WorldWideScience

Sample records for contingent valuation methodology

  1. The contingent valuation method: a review

    International Nuclear Information System (INIS)

    Venkatachalam, L.

    2004-01-01

    The contingent valuation method (CVM) is a simple, flexible nonmarket valuation method that is widely used in cost-benefit analysis and environmental impact assessment. However, this method is subject to severe criticism. The criticism revolves mainly around two aspects, namely, the validity and the reliability of the results, and the effects of various biases and errors. The major objective of this paper is to review the recent developments on measures to address the validity and reliability issues arising out of different kinds of biases/errors and other related empirical and methodological issues concerning contingent valuation method

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

    Science.gov (United States)

    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.

  3. 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.

  4. Contingent valuation and incentives

    Science.gov (United States)

    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...

  5. 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

  6. 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.

  7. Contingency Valuation of Croatian Arboretum Opeka

    Directory of Open Access Journals (Sweden)

    Stjepan Posavec

    2012-12-01

    Full Text Available Background and Purpose: Social aspects of forestry have always been an important factor of forest usage and management, and therefore have significant influence on its sustainability. Non-wood forest functions such as recreation, tourism, aesthetic and educational factors influence development of rural areas. Contingent valuation method has rarely been used for evaluation of protected forest areas. The aim of the article is to estimate the amount of money visitors are willing to pay for nature’s resources preservation in the arboretum Opeka in the North-West Croatia. Material and Methods: Opeka Arboretum is situated in the Vinica municipality in northern Croatia. Located in a large park surrounding a manor, Opeka arboretum, with its 65 hectares is the largest of the three arboretums existing in Croatia today. The arboretum was founded in 1860 by the Count Marko Bombelles. Contingent valuation is a survey-based economic technique for the non-market valuation of resources, such as environmental preservation or the impact of contamination. It is also the approach that can generally be used to include what is usually referred to as the passive use component of the economic value of environmental goods. Results and Conclusion: Willingness to pay for visitor’s use of the arboretum has been investigated using the survey and contingency valuation method on a sample of 53 respondents. Research results present high preference for arboretum benefits such as beauty of landscape, cultural and historical significance, recreation and health but low willingness to pay.

  8. Identifying the warm glow effect in contingent valuation

    NARCIS (Netherlands)

    Nunes, P.A.L.D.; Schokkaert, E.

    2003-01-01

    This paper reports the results from a contingent valuation study designed to investigate the influence of warm glow in willingness to pay (WTP) responses. Interindividual differences in warm glow motivation are measured through a factor analysis, performed on a list of attitudinal items. The

  9. 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...

  10. 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

  11. Statistical Efficiency of Double-Bounded Dichotomous Choice Contingent Valuation

    OpenAIRE

    Michael Hanemann; John Loomis; Barbara Kanninen

    1991-01-01

    The statistical efficiency of conventional dichotomous choice contingent valuation surveys can be improved by asking each respondent a second dichotomous choice question which depends on the response to the first question—if the first response is "yes," the second bid is some amount greater than the first bid; while, if the first response is "no," the second bid is some amount smaller. This "double-bounded" approach is shown to be asymptotically more efficient than the conventional, "singlebo...

  12. The Political Man and Contingent Valuation: Motives Do Count

    OpenAIRE

    Karine Nyborg

    1996-01-01

    In addition to his role as a consumer pursuing his own interests, an individual may also regard himself as an ethical observer, judging matters from society's point of view. It is not clear which of these possibly conflicting roles respondents in contingent valuation studies take on. This leads to ambiguities in the interpretation of reported willingness to pay. I formalize this problem using a simple model of respondents' behaviour, based on the concept of subjective social welfare functions...

  13. Scale Sensitivity and Question Order in the Contingent Valuation Method

    OpenAIRE

    Andersson, Henrik; Svensson, Mikael

    2010-01-01

    This study examines the effect on respondents' willingness to pay to reduce mortality risk by the order of the questions in a stated preference study. Using answers from an experiment conducted on a Swedish sample where respondents' cognitive ability was measured and where they participated in a contingent valuation survey, it was found that scale sensitivity is strongest when respondents are asked about a smaller risk reduction first ('bottom-up' approach). This contradicts some previous evi...

  14. 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...

  15. Contingent valuation of environmental goods - Closure of Barsebaeck

    International Nuclear Information System (INIS)

    Jordal-Joergensen, J.

    1995-01-01

    Decisions in the community, are usually taken on the basis of economic calculations. Many environmental effects, however, are excluded from these calculations because it is often difficult to value environmental effects in monetary terms. Contingent valuation has recently become widespread in connection with this purpose, namely in the USA, but also in a number of European countries like, for example, Norway and Sweden. In Denmark the method has been applied sporadically in recent years. The purpose of this study is; to elucidate the problems associated with contingent valuation when the method is used in practice; to indicate study designs which can solve these problems; and draw attention to the reservations which must be made in respect of the results of these types of studies. The data material consists of 298 telephone interviews and 13 personal interviews. The interviewees all live in a radius of 30 km from Barsebaeck. The 311 interviews took place in the period of December 1993 to February 1994, approx. two months after extensive publicity concerning leakages at Barsebaeck. In the telephone interviews, 240 out of the 298 (80%) asked agreed to take part in the interviews. The conclusion cannot be directly transferred to other environmental goods. Barsebaeck was a special case because the risk was known prior to the study. In valuation of goods with which the respondents are not previously familiar, the greater need for information can necessitate using personal interviews. The method provides a better possibility of incorporating environmental effects directly in macroeconomic analyses. (EG)

  16. The valuation of environmental goods in Norway: A contingent valuation study with multiple bias testing

    Energy Technology Data Exchange (ETDEWEB)

    Strand, J.; Taraldset, A.

    1991-01-01

    We report on a study of contingent valuation of reduction in air pollution, and of a broader set of six environmental issues, among a population sample in Oslo. We derive an estimate of the extent of upward bias due to mental accouting'' in the expressed valuation of the air pollution issue, in two steps: (1) by comparing valuation of air pollution alone, with the same when the other issues at the same time are to be dealt with; and (2) by deriving the implicit valuation of the air pollution issue from the ranking of issues, and total valuation of all six issues. We find that expressed valuation of air pollution reductions are 3-4 times as high as the true'' values, and argue that this discrepancy is mainly due to mental account biases. We also test for strategic, starting point, information and interviewer biases, which are all present and, with the exception of the information bias, all in the expected directions. 9 refs., 4 tabs.

  17. The valuation of environmental goods in Norway: A contingent valuation study with multiple bias testing

    Energy Technology Data Exchange (ETDEWEB)

    Strand, J.; Taraldset, A.

    1991-12-31

    We report on a study of contingent valuation of reduction in air pollution, and of a broader set of six environmental issues, among a population sample in Oslo. We derive an estimate of the extent of upward bias due to ``mental accouting`` in the expressed valuation of the air pollution issue, in two steps: (1) by comparing valuation of air pollution alone, with the same when the other issues at the same time are to be dealt with; and (2) by deriving the implicit valuation of the air pollution issue from the ranking of issues, and total valuation of all six issues. We find that expressed valuation of air pollution reductions are 3-4 times as high as the ``true`` values, and argue that this discrepancy is mainly due to mental account biases. We also test for strategic, starting point, information and interviewer biases, which are all present and, with the exception of the information bias, all in the expected directions. 9 refs., 4 tabs.

  18. Option Price Estimates for Water Quality Improvements: A Contingent Valuation Study for the Monongahela River (1985)

    Science.gov (United States)

    This paper presents the findings from a contingent valuation survey designed to estimate the option price bids for the improved recreation resulting from enhanced water quality in the Pennsylvania portion of the Monongahela River.

  19. Contingent Valuation Assessment of the Economic Damages of Pollution to Marine Recreational Fishing (1989)

    Science.gov (United States)

    Paper develops a fully utility-theoretic model for the demand for recreational fishing access days, applied to a sample of Texas Gulf Coast anglers. The model employs contingent valuation and travel cost data jointly to calibrate a utility function.

  20. 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.

  1. Survey Response-Related Biases in Contingent Valuation: Concepts, Remedies, and Empirical Application to Valuing Aquatic Plant Management

    Science.gov (United States)

    Mark L. Messonnier; John C. Bergstrom; Chrisopher M. Cornwell; R. Jeff Teasley; H. Ken Cordell

    2000-01-01

    Simple nonresponse and selection biases that may occur in survey research such as contingent valuation applications are discussed and tested. Correction mechanisms for these types of biases are demonstrated. Results indicate the importance of testing and correcting for unit and item nonresponse bias in contingent valuation survey data. When sample nonresponse and...

  2. 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...

  3. Assessing the Warm Glow Effect in Contingent Valuations for Public Libraries

    Science.gov (United States)

    Lee, Soon-Jae; Chung, Hye-Kyung; Jung, Eun-Joo

    2010-01-01

    This article aims to present evidence of the warm glow effect in a public library setting. More specifically, it tests whether individual respondents with different values for the warm glow component report different values for their willingness to pay (WTP). The data come from a contingent valuation survey conducted on randomly selected citizens…

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

    Science.gov (United States)

    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...

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

    Science.gov (United States)

    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...

  6. 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

  7. 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 ...

  8. 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....

  9. 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.

  10. Household demand for improved sanitation services in Kumasi, Ghana: A contingent valuation study

    Science.gov (United States)

    Whittington, Dale; Lauria, Donald T.; Wright, Albert M.; Choe, Kyeongae; Hughes, Jeffrey A.; Swarna, Venkateswarlu

    1993-06-01

    A contingent valuation survey was conducted in Kumasi, Ghana, to estimate households' willingness to pay for two types of improved sanitation services: improved ventilated pit latrines and water closets connected to a sewer system. Over 1200 randomly selected households throughout the city were interviewed. Most households were willing to pay more for improved sanitation service than they were currently paying for their existing sanitation system (mostly public and bucket latrines), but in absolute terms the potential revenues from households are not large, of the order of US$1.40 per household per month (about 1-2% of household income). The results of the study confirm the conventional wisdom that conventional sewerage is not affordable to the vast majority of households without massive government subsidies. On the other hand, it appears that only modest subsidies are required to achieve relatively high levels of coverage with on-site sanitation (improved ventilated pit latrines). This is because improved ventilated pit latrines are much cheaper than conventional sewerage and because most households are willing to pay about as much for a ventilated pit latrine as for a water closet connected to a sewer. Several tests were conducted to check the accuracy of respondents' answers to contingent valuation questions. The findings indicate that contingent valuation surveys can be successfully carried out in cities in developing countries for public services such as sanitation and that reasonably reliable information can be obtained on household demand for different sanitation technologies.

  11. 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.

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

    Science.gov (United States)

    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

  13. 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

  14. Does exclusion of protest zeros and warm-glow bidders cause selection bias in Contingent Valuation?

    DEFF Research Database (Denmark)

    Grammatikopoulou, Ioanna; Olsen, Søren Bøye; Pouta, Eija

    A great issue of concern in valuation studies is whether respondents provide trustworthy and reliable answers conditional on the perceived information. Respondent may report either a higher than the true Willingness-To-Pay (WTP) due to warm glow or embedding effects or zero WTP which is lower than...... the true WTP due to protest behavior. We conduct a contingent valuation study to estimate the WTP for conserving a Natura 2000 wetland area in Greece. We find that 54% of the positive bidders exert warm glow motivations while 29% of all responses can be classified as protest zero bids. We employ three....... Our findings show that removal of warm glow positive bidders does not distort the WTP estimate in any significant way. However, using the same approach for protest zero bidders, we find strong evidence of selection bias associated with removal of protest zero responses. Specifically, WTP estimates...

  15. 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.

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

    Science.gov (United States)

    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.

  17. 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.

  18. Comparing Contingent Valuation, Conjoint Analysis and decition Panels: An Application to the valuation of reduced damages from air pollution in Norway

    Energy Technology Data Exchange (ETDEWEB)

    Halvorsen, B.; Strand, J.; Saelensminde, K.; Wenstoep, F.

    1996-12-31

    The need for assessing values of non-market goods has led to the development of two main groups of valuation approaches, those based on revealed preferences, and those on stated preferences (SP). One of the stated preference approaches, the Contingent Valuation Method, has recently been heavily criticized and alternative SP valuation approaches have appeared. This report discusses three SP approaches to eliciting willingness to pay (WTP) for environmental goods, namely open-ended contingent valuation (OE-CVM), conjoint analysis (CA) and multi-attribute utility theory applied to decision panels of experts (DPE). Each approach has advantages and disadvantages relative to the others and the relation between WTP estimates from the approaches cannot be predicted on prior arguments alone. The three approaches are applied in three different surveys, seeking valuation of specific damages due to air pollution in Norway. In all cases studied, OE-CVM yields the lowest average WTP estimate, while those from CA and EDP are similar. Possible explanations are offered, based on the principle differences between the approaches and on particular features of the three surveys. 35 refs., 10 tabs.

  19. 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

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

    NARCIS (Netherlands)

    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

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

    Science.gov (United States)

    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...

  2. 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:

  3. Measuring the difference in mean willingness to pay when dichotomous choice contingent valuation responses are not independent

    Science.gov (United States)

    Gregory L. Poe; Michael P. Welsh; Patricia A. Champ

    1997-01-01

    Dichotomous choice contingent valuation surveys frequently elicit multiple values in a single questionnaire. If individual responses are correlated across scenarios, the standard approach of estimating willingness to pay (WTP) functions independently for each scenario may result in biased estimates of the significance of the difference in mean WTP values. This paper...

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Science.gov (United States)

    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.

  6. 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.

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

  10. Cost-Benefit Analysis of an Otolaryngology Emergency Room Using a Contingent Valuation Approach.

    Science.gov (United States)

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

    2015-10-01

    Dedicated otolaryngology emergency rooms (ERs) provide a unique mechanism of health care delivery. Relative costs and willingness to pay (WTP) for these services have not been studied. This study aims to provide a cost-benefit analysis of otolaryngology-specific ER care. Cost-benefit analysis based on contingent valuation surveys. An otolaryngology-specific ER in a tertiary care academic medical center. Adult English-speaking patients presenting to an otolaryngology ER were included. WTP questions were used to assess patient valuations of specialty emergency care. Sociodemographic data, income, and self-reported levels of distress were assessed. State-level and institution-specific historical cost data were merged with WTP data within a cost-benefit analysis framework. The response rate was 75.6%, and 199 patients were included in the final analysis. Average WTP for otolaryngology ER services was $319 greater than for a general ER (95% CI: $261 to $377), with a median value of $200. The historical mean cost per visit at a general ER was $575, and mean cost at the specialty ER was $551 (95% CI: $529 to $574). Subtracting incremental cost from incremental WTP yielded a net benefit of $343. Dedicated otolaryngology ER services are valued by patients for acute otolaryngologic problems and have a net benefit of $343 per patient visit. They appear to be a cost-beneficial method for addressing acute otolaryngologic conditions. This study has implications for ER-based otolaryngologic care and direct-to-specialist services. © American Academy of Otolaryngology-Head and Neck Surgery Foundation 2015.

  11. 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...

  12. 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 ...

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

    Directory of Open Access Journals (Sweden)

    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

  14. 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.

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

    Science.gov (United States)

    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.

  16. 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.

  17. 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

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

    Directory of Open Access Journals (Sweden)

    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.

  19. 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.

  20. 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.

  1. 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

  2. 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.

  3. 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.

  4. 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)

  5. 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.

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

    Science.gov (United States)

    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.

  7. 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).

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. 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.

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

    Science.gov (United States)

    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.

  14. Taking profit from the growing use of mobile phone in Benin: A Contingent Valuation approach for market and quality information access

    NARCIS (Netherlands)

    Arinloye, D.D.A.A.; Linnemann, A.R.; Hagelaar, J.L.F.; Coulibaly, O.; Omta, S.W.F.

    2015-01-01

    An information systems-adapted Contingent Valuation survey was used to assess smallholder farmers' perceptions and the premium they are willing to pay (WTP) to get mobile phone-based information on market prices and product quality to overcome the recurrent information asymmetry issues in the chain.

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

    Science.gov (United States)

    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

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

    Directory of Open Access Journals (Sweden)

    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

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

    Directory of Open Access Journals (Sweden)

    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.

  18. 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.

  19. 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

  20. 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)

  1. 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.

  2. 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

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

    Directory of Open Access Journals (Sweden)

    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.

  4. 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)

  5. 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

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

    Science.gov (United States)

    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

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  11. 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

    Some of the most basic questions about the organization and functioning of society involve issues raised by the existence of public goods. With respect to environmental public goods, how should funds used to support environmental improvement be collected and used? In particular, are collective, mandatory payments superior to voluntary, charitable payments due to the possibility of free riding? And to what degree should the government be involved in spending these funds: should the government directly fund environmental improvement projects or should the private sector be used to collect funds and determine funding priorities? This report explores these questions from the perspective of renewable energy: wind, geothermal, biomass, hydropower, and solar. In particular, this report analyzes the payment preferences of U.S. households through the implementation of a large-scale contingent valuation (CV) survey of willingness to pay (WTP) for renewable energy. Renewable energy can be supported through a mandatory ''tax'' on electric bills or through voluntary payments via green power marketing; the government may or may not be heavily involved in the collection and expenditure of such funds. The question of how households prefer to pay for renewable energy is therefore highly relevant. The primary objective of this study is to explore variations in stated WTP for renewable energy under the following four payment and provision contexts: (1) A mandatory increase in the electricity bills of all customers, the funds from which are collected and spent by the government on renewable energy projects. (2) A voluntary increase in the electricity bills of those customers who choose to pay, the funds from which are collected and spent by the government on renewable energy projects. (3) A voluntary increase in the electricity bills of those customers who choose to pay, the funds from which are collected and spent by electricity suppliers on renewable energy

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

    Directory of Open Access Journals (Sweden)

    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.

  13. 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.

  14. A KBE genetic-causal cost modelling methodology for manufacturing cost contingency management

    NARCIS (Netherlands)

    Curran, R.; Gilmour, M.; McAlleean, C.; Kelly, P.

    2009-01-01

    The paper provides validated evidence of a robust methodology for the management of lean manufacturing cost contingency, with a particular focus on contingency regarding recurring work content. A truly concurrent engineering process is established by capturing a range of knowledge from the design,

  15. 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...

  16. 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...

  17. Methodology for an economic valuation of the mineral resources of Colombia

    International Nuclear Information System (INIS)

    Franco Sepulveda, Giovanni

    2007-01-01

    The present article presents a synthesis of the project of investigation; Methodology for an economic valuation of the mineral resources of Colombia, whose objective is the of proposing a methodology, specifically for the calcareous and coal deposits, like a tool for its administration, planning, regulation and control that it can be applied to the generality of the non renewable resources with the end to insert them in the states of national accounts in the long term

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

    Science.gov (United States)

    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.

  19. 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.

  20. 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.

  1. 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

  2. Valuation of micro and small enterprises using the methodology multicriteria and method of discounted cash flow

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

    Full Text Available This paper presents a contribution to the method of discounted cash flow methodology using multicriteria decision aid. This methodology incorporates qualitative variables and subjective to the traditional method of discounted cash flows used in valuation companies. To illustrate the proposed method was a descriptive study of exploratory nature applied to a multicase. The intervention was in Micro and Small Enterprises (MSE from the chemical, pharmaceutical and tourism. As a result, the appraiser set the price of the business taking into account the result of mixing between the two methodologies.

  3. 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

  4. An Analysis of Information Asset Valuation (IAV) Quantification Methodology for Application with Cyber Information Mission Impact Assessment (CIMIA)

    National Research Council Canada - National Science Library

    Hellesen, Denzil L

    2008-01-01

    .... The IAV methodology proposes that accurate valuation for an Information Asset (InfoA) is the convergence of information tangible, intangible, and flow attributes to form a functional entity that enhances mission capability...

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

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

    Science.gov (United States)

    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.

  11. 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.

  12. 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.

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

    Directory of Open Access Journals (Sweden)

    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

  14. 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.

    Science.gov (United States)

    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

  15. Application of Binomial Model and Market Asset Declaimer Methodology for Valuation of Abandon and Expand Options. The Case Study

    Directory of Open Access Journals (Sweden)

    Paweł Mielcarz

    2007-06-01

    Full Text Available The article presents a case study of valuation of real options included in a investment project. The main goal of the article is to present the calculation and methodological issues of application the methodology for real option valuation. In order to do it there are used the binomial model and Market Asset Declaimer methodology. The project presented in the article concerns the introduction of radio station to a new market. It includes two valuable real options: to abandon the project and to expand.

  16. A methodology to assist in contingency planning for protection of nuclear power plants against land vehicle bombs

    International Nuclear Information System (INIS)

    James, J.W.; Goldman, L.A.; Lobner, P.R.; Finn, S.P.; Koch, T.H.; Veatch, J.D.

    1989-04-01

    This report provides a methodology which could be used by operators of licensed nuclear power reactors to address issues related to contingency planning for a land vehicle bomb, should such a threat arise. The methodology presented in this report provides a structured framework for understanding factors to be considered in contingency planning for a land vehicle bomb including: (1) system options available to maintain a safe condition, (2) associated components and equipment, (3) preferred system options for establishing and maintaining a safe shutdown condition, and (4) contingency measures to preserve the preferred system options. Example applications of the methodology for a Boiling Water Reactor (BWR) and Pressurized Water Reactor (PWR) are provided along with an example of contingency plan changes necessary for implementation of this methodology, a discussion of some contingency measures that can be used to limit land vehicle access, and a bibliography. 2 refs., 11 figs., 6 tabs

  17. Considerations regarding the Valuation and Valorization of Cultural Heritage

    Directory of Open Access Journals (Sweden)

    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.

  18. 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.

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

    Directory of Open Access Journals (Sweden)

    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

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

    Science.gov (United States)

    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.

  1. 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

  2. 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

  3. 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 ...

  4. 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%.

  5. 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%.

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

    Directory of Open Access Journals (Sweden)

    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.

  7. 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)

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

    Directory of Open Access Journals (Sweden)

    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.

  9. 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

  10. 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.

  11. 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.

  12. Valuation of Drug Abuse: A Review of Current Methodologies and Implications for Policy Making

    Science.gov (United States)

    Schori, Maayan

    2011-01-01

    This article reviews the use of several valuation methods as they relate to drug abuse and places them within the context of U.S. policy. First, cost-of-illness (COI) studies are reviewed and their limitations discussed. Second, three additional economic methods of valuing drug abuse are reviewed, including cost-effectiveness analysis (CEA),…

  13. Contingent Commitments: Bringing Part-Time Faculty into Focus. Methodology Supplement

    Science.gov (United States)

    Center for Community College Student Engagement, 2014

    2014-01-01

    Center reporting prior to 2013 focused primarily on descriptive statistics (frequencies and means) of student and faculty behaviors. The goal of the analyses reported here and in "Contingent Commitments: Bringing Part-Time Faculty into Focus" is to understand the engagement of part-time or contingent faculty in various activities that…

  14. 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

  15. 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....

  16. ARC-VM: An architecture real options complexity-based valuation methodology for military systems-of-systems acquisitions

    Science.gov (United States)

    Domercant, Jean Charles

    The combination of today's national security environment and mandated acquisition policies makes it necessary for military systems to interoperate with each other to greater degrees. This growing interdependency results in complex Systems-of-Systems (SoS) that only continue to grow in complexity to meet evolving capability needs. Thus, timely and affordable acquisition becomes more difficult, especially in the face of mounting budgetary pressures. To counter this, architecting principles must be applied to SoS design. The research objective is to develop an Architecture Real Options Complexity-Based Valuation Methodology (ARC-VM) suitable for acquisition-level decision making, where there is a stated desire for more informed tradeoffs between cost, schedule, and performance during the early phases of design. First, a framework is introduced to measure architecture complexity as it directly relates to military SoS. Development of the framework draws upon a diverse set of disciplines, including Complexity Science, software architecting, measurement theory, and utility theory. Next, a Real Options based valuation strategy is developed using techniques established for financial stock options that have recently been adapted for use in business and engineering decisions. The derived complexity measure provides architects with an objective measure of complexity that focuses on relevant complex system attributes. These attributes are related to the organization and distribution of SoS functionality and the sharing and processing of resources. The use of Real Options provides the necessary conceptual and visual framework to quantifiably and traceably combine measured architecture complexity, time-valued performance levels, as well as programmatic risks and uncertainties. An example suppression of enemy air defenses (SEAD) capability demonstrates the development and usefulness of the resulting architecture complexity & Real Options based valuation methodology. Different

  17. 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.

  18. A methodology for uncertainty quantification in quantitative technology valuation based on expert elicitation

    Science.gov (United States)

    Akram, Muhammad Farooq Bin

    The management of technology portfolios is an important element of aerospace system design. New technologies are often applied to new product designs to ensure their competitiveness at the time they are introduced to market. The future performance of yet-to- be designed components is inherently uncertain, necessitating subject matter expert knowledge, statistical methods and financial forecasting. Estimates of the appropriate parameter settings often come from disciplinary experts, who may disagree with each other because of varying experience and background. Due to inherent uncertain nature of expert elicitation in technology valuation process, appropriate uncertainty quantification and propagation is very critical. The uncertainty in defining the impact of an input on performance parameters of a system makes it difficult to use traditional probability theory. Often the available information is not enough to assign the appropriate probability distributions to uncertain inputs. Another problem faced during technology elicitation pertains to technology interactions in a portfolio. When multiple technologies are applied simultaneously on a system, often their cumulative impact is non-linear. Current methods assume that technologies are either incompatible or linearly independent. It is observed that in case of lack of knowledge about the problem, epistemic uncertainty is the most suitable representation of the process. It reduces the number of assumptions during the elicitation process, when experts are forced to assign probability distributions to their opinions without sufficient knowledge. Epistemic uncertainty can be quantified by many techniques. In present research it is proposed that interval analysis and Dempster-Shafer theory of evidence are better suited for quantification of epistemic uncertainty in technology valuation process. Proposed technique seeks to offset some of the problems faced by using deterministic or traditional probabilistic approaches for

  19. A company’s market value: the methodology of its valuation and methods for its maximization

    Directory of Open Access Journals (Sweden)

    Olexandr Kravchenko

    2007-03-01

    Full Text Available This article investigates the creation and monitoring of the fundamental value of a company, the methods of its valuation, and capital market responses to changes of the fundamental value. The author uses the basic theory of discounted cash flows as his main theoretical model. This theory states that the investment value equals the net present value of future cash flows that is created as a result of this investment. Other theories referred to in the article are derived from the aforementioned model. The article contains an empirical analysis of correlation dependence between the fundamental value and the market capitalization. The figures obtained from international companies during a 5-year time period showed that the highest indices of fundamental value increase were used as output data. The article argues that the total business return has the highest correlation index with respect to a company’s market value. The reasons affecting the results of the empirical research have been analyzed. The author gives some recommendations on the appreciation of a company’s market value.

  20. #eVALUate: Monetizing Service Acquisition Trade-offs Using the QUALITY-INFUSED Price Methodology

    Science.gov (United States)

    2016-04-01

    they determine their source selection methodology along the best-value spectrum, ranging from lowest price technically acceptable (LPTA) to full...sidering factors determined to be germane to service value to the agency (Finkenstadt, 2015). Once an offeror’s prices are determined to be fair and... determine whether the quality rating system would affect the quality trade-off. In this case, the highest priced yet highest rated offeror was selected

  1. Monetary valuation of environmental goods, services and impacts in support of the decision: methodological novelties. Seminar proceedings of December 19, 2013

    International Nuclear Information System (INIS)

    Bonnet, Xavier; Vanoli, Andre; Nauroy, Frederic; Devaux, Jeremy; Christov, Strahil; ); Simon, Olivier; Bortzmeyer, Martin; Vergez, Antonin; Lagarenne, Christine; Ami, Dominique; Aprahamian, Frederic; Chanel, Olivier; Luchini, Stephane; Baumstarck, Luc; Auverlot, Dominique; Ducos, Geraldine; Rafenberg, Christophe; Levrel, Harold; Ben Maid, Atika; Darses, Ophelie

    2014-10-01

    Within the Department of the General Commissioner for Sustainable Development, the Division for Economics, Assessment and Integration of Sustainable Development is in charge of developing and promoting the economic valuation of policies, regulations, environmental goods and services, related to biodiversity, natural assets and environmental amenities. On December 19, 2013, this department held the fourth annual seminar on monetary valuation of environmental goods, services and impacts. The three first editions were respectively devoted to economic valuation methods of environmental goods and services, their implementation and the use of monetary values resulting from these methods. The 2013 seminar addressed methodological innovations and the way they contribute to decision in private sector and in policy-making process, in domains such as environmental debt, circular economy or health impact of environment. Those conferences are aimed at experts and practitioners of monetary valuation techniques as well as at users of the values produced. They provide a place to gather and facilitate dialogue between representatives from universities, government agencies and private sector involved in these issues. (authors)

  2. Stated Preference Methods for Valuation of Forest Attributes

    Science.gov (United States)

    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...

  3. 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

  4. 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)

  5. 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)

  6. 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.

  7. A methodology for the valuation and selection of adaptable technology portfolios and its application to small and medium airports

    Science.gov (United States)

    Pinon, Olivia J.

    The increase in the types of airspace users (large aircraft, small and regional jets, very light jets, unmanned aerial vehicles, etc.), as well as the very limited number of future new airport development projects are some of the factors that will characterize the next decades in air transportation. These factors, associated with a persistent growth in air traffic will worsen the current gridlock situation experienced at some major airports. As airports are becoming the major capacity bottleneck to continued growth in air traffic, it is therefore primordial to make the most efficient use of the current, and very often, underutilized airport infrastructure. This research thus proposes to address the increase in air traffic demand and resulting capacity issues by considering the implementation of operational concepts and technologies at underutilized airports. However, there are many challenges associated with sustaining the development of this type of airports. First, the need to synchronize evolving technologies with airports’ needs and investment capabilities is paramount. Additionally, it was observed that the evolution of secondary airports, and their needs, is tightly linked to the environment in which they operate. In particular, sensitivity of airports to changes in the dynamics of their environment is important, therefore requiring that the factors that drive the need for technology acquisition be identified and characterized. Finally, the difficulty to evaluate risk and make financially viable decisions, particularly when investing in new technologies, cannot be ignored. This research provides a methodology that addresses these challenges and ensures the sustainability of airport capacity-enhancement investments in a continuously changing environment. In particular, it is articulated around the need to provide decision makers with the capability to valuate and select adaptable technology portfolios to ensure airport financial viability. Hence, the four

  8. Large Engine Technology (LET) Short Haul Civil Tiltrotor Contingency Power Materials Knowledge and Lifing Methodologies

    Science.gov (United States)

    Spring, Samuel D.

    2006-01-01

    This report documents the results of an experimental program conducted on two advanced metallic alloy systems (Rene' 142 directionally solidified alloy (DS) and Rene' N6 single crystal alloy) and the characterization of two distinct internal state variable inelastic constitutive models. The long term objective of the study was to develop a computational life prediction methodology that can integrate the obtained material data. A specialized test matrix for characterizing advanced unified viscoplastic models was specified and conducted. This matrix included strain controlled tensile tests with intermittent relaxtion test with 2 hr hold times, constant stress creep tests, stepped creep tests, mixed creep and plasticity tests, cyclic temperature creep tests and tests in which temperature overloads were present to simulate actual operation conditions for validation of the models. The selected internal state variable models where shown to be capable of representing the material behavior exhibited by the experimental results; however the program ended prior to final validation of the models.

  9. 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.

  10. Insensitivity to Scope in Contingent Valuation Studies

    DEFF Research Database (Denmark)

    Søgaard, Rikke; Lindholt, Jes Sanddal; Gyrd-Hansen, Dorte

    2012-01-01

    tasks from which their sensitivity to larger risk reductions (test 1) and to change in travel costs associated with participation (test 2) could be assessed. Participants were surveyed while waiting for their screening session. Non-participants were surveyed by postal questionnaire. Results: The sample...... focus more on extracting the underlying motives for the stated preferences in order to appropriately deal with responses that are seemingly irrational, and which may lead to imprecise welfare estimates....

  11. 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...

  12. 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

  13. 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.

  14. 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

  15. 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...

  16. 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...

  17. Monetary valuation of salicylic acid, methylparaben and THCOOH in a Mediterranean coastal wetland through the shadow prices methodology.

    Science.gov (United States)

    Bellver-Domingo, Águeda; Fuentes, Ramón; Hernández-Sancho, Francesc; Carmona, Eric; Picó, Yolanda; Hernández-Chover, Vicent

    2018-06-15

    The presence of pharmaceutical and personal care products and drugs of abuse (PPCPs) in wastewater treatment plants (WWTPs) indicates discharge of the effluent may not be suitable for the ecological balance of water ecosystems, such as wetlands. These PPCPs degrade water quality, considered as an ecosystem service (ES), provoking serious environmental impacts. Assessing the monetary value of PPCPs can be used as a proxy for environmental status of the ES of water quality (ESWQ). Considering PPCPs as non-desirable outputs of WWTPs, the shadow prices methodology has been implemented using directional distance function to measure the environmental avoided cost of removing salicylic acid (SA), methylparaben (MP), and THCOOH from WWTPs effluents discharged to Albufera Natural Park (Spain). The SA shows the highest shadow price (138.16 €/μg), followed by THCOOH (48.15 €/μg), and MP (30.66 €/μg). These values are interpreted as the environmental cost that would be avoided if SA, MP, and THCOOH were removed from WWTPs effluents. The non-parametric tests show that wastewater treatment technology, together with population equivalent (as a proxy of the size of urban areas) and seasonality are factors that influence shadow prices obtained. The approach used in this study highlights the use of PPCPs as status indicators of ESWQ quantified in monetary units. As a way to synthesize the essential concepts to implement the shadow prices approach, this study proposes a flow diagram to represent the relationship between all the factors involved in this work. The use of shadow prices methodology proves that removing SA, MP, and THCOOH is associated with a measurable improvement in the ESWQ of Albufera Natural Park. The findings of this study will be useful for plant managers in order to make decisions about the removal of PPCPs in WWTPs effluents. Copyright © 2017 Elsevier B.V. All rights reserved.

  18. 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

  19. Timing effects in health valuations.

    Science.gov (United States)

    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.

  20. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  2. 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.

  3. 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.

  4. 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)....

  5. 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)....

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

    Science.gov (United States)

    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...

  7. 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.

  8. 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.

  9. 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

  10. 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...

  11. 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)…

  12. Preference uncertainty in nonmarket valuation: a fuzzy approach

    NARCIS (Netherlands)

    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

  13. Valoração de contingente pelas modelagens logit e análise multivariada: um estudo de caso da disposição a aceitar compensação dos cafeicultores vinculados ao PRO-CAFÉ de Viçosa - MG Contingent valuation with modeling logit and multivariate analyses: a case study of the willingness of coffee planters linked to the PRO-COFFEE of Viçosa - MG to accept compensation

    Directory of Open Access Journals (Sweden)

    Pedro Silveira Máximo

    2009-12-01

    Full Text Available O objetivo deste estudo foi, justamente, identificar, entre os métodos LOGIT e a análise multivariada, qual a mais eficaz para estimar a Disposição a Aceitar Compensação (DAC dos cafeicultores quando o viés da utilidade marginal é passível de ocorrência. Para tal, foi elaborado um formulário com 33 perguntas envolvendo informações sobre características socioeconômicas dos cafeicultores, o uso da metodologia de valoração de contingente (MVC e do veículo de pagamento dos "Jogos de Lances", que revelou a Disposição a Aceitar uma Compensação (DAC na troca de um hectare de café por um hectare de mata. Como esperado, por causa do viés da utilidade marginal o método LOGIT foi incapaz de produzir resultados consistentes. Já a estimação da DAC pela análise multivariada mostrou que, caso o governo estivesse disposto a aumentar a provisão de mata em 70 ha, ele deveria despender 254.200 reais por ano, tratando apenas dos cafeicultores vinculados ao programa do PRO-CAFÉ.The object of this study was to identify which method, either LOGIT or multivariate analyses, was the most efficient to estimate the coffee planters' Willingness to Accept a Compensation, when there was a possibility of occurrence of marginal utility. For such, a questionnaire was formulated, with 33 questions involving information on coffee planters' socio - economic characteristics, the use of the methodology of contingent valuation (MCV, and the payment of the "offer game" that reveled the willingness to accept a compensation (WAC, by exchanging a hectare of coffee by a hectare of forest. As expected, because of the marginal utility's bias, the LOGIT method was unable to produce consistent results. However, when the WAC was estimated by multivariate analyses, the results showed that if the government is willing to increase the provision of forest to 70 hectares, it should pay out 254,200 reais (around 116,000 dollars, dealing only with the coffee planters

  14. 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...

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

    Directory of Open Access Journals (Sweden)

    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

  16. 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.

  17. 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...

  18. 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 ...

  19. Participatory Environmental Valuation: A Comparative Analysis of Four Case Studies

    Directory of Open Access Journals (Sweden)

    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.

  20. 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

  1. 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

  2. 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.

  3. [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

  4. 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.

  5. 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.

  6. 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...

  7. 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.

  8. 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

  9. 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.

  10. NONMARKET VALUE OF WESTERN VALLEY RANCHLAND USING CONTINGENT VALUATION

    OpenAIRE

    Rosenberger, Randall S.; Walsh, Richard G.

    1997-01-01

    With the irreversible loss of agricultural land to develop uses in certain areas, there is increased concern that land be preserved for posterity'Â’s sake. We estimate the nonmarket value of a ranchland protection program in the Yampa River Valley in Routt County, Colorado, including the Steamboat Springs resort. The case study builds on previous land preservation studies by adding several preferences indicators. We find that local residentsÂ’' willingness to pay is substantial, but insuffici...

  11. Valuing Urban Forests: The Application of Contingent Valuation ...

    African Journals Online (AJOL)

    Choice-Academy

    1988-01-01

    Jan 1, 1988 ... to elicit willingness to pay (WTP) values from the respondents as a measure of value for the conservation of forest trees ... gap often predisposed urban forests and green spaces to .... income, education gender and length of.

  12. 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.

  13. Workshop: Improving the Assessment and Valuation of Climate Change Impacts for Policy and Regulatory Analysis: Modeling Climate Change Impacts and Associated Economic Damages (2010 - part 1)

    Science.gov (United States)

    The purpose of this workshop Improving the Assessment and Valuation of Climate Change Impacts for Policy and Regulatory Analysis. focused on conceptual and methodological issues - integrated assessment modeling and valuation.

  14. 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...

  15. 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.

  16. 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.

  17. VALUATION METHODS- LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    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.

  18. 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.

  19. 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

  20. 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...

  1. 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...

  2. Dissociating Contingency Awareness and Conditioned Attitudes: Evidence of Contingency-Unaware Evaluative Conditioning

    Science.gov (United States)

    Hutter, Mandy; Sweldens, Steven; Stahl, Christoph; Unkelbach, Christian; Klauer, Karl Christoph

    2012-01-01

    Whether human evaluative conditioning can occur without contingency awareness has been the subject of an intense and ongoing debate for decades, troubled by a wide array of methodological difficulties. Following recent methodological innovations, the available evidence currently points to the conclusion that evaluative conditioning effects do not…

  3. Valuation of community forestry in Ethiopia: A contingent valuation study of rural households

    Energy Technology Data Exchange (ETDEWEB)

    Mekonnen, A.

    1997-11-01

    Over 90 percent of energy consumption in Ethiopia comes from biomass fuels and this pattern is a major cause of land degradation and deforestation in the country. Because of imperfection in or absence of labour and fuel markets, we use a non-separable agricultural household model to examine fuel production and consumption behaviour of a sample of rural households. Fuel production (collection) functions were estimated for each of the two major biomass fuels consumed in our study areas, namely, woody biomass and cow dung. Among household composition variables, the more frequent significance of the number of adult and/or youth females particularly for collection from the commons indicates the importance of females in biomass fuel collection. In the estimation of demand functions for woody biomass and dung, we used virtual (shadow) fuel prices and virtual (shadow) wages as explanatory variables instead of market prices due to non separability. Since we used the cost of time spent to collect a unit of fuel as a measure of virtual fuel prices, significant negative own-price elasticities indicate advantages of forest policies that reduce fuel collection time and possibly make more time available particularly for females for child care, cooking and perhaps agricultural production. The significance of own price elasticities combined with significantly positive effect of number of cattle on dung consumption suggest that fuel choice and mix is significantly influenced by scarcity. This indicates a possibility of policy interventions directed at reducing the relative cost of wood and encouraging increased dung use as fertilizer and hence reduced land degradation. Though estimated income elasticities of demand give indications of increasing viability of such interventions with growth, the absence of evidence of substitutability and the significance of number of cattle in positively affecting consumption of woody biomass indicate the importance of cooking habits and culture 38 refs, 3 tabs

  4. 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...

  5. 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.

  6. 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

  7. 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

  8. 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...

  9. 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

  10. Research bias in judgement bias studies : a systematic review of valuation judgement literature

    NARCIS (Netherlands)

    Vincent Gruis; Pim Klamer; Cok Bakker

    2017-01-01

    Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research

  11. Research bias in judgement bias studies : A systematic review of valuation judgement literature

    NARCIS (Netherlands)

    Klamer, Pim; Bakker, C.; Gruis, Vincent

    2017-01-01

    Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research

  12. Cadastral valuation of land contaminated with radionuclides

    Science.gov (United States)

    Ratnikov, A. N.; Sapozhnikov, P. M.; Sanzharova, N. I.; Sviridenko, D. G.; Zhigareva, T. L.; Popova, G. I.; Panov, A. V.; Kozlova, I. Yu.

    2016-01-01

    The methodology and procedure for cadastral valuation of land in the areas contaminated with radionuclides are presented. The efficiency of rehabilitation measures applied to decrease crop contamination to the levels satisfying sanitary-hygienic norms is discussed. The differentiation of cadastral value of radioactively contaminated agricultural lands for the particular farms and land plots is suggested. An example of cadastral valuation of agricultural land contaminated during the Chernobyl Nuclear Power Plant accident is given. It is shown that the use of sandy and loamy sandy soddy-podzolic soils with the 137Cs contamination of 37-185 and >185 kBq/m2 for crop growing is unfeasible. The growing of grain crops and potatoes on clay loamy soddy-podzolic soils with the 137Cs contamination of 555-740 kBq/m2 is unprofitable. The maximum cadastral value of radioactively contaminated lands is typical of leached chernozems.

  13. 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)

  14. 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.

  15. Conservatism in Corporate Valuation

    OpenAIRE

    Bach, Christian

    2011-01-01

    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 risk in the numerator rather than trough the cost of equity, in the denominator. Further, the risk adjustment is based on assumptions about the time series properties of residual income return and consu...

  16. NV energy electricity storage valuation :

    Energy Technology Data Exchange (ETDEWEB)

    Ellison, James F.; Bhatnagar, Dhruv; Samaan, Nader; Jin, Chunlian

    2013-06-01

    This study examines how grid-level electricity storage may benefit the operations of NV Energy, and assesses whether those benefits are likely to justify the cost of the storage system. To determine the impact of grid-level storage, an hourly production cost model of the Nevada Balancing Authority ("BA") as projected for 2020 was created. Storage was found to add value primarily through the provision of regulating reserve. Certain storage resources were found likely to be cost-effective even without considering their capacity value, as long as their effectiveness in providing regulating reserve was taken into account. Giving fast resources credit for their ability to provide regulating reserve is reasonable, given the adoption of FERC Order 755 ("Pay-for-performance"). Using a traditional five-minute test to determine how much a resource can contribute to regulating reserve does not adequately value fast-ramping resources, as the regulating reserve these resources can provide is constrained by their installed capacity. While an approximation was made to consider the additional value provided by a fast-ramping resource, a more precise valuation requires an alternate regulating reserve methodology. Developing and modeling a new regulating reserve methodology for NV Energy was beyond the scope of this study, as was assessing the incremental value of distributed storage.

  17. 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...

  18. 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

  19. 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.

  20. 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

  1. Valuation of Understanding

    DEFF Research Database (Denmark)

    Wiberg, Merete

    An important aim for the teacher in Higher Education is that students, in order to learn, achieve understanding in terms of being able to handle knowledge in a certain way. In this paper focus will be on understanding as a phenomenon which is permeated with values of what good understanding might...... be. Understanding is to be discussed as a phenomenon which in its definition is relative to the paradigm of educational thinking in which it is embedded. Paradigms of valuation of understanding in higher education will be viewed from two perspectives: An anglosaxon curriculum studies tradition...

  2. 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...

  3. 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.

  4. 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....

  5. 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

  6. QV modal distance displacement - a criterion for contingency ranking

    Energy Technology Data Exchange (ETDEWEB)

    Rios, M.A.; Sanchez, J.L.; Zapata, C.J. [Universidad de Los Andes (Colombia). Dept. of Electrical Engineering], Emails: mrios@uniandes.edu.co, josesan@uniandes.edu.co, cjzapata@utp.edu.co

    2009-07-01

    This paper proposes a new methodology using concepts of fast decoupled load flow, modal analysis and ranking of contingencies, where the impact of each contingency is measured hourly taking into account the influence of each contingency over the mathematical model of the system, i.e. the Jacobian Matrix. This method computes the displacement of the reduced Jacobian Matrix eigenvalues used in voltage stability analysis, as a criterion of contingency ranking, considering the fact that the lowest eigenvalue in the normal operation condition is not the same lowest eigenvalue in N-1 contingency condition. It is made using all branches in the system and specific branches according to the IBPF index. The test system used is the IEEE 118 nodes. (author)

  7. 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...

  8. 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...

  9. 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.

  10. 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.

  11. THE PROBLEM OF URBAN LAND MASS VALUATION OBJECTIVENESS AND WAYS OF SOLVING IT

    Directory of Open Access Journals (Sweden)

    DRAPIKOVSKYI O. I.

    2015-12-01

    Full Text Available Raising of problem. Implementation of prudent investment, urban planning and fiscal policy is possible only if there is knowledge of the real value of land in the entire city, which is obtained by the mass appraisal of urban land. The implementation of this important social function puts strict requirements for urban land mass valuation results objectiveness and comparability, stated in the international sectoral standards and regulations. Purpose. The aim of the article is to determine the basic requirements to urban land mass valuation results objectiveness maintenance and to analyse the compliance of the normative monetary valuation with these requirements. Conclusion. The problem of urban land mass valuation objectiveness can be considered through the prism of the ontological, epistemological and logical aspects, compliance with which allows the anticipation of the expected improvement of this valuation methodological apparatus efficiency.

  12. 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).

  13. 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...

  14. 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...

  15. 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...

  16. 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…

  17. 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.

  18. 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.

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

    International Nuclear Information System (INIS)

    Markandya, A.

    1994-01-01

    European literature as was feasible has been carried out, such a survey is certain to fall short of reviewing the full literature simply because the larger part of it is North American. The latter was being reviewed separately by the US team. However, in making recommendations as to what valuation methods or studies to use, the report draws on the substantial US experience. The whole issue of when a methodology or a particular study can be transferred from one context to another has never been fully addressed. This report makes some suggestions as to when this is may be appropriate although it is recognized that this is by no means a definitive discussion of that issue. Certainly, the fact that the fuel cycle analysis here is location-specific, rather than 'generic', in the sense of providing broad average costs of impacts caused by the use of certain fuels, makes the transferability of estimates more difficult. The report is structured as follows. Part I begins with a discussion of the nature of externalities and a more precise definition of what is being measured. Of particular importance in this context is the extent to which an environmental impact is or is not an 'externality'. Without going into the more complex aspects of the economic theory, the report offers some advice on when the issue is relevant and what criteria might be used to assess whether or not a particular environmental impact really is an externality. The remainder of Part I then deals with a number of general issues that are of practical importance in the context of valuing specific impacts. These are: the question of transferability discussed above; the time period or timescale over which the valuation is to take place; the treatment of uncertainty; the discounting of future costs; and the finally the issue of exactly what is being assumed constant when a particular valuation is being carried out. This is of special significance in the context of the valuation being undertaken here. Part II of the

  20. Social Sensorimotor Contingencies

    OpenAIRE

    Bütepage, Judith

    2016-01-01

    As the field of robotics advances, more robots are employed in our everyday environment. Thus, the implementation of robots that can actively engage in physical collaboration and naturally interact with humans is of high importance. In order to achieve this goal, it is necessary to study human interaction and social cognition and how these aspects can be implemented in robotic agents. The theory of social sensorimotor contingencies hypothesises that many aspects of human-human interaction de...

  1. 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...

  2. 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.

  3. 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.)

  4. Neuroscience and approach/avoidance personality traits: a two stage (valuation-motivation) approach.

    Science.gov (United States)

    Corr, Philip J; McNaughton, Neil

    2012-11-01

    Many personality theories link specific traits to the sensitivities of the neural systems that control approach and avoidance. But there is no consensus on the nature of these systems. Here we combine recent advances in economics and neuroscience to provide a more solid foundation for a neuroscience of approach/avoidance personality. We propose a two-stage integration of valuation (loss/gain) sensitivities with motivational (approach/avoidance/conflict) sensitivities. Our key conclusions are: (1) that valuation of appetitive and aversive events (e.g. gain and loss as studied by behavioural economists) is an independent perceptual input stage--with the economic phenomenon of loss aversion resulting from greater negative valuation sensitivity compared to positive valuation sensitivity; (2) that valuation of an appetitive stimulus then interacts with a contingency of presentation or omission to generate a motivational 'attractor' or 'repulsor', respectively (vice versa for an aversive stimulus); (3) the resultant behavioural tendencies to approach or avoid have distinct sensitivities to those of the valuation systems; (4) while attractors and repulsors can reinforce new responses they also, more usually, elicit innate or previously conditioned responses and so the perception/valuation-motivation/action complex is best characterised as acting as a 'reinforcer' not a 'reinforcement'; and (5) approach-avoidance conflict must be viewed as activating a third motivation system that is distinct from the basic approach and avoidance systems. We provide examples of methods of assessing each of the constructs within approach-avoidance theories and of linking these constructs to personality measures. We sketch a preliminary five-element reinforcer sensitivity theory (RST-5) as a first step in the integration of existing specific approach-avoidance theories into a coherent neuroscience of personality. Copyright © 2012 Elsevier Ltd. All rights reserved.

  5. 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

  6. 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

  7. 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...

  8. Theoretical and Methodological Aspects of the Economic and Environmental Efficiency Valuation of Solid Household Waste Recycling Теоретико-методические аспекты оценки экономико-экологической эффективности рециклинга твердых бытовых отходов

    OpenAIRE

    Dovga Tatyana N.

    2013-01-01

    The basic organizational and methodological problems of the economic and environmental efficiency valuation of solid household waste recycling that can arise in waste processing plants and complexes of Ukraine are investigated in the article. The urgency of implementing solid household waste recycling process was justified. The new approach to the classification of the economic and environmental efficiency valuation indicators of solid household waste recycling in Ukraine was proposed by the ...

  9. The Impact of International Diversification on the Corporate Valuation

    OpenAIRE

    Jakubenko Alena Anatol'evna

    2014-01-01

    The article deals with the impact of international diversification strategy on the corporate valuation. It describes theory basis that can explain the sources for value added in companies that use diversification strategy. The article gives also the comprehensive view on the methodology of evaluation of international diversification influence on the corporate value and comparative analysis of inconsistent empirical results of different researches concerning the nature of key relationships’ be...

  10. 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...

  11. The ecosystem services valuation tool and its future developments

    OpenAIRE

    Liekens, Inge; Broekx, Steven; Smeets, Nele; Staes, Jan; Biest, Van der, Katrien; Schaafsma, Marije; Nocker, De, Leo; Meire, Patrick; Cerulus, Tanya

    2014-01-01

    Abstract: Although methodologies for classification, quantification, and valuation of ecosystem services are improving drastically, applications of the ecosystem services concept in day-to-day decision-making processes remain limited, especially at the planning level. Nevertheless, spatial planning decisions would benefit from systematic considerations of their effects on ecosystem services. Assessing the impacts of policy on a wide range of ecosystem services contributes to more cost-effecti...

  12. Carbon Sequestration in Forest Valuation

    Directory of Open Access Journals (Sweden)

    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.

  13. 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...

  14. 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...

  15. 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)

  16. 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...

  17. 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

  18. Wind power: valuation and finance

    International Nuclear Information System (INIS)

    Aastrand, C.; Mose, O.; Sorensen, B.

    1996-01-01

    The past 20 years of wind energy experience in Denmark has primarily been based upon three financing schemes, tailored to individually owned, guild owned and utility owned wind turbines. The merits of and problems with these schemes are discussed, as well as their relations to specific legislation regarding e.g. taxation. It is finally explored, whether new forms of organisation, valuation and financing may be needed. (author)

  19. Equity valuation of Tesco Plc.

    OpenAIRE

    Schmitz, Clemens

    2015-01-01

    This dissertation aimed to value the British retailer Tesco Plc. The objective was to determine a target price for the company and as a consequence determine a buy or sell recommendation when comparing it to the current market price. After the state of the art of literature regarding equity valuation has been assessed, the retail industry as well as Tesco have been analysed in more detail. Based on this, the retail business of Tesco has been valued using the Adjusted Present Va...

  20. 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...

  1. 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

  2. Implications of Contingency Planning Support for Weather and Icing Information

    Science.gov (United States)

    Vigeant-Langlois, Laurence; Hansman, R. John, Jr.

    2003-01-01

    A human-centered systems analysis was applied to the adverse aircraft weather encounter problem in order to identify desirable functions of weather and icing information. The importance of contingency planning was identified as emerging from a system safety design methodology as well as from results of other aviation decision-making studies. The relationship between contingency planning support and information on regions clear of adverse weather was investigated in a scenario- based analysis. A rapid prototype example of the key elements in the depiction of icing conditions was developed in a case study, and the implications for the components of the icing information system were articulated.

  3. 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...

  4. 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...

  5. National Contingency Plan Subpart J

    Science.gov (United States)

    Subpart J of the National Oil and Hazardous Substances Pollution Contingency Plan (NCP) directs EPA to prepare a schedule of dispersants, other chemicals, and oil spill mitigating devices and substances that may be used to remove or control oil discharges.

  6. Mobile contingency unit

    Energy Technology Data Exchange (ETDEWEB)

    Silva, Sergio O. da; Magalhaes, Milton P. de [Petroleo Brasileiro S.A. (PETROBRAS), Rio de Janeiro, RJ (Brazil); Junqueira, Rodrigo A.; Torres, Carlos A.R. [PETROBRAS Transporte S/A (TRANSPETRO), Rio de Janeiro, RJ (Brazil)

    2009-07-01

    This paper is aimed at presenting what is already a reality in TRANSPETRO in the area covered by OSBRA, a pipeline that carries by-products to the Mid-West region of Brazil. In order to meet the needs of covering occasional accidents, TRANSPETRO counts on a standardized system of emergency management. It is a great challenge to secure an efficient communication along the 964 km of extension, considering that there are shadow zones where it is not possible to use conventional means of communication such as mobile telephony and internet. It was in this context that the Mobile Contingency Unit Via Satellite - MCU was developed, to extend the communication facilities existing in fixed installations to remote places, mainly the pipeline right of ways. In case of emergency, simulation and work in the pipeline right of way, MCU is fully able to provide the same data, voice, closed-circuit TV and satellite video conference facilities that are available in any internal area of the PETROBRAS system. (author)

  7. Valuation of Electric Power System Services and Technologies

    Energy Technology Data Exchange (ETDEWEB)

    Kintner-Meyer, Michael C. W. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Homer, Juliet S. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Balducci, Patrick J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Weimar, Mark R. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

    2017-08-01

    Accurate valuation of existing and new technologies and grid services has been recognized to be important to stimulate investment in grid modernization. Clear, transparent, and accepted methods for estimating the total value (i.e., total benefits minus cost) of grid technologies and services are necessary for decision makers to make informed decisions. This applies to home owners interested in distributed energy technologies, as well as to service providers offering new demand response services, and utility executives evaluating best investment strategies to meet their service obligation. However, current valuation methods lack consistency, methodological rigor, and often the capabilities to identify and quantify multiple benefits of grid assets or new and innovative services. Distributed grid assets often have multiple benefits that are difficult to quantify because of the locational context in which they operate. The value is temporally, operationally, and spatially specific. It varies widely by distribution systems, transmission network topology, and the composition of the generation mix. The Electric Power Research Institute (EPRI) recently established a benefit-cost framework that proposes a process for estimating multiple benefits of distributed energy resources (DERs) and the associated cost. This document proposes an extension of this endeavor that offers a generalizable framework for valuation that quantifies the broad set of values for a wide range of technologies (including energy efficiency options, distributed resources, transmission, and generation) as well as policy options that affect all aspects of the entire generation and delivery system of the electricity infrastructure. The extension includes a comprehensive valuation framework of monetizable and non-monetizable benefits of new technologies and services beyond the traditional reliability objectives. The benefits are characterized into the following categories: sustainability, affordability, and

  8. 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.

  9. Dengue Contingency Planning: From Research to Policy and Practice

    Science.gov (United States)

    Runge-Ranzinger, Silvia; Kroeger, Axel; Olliaro, Piero; McCall, Philip J.; Sánchez Tejeda, Gustavo; Lloyd, Linda S.; Hakim, Lokman; Bowman, Leigh R.; Horstick, Olaf; Coelho, Giovanini

    2016-01-01

    Background Dengue is an increasingly incident disease across many parts of the world. In response, an evidence-based handbook to translate research into policy and practice was developed. This handbook facilitates contingency planning as well as the development and use of early warning and response systems for dengue fever epidemics, by identifying decision-making processes that contribute to the success or failure of dengue surveillance, as well as triggers that initiate effective responses to incipient outbreaks. Methodology/Principal findings Available evidence was evaluated using a step-wise process that included systematic literature reviews, policymaker and stakeholder interviews, a study to assess dengue contingency planning and outbreak management in 10 countries, and a retrospective logistic regression analysis to identify alarm signals for an outbreak warning system using datasets from five dengue endemic countries. Best practices for managing a dengue outbreak are provided for key elements of a dengue contingency plan including timely contingency planning, the importance of a detailed, context-specific dengue contingency plan that clearly distinguishes between routine and outbreak interventions, surveillance systems for outbreak preparedness, outbreak definitions, alert algorithms, managerial capacity, vector control capacity, and clinical management of large caseloads. Additionally, a computer-assisted early warning system, which enables countries to identify and respond to context-specific variables that predict forthcoming dengue outbreaks, has been developed. Conclusions/Significance Most countries do not have comprehensive, detailed contingency plans for dengue outbreaks. Countries tend to rely on intensified vector control as their outbreak response, with minimal focus on integrated management of clinical care, epidemiological, laboratory and vector surveillance, and risk communication. The Technical Handbook for Surveillance, Dengue Outbreak

  10. 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.

  11. Equity of cadastral valuation and simplified methods

    Directory of Open Access Journals (Sweden)

    Gianni Guerrieri

    2014-12-01

    . Among these studies, there is the recent paper by Rocco Curto, Elena Fregonara, Patrizia Semeraro (2014 “Come rendere più eque le rendite catastali in attesa della revisione degli estimi?”( How can land registry values be made fairer pending a review of valuations? in which a rapid and simple methodology to vary the current real estate rent through corrective coefficients of location is proposed. In this way, the taxable basis on real estate fees is re-defined in order to reduce the current fiscal iniquity caused by the obsolescence of the incomes based on the current cadastre office. However, a temporary correction to implement while waiting for the reform of the entire cadastral system. In particular, in their paper, Curto et al. (2014 propose to multiply the value of the current income by a coefficient obtained as a ratio between the average prices of a given census microzone and a reference index that “the ratio between an index price which most accurately sums up property values in individual municipalities or aggregations of municipalities in the case of the smallest municipalities (determined on the basis of market observations constituting the entire statistical sample and the corresponding price indices of the values of each Microzone, defined on the basis of market observations (sub-samples” (p. 62. In the remainder of the paper, the methodology underlying the hypothesis contained in the MEF’s “Revision of real estate taxation proposal”(August 2013 is explained. Secondly, the methodological differences of corrections of real estate incomes proposed in the cited document by the MEF and in Curto et al. (2014’s article are then compared. Subsequently, some empirical proof is supplied relating to the two taxable-basis equity recovery methods. Lastly, further consideration on the effective and generalized implementation of the proposed methods will be made.

  12. Workshop: Improving the Assessment and Valuation of Climate Change Impacts for Policy and Regulatory Analysis: Modeling Climate Change Impacts and Associated Economic Damages (2011 - part 2)

    Science.gov (United States)

    The purpose of this workshop Improving the Assessment and Valuation of Climate Change Impacts for Policy and Regulatory Analysis. focused on conceptual and methodological issues - estimating impacts and valuing damages on a sectoral basis.

  13. 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.

  14. 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...

  15. 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...

  16. A primer on counterparty valuation adjustments in South Africa

    Directory of Open Access Journals (Sweden)

    Gary Wayne van Vuuren

    2014-11-01

    Full Text Available Counterparty valuation adjustment (CVA risk accounts for losses due to the deterioration in credit quality of derivative counterparties with large credit spreads. Of the losses attributed to counterparty credit risk incurred during the financial crisis of 2008-9 were due to CVA risk; the remaining third were due to actual defaults. Regulatory authorities have acknowledged and included this risk in the new Basel III rules. The capital implications of CVA risk in the South African milieu are explored, as well as the sensitivity of CVA risk components to market variables. Proposed methodologies for calculating changes in CVA are found to be unstable and unreliable at high average spread levels.

  17. Environmental Valuation of Conserving the Setiu Wetland in Malaysia

    DEFF Research Database (Denmark)

    Hassan, Suziana Binti

    the application of CE literature by applying the Stated Preference (SP) technique to the economic valuation of non-marketed environmental services from wetland conservation. This thesis consists of three empirical papers divided into two topics. The first part concerns the methodological improvement of SP survey...... applications specifically on the challenge of selecting an appropriate payment vehicle for valuing environmental goods in countries like Malaysia. The second part focuses on recognizing and understanding taste heterogeneity for better welfare estimates. The enhanced conservation alternatives are described...

  18. 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...

  19. 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...

  20. 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.

  1. 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.

  2. Contingent Employment in the Netherlands

    OpenAIRE

    Pot, F.; Koene, Bas; Paauwe, Jaap

    2001-01-01

    textabstractIn the last decade the Dutch labour market has demonstrated an admirable capacity to generate jobs. Consequently, the unemployment rate has significantly decreased. However, the newly generated jobs are a-typical in the sense that they are not full-time jobs based on open-ended contracts. Instead, the job growth has relied on the growth of part-time and contingent jobs. While the creation of part-time jobs seems to be employee-driven, contingent employment, in contrast, seems to b...

  3. 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.

  4. 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...

  5. 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)

  6. 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.

  7. Estimation and valuation in accounting

    Directory of Open Access Journals (Sweden)

    Cicilia Ionescu

    2014-03-01

    Full Text Available The relationships of the enterprise with the external environment give rise to a range of informational needs. Satisfying those needs requires the production of coherent, comparable, relevant and reliable information included into the individual or consolidated financial statements. International Financial Reporting Standards IAS / IFRS aim to ensure the comparability and relevance of the accounting information, providing, among other things, details about the issue of accounting estimates and changes in accounting estimates. Valuation is a process continually used, in order to assign values to the elements that are to be recognised in the financial statements. Most of the times, the values reflected in the books are clear, they are recorded in the contracts with third parties, in the supporting documents, etc. However, the uncertainties in which a reporting entity operates determines that, sometimes, the assigned or values attributable to some items composing the financial statements be determined by use estimates.

  8. Hering S.A. Valuation

    Directory of Open Access Journals (Sweden)

    Roberto Fukuzawa

    2017-07-01

    Full Text Available The case studies real investment decisions and firm valuation. Hering S.A is a textile and retail clothing company listed in BM&FBovespa stock exchange. This case, based on newspaper articles and public information detailed in the text, (i enables the students to analyze the real investment decisions taken by investors that bought Hering´s stocks and at the same time (ii challenges the students to formulate assumptions to value the firm based on public information such as: financial statements, macroeconomic indicators and other market variables. The result obtained by the students can be confronted in the classroom for further discussion about (i the assumptions used and (ii the stock prices calculated. Such discussion can explicit the biases arising from the motivation of the evaluators considering that different assumptions may have been adopted based on different interests (buyer’s, seller’s, etc..

  9. Transient stability index for online stability assessment and contingency evaluation

    Energy Technology Data Exchange (ETDEWEB)

    Ribbens-Pavella, M; Murthy, P G; Horward, J L; Carpentier, J L

    1982-04-01

    An on-line methodology is proposed for assessing the robustness of a power system from the point of view of transient stability, and a scalar expression, the transient stability index, is accordingly derived. The reliability and sensitivity of this index are tested by means of simulations for a number of power system cases. The index is shown to be appropriate for online stability assessment, contingency evaluation and preventive control. 14 refs.

  10. Contingency Teaching during Close Reading

    Science.gov (United States)

    Fisher, Douglas; Frey, Nancy

    2015-01-01

    12 teachers were interviewed and observed as they engaged students in close reading. We analyzed their responses and instruction to determine the scaffolds that were used as well as the contingency teaching plans they implemented when students were unable to understand the text.

  11. Breakdown concepts for contingency tables

    NARCIS (Netherlands)

    Kuhnt, S.

    2010-01-01

    Loglinear Poisson models are commonly used to analyse contingency tables. So far, robustness of parameter estimators as well as outlier detection have rarely been treated in this context. We start with finite-sample breakdown points. We yield that the breakdown point of mean value estimators

  12. Developing standardized facility contingency plans

    International Nuclear Information System (INIS)

    Davidson, D.A.

    1993-01-01

    Texaco consists of several operating departments that are, in effect, independent companies. Each of these departments is responsible for complying with all environmental laws and regulations. This includes the preparation by each facility to respond to an oil spill at that location. For larger spills, however, management of the response will rest with corporate regional response teams. Personnel from all departments make up the regional teams. In 1990, Congress passed the Oil Pollution Act. In 1991, the US Coast Guard began developing oil spill response contingency plan regulations, which they are still working on. Meanwhile, four of the five west coast states have also passed laws requiring contingency plans. (Only Hawaii has chosen to wait and see what the federal regulations will entail). Three of the states have already adopted regulations. Given these laws and regulations, along with its corporate structure, Texaco addressed the need to standardize local facility plans as well as its response organization. This paper discusses how, by working together, the Texaco corporate international oil spill response staff and the Texaco western region on-scene commander developed: A standard contingency plan format crossing corporate boundaries and meeting federal and state requirements. A response organization applicable to any size facility or spill. A strategy to sell the standard contingency plan and response organization to the operating units

  13. Lessons in Contingent, Recursive Humility

    Science.gov (United States)

    Vagle, Mark D.

    2011-01-01

    In this article, the author argues that critical work in teacher education should begin with teacher educators turning a critical eye on their own practices. The author uses Lesko's conception of contingent, recursive growth and change to analyze a lesson he observed as part of a phenomenological study aimed at understanding more about what it is…

  14. Job satisfaction and contingent employment

    NARCIS (Netherlands)

    de Graaf-Zijl, M.

    2012-01-01

    This paper analyses job satisfaction as an aggregate of satisfaction with several job aspects, with special focus on the influence of contingent-employment contracts. Fixed-effect analysis is applied on a longitudinal sample of Dutch employees in four work arrangements: regular, fixed-term, on-call

  15. A Profile of Contingent Workers.

    Science.gov (United States)

    Polivka, Anne E.

    1996-01-01

    Based on data from the supplement to the February 1995 Current Population Survey, contingent workers were more likely to be female, black, young, enrolled in school, and employed in services and construction industries than were noncontingent workers. More than 10% were teachers. (Author)

  16. How Precarious Is Contingent Work?

    DEFF Research Database (Denmark)

    Scheuer, Steen

    2015-01-01

    agree. This study focuses on a number of non-pay conditions for contingent employees, compared to permanent staff, under the assumption that these conditions are cumulatively negative. The article is based on utilizes a survey of app.4,900 employees (response rate 57%), asking questions concerning...

  17. 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...

  18. 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...

  19. 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...

  20. The valuation of commercial grain silos

    African Journals Online (AJOL)

    The valuation of grain silos is a complex exercise when one considers all the variables that affect their ... their grains, larger grain-processing companies, traders, importers or exporters that have ..... 2015: personal interview). The percentages ...

  1. 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.

  2. 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...

  3. Proceedings of RITE international workshop on valuation; Total eko balance ni kansuru kokusai workshop hokokusho

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-02-01

    The RITE International Workshop on Valuation was held in Tokyo and Osaka in February 1996, and eight papers on total ecobalance were reported. In The Field of Impact Assessment, described were constitution and methodology about impact assessment in a wide sense. In LCA Yesterday, Today and Tomorrow, discussed were the historical development and future outlook of LCA. In Standardization of Product Life Cycle Assessment, a survey of the present situation of LCA international standardization was made. In the Relationship between Product Life Cycle Assessment Methodology, considered was the relationship between the goal definition of the product life cycle assessment and the methodological choices. In Valuation in LCA, the present study of LCA was reviewed. Besides, reviews of the LCA study in Japan were made public.

  4. Reconciling Anti-essentialism and Quantitative Methodology

    DEFF Research Database (Denmark)

    Jensen, Mathias Fjællegaard

    2017-01-01

    Quantitative methodology has a contested role in feminist scholarship which remains almost exclusively qualitative. Considering Irigaray’s notion of mimicry, Spivak’s strategic essentialism, and Butler’s contingent foundations, the essentialising implications of quantitative methodology may prove...... the potential to reconcile anti-essentialism and quantitative methodology, and thus, to make peace in the quantitative/qualitative Paradigm Wars....

  5. The economic valuation of environmental quality: A methodological study

    International Nuclear Information System (INIS)

    Sung Yucsheng.

    1991-01-01

    Conducted in the context of sportfishing, this study uses Michigan data to estimate fishing demand and resulting consumer surplus accruing from environmental-policy implementation. For the modeling of fish-species and site decisions, a nested multinomial logit model is employed. On a pre-determined choice occasion during which a trip of a specific duration will be taken, an angler is assumed first to make a fish-species decision, then choose a site. The seasonal-participation decision is modeled by a competing-risks stochastic renewal process, incorporating time-varying parameters to account for changes in site quality through time. Since the number of trips would most likely change after a potential site-quality improvement, the proposed seasonal compensating variation (CV) calculation takes into account (1) the CV associated with the trips that would have been taken before the quality improvement, and (2) the CV associated with the new trips. The approach proposed in this study is applied to two real world policy scenarios: The termination of the Ludington Pumped Storage plant operation, and the removal of PCB contamination in the Kalamazoo River. The compensating variation is derived for both applications

  6. Real options methodology in public-private partnership projects valuation

    Directory of Open Access Journals (Sweden)

    Rakić Biljana

    2014-01-01

    Full Text Available PPP offers numerous benefits to both public and private partners in delivery of infrastructure projects. However this partnership also involves great risks which have to be adequately managed and mitigated. Private partners are especially sensitive to revenue risk, since they are mostly interested in the financial viability of the project. Thus they often expect public partners to provide some kind of risk-sharing mechanism in the form of Minimum Revenue Guarantees or abandonment options. The objective of this paper is to investigate whether the real option of abandoning the project increases its value. Therefore the binominal option pricing model and risk-neutral probability approach have been implemented to price the European and American abandonment options for the Build-Operate-Transfer (BOT toll road investment. The obtained results suggest that the project value with the American abandonment option is greater than with the European abandonment option, hence implying that American options offer greater flexibility and are more valuable for private partners. [Projekat Ministarstva nauke Republike Srbije, br. 179066 and III 42006

  7. 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

  8. Demand Estimation for Irrigation Water in the Moroccan Drâa Valley using Contingent Valuation

    OpenAIRE

    Storm, Hugo; Heckelei, Thomas; Heidecke, Claudia

    2010-01-01

    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’ irrigation water demand is crucial to assess demand reactions of a 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 in...

  9. Measuring Risk Aversion for Nuclear Power Plant Accident: Results of Contingent Valuation Survey in Korea

    International Nuclear Information System (INIS)

    Lee, Sang Hun; Kang, Hyun Gook

    2015-01-01

    Within the evaluation of the external cost of nuclear energy, the estimation of the external cost of nuclear power plant (NPP) severe accident is one of the major topics to be addressed. For the evaluation of the external cost of NPP severe accident, the effect of public risk averse behavior against the group accidents, such as NPP accident, dam failure, must be addressed. Although the equivalent fatalities from a single group accident are not common and its risk is very small compared to other accidents, people perceive the group accident more seriously. In other words, people are more concerned about low probability/high consequence events than about high probability/low consequence events having the same mean damage. One of the representative method to integrate the risk aversion in the external costs of severe nuclear reactor accidents was developed by Eeckoudt et al., and he used the risk aversion coefficient, mainly based on the analysis of financial risks in the stock markets to evaluate the external cost of nuclear severe accident. However, the use of financial risk aversion coefficient to nuclear severe accidents is not appropriate, because financial risk and nuclear severe accident risk are entirely different. In this paper, the individual-level survey was conducted to measure the risk aversion coefficient and estimate the multiplication factor to integrate the risk aversion in the external costs of NPP severe accident. This study propose an integrated framework on estimation of the external cost associated with severe accidents of NPP considering public risk aversion behavior. The theoretical framework to estimate the risk aversion coefficient/multiplication factor and to assess economic damages from a hypothetical NPP accident was constructed. Based on the theoretical framework, the risk aversion coefficient can be analyzed by conducting public survey with a carefully designed lottery questions. Compared to the previous studies on estimation of the external cost of NPP accident, the proposed framework can analytically quantify the risk aversion coefficient, as well as, estimate the accident risk response cost. This study is expected to give insight on external cost estimation of both NPP and other severe accident cases of various energy sectors, especially in terms of accident risk response cost

  10. Measuring Risk Aversion for Nuclear Power Plant Accident: Results of Contingent Valuation Survey in Korea

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Sang Hun; Kang, Hyun Gook [KAIST, Daejeon (Korea, Republic of)

    2015-05-15

    Within the evaluation of the external cost of nuclear energy, the estimation of the external cost of nuclear power plant (NPP) severe accident is one of the major topics to be addressed. For the evaluation of the external cost of NPP severe accident, the effect of public risk averse behavior against the group accidents, such as NPP accident, dam failure, must be addressed. Although the equivalent fatalities from a single group accident are not common and its risk is very small compared to other accidents, people perceive the group accident more seriously. In other words, people are more concerned about low probability/high consequence events than about high probability/low consequence events having the same mean damage. One of the representative method to integrate the risk aversion in the external costs of severe nuclear reactor accidents was developed by Eeckoudt et al., and he used the risk aversion coefficient, mainly based on the analysis of financial risks in the stock markets to evaluate the external cost of nuclear severe accident. However, the use of financial risk aversion coefficient to nuclear severe accidents is not appropriate, because financial risk and nuclear severe accident risk are entirely different. In this paper, the individual-level survey was conducted to measure the risk aversion coefficient and estimate the multiplication factor to integrate the risk aversion in the external costs of NPP severe accident. This study propose an integrated framework on estimation of the external cost associated with severe accidents of NPP considering public risk aversion behavior. The theoretical framework to estimate the risk aversion coefficient/multiplication factor and to assess economic damages from a hypothetical NPP accident was constructed. Based on the theoretical framework, the risk aversion coefficient can be analyzed by conducting public survey with a carefully designed lottery questions. Compared to the previous studies on estimation of the external cost of NPP accident, the proposed framework can analytically quantify the risk aversion coefficient, as well as, estimate the accident risk response cost. This study is expected to give insight on external cost estimation of both NPP and other severe accident cases of various energy sectors, especially in terms of accident risk response cost.

  11. 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

  12. 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

  13. Contingent factors affecting network learning

    OpenAIRE

    Peters, Linda D.; Pressey, Andrew D.; Johnston, Wesley J.

    2016-01-01

    To increase understanding of the impact of individuals on organizational learning processes, this paper explores the impact of individual cognition and action on the absorptive capacity process of the wider network. In particular this study shows how contingent factors such as social integration mechanisms and power relationships influence how network members engage in, and benefit from, learning. The use of cognitive consistency and sensemaking theory enables examination of how these conting...

  14. Geographical proximity on the valuations of unlisted agrarian companies: Does distance from company to company and to strategic points matter?

    Energy Technology Data Exchange (ETDEWEB)

    Occhino, P.; Maté, M.

    2017-07-01

    This paper is a first attempt to examine the role played by the geography on agrarian firms’ valuations. The geography was evaluated through the physical proximity from agrarian companies to other companies and to some strategic points which ease their accessibility to external economic agents. To get our purpose, we developed an empirical application on a sample of non-listed agrarian Spanish companies located in the region of Murcia over the period 2010-2015. We applied Discount Cash Flow methodology for non-listed companies to get their valuations. With this information, we used spatial econometric techniques to analyse the spatial distribution of agrarian firms’ valuations and model the behavior of this variable. Our results supported the assertion that agrarian firms’ valuations are conditioned by the geography. We found that firms with similar valuations tend to be grouped together in the territory. In addition, we found significant effects on agrarian firms valuations derived from the geographical proximity among closer agrarian companies and from them to external agents and transport facilities.

  15. Monetary valuation of environmental goods, services and impacts: variability of monetary values. Seminar proceedings of December 10, 2014

    International Nuclear Information System (INIS)

    Bonnet, Xavier; Ben Maid, Atika; Calvet, Melanie; Darses, Ophelie; Devaux, Jeremy; Simon, Olivier; Gatier, Alexis; Wittmann, Anne-laure; Bonnet, Xavier; Bonroy, Olivier; Ceci-Renaud, Nila; Tarayoun, Tedjani; Mercadie, Corinne; Adam, Gabrielle; Perrissin Fabert, Baptiste; Combet, Emmanuel; Casset, Loic; Meunier, David; Le Maitre, Helene; Brunel, Julien; Rotillon, Gilles

    2015-06-01

    Within the General Commission for Sustainable Development, the Service for Economics, Assessment and Integration of Sustainable Development is in charge of developing and promoting the economic valuation of policies, regulations, environmental goods and services, related to biodiversity, natural assets and environmental amenities. On December 10, 2014, it held the fifth annual seminar on monetary valuation of environmental goods, services and impacts. The first four editions respectively were devoted to economic valuation methods of environmental goods and services, implementations of these methods, uses of monetary values and methodological innovations; the 2014 seminar addressed the variability of monetary values. The ten presentations of the seminar explored the different values resulting from monetary valuation methods: what do they mean? What do they measure? Why are they relevant to integrate environmental valuation in the various economic sectors? From both a theoretical and practical point of view, theses questions were addressed by considering three main topics: the integration of environmental value in market prices, the different meanings of carbon values and the temporal variability of values used in assessment of investment projects in the transport sector. Those conferences are aimed for experts and practitioners of monetary valuation techniques as well as for users of the values produced. They provide a place to gather and facilitate dialogue between representatives from universities, government agencies and private sector involved in these issues. (authors)

  16. Geographical proximity on the valuations of unlisted agrarian companies: Does distance from company to company and to strategic points matter?

    International Nuclear Information System (INIS)

    Occhino, P.; Maté, M.

    2017-01-01

    This paper is a first attempt to examine the role played by the geography on agrarian firms’ valuations. The geography was evaluated through the physical proximity from agrarian companies to other companies and to some strategic points which ease their accessibility to external economic agents. To get our purpose, we developed an empirical application on a sample of non-listed agrarian Spanish companies located in the region of Murcia over the period 2010-2015. We applied Discount Cash Flow methodology for non-listed companies to get their valuations. With this information, we used spatial econometric techniques to analyse the spatial distribution of agrarian firms’ valuations and model the behavior of this variable. Our results supported the assertion that agrarian firms’ valuations are conditioned by the geography. We found that firms with similar valuations tend to be grouped together in the territory. In addition, we found significant effects on agrarian firms valuations derived from the geographical proximity among closer agrarian companies and from them to external agents and transport facilities.

  17. Suited Contingency Ops Food - 2

    Science.gov (United States)

    Glass, J. W.; Leong, M. L.; Douglas, G. L.

    2014-01-01

    The contingency scenario for an emergency cabin depressurization event may require crewmembers to subsist in a pressurized suit for up to 144 hours. This scenario requires the capability for safe nutrition delivery through a helmet feed port against a 4 psi pressure differential to enable crewmembers to maintain strength and cognition to perform critical tasks. Two nutritional delivery prototypes were developed and analyzed for compatibility with the helmet feed port interface and for operational effectiveness against the pressure differential. The bag-in-bag (BiB) prototype, designed to equalize the suit pressure with the beverage pouch and enable a crewmember to drink normally, delivered water successfully to three different subjects in suits pressurized to 4 psi. The Boa restrainer pouch, designed to provide mechanical leverage to overcome the pressure differential, did not operate sufficiently. Guidelines were developed and compiled for contingency beverages that provide macro-nutritional requirements, a minimum one-year shelf life, and compatibility with the delivery hardware. Evaluation results and food product parameters have the potential to be used to improve future prototype designs and develop complete nutritional beverages for contingency events. These feeding capabilities would have additional use on extended surface mission EVAs, where the current in-suit drinking device may be insufficient.

  18. 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.

  19. 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....

  20. 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.

  1. 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 ...

  2. 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.

  3. VALUATION TECHNIQUES USED IN FAIR VALUE MEASUREMENT

    Directory of Open Access Journals (Sweden)

    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.

  4. 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.

  5. 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...

  6. 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...

  7. 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...

  8. 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 ...

  9. 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.

  10. Adding value in oil and gas by applying decision analysis methodologies: case history

    Energy Technology Data Exchange (ETDEWEB)

    Marot, Nicolas [Petro Andina Resources Inc., Alberta (Canada); Francese, Gaston [Tandem Decision Solutions, Buenos Aires (Argentina)

    2008-07-01

    Petro Andina Resources Ltd. together with Tandem Decision Solutions developed a strategic long range plan applying decision analysis methodology. The objective was to build a robust and fully integrated strategic plan that accomplishes company growth goals to set the strategic directions for the long range. The stochastic methodology and the Integrated Decision Management (IDM{sup TM}) staged approach allowed the company to visualize the associated value and risk of the different strategies while achieving organizational alignment, clarity of action and confidence in the path forward. A decision team involving jointly PAR representatives and Tandem consultants was established to carry out this four month project. Discovery and framing sessions allow the team to disrupt the status quo, discuss near and far reaching ideas and gather the building blocks from which creative strategic alternatives were developed. A comprehensive stochastic valuation model was developed to assess the potential value of each strategy applying simulation tools, sensitivity analysis tools and contingency planning techniques. Final insights and results have been used to populate the final strategic plan presented to the company board providing confidence to the team, assuring that the work embodies the best available ideas, data and expertise, and that the proposed strategy was ready to be elaborated into an optimized course of action. (author)

  11. How fundamental are fundamental values? Valuation methods and their impact in the performance of German venture capitalists

    NARCIS (Netherlands)

    I. Dittmann (Ingolf); E.G. Maug (Ernst); J. Kemper (Johannes)

    2004-01-01

    textabstractThis paper studies how the use of alternative valuation methodologies affects investment performance for a sample of 53 German venture capitalists. We measure investment performance by the amount of investments they need to write off and by the number of companies they take public. We

  12. 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.

  13. 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...

  14. 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...

  15. 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...

  16. Pavlovian contingencies and temporal information.

    Science.gov (United States)

    Balsam, Peter D; Fairhurst, Stephen; Gallistel, Charles R

    2006-07-01

    The effects of altering the contingency between the conditioned stimulus (CS) and the unconditioned stimulus (US) on the acquisition of autoshaped responding was investigated by changing the frequency of unsignaled USs during the intertrial interval. The addition of the unsignaled USs had an effect on acquisition speed comparable with that of massing trials. The effects of these manipulations can be understood in terms of their effect on the amount of information (number of bits) that the average CS conveys to the subject about the timing of the next US. The number of reinforced CSs prior to acquisition is inversely related to the information content of the CS.

  17. Valuation of the training received in university regarding the utility for work by Catalan graduates

    Directory of Open Access Journals (Sweden)

    S. Fachelli

    2015-09-01

    Full Text Available This article examines the factors that influence graduate valuations of the education/training they received at university in terms of its utility or applicability in the workplace. Drawing on the 2014 survey conducted by the Agency for the Quality of the Catalan University System, among students that graduated in 2010, we test three hypotheses. The first states that graduate valuation of the training received at university in terms of its utility for the workplace is higher among those who are currently employed in high quality jobs; the second that this valuation is higher among graduates employed in higher occupational categories; and, the third, that higher valuations are given by individuals with better academic records. The methodology used to test the three hypotheses is based on both descriptive and econometric techniques that allow us to control for specific individual characteristics and specific characteristics of the degree subjects studied. Preliminary empirical results allow us to verify two of the three hypotheses. The main contribution of this paper is to provide some initial insights into a relationship not frequently examined in the literature and to offer some empirical evidence that counters the typical “matching” standpoint taken on the relationship between education/training and level of employment.

  18. Neural networks (NN applied to the commercial properties valuation

    Directory of Open Access Journals (Sweden)

    J. M. Núñez Tabales

    2017-03-01

    Full Text Available Several agents, such as buyers and sellers, or local or tax authorities need to estimate the value of properties. There are different approaches to obtain the market price of a dwelling. Many papers have been produced in the academic literature for such purposes, but, these are, almost always, oriented to estimate hedonic prices of residential properties, such as houses or apartments. Here these methodologies are used in the field of estimate market price of commercial premises, using AI techniques. A case study is developed in Cordova —city in the South of Spain—. Neural Networks are an attractive alternative to the traditional hedonic modelling approaches, as they are better adapted to non-linearities of causal relationships and they also produce smaller valuation errors. It is also possible, from the NN model, to obtain implicit prices associated to the main attributes that can explain the variability of the market price of commercial properties.

  19. Contingent Diversity on Anthropic Landscapes

    Directory of Open Access Journals (Sweden)

    William Balée

    2010-02-01

    Full Text Available Behaviorally modern human beings have lived in Amazonia for thousands of years. Significant dynamics in species turnovers due to human-mediated disturbance were associated with the ultimate emergence and expansion of agrarian technologies in prehistory. Such disturbances initiated primary and secondary landscape transformations in various locales of the Amazon region. Diversity in these locales can be understood by accepting the initial premise of contingency, expressed as unprecedented human agency and human history. These effects can be accessed through the archaeological record and in the study of living languages. In addition, landscape transformation can be demonstrated in the study of traditional knowledge (TK. One way of elucidating TK distinctions between anthropic and nonanthropic landscapes concerns elicitation of differential labeling of these landscapes and more significantly, elicitation of the specific contents, such as trees, occurring in these landscapes. Freelisting is a method which can be used to distinguish the differential species compositions of landscapes resulting from human-mediated disturbance vs. those which do not evince records of human agency and history. The TK of the Ka’apor Indians of Amazonian Brazil as revealed in freelisting exercises shows differentiation of anthropogenic from high forests as well as a recognition of diversity in the anthropogenic forests. This suggests that the agents of human-mediated disturbance and landscape transformation in traditional Amazonia encode diversity and contingency into their TK, which encoding reflects past cultural influence on landscape and society over time.

  20. Cold water inlet in solar tanks - valuation

    DEFF Research Database (Denmark)

    Andersen, Elsa

    1999-01-01

    The aim of the project is to make a proposal for how to value a storage tank with a poor design of the cold water inlet. Based on measurements and calculations a number of curves, which are valid for this valuation, are worked out. Based on a simple test with a uniform heated storage tank the rat...

  1. Carbon Valuation: Alternatives, Alternations and Lateral Measures?

    DEFF Research Database (Denmark)

    Dalsgaard, Steffen

    2016-01-01

    This article refers to carbon valuation as the practice of ascribing value to, and assessing the value of, actions and objects in terms of carbon emissions. Due to the pervasiveness of carbon emissions in the actions and objects of everyday lives of human beings, the making of carbon offsets and ...

  2. 398 ASSESSMENT OF WETLAND VALUATION PROCESSES FOR ...

    African Journals Online (AJOL)

    Osondu

    This study therefore examined the processes involved in the valuation of wetland resources for ... of the subsistence uses of wetland resources are also not ... hydrological cycle, playing a key role in the provision ..... Management Strategies at the River Basin Scale. A ... Using. GIS: A Thesis Submitted to the Graduate Faculty.

  3. The regulation of asset valuation in Germany

    NARCIS (Netherlands)

    Detzen, D.; Hoffman, S.

    2013-01-01

    This article examines the regulatory history of asset valuation in Germany from the fifteenth century to the implementation of the European Economic Community's Fourth Directive in 1986. Aiming to explain regulatory changes by reference to preceding socio-economic and political developments, we find

  4. Economic valuation of biodiversity: A comparative study

    NARCIS (Netherlands)

    Nijkamp, P.; Vindigni, G.; Nunes, P.A.L.D.

    2008-01-01

    In recent years, an intensive debate on the economic valuation of biodiversity has entered the environmental-economics literature. The present paper seeks to offer first a critical review of key concepts that are essential for a proper understanding of such evaluation issues. Particular attention is

  5. Topics in Finance Part IV--Valuation

    Science.gov (United States)

    Laux, Judy

    2010-01-01

    This article looks at security valuation from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related to how investors and creditors price the stocks and bonds of corporations.

  6. Consumer valuation of health attributes in food

    DEFF Research Database (Denmark)

    Smed, Sinne; Hansen, Lars Gårn

    estimate a hedonic model of consumers’ valuation of food characteristics that allows nutrients to influence utility both through their perceived effects on health and through their effects on the taste and consumption experience. We find that the most highly educated have the same or lower revealed...

  7. Ellipsoids and matrix-valued valuations

    OpenAIRE

    Ludwig, Monika

    2003-01-01

    We obtain a classification of Borel measurable, GL(n) covariant, symmetric-matrix-valued valuations on the space of n-dimensional convex polytopes. The only ones turn out to be the moment matrix corresponding to the classical Legendre ellipsoid and the matrix corresponding to the ellipsoid recently discovered by E. Lutwak, D. Yang, and G. Zhang.

  8. Customs Valuation Reform in the Philippines

    OpenAIRE

    Clarete, Ramon L.

    2004-01-01

    This paper documents the adoption of transaction valuation reform in the Philippines and assesses its impact on collection, customs administration cost, and business transaction cost. Philippine customs authorities and critics of the reform have been concerned that giving up the use of published official customs values would lower customs collection. On the contrary, this research shows the use of transaction values expanded customs revenues.

  9. 30 CFR 281.29 - Royalty valuation.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty valuation. 281.29 Section 281.29 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE LEASING OF MINERALS OTHER THAN OIL, GAS, AND SULPHUR IN THE OUTER CONTINENTAL SHELF Financial Considerations § 281.29...

  10. 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...

  11. 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...

  12. 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...

  13. Reporting, Recording, and Transferring Contingency Demand Data

    National Research Council Canada - National Science Library

    Smith, Bernard

    2000-01-01

    .... In this report, we develop a standard set of procedures for reporting and recording demand data at the contingency location and transferring contingency demand data to the home base - ensuring proper level allocation and valid worldwide peacetime operating stock (POS) and readiness spares package (RSP) requirements.

  14. 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)

  15. 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.

  16. Contingent Attentional Capture by Conceptually Relevant Images

    Science.gov (United States)

    Wyble, Brad; Folk, Charles; Potter, Mary C.

    2013-01-01

    Attentional capture is an unintentional shift of visuospatial attention to the location of a distractor that is either highly salient, or relevant to the current task set. The latter situation is referred to as contingent capture, in that the effect is contingent on a match between characteristics of the stimuli and the task-defined…

  17. 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

  18. 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.

  19. 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.

  20. 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....

  1. Contingency Contracting within the Department of Defense: A Comparative Analysis

    National Research Council Canada - National Science Library

    McMillion, Chester

    2000-01-01

    .... The thesis compares and contrasts the regulations governing the contingency contracting operations, the organization structure, contingency contracting support plans, and the training requirements...

  2. Historical Contingency in Controlled Evolution

    Science.gov (United States)

    Schuster, Peter

    2014-12-01

    A basic question in evolution is dealing with the nature of an evolutionary memory. At thermodynamic equilibrium, at stable stationary states or other stable attractors the memory on the path leading to the long-time solution is erased, at least in part. Similar arguments hold for unique optima. Optimality in biology is discussed on the basis of microbial metabolism. Biology, on the other hand, is characterized by historical contingency, which has recently become accessible to experimental test in bacterial populations evolving under controlled conditions. Computer simulations give additional insight into the nature of the evolutionary memory, which is ultimately caused by the enormous space of possibilities that is so large that it escapes all attempts of visualization. In essence, this contribution is dealing with two questions of current evolutionary theory: (i) Are organisms operating at optimal performance? and (ii) How is the evolutionary memory built up in populations?

  3. 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.

  4. Real options and asset valuation in competitive energy markets

    Science.gov (United States)

    Oduntan, Adekunle Richard

    methodologies for gas-fired thermal power plants by factoring in uncertainty from gas supply/consumption imbalance which is usually faced by gas-fired power generators. This source of uncertainty arises because of mismatch between natural gas and electricity wholesale markets. Natural gas markets in North America operate on a day-ahead basis while power plants are dispatched in real time. Inability of a power generator to match its gas supply and consumption in real time, leading to unauthorized gas over-run or under-run, attracts penalty charges from the gas supplier to the extent that the generator can not manage the imbalance through other means. By considering an illustrative power plant operating in Ontario, we show effects of gas-imbalance on dispatch strategies on a daily cycling operation basis and the resulting impact on net revenue. Similarly, we employ the developed valuation framework to value a peaking hydroelectric power plant. This application also builds on previous real options valuation work for peaking hydroelectric power plants by considering their operations in a joint energy and ancillary services market. Specifically, the valuation model is developed to capture the value of a peaking power plant whose owner has the flexibility to participate in a joint operating reserve market and an energy market, which is currently the case in the Ontario wholesale power market. The model factors in water inflow uncertainty into the reservoir forebay of a hydroelectric facility and also considers uncertain energy and operating reserve prices. The switching options considered include (i) a joint energy and operating reserve bid (ii) an energy only bid and (iii) a do nothing (idle) strategy. Being an energy limited power plant, by doing nothing at a decision interval, the power asset operator is able to timeshift scarce water for use at a future period when market situations are expected to be better. Finally, the developed valuation framework was employed to optimize

  5. 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)

  6. 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.

  7. 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)

  8. 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.

  9. 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.

  10. Cost approach of health care entity intangible asset valuation.

    Science.gov (United States)

    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

  11. Valuating Privacy with Option Pricing Theory

    Science.gov (United States)

    Berthold, Stefan; Böhme, Rainer

    One of the key challenges in the information society is responsible handling of personal data. An often-cited reason why people fail to make rational decisions regarding their own informational privacy is the high uncertainty about future consequences of information disclosures today. This chapter builds an analogy to financial options and draws on principles of option pricing to account for this uncertainty in the valuation of privacy. For this purpose, the development of a data subject's personal attributes over time and the development of the attribute distribution in the population are modeled as two stochastic processes, which fit into the Binomial Option Pricing Model (BOPM). Possible applications of such valuation methods to guide decision support in future privacy-enhancing technologies (PETs) are sketched.

  12. COMPANY VALUATION METHODS BASED ON PATRIMONY

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2013-02-01

    Full Text Available The methods used for the company valuation can be divided into 3 main groups: methods based on patrimony,methods based on financial performance, methods based both on patrimony and on performance. The companyvaluation methods based on patrimony are implemented taking into account the balance sheet or the financialstatement. The financial statement refers to that type of balance in which the assets are arranged according to liquidity,and the liabilities according to their financial maturity date. The patrimonial methods are based on the principle thatthe value of the company equals that of the patrimony it owns. From a legal point of view, the patrimony refers to allthe rights and obligations of a company. The valuation of companies based on their financial performance can be donein 3 ways: the return value, the yield value, the present value of the cash flows. The mixed methods depend both onpatrimony and on financial performance or can make use of other methods.

  13. Activity based costing model for inventory valuation

    Directory of Open Access Journals (Sweden)

    Vineet Chouhan

    2017-03-01

    Full Text Available Activity-Based-Model (ABC is used for the purpose of significant improvement for overhead accounting systems by providing the best information required for managerial decision. This pa-per discusses implacability of ABC technique on inventory valuation as a management account-ing innovation. In order to prove the applicability of ABC for inventory control a material driven medium-sized and privately owned company from engineering (iron and steel industry is select-ed and by analysis of its production process and its material dependency and use of indirect in-ventory, an ABC model is explored for better inventory control. The case revealed that the ne-cessity of ABC in the area of inventory control is significant. The company is not only able to increase its quality of decision but also it can significantly analyze its cost of direct material cost, valuation of direct material and use its implications for better decision making.

  14. The valuation of health care intangible assets.

    Science.gov (United States)

    Reilly, R F; Rabe, J R

    1997-01-01

    Health care entities (and especially medical practices) are valued for a number of reasons: sale transaction pricing and structuring, merger formation and dissolution, taxation and regulatory compliance, and litigation support and dispute resolution. The identification and quantification of the entity's intangible assets are often the most important aspects of the valuation. This article illustrates the generally accepted methods for valuing health care-related intangible assets.

  15. Credit Default Swap Valuation with Counterparty Risk

    OpenAIRE

    Leung, Seng Yuen; Kwok, Yue Kuen

    2005-01-01

    Using the reduced form framework with inter-dependent default correlation, we perform valuation of credit default swap with counterparty risk. The inter-dependent default risk structure between the protection buyer, protection seller and the reference entity in a credit default swap are characterized by their correlated default intensities, where the default intensity of one party increases when the default of another party occurs. We explore how settlement risk and replacement cost affect th...

  16. Intangible Capital, Corporate Valuation and Asset Pricing

    OpenAIRE

    Danthine, Jean-Pierre; Jin, Xiangrong

    2006-01-01

    Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main fi...

  17. The Coca-Cola Company : equity valuation

    OpenAIRE

    Santos, André Escoval dos

    2015-01-01

    The present dissertation aims to demonstrate the process of valuing The Coca-Cola Company (KO). Valuation is not an exact science, requiring numerous assumptions and different models to be trusted. Several theories and articles from prestigious authors were followed aiming to deliver the best possible result. There is not a consensus among authors about which method yields best results, however Discounted Cash Flow is considered the finest by most of them. Therefore, KO will...

  18. 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)

  19. MEASURING INSOLVENCY: VALUATION GUIDELINES FOR ROMANIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    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.

  20. Valuation anomalies for interconnector transmission rights

    International Nuclear Information System (INIS)

    McInerney, Celine; Bunn, Derek

    2013-01-01

    Whilst the acquisition of physical transmission interconnector rights between two or more electricity markets can be structured as spread options on the spot prices of electricity between connected markets, empirical evidence suggests that actual prices may be quite different. This raises issues for the valuation of transmission rights, particularly in the European context of market harmonisation, and the use of transmission rights with increasing levels of wind penetration. We examine the price differentials between the Irish and British electricity markets, where explicit transmission capacity auctions have been persistently undersubscribed and transmission rights acquired but not fully utilised. We find significant empirical indications that auction prices for transmission rights are undervalued against both arbitrage and spread option valuations. We also find significant power flows against the efficient price spread direction. A survey of a group of experts with an interest in trading power between Ireland and Britain inform a number of possible explanations for the apparent inefficiencies. These include ex-post pricing in the Irish market, intermittent wind and strategic behaviour by dominant firms. - Highlights: ► Valuation anomalies for transmission rights highlight lack of market integration. ► Exports constrained from market with ex post pricing and no hedging mechanisms. ► High start-up costs for balancing plant may deter exports from high wind regions. ► Deadband created by capacity payments based on flows versus availability

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. The Corps Engineer Battalion in Contingency Operations

    National Research Council Canada - National Science Library

    Raymer, James

    2001-01-01

    .... The central research question asks: Is the proposed echelons above division engineer battalion design a better one for active and reserve component corps engineer forces to respond in a contingency...

  6. Strategy as Mutually Contingent Choice

    Directory of Open Access Journals (Sweden)

    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.

  7. 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.

  8. Valuation of Non-Life Liabilities from Claims Triangles

    Directory of Open Access Journals (Sweden)

    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.

  9. 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

  10. 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)

  11. ACCOUNTING FOR CONTINGENT CONSIDERATIONS IN BUSINESS COMBINATIONS

    OpenAIRE

    Gurgen KALASHYAN

    2017-01-01

    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 c...

  12. The Contingent Value of Organizational Integration

    Directory of Open Access Journals (Sweden)

    Virpi Turkulainen

    2013-08-01

    Full Text Available We elaborate the link between organizational design and effectiveness by examining organizational integration and performance in the context of modern manufacturing. Through careful contextualization and empirical analysis of 266 manufacturing organizations in three industries and nine countries, we uncover a joint effect of integration and complexity on organizational effectiveness. The results extend structural contingency theory, in particular the mechanisms that link organizational integration to organizational effectiveness. We conclude by discussing the continuing relevance of structural contingency theory.

  13. Power system security enhancement with unified power flow controller under multi-event contingency conditions

    Directory of Open Access Journals (Sweden)

    S. Ravindra

    2017-03-01

    Full Text Available Power system security analysis plays key role in enhancing the system security and to avoid the system collapse condition. In this paper, a novel severity function is formulated using transmission line loadings and bus voltage magnitude deviations. The proposed severity function and generation fuel cost objectives are analyzed under transmission line(s and/or generator(s contingency conditions. The system security under contingency conditions is analyzed using optimal power flow problem. An improved teaching learning based optimization (ITLBO algorithm has been presented. To enhance the system security under contingency conditions in the presence of unified power flow controller (UPFC, it is necessary to identify an optimal location to install this device. Voltage source based power injection model of UPFC, incorporation procedure and optimal location identification strategy based on line overload sensitivity indexes are proposed. The entire proposed methodology is tested on standard IEEE-30 bus test system with supporting numerical and graphical results.

  14. 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

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

    Directory of Open Access Journals (Sweden)

    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.

  16. 26 CFR 1.430(g)-1 - Valuation date and valuation of plan assets.

    Science.gov (United States)

    2010-04-01

    ... the adjusted fair market value of plan assets, assets that are added to a plan as a result of a plan... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Certain Stock Options § 1.430(g)-1 Valuation date and.... Paragraph (c) of this section describes rules regarding the determination of the asset value for purposes of...

  17. 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)

  18. 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

  19. 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.

  20. 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.

  1. 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.

  2. 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 ...

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. 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...

  8. 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. ...

  9. Valuation of Embalse Nuclear Power Plant and of heavy water

    International Nuclear Information System (INIS)

    Martin, D.E.

    2008-01-01

    The author describes the Nuclear Power Plant characteristics, the building work, the heavy water valuation criteria and the reasons why he considers that any capital good can be valuated by means of cash-flow. The value of replacement of Embalse Nuclear Power Plant is of U$S 1.593.538.000 (authors) [es

  10. 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

  11. 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

  12. 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...

  13. 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

  14. 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...

  15. GARCH Option Valuation: Theory and Evidence

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat

    We survey the theory and empirical evidence on GARCH option valuation models. Our treatment includes the range of functional forms available for the volatility dynamic, multifactor models, nonnormal shock distributions as well as style of pricing kernels typically used. Various strategies...... for empirical implementation are laid out and we also discuss the links between GARCH and stochastic volatility models. In the appendix we provide Matlab computer code for option pricing via Monte Carlo simulation for nonaffine models as well as Fourier inversion for affine models....

  16. Dealing with Operating Leases in Valuation

    OpenAIRE

    Aswath Damodaran

    1999-01-01

    Most firm valuation models start with the after-tax operating income as a measure of the operating income on a firm and reduce it by the reinvestment rate to arrive at the free cash flow to the firm. Implicitly, we assume that the operating expenses do not include any financing expenses (such as interest expense on debt). While this assumption, for the most part, is true, there is a significant exception. When a firm leases an asset, the accounting treatment of the expense depends upon whethe...

  17. 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

  18. An Improved Valuation Model for Technology Companies

    Directory of Open Access Journals (Sweden)

    Ako Doffou

    2015-06-01

    Full Text Available This paper estimates some of the parameters of the Schwartz and Moon (2001 model using cross-sectional data. Stochastic costs, future financing, capital expenditures and depreciation are taken into account. Some special conditions are also set: the speed of adjustment parameters are equal; the implied half-life of the sales growth process is linked to analyst forecasts; and the risk-adjustment parameter is inferred from the company’s observed stock price beta. The model is illustrated in the valuation of Google, Amazon, eBay, Facebook and Yahoo. The improved model is far superior to the Schwartz and Moon (2001 model.

  19. ExternE - valuation of hydro power in Klippen. Final report

    International Nuclear Information System (INIS)

    Nilsson, Maans

    1998-08-01

    ExternE is a pan E uropean project aimed at identifying and quantifying external effects from different energy production technologies around Europe. The Swedish implementation carried out case studies on a biomass plant, a coal plant and a hydro power plant. The conventional approach within the ExternE project is to estimate impacts for each priority pathway associated with the fuel cycle, and then economic methods to obtain estimates for the economic damage of each particular impact pathway. However, in the case of hydro power, it is generally not possible to estimate the most important impacts quantitatively. Therefore, a contingent valuation (CV) study was initiated. In a typical CV-study, a selection of individuals are asked to state their willingness to pay for a certain environmental improvement or to avoid an environmental damage. Welfare economic theory suggests that the well-being effects on people from a change from one situation to another can be measured as their willingness to pay or to accept an economic transaction for this change. Environmental services, such as those provided by a river system, are public services and have generally no market price, but the analyst can use people's stated preferences to determine the correct prices of environmental goods and services. The CV study was initiated to obtain an externality value for Klippens Kraftstation. The performed study was of Ex Ante type, which means estimating the values before the exploitation. For this purpose, a site similar to Klippen but without exploitation, was selected: Vojmaan. Three groups of respondents; the local population, the tourists, and the average Swede, were asked to state their perspective on hydro power development their WTP for preserving Vojmaan in its current condition. The results indicate that Locals and Tourists differ significantly from Swedes. The average willingness to pay is calculated from the respondents who absolutely will pay, and those who maybe pay. The

  20. Classification and valuation of postoperative complications in a randomized trial of open versus laparoscopic ventral herniorrhaphy.

    Science.gov (United States)

    Kaafarani, H M A; Hur, K; Campasano, M; Reda, D J; Itani, K M F

    2010-06-01

    Generic instruments used for the valuation of health states (e.g., EuroQol) often lack sensitivity to notable differences that are relevant to particular diseases or interventions. We developed a valuation methodology specifically for complications following ventral incisional herniorrhaphy (VIH). Between 2004 and 2006, 146 patients were prospectively randomized to undergo laparoscopic (n = 73) or open (n = 73) VIH. The primary outcome of the trial was complications at 8 weeks. A three-step methodology was used to assign severity weights to complications. First, each complication was graded using the Clavien classification. Second, five reviewers were asked to independently and directly rate their perception of the severity of each class using a non-categorized visual analog scale. Zero represented an uncomplicated postoperative course, while 100 represented postoperative death. Third, the median, lowest, and highest values assigned to each class of complications were used to derive weighted complication scores for open and laparoscopic VIH. Open VIH had more complications than laparoscopic VIH (47.9 vs. 31.5%, respectively; P = 0.026). However, complications of laparoscopic VIH were more severe than those of open VIH. Non-parametric analysis revealed a statistically higher weighted complication score for open VIH (interquartile range: 0-20 for open vs. 0-10 for laparoscopic; P = 0.049). In the sensitivity analysis, similar results were obtained using the median, highest, and lowest weights. We describe a new methodology for the valuation of complications following VIH that allows a direct outcome comparison of procedures with different complication profiles. Further testing of the validity, reliability, and generalizability of this method is warranted.

  1. The European used-car market at a glance: Hedonic resale price valuation in automotive leasing industry

    OpenAIRE

    Sylvain M. Prado

    2009-01-01

    In the leasing industry, the risk of loss on sales at the end of the contract term, as well as pricing are critically impacted by the forecasted resale price of the asset (residual value). We apply the Hedonic methodology to European auto lease portfolios, in order to estimate the resale price distribution. The Hedonic approach estimates the price of a good through the valuation of its attributes. Following a discussion on Hedonic prices, we propose an operational model for the automobile res...

  2. How fundamental are fundamental values? Valuation methods and their impact in the performance of German venture capitalists

    OpenAIRE

    Dittmann, Ingolf; Maug, Ernst; Kemper, Johannes

    2004-01-01

    textabstractThis paper studies how the use of alternative valuation methodologies affects investment performance for a sample of 53 German venture capitalists. We measure investment performance by the amount of investments they need to write off and by the number of companies they take public. We find that a significant number of investment managers use discounted cash flow (DCF) techniques, but only a minority appears to use a discount rate related to the cost of capital. The majority applie...

  3. The Contingency of Laws of Nature in Science and Theology

    Science.gov (United States)

    Jaeger, Lydia

    2010-10-01

    The belief that laws of nature are contingent played an important role in the emergence of the empirical method of modern physics. During the scientific revolution, this belief was based on the idea of voluntary creation. Taking up Peter Mittelstaedt’s work on laws of nature, this article explores several alternative answers which do not overtly make use of metaphysics: some laws are laws of mathematics; macroscopic laws can emerge from the interplay of numerous subsystems without any specific microscopic nomic structures (John Wheeler’s “law without law”); laws are the preconditions of scientific experience (Kant); laws are theoretical abstractions which only apply in very limited circumstances (Nancy Cartwright). Whereas Cartwright’s approach is in tension with modern scientific methodology, the first three strategies count as illuminating, though partial answers. It is important for the empirical method of modern physics that these three strategies, even when taken together, do not provide a complete explanation of the order of nature. Thus the question of why laws are valid is still relevant. In the concluding section, I argue that the traditional answer, based on voluntary creation, provides the right balance of contingency and coherence which is in harmony with modern scientific method.

  4. 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...

  5. Externalities of fuel cycles 'ExternE' project. Hydro fuel cycle. Estimation of physical impacts and monetary valuation for priority impact pathways

    International Nuclear Information System (INIS)

    Navrud, S.; Riise, J.; Strand, J.

    1994-01-01

    projects consists of four power stations, out of which two are new. To summarize, SHDP has the following characteristics: No. of power stations: Capacity (at average total head) in total: Average annual electricity production: Full-load hours per year: Catchment area in total Total length of underground tunnels for transportation of water: Reservoirs: - total volume: - impounded area in total: 4 (out of which 2 are new) 517.2 MW 1,308 GWh/year (In addition to the current production of 1,060 GWh/year) 3,000 - 4,000 hours/year 586 km 2 100 km Extention of 2 existing reservoirs 257.3 million m3 2.6 km 2 SHDP is situated in a mountainous area in the municipalities of Sauda and Suldal in the county of Rogaland in Southwestern Norway. However, the catchment area also covers parts of Etna and Odda municipalities in the county of Hordaland. The catchment area is very sparsely populated. Differences from previous ExternE analyses There are four main differences between this national implementation of the hydro fuel cycle and the previous fuel cycle analyses: 1. A new site- and project-specific valuation study was performed 2. Expert estimates of impacts are used as basis for economic valuation 3. A method for economic valuation of employment effects have been developed 4. Local income effects of the project have been calculated, and the social benefits of these effects are discussed. New valuation study Since the impacts from hydro electricity development are very site- and project- specific and inter linked we decided to conduct a new, state-of-the art Contingent Valuation (CV) survey of the impacts on recreational activities, cultural objects and terrestrial and aquatic ecosystems of SHDP. This CV study reduces the need for transferring values from previous studies and aggregating separately valued impacts, which has been the standard procedure in previous fuel cycle exercises and which might give biased results. The CV study also makes it possible to estimate non-use values of

  6. Color and Contingency in Robert Boyle's Works.

    Science.gov (United States)

    Baker, Tawrin

    2015-01-01

    This essay investigates the relationship between color and contingency in Robert Boyle's Experiments and Considerations Touching Colours (1664) and his essays on the unsuccessfulness of experiments in Certain Physiological Essays (1661). In these two works Boyle wrestles with a difficult practical and philosophical problem with experiments, which he calls the problem of contingency. In Touching Colours, the problem of contingency is magnified by the much-debated issue of whether color had any deep epistemic importance. His limited theoretical principle guiding him in Touching Colours, that color is but modified light, further exacerbated the problem. Rather than theory, Boyle often relied on craftsmen, whose mastery of color phenomena was, Boyle mentions, brought about by economic forces, to determine when colors were indicators of important 'inward' properties of substances, and thus to secure a solid foundation for his experimental history of color.

  7. Equivalence relations and the reinforcement contingency.

    Science.gov (United States)

    Sidman, M

    2000-07-01

    Where do equivalence relations come from? One possible answer is that they arise directly from the reinforcement contingency. That is to say, a reinforcement contingency produces two types of outcome: (a) 2-, 3-, 4-, 5-, or n-term units of analysis that are known, respectively, as operant reinforcement, simple discrimination, conditional discrimination, second-order conditional discrimination, and so on; and (b) equivalence relations that consist of ordered pairs of all positive elements that participate in the contingency. This conception of the origin of equivalence relations leads to a number of new and verifiable ways of conceptualizing equivalence relations and, more generally, the stimulus control of operant behavior. The theory is also capable of experimental disproof.

  8. 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.

  9. Valuation of switchable tariff for wind energy

    International Nuclear Information System (INIS)

    Yu, Wang; Sheble, Gerald B.; Lopes, Joao A. Pecas; Matos, Manuel Antonio

    2006-01-01

    The current fixed tariff remuneration for wind energy is not compatible with the deregulation of the electric power industry. The time-varying and location-dependent value of renewable energy is not acknowledged. The newly announced switchable tariff for wind energy in the Spanish electricity market provides a promising solution to compensating renewable energy within the deregulated electric power industry. The new switchable tariff provides wind generators more flexibility in operating wind generation assets. Such flexibilities provide option value in coordinating the seasonality of wind energy, demand on electric power and electricity prices movement. This paper models and valuates the flexibility on switching tariff as real compound options for wind generators. Numerical examples valuate wind generation assets under fixed tariff, spot market price taking, and yearly and monthly switchable tariffs. The optimal switching strategies are identified. The impacts of the switchable tariff on sitting criteria and values of wind generation assets are investigated. An improvement on the yearly switchable tariff is suggested to further reduce the operation risk of wind generators and fully explore the efficiency provided by competitive electricity markets. (author)

  10. Valuating the Investment Efficiency of Distribution Companies

    Directory of Open Access Journals (Sweden)

    M. Karajica

    2007-01-01

    Full Text Available The task of this study is to valuate the investment efficiency of distribution companies. Although a series of publications and studies has been dedicated to this topic, it is difficult to find a general consensus in defining the investment efficiency of a company. Nevertheless if we simplify an imaginary  company as a production unit in which a series of actions transforms inputs to outputs, efficiency can be understood as like an effort to achieve maximum value of the outputs together with minimum usage of inputs, where the inputs constitute investments by a company. The investment efficiency of a company can be measured by expressing the absolute values of selected inputs and outputs, a relative expression of inputs and outputs, and perhaps an expression of the difference between them. However, an examination of the efficiency of a certain company is impossible without a valuation of other companies. In view of the amount of benchmarking, it should be emphasized, that this study is dedicated to a certain category of benchmarking, which we may term investment benchmarking. This benchmarking can be defined as a comparison of companies in terms investment efficiency. The purpose of this comparison is not only to investigate levels of investment efficiency and to relate them to other companies from the same branch, but also to locate the greatest efficiency and indicate potential improvement. 

  11. Prospect theory in the valuation of health.

    Science.gov (United States)

    Moffett, Maurice L; Suarez-Almazor, Maria E

    2005-08-01

    Prospect theory is the prominent nonexpected utility theory in the estimation of health state preference scores for quality-adjusted life year calculation. Until recently, the theory was not considered to be developed to the point of implementation in economic analysis. This review focuses on the research and evidence that tests the implementation of prospect theory into health state valuation. The typical application of expected utility theory assumes that a decision maker has stable preferences under conditions of risk and uncertainty. Under prospect theory, preferences are dependent on whether the decision maker regards the outcome of a choice as a gain or loss, relative to a reference point. The conceptual preference for standard gamble utilities in the valuation of health states has led to the development of elicitation techniques. Empirical evidence using these techniques indicates that when individual preferences are elicited, a prospect theory consistent framework appears to be necessary for adequate representation of individual health utilities. The relevance of prospect theory to policy making and resource allocation remains to be established. Societal preferences may not need the same attitudes towards risks as individual preferences, and may remain largely risk neutral.

  12. Valuating Indonesian upstream oil management scenario through system dynamics modelling

    Science.gov (United States)

    Ketut Gunarta, I.; Putri, F. A.

    2018-04-01

    Under the existing regulation in Constitution Number 22 Year 2001 (UU No 22 Tahun 2001), Production Sharing Contract (PSC) continues to be the scenario in conducting oil and gas upstream mining activities as the previous regulation (UU No. 8 Tahun 1971). Because of the high costs and risks in upstream mining activities, the contractors are dominated by foreign companies, meanwhile National Oil Company (NOC) doesn’t act much. The domination of foreign contractor companies also warned Indonesia in several issues addressing to energy independence and energy security. Therefore, to achieve the goals of energy which is independence and security, there need to be a revision in upstream oil activities regulating scenario. The scenarios will be comparing the current scenario, which is PSC, with the “full concession” scenario for National Oil Company (NOC) in managing oil upstream mining activities. Both scenario will be modelled using System Dynamics methodology and assessed furthermore using financial valuation method of income approach. Under the 2 scenarios, the author will compare which scenario is better for upstream oil management in reaching the goals mentioned before and more profitable in financial aspect. From the simulation, it is gathered that concession scenario offers better option than PSC in reaching energy independence and energy security.

  13. 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.

  14. 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

  15. Estimating state-contingent production functions

    DEFF Research Database (Denmark)

    Rasmussen, Svend; Karantininis, Kostas

    The paper reviews the empirical problem of estimating state-contingent production functions. The major problem is that states of nature may not be registered and/or that the number of observation per state is low. Monte Carlo simulation is used to generate an artificial, uncertain production...... environment based on Cobb Douglas production functions with state-contingent parameters. The pa-rameters are subsequently estimated based on different sizes of samples using Generalized Least Squares and Generalized Maximum Entropy and the results are compared. It is concluded that Maximum Entropy may...

  16. Utilizing 3D building and 3D cadastre geometries for better valuation of existing real estate

    NARCIS (Netherlands)

    Isikdag, U.; Horhammer, M.; Zlatanova, S.; Kathmann, R.; Van Oosterom, P.J.M.

    2015-01-01

    Valuation of the properties is known as real estate appraisal, property valuation or land valuation and is a process which focuses on determining the value of a building or a land lot. The valuation of each real estate is required prior to any transaction as every property is unique in terms of

  17. 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.

  18. 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…

  19. 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

  20. 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

  1. Analyzing Contingency Contracting Purchases for Operation Iraqi Freedom (Unrestricted Version)

    National Research Council Canada - National Science Library

    Baldwin, Laura H; Ausink, John A; Campbell, Nancy F; Drew, John G; Roll, Jr, Charles R

    2008-01-01

    ...) in an effort to determine the size and extent of contractor support, and how plans for and the organization and execution of contingency contracting activities might be improved so that Contingency...

  2. Effectiveness evaluation of contingency sum as a risk management ...

    African Journals Online (AJOL)

    Ethiopian Journal of Environmental Studies and Management ... manage risks prone projects have adopted several methods, one of which is contingency sum. ... initial project cost, cost overrun and percentage allowed for contingency.

  3. 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...

  4. "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.

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

    Science.gov (United States)

    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

    Rationale and objectives 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. Method 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. Results 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. Conclusion 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. PMID:29206847

  6. "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.

  7. 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...

  8. 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...

  9. Contingency Management with Human Autonomy Teaming

    Science.gov (United States)

    Shively, Robert J.; Lachter, Joel B.

    2018-01-01

    Automation is playing an increasingly important role in many operations. It is often cheaper faster and more precise than human operators. However, automation is not perfect. There are many situations in which a human operator must step in. We refer to these instances as contingencies and the act of stepping in contingency management. Here we propose coupling Human Autonomy Teaming (HAT) with contingency management. We describe two aspects to HAT, bi-directional communication, and working agreements (or plays). Bi-directional communication like Crew Resource Management in traditional aviation, allows all parties to contribute to a decision. Working agreements specify roles and responsibilities. Importantly working agreements allow for the possibility of roles and responsibilities changing depending on environmental factors (e.g., situations the automation was not designed for, workload, risk, or trust). This allows for the automation to "automatically" become more autonomous as it becomes more trusted and/or it is updated to deal with a more complete set of possible situations. We present a concrete example using a prototype contingency management station one might find in a future airline operations center. Automation proposes reroutes for aircraft that encounter bad weather or are forced to divert for environmental or systems reasons. If specific conditions are met, these recommendations may be autonomously datalinked to the affected aircraft.

  10. Thomas Aquinas on Contingency of Nature

    Czech Academy of Sciences Publication Activity Database

    Dvořák, Petr

    2008-01-01

    Roč. 5, č. 2 (2008), s. 185-196 ISSN 1214-8407 R&D Projects: GA AV ČR(CZ) IAA900090602 Institutional research plan: CEZ:AV0Z90090514 Keywords : Thomas Aquinas * determinism * contingency Subject RIV: AA - Philosophy ; Religion

  11. Two psychologies: Cognitive versus contingency-oriented

    NARCIS (Netherlands)

    Mey, H.R.A. De

    2003-01-01

    Cognitive psychology and contingency-based behavior analysis are contrasted to each other with respect to their philosophical and theoretical underpinnings as well as to theirpractical goals. Whereas the former focuses on intra-organismic structure and function in explaining minds, the latter

  12. The dependency and contingency of politics

    DEFF Research Database (Denmark)

    Triantafillou, Peter

    2016-01-01

    differences which make any analytical synthesis both a difficult and a questionable endeavour. In particular, whereas historical institutionalism seeks to explain the present in terms of its dependence on past events, genealogy seeks to provoke the present by demonstrating its historical contingency. In spite...

  13. 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.

  14. Contingency learning in alcohol dependence and pathological gambling: learning and unlearning reward contingencies

    NARCIS (Netherlands)

    Vanes, Lucy D.; van Holst, Ruth J.; Jansen, Jochem M.; van den Brink, Wim; Oosterlaan, Jaap; Goudriaan, Anna E.

    2014-01-01

    Patients with alcohol dependence (AD) and pathological gambling (PG) are characterized by dysfunctional reward processing and their ability to adapt to alterations of reward contingencies is impaired. However, most neurocognitive tasks investigating reward processing involve a complex mix of

  15. Contingency learning in alcohol dependence and pathological gambling: learning and unlearning reward contingencies

    NARCIS (Netherlands)

    Vanes, L.D.; Holst, R.J. van; Jansen, J.M.; Brink, W. van den; Oosterlaan, J.; Goudriaan, A.E.

    2014-01-01

    BACKGROUND: Patients with alcohol dependence (AD) and pathological gambling (PG) are characterized by dysfunctional reward processing and their ability to adapt to alterations of reward contingencies is impaired. However, most neurocognitive tasks investigating reward processing involve a complex

  16. Contingency Learning in Alcohol Dependence and Pathological Gambling: Learning and Unlearning Reward Contingencies

    NARCIS (Netherlands)

    Vanes, L.D.; Holst, R.; Jansen, J.D.; van den Brink, W.A.; Oosterlaan, J.; Goudriaan, A.E.

    2014-01-01

    Background: Patients with alcohol dependence (AD) and pathological gambling (PG) are characterized by dysfunctional reward processing and their ability to adapt to alterations of reward contingencies is impaired. However, most neurocognitive tasks investigating reward processing involve a complex

  17. Contingency Contractor Optimization Phase 3 Sustainment Third-Party Software List - Contingency Contractor Optimization Tool - Prototype

    Energy Technology Data Exchange (ETDEWEB)

    Durfee, Justin David; Frazier, Christopher Rawls; Bandlow, Alisa

    2016-05-01

    The Contingency Contractor Optimization Tool - Prototype (CCOT-P) requires several third-party software packages. These are documented below for each of the CCOT-P elements: client, web server, database server, solver, web application and polling application.

  18. 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...

  19. 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...

  20. 78 FR 46781 - Federal Acquisition Regulation; Definition of Contingency Operation

    Science.gov (United States)

    2013-08-01

    ... Federal Acquisition Regulation; Definition of Contingency Operation AGENCY: Department of Defense (DoD... the Federal Acquisition Regulation (FAR) to revise the definition of ``contingency operation'' to... ``contingency operation'' at FAR 2.101 in accordance with the statutory change to the definition made by...

  1. 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...

  2. 78 FR 13765 - Federal Acquisition Regulation; Definition of Contingency Operation

    Science.gov (United States)

    2013-02-28

    ... Federal Acquisition Regulation; Definition of Contingency Operation AGENCY: Department of Defense (DoD... Regulation (FAR) to revise the definition of ``contingency operation'' to address the statutory change to the... ``contingency operation'' at FAR 2.101 in accordance with the statutory change to the definition made by...

  3. 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...

  4. 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...

  5. 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).

  6. 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...

  7. Sartre's Contingency of Being and Asouzu's Principle of Causality ...

    African Journals Online (AJOL)

    The position of this work is that all contingent beings have a causal agent. This position is taken as a result of trying to delve into the issue of contingency and causality of being which has been discussed by many philosophers of diverse epochs of philosophy. This work tries to participate in the debate of whether contingent ...

  8. [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.

  9. Vaccines: from valuation to resource allocation.

    Science.gov (United States)

    Bloom, David E; Madhavan, Guruprasad

    2015-06-08

    This review focuses on selected challenges and opportunities concerning broader valuation of vaccines and immunization. The challenges involve conceptualizing and measuring the value of vaccines, while the opportunities relate to the strategic and systematic use of that information in health policy decisions that range from the adoption of particular vaccines in national immunization plans to the allocation of resources to vaccine research, development, and delivery. Clarifying the demonstrable individual, family, and community-level benefits of vaccines will allow the public health community to make better-informed and more meaningful comparisons of the costs of vaccines in relation to their full benefits. Taking advantage of this opportunity will require enhanced data collection and the development of strategic planning tools for transparently assessing trade-offs among the myriad attributes of different vaccines in various social and economic contexts. Copyright © 2015 Elsevier Ltd. All rights reserved.

  10. Contingent capture effects in temporal order judgments.

    Science.gov (United States)

    Born, Sabine; Kerzel, Dirk; Pratt, Jay

    2015-08-01

    The contingent attentional capture hypothesis proposes that visual stimuli that do not possess characteristics relevant for the current task will not capture attention, irrespective of their bottom-up saliency. Typically, contingent capture is tested in a spatial cuing paradigm, comparing manual reaction times (RTs) across different conditions. However, attention may act through several mechanisms and RTs may not be ideal to disentangle those different components. In 3 experiments, we examined whether color singleton cues provoke cuing effects in temporal order judgments (TOJs) and whether they would be contingent on attentional control sets. Experiment 1 showed that color singleton cues indeed produce cuing effects in TOJs, even in a cluttered and dynamic target display containing multiple heterogeneous distractors. In Experiment 2, consistent with contingent capture, we observed reliable cuing effects only when the singleton cue matched participants' current attentional control set. Experiment 3 suggests that a sensory interaction account of the differences found in Experiment 2 is unlikely. Our results help to discern the attentional components that may play a role in contingent capture. Further, we discuss a number of other effects (e.g., reversed cuing effects) that are found in RTs, but so far have not been reported in TOJs. Those differences suggest that RTs are influenced by a multitude of mechanisms; however, not all of these mechanisms may affect TOJs. We conclude by highlighting how the study of attentional capture in TOJs provides valuable insights for the attention literature, but also for studies concerned with the perceived timing between stimuli. (c) 2015 APA, all rights reserved).

  11. 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

  12. 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

  13. 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.

  14. 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 ...

  15. 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...

  16. a comparison of wetland valuation purposes in lagos metropolis

    African Journals Online (AJOL)

    Osondu

    Also, NIESV should incorporate environmental valuation in the curriculum for professional ... 1Department of Estate Management, School of Environmental. Sciences, College of .... implicit (non-market) value of the fishery of marsh habitat can ...

  17. Investigating the use of Automated Valuation Models (AVMs) in the ...

    African Journals Online (AJOL)

    construction of AVMs, and a better terminology includes data- analysis methods ... property valuations, as in many other industries, has transformed business operations. ... starts by providing an AVM and comparable transactions. The valuer ...

  18. Usage of Major Heuristics in Property Investment Valuation in Nigeria

    African Journals Online (AJOL)

    Toshiba

    Key words: Investment Valuation, Major Heuristics, Nigeria,. Property. ... given, estimated, or implied and then proceeds to use this information as the basis of ..... study areas take into account the effect of costly floor and wall finishes in their ...

  19. Morphological Diversity and the Roles of Contingency, Chance and Determinism in African Cichlid Radiations

    Science.gov (United States)

    Young, Kyle A.; Snoeks, Jos; Seehausen, Ole

    2009-01-01

    Background Deterministic evolution, phylogenetic contingency and evolutionary chance each can influence patterns of morphological diversification during adaptive radiation. In comparative studies of replicate radiations, convergence in a common morphospace implicates determinism, whereas non-convergence suggests the importance of contingency or chance. Methodology/Principal Findings The endemic cichlid fish assemblages of the three African great lakes have evolved similar sets of ecomorphs but show evidence of non-convergence when compared in a common morphospace, suggesting the importance of contingency and/or chance. We then analyzed the morphological diversity of each assemblage independently and compared their axes of diversification in the unconstrained global morphospace. We find that despite differences in phylogenetic composition, invasion history, and ecological setting, the three assemblages are diversifying along parallel axes through morphospace and have nearly identical variance-covariance structures among morphological elements. Conclusions/Significance By demonstrating that replicate adaptive radiations are diverging along parallel axes, we have shown that non-convergence in the common morphospace is associated with convergence in the global morphospace. Applying these complimentary analyses to future comparative studies will improve our understanding of the relationship between morphological convergence and non-convergence, and the roles of contingency, chance and determinism in driving morphological diversification. PMID:19270732

  20. 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.

  1. 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...

  2. 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...

  3. 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...

  4. 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.

  5. 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.

  6. Health economic assessment: a methodological primer.

    Science.gov (United States)

    Simoens, Steven

    2009-12-01

    This review article aims to provide an introduction to the methodology of health economic assessment of a health technology. Attention is paid to defining the fundamental concepts and terms that are relevant to health economic assessments. The article describes the methodology underlying a cost study (identification, measurement and valuation of resource use, calculation of costs), an economic evaluation (type of economic evaluation, the cost-effectiveness plane, trial- and model-based economic evaluation, discounting, sensitivity analysis, incremental analysis), and a budget impact analysis. Key references are provided for those readers who wish a more advanced understanding of health economic assessments.

  7. Health Economic Assessment: A Methodological Primer

    Directory of Open Access Journals (Sweden)

    Steven Simoens

    2009-11-01

    Full Text Available This review article aims to provide an introduction to the methodology of health economic assessment of a health technology. Attention is paid to defining the fundamental concepts and terms that are relevant to health economic assessments. The article describes the methodology underlying a cost study (identification, measurement and valuation of resource use, calculation of costs, an economic evaluation (type of economic evaluation, the cost-effectiveness plane, trial- and model-based economic evaluation, discounting, sensitivity analysis, incremental analysis, and a budget impact analysis. Key references are provided for those readers who wish a more advanced understanding of health economic assessments.

  8. [Contingency management in opioid substitution treatment].

    Science.gov (United States)

    Specka, M; Böning, A; Scherbaum, N

    2011-07-01

    The majority of opiate-dependent patients in substitution treatment show additional substance-related disorders. Concomitant use of heroin, alcohol, benzodiazepines or cocaine compromises treatment success. Concomitant drug use may be treated by using contingency management (CM) which is based on learning theory. In CM, abstinence from drugs, as verified by drug screenings, is reinforced directly and contingently. Reinforcers used in CM studies with substituted patients were, amongst others, vouchers and take-home privileges. Studies in the USA show a medium average effect of CM on drug consumption rates and abstinence. The effects decrease markedly after the end of the intervention. We discuss whether CM is applicable within the German substitution treatment system and how it can be combined with other interventions such as selective detoxification treatments or cognitive-behavioural programmes. © Georg Thieme Verlag KG Stuttgart · New York.

  9. Contingency and similarity in response selection.

    Science.gov (United States)

    Prinz, Wolfgang

    2018-05-09

    This paper explores issues of task representation in choice reaction time tasks. How is it possible, and what does it take, to represent such a task in a way that enables a performer to do the task in line with the prescriptions entailed in the instructions? First, a framework for task representation is outlined which combines the implementation of task sets and their use for performance with different kinds of representational operations (pertaining to feature compounds for event codes and code assemblies for task sets, respectively). Then, in a second step, the framework is itself embedded in the bigger picture of the classical debate on the roles of contingency and similarity for the formation of associations. The final conclusion is that both principles are needed and that the operation of similarity at the level of task sets requires and presupposes the operation of contingency at the level of event codes. Copyright © 2018 The Author. Published by Elsevier Inc. All rights reserved.

  10. Identification of Dried Native Chili Markets in the International Tourism Sector in Peru: An Open-Ended Contingent Valuation Study

    Directory of Open Access Journals (Sweden)

    Jaqueline Garcia-Yi

    2014-02-01

    Full Text Available Many native chili varieties are becoming extinct due to the lack of economic incentives for farmers to their continued cultivation in Peru. A potential high value pro-poor market for selling native chilies is the international tourism segment. The objectives of this research were to assess the acceptability of the potential introduction of dried native chilies in the international tourism segment by identifying the motivations for buying dried chilies as souvenirs, and then by evaluating the factors influencing the price premiums’ magnitudes related to different label information conditions, such as information about the farmer community, traditional cooking recipes, organic certification, and Fairtrade certification. A face-to-face survey was conducted with 200 international tourists at the airport in Cuzco, Peru. The data were analyzed using a probit and tobit models with sample selection. The results suggest that dried native chilies would have a relatively good acceptance among international tourists. About 62% of the respondents indicated they would buy dried native chilies, and of them, 62%–74% would pay an average price premium ranging from S/1.16–1.58 for different label information conditions. Nevertheless specific marketing campaigns should be designed for different types of international tourists in order to maximize the economic benefits for small-holder farmers.

  11. Identification of Dried Native Chili Markets in the International Tourism Sector in Peru: An Open-Ended Contingent Valuation Study

    OpenAIRE

    Jaqueline Garcia-Yi

    2014-01-01

    Many native chili varieties are becoming extinct due to the lack of economic incentives for farmers to their continued cultivation in Peru. A potential high value pro-poor market for selling native chilies is the international tourism segment. The objectives of this research were to assess the acceptability of the potential introduction of dried native chilies in the international tourism segment by identifying the motivations for buying dried chilies as souvenirs, and then by evaluating the ...

  12. Valuing geospatial information: Using the contingent valuation method to estimate the economic benefits of Landsat satellite imagery

    Science.gov (United States)

    Loomis, John; Koontz, Steve; Miller, Holly M.; Richardson, Leslie A.

    2015-01-01

    While the U.S. government does not charge for downloading Landsat images, the images have value to users. This paper demonstrates a method that can value Landsat and other imagery to users. A survey of downloaders of Landsat images found: (a) established US users have a mean value of $912 USD per scene; (b) new US users and users returning when imagery became free have a mean value of $367 USD per scene. Total US user benefits for the 2.38 million scenes downloaded is $1.8 billion USD. While these benefits indicate a high willingness-to-pay among many Landsat downloaders, it would be economically inefficient for the US government to charge for Landsat imagery. Charging a price of $100 USD a scene would result in an efficiency loss of $37.5 million a year. This economic information should be useful to policy-makers who must decide about the future of this and similar remote sensing programs.

  13. Willingness to pay for ovulation induction treatment in case of WHO II anovulation: a study using the contingent valuation method.

    Science.gov (United States)

    Poder, Thomas G; He, Jie; Simard, Catherine; Pasquier, Jean-Charles

    2014-01-01

    To measure the willingness to pay (WTP) of women aged 18-45 years to receive drug treatment for ovulation induction (ie, the social value of normal cycles of ovulation for a woman of childbearing age) in order to feed the debate about the funding of fertility cares. An anonymous questionnaire was used over the general population of Quebec. A total of 136 subjects were recruited in three medical clinics, and 191 subjects through an online questionnaire. THE QUESTIONNAIRE CONSISTED OF THREE PARTS: introduction to the problematic, socioeconomic data collection to determine factors influencing the formation of WTP, and a WTP question using the simple bid price dichotomous choice elicitation technique. The econometric estimation method is based on the "random utility theory." Each subject responding to our questionnaire could express her uncertainty about the answer to our WTP question by choosing the answer "I do not know." The WTP in Canadian dollars of women aged 18-45 years to receive drug treatment for ovulation induction. Results are positive and indicate an average WTP exceeding 4,800 CAD, which is much more than the drug treatment cost. There is no evidence of sample frame bias or avidity bias across the two survey modes that cannot be controlled in econometric estimates. Medical treatment for ovulation induction is highly socially desirable in Quebec.

  14. Nonmarket benefits of reducing environmental effects of potential wildfires in beetle-killed trees: A contingent valuation study

    Science.gov (United States)

    Maryam Tabatabaei; John B. Loomis; Daniel W. McCollum

    2015-01-01

    We estimated Colorado households’ nonmarket values for two forest management options for reducing intensity of future wildfires and associated nonmarket environmental effects wildfires. The first policy is the traditional harvesting of pine beetle-killed trees and burning of the slash piles of residual materials on-site. The second involves harvesting but moving the...

  15. Methods for Measuring Non-use Values: A Contingent Valuation Study of Groundwater Cleanup (1992-1994)

    Science.gov (United States)

    The motivating question the groundwater study was designed to address is simply: Do any non-use benefits derive from corrective actions regarding groundwater contamination and if so, how large might they be?

  16. Capacity Adjustment through Contingent Staffing Outsourcing

    OpenAIRE

    Neubert , Gilles; Adjadj , Philippe

    2009-01-01

    International audience; For a long time, contingent staffing was considered as the responsability of the Human Resource department. The high needs of workforce flexibility combined with disseminated agencies have led some companies to a great number of labor suppliers. This situation has produced important cost variation, poor quality of service, and important risk due to the mistunderstanding by local managers of legal considerations. To face this situation, companies have started to move fr...

  17. Evaluation of a Delphi technique based expert judgement method for LCA valuation - DELPHI II

    Energy Technology Data Exchange (ETDEWEB)

    Virtanen, Y.; Torkkeli, S. [VTT Chemical Technology, Espoo (Finland). Environmental Technology; Wilson, B. [Landbank Environmental Research and Consulting, London (United Kingdom)

    1999-07-01

    Because of the complexity and trade-offs between different points of the life cycles of the analysed systems, a method which measures the environmental damage caused by each intervention is needed in order to make a choice between the products. However, there is no commonly agreed methodology for this particular purpose. In most of the methods the valuation is implicitly or explicitly based on economic criteria. For various reasons, however, economically obtained criteria do not necessarily reflect ecological arguments correctly. Thus, there is a need for new, ecologically based valuation methods. One such approach is the expert judgement method, based on the Delphi technique, which rejects the economic basis in favour of the judgements of a group of environmental experts. However, it is not self evident that the expert judgement based environmental rating of interventions will be essentially more correct and certain than other methods. In this study the method was evaluated at different points of the procedure in order to obtain a picture of the quality of the indexes produced. The evaluation was based on an actual Delphi study made in 1995-1996 in Finland, Sweden and Norway. The main questions addressed were the significance of the results and the operational quality of the Delphi procedure. The results obtained by applying the expert method indexes were also compared with the results obtained with other valuation methods for the background life cycle inventory of the case study. Additional material included feedback data from panellists of the case study, collected with a questionnaire. The questionnaire data was analysed to identify major dimensions in the criteria for evaluating interventions and correlation of the final indexes of the Delphi I study with these dimensions. The rest of the questionnaire material was used to document panellists' opinions and experiences of the Delphi process, familiarity with the environmental impacts of various

  18. Evaluation of a Delphi technique based expert judgement method for LCA valuation - DELPHI II

    International Nuclear Information System (INIS)

    Virtanen, Y.; Torkkeli, S.

    1999-01-01

    Because of the complexity and trade-offs between different points of the life cycles of the analysed systems, a method which measures the environmental damage caused by each intervention is needed in order to make a choice between the products. However, there is no commonly agreed methodology for this particular purpose. In most of the methods the valuation is implicitly or explicitly based on economic criteria. For various reasons, however, economically obtained criteria do not necessarily reflect ecological arguments correctly. Thus, there is a need for new, ecologically based valuation methods. One such approach is the expert judgement method, based on the Delphi technique, which rejects the economic basis in favour of the judgements of a group of environmental experts. However, it is not self evident that the expert judgement based environmental rating of interventions will be essentially more correct and certain than other methods. In this study the method was evaluated at different points of the procedure in order to obtain a picture of the quality of the indexes produced. The evaluation was based on an actual Delphi study made in 1995-1996 in Finland, Sweden and Norway. The main questions addressed were the significance of the results and the operational quality of the Delphi procedure. The results obtained by applying the expert method indexes were also compared with the results obtained with other valuation methods for the background life cycle inventory of the case study. Additional material included feedback data from panellists of the case study, collected with a questionnaire. The questionnaire data was analysed to identify major dimensions in the criteria for evaluating interventions and correlation of the final indexes of the Delphi I study with these dimensions. The rest of the questionnaire material was used to document panellists' opinions and experiences of the Delphi process, familiarity with the environmental impacts of various interventions

  19. Contingency Cost estimation for Research reactor Decommissioning

    International Nuclear Information System (INIS)

    Jin, Hyung Gon; Hong, Yun Jeong

    2016-01-01

    There are many types of cost items in decommissioning cost estimation, however, contingencies are for unforeseen elements of cost within the defined project scope. Regulatory body wants to reasonable quantification for this issue. Many countries have adopted the breakdown of activity dependent and period-dependent costs to structure their estimates. Period-dependent costs could be broken down into defined time frames to reduce overall uncertainties. Several countries apply this notion by having different contingency factors for different phases of the project. This study is a compilation of contingency cost of research reactor and for each country. Simulation techniques using TRIM, MATLAB, and PSpice can be useful tools for designing detector channels. Thus far TRIM, MATLAB and PSpice have been used to calculate the detector current output pulse for SiC semiconductor detectors and to model the pulses that propagate through potential detector channels. This model is useful for optimizing the detector and the resolution for application to neutron monitoring in the Generation IV power reactors

  20. Contingency Cost estimation for Research reactor Decommissioning

    Energy Technology Data Exchange (ETDEWEB)

    Jin, Hyung Gon; Hong, Yun Jeong [KAERI, Daejeon (Korea, Republic of)

    2016-05-15

    There are many types of cost items in decommissioning cost estimation, however, contingencies are for unforeseen elements of cost within the defined project scope. Regulatory body wants to reasonable quantification for this issue. Many countries have adopted the breakdown of activity dependent and period-dependent costs to structure their estimates. Period-dependent costs could be broken down into defined time frames to reduce overall uncertainties. Several countries apply this notion by having different contingency factors for different phases of the project. This study is a compilation of contingency cost of research reactor and for each country. Simulation techniques using TRIM, MATLAB, and PSpice can be useful tools for designing detector channels. Thus far TRIM, MATLAB and PSpice have been used to calculate the detector current output pulse for SiC semiconductor detectors and to model the pulses that propagate through potential detector channels. This model is useful for optimizing the detector and the resolution for application to neutron monitoring in the Generation IV power reactors.