavior. In two experiments with rats, we therefore examined the effects of adding a negative "abstinence" contingency to the resurgence design. During response elimination, R2 was not reinforced unless R1 had not been emitted for a minimum period of time (45, 90, or 135 s). In both experiments, adding such a contingency to simple R1 extinction reduced, but did not eliminate, resurgence. In Experiment 2, we found the same effect in a yoked group that could earn reinforcers for R2 at the same points in time as the negative-contingency group, but without the requirement to abstain from R1. Thus, the negative contingency per se did not contribute to the reduction in resurgence. These results suggest that the contingency reduced resurgence by making reinforcers more difficult to earn and more widely spaced in time. This could have allowed the animal to learn that R1 was extinguished in the "context" of infrequent reinforcement-a context more like that of resurgence testing. The results are thus consistent with a contextual (renewal) account of resurgence. The method might provide a better model of relapse after termination of a contingency management treatment.

Comparing methods for measuring consumer willingness to pay: A cognitive perspective

DEFF Research Database (Denmark)

Grunert, Klaus G.; Madsen, Charlotte Øland; Juhl, Hans Jørn

Willingness to pay for a basic chilled soup product and for an improved, self-heating version was measured for 100 Ss who were randomly assigned to conditions: a contingent valuation scheme, and an experimental auction scheme. Drawing on constructs derived from research in consumer price informat......Willingness to pay for a basic chilled soup product and for an improved, self-heating version was measured for 100 Ss who were randomly assigned to conditions: a contingent valuation scheme, and an experimental auction scheme. Drawing on constructs derived from research in consumer price...

29 CFR 4281.16 - Benefit valuation methods-plans closing out.

Science.gov (United States)

2010-07-01

..., as determined under this subpart. (b) Valuation rule. The present value of nonforfeitable benefits... 4281(b) of ERISA, the plan sponsor shall value the plan's benefits in accordance with paragraph (b) of... 29 Labor 9 2010-07-01 2010-07-01 false Benefit valuation methods-plans closing out. 4281.16...