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Sample records for disease valuations underestimate

  1. Asymmetries of poverty: why global burden of disease valuations underestimate the burden of neglected tropical diseases.

    Directory of Open Access Journals (Sweden)

    Charles H King

    2008-03-01

    Full Text Available The disability-adjusted life year (DALY initially appeared attractive as a health metric in the Global Burden of Disease (GBD program, as it purports to be a comprehensive health assessment that encompassed premature mortality, morbidity, impairment, and disability. It was originally thought that the DALY would be useful in policy settings, reflecting normative valuations as a standardized unit of ill health. However, the design of the DALY and its use in policy estimates contain inherent flaws that result in systematic undervaluation of the importance of chronic diseases, such as many of the neglected tropical diseases (NTDs, in world health. The conceptual design of the DALY comes out of a perspective largely focused on the individual risk rather than the ecology of disease, thus failing to acknowledge the implications of context on the burden of disease for the poor. It is nonrepresentative of the impact of poverty on disability, which results in the significant underestimation of disability weights for chronic diseases such as the NTDs. Finally, the application of the DALY in policy estimates does not account for the nonlinear effects of poverty in the cost-utility analysis of disease control, effectively discounting the utility of comprehensively treating NTDs. The present DALY framework needs to be substantially revised if the GBD is to become a valid and useful system for determining health priorities.

  2. Argyrophilic grain disease: An underestimated tauopathy

    Directory of Open Access Journals (Sweden)

    Roberta Diehl Rodriguez

    Full Text Available Argyrophilic grain disease (AGD is an under-recognized, distinct, highly frequent sporadic tauopathy, with a prevalence reaching 31.3% in centenarians. The most common AGD manifestation is slowly progressive amnestic mild cognitive impairment, accompanied by a high prevalence of neuropsychiatric symptoms. AGD diagnosis can only be achieved postmortem based on the finding of its three main pathologic features: argyrophilic grains, oligodendrocytic coiled bodies and neuronal pretangles. AGD is frequently seen together with Alzheimer's disease-type pathology or in association with other neurodegenerative diseases. Recent studies suggest that AGD may be a defense mechanism against the spread of other neuropathological entities, particularly Alzheimer's disease. This review aims to provide an in-depth overview of the current understanding on AGD.

  3. Impulse control disorders in Parkinson's disease are associated with dysfunction in stimulus valuation but not action valuation.

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    Piray, Payam; Zeighami, Yashar; Bahrami, Fariba; Eissa, Abeer M; Hewedi, Doaa H; Moustafa, Ahmed A

    2014-06-04

    A substantial subset of Parkinson's disease (PD) patients suffers from impulse control disorders (ICDs), which are side effects of dopaminergic medication. Dopamine plays a key role in reinforcement learning processes. One class of reinforcement learning models, known as the actor-critic model, suggests that two components are involved in these reinforcement learning processes: a critic, which estimates values of stimuli and calculates prediction errors, and an actor, which estimates values of potential actions. To understand the information processing mechanism underlying impulsive behavior, we investigated stimulus and action value learning from reward and punishment in four groups of participants: on-medication PD patients with ICD, on-medication PD patients without ICD, off-medication PD patients without ICD, and healthy controls. Analysis of responses suggested that participants used an actor-critic learning strategy and computed prediction errors based on stimulus values rather than action values. Quantitative model fits also revealed that an actor-critic model of the basal ganglia with different learning rates for positive and negative prediction errors best matched the choice data. Moreover, whereas ICDs were associated with model parameters related to stimulus valuation (critic), PD was associated with parameters related to action valuation (actor). Specifically, PD patients with ICD exhibited lower learning from negative prediction errors in the critic, resulting in an underestimation of adverse consequences associated with stimuli. These findings offer a specific neurocomputational account of the nature of compulsive behaviors induced by dopaminergic drugs. Copyright © 2014 the authors 0270-6474/14/347814-11$15.00/0.

  4. [Health valuations for patients with chronic ischemic heart disease].

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    Meder, M; Farin, E

    2011-08-01

    The study deals with the question of how patients with chronic ischemic heart disease assess different health situations that can be achieved by rehabilitation. Furthermore it examines which factors influence these health valuations and whether the predictors vary depending on the level of education. The health valuations of n = 331 patients with chronic ischemic heart disease are compiled using visual analogue scales (VAS). In addition to sociodemographic questions, generic and illness-specific scales (SF-12, MacNew) for the health-related quality of life (HRQOL) are used as potential predictors of the health valuations. Additional basic medical data were provided by the physician. Hierarchical regression analyses are conducted; the sociodemographic, medical and HRQOL variables are included stepwise. Since many variables are observed for the regression models, an imputation of missing values is made. The health dimensions "Self-care and domestic life" and "Mobility" are assigned the highest values on the VAS. The lowest preference is assigned to the dimensions "Reduction of symptoms" and "Information about the disease". The differences between the health dimensions are statistically significant. Sociodemographic variables explain up to 3.6% of the variance of health valuations, with level of education and living with a partner being the most important predictors. The medical variables included in the second step explain between 2.1 and 6.8% incremental variance; the most important predictor is the operation performed prior to rehabilitation (bypass, heart valve). The HRQOL variables in the third block provide 7.1-24.9% incremental explanation of variance, by far the highest percentage. This is mainly achieved using the 3 MacNew scales (emotional, social and physical functioning). The overall explanation of variance for the health valuations is 17.1-28.8%. For patients with a higher level of education, the total explanation of variance is about 9.2% higher on

  5. Chronic rhinosinusitis in Europe - an underestimated disease. A GA(2) LEN study

    DEFF Research Database (Denmark)

    Hastan, D; Fokkens, W J; Bachert, C

    2011-01-01

    , Zuberbier T, Jarvis D, Burney P. Chronic rhinosinusitis in Europe - an underestimated disease. A GA(2) LEN study. Allergy 2011; 66: 1216-1223. ABSTRACT: Background:  Chronic rhinosinusitis (CRS) is a common health problem, with significant medical costs and impact on general health. Even so, prevalence...

  6. Gastroesophageal reflux disease vs. Panayiotopoulos syndrome: an underestimated misdiagnosis in pediatric age?

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    Parisi, Pasquale; Pacchiarotti, Claudia; Ferretti, Alessandro; Bianchi, Simona; Paolino, Maria Chiara; Barreto, Mario; Principessa, Luigi; Villa, Maria Pia

    2014-12-01

    Autonomic signs and symptoms could be of epileptic or nonepileptic origin, and the differential diagnosis depends on a number of factors which include the nature of the autonomic manifestations themselves, the occurrence of other nonictal autonomic signs/symptoms, and the age of the patient. Here, we describe twelve children (aged from ten months to six years at the onset of the symptoms) with Panayiotopoulos syndrome misdiagnosed as gastroesophageal reflux disease. Gastroesophageal reflux disease and Panayiotopoulos syndrome may represent an underestimated diagnostic challenge. When the signs/symptoms occur mainly during sleep, a sleep EEG or, if available, a polysomnographic evaluation may be the most useful investigation to make a differential diagnosis between autonomic epileptic and nonepileptic disorders. An early detection can reduce both the high morbidity related to mismanagement and the high costs to the national health service related to the incorrect diagnostic and therapeutic approaches. To decide if antiseizure therapy is required, one should take into account both the frequency and severity of epileptic seizures and the tendency to have potentially lethal autonomic cardiorespiratory involvement. In conclusion, we would emphasize the need to make a differential diagnosis between gastroesophageal reflux disease and Panayiotopoulos syndrome in patients with "an unusual" late-onset picture of GERD and acid therapy-resistant gastroesophageal reflux, especially if associated with other autonomic symptoms and signs. Copyright © 2014 Elsevier Inc. All rights reserved.

  7. Neuropathological survey reveals underestimation of the prevalence of neuroinfectious diseases in cattle in Switzerland.

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    Truchet, Laura; Walland, Julia; Wüthrich, Daniel; Boujon, Céline L; Posthaus, Horst; Bruggmann, Rémy; Schüpbach-Regula, Gertraud; Oevermann, Anna; Seuberlich, Torsten

    2017-09-01

    Neuroinfectious diseases in livestock represent a severe threat to animal health, but their prevalence is not well documented and the etiology of disease often remains unidentified. The aims of this study were to generate baseline data on the prevalence of neuroinfectious diseases in cattle in Switzerland by neuropathological survey, and to identify disease-associated pathogens. The survey was performed over a 1-year period using a representative number of brainstem samples (n=1816) from fallen cattle. In total, 4% (n=73) of the animals had significant lesions, the most frequent types of which were indicative of viral (n=27) and bacterial (n=31) etiologies. Follow-up diagnostics by immunohistochemistry, PCR protocols and next-generation sequencing identified infection with Listeria monocytogenes (n=6), ovine herpesvirus 2 (n=7), bovine astrovirus CH13 (n=2), bovine herpesvirus 6 (n=6), bovine retrovirus CH15 (n=2), posavirus 1 (n=2), and porcine astroviruses (n=2). A retrospective questionnaire-based investigation indicated that animals' owners observed clinical signs of neurological disease in about one-third of cases with lesions, which was estimated to correspond to approximately 85 cases per year in the adult fallen cattle population in Switzerland. This estimate stands in sharp contrast to the number of cases reported to the authorities and reveals a gap in disease surveillance. Systematic neuropathological examination and follow-up molecular testing of neurologically diseased cattle could significantly enhance the efficiency of disease detection for the purposes of estimating the prevalence of endemic diseases, identifying new or re-emerging pathogens, and providing "early warnings" of disease outbreaks. Copyright © 2017 Elsevier B.V. All rights reserved.

  8. The Framingham Risk Function Underestimated Absolute Coronary Heart Disease Risk in Czech Men

    Czech Academy of Sciences Publication Activity Database

    Reissigová, Jindra; Zvárová, Jana

    2007-01-01

    Roč. 46, č. 1 (2007), s. 43-49 ISSN 0026-1270 Institutional research plan: CEZ:AV0Z10300504 Keywords : external validation * Framingham risk function * coronary heart disease Subject RIV: BB - Applied Statistics, Operational Research Impact factor: 1.451, year: 2007

  9. Why overestimate or underestimate chronic kidney disease when correct estimation is possible?

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    De Broe, Marc E; Gharbi, Mohamed Benghanem; Zamd, Mohamed; Elseviers, Monique

    2017-04-01

    There is no doubt that the introduction of the Kidney Disease: Improving Global Outcomes (KDIGO) guidelines 14 years ago, and their subsequent updates, have substantially contributed to the early detection of different stages of chronic kidney disease (CKD). Several recent studies from different parts of the world mention a CKD prevalence of 8-13%. However, some editorials and reviews have begun to describe the weaknesses of a substantial number of studies. Maremar (maladies rénales chroniques au Maroc) is a recently published prevalence study of CKD, hypertension, diabetes and obesity in a randomized, representative and high response rate (85%) sample of the adult population of Morocco that strictly applied the KDIGO guidelines. When adjusted to the actual adult population of Morocco (2015), a rather low prevalence of CKD (2.9%) was found. Several reasons for this low prevalence were identified; the tagine-like population pyramid of the Maremar population was a factor, but even more important were the confirmation of proteinuria found at first screening and the proof of chronicity of decreased estimated glomerular filtration rate (eGFR), eliminating false positive results. In addition, it was found that when an arbitrary single threshold of eGFR (55 years of age), particularly in those without proteinuria, haematuria or hypertension. It also resulted in a significant 'underdiagnosis' (false negatives) in younger individuals with an eGFR >60 mL/min/1.73 m2 and below the third percentile of their age-/gender-category. The use of the third percentile eGFR level as a cut-off, based on age-gender-specific reference values of eGFR, allows the detection of these false positives and negatives. There is an urgent need for additional quality studies of the prevalence of CKD using the recent KDIGO guidelines in the correct way, to avoid overestimation of the true disease state of CKD by ≥50% with potentially dramatic consequences. © The Author 2017. Published by Oxford

  10. Occupational Allergic Diseases in Kitchen and Health Care Workers: An Underestimated Health Issue

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    Ugur Bilge

    2013-01-01

    Full Text Available Objective. This study evaluated the frequencies of allergic symptoms and rate of upper respiratory infections during the past year in the general population, kitchen workers (KW and health care workers (HCW. Methods. The European Community Respiratory Health Survey (ECRHS was used to inquire retrospectively about asthma and asthma-like symptoms and the number of treatments required for previous upper respiratory tract infections (URTI: acute pharyngitis, acute sinusitis, etc. during the past year for health care workers, kitchen workers, and members of the general population. Adjusted odds ratios by gender, age, and smoking status were calculated. Results. 579 subjects (186 from the general population, 205 KW, and 188 HCW; 263 females, 316 males participated in the study. Noninfectious (allergic rhinitis was significantly higher in the HCW and KW groups than in the general population (P<0.001. Cumulative asthma was significantly higher only in the HCW group (P<0.05. In addition, the HCW and KW groups had significantly higher risks of ≥2/year URTI (OR: 1.59, 95% CI: 1.07–2.38 versus OR: 1.57, 95% CI: 1.05–2.38 than the general population. Conclusion. Occupational allergic respiratory diseases are an important and growing health issue. Health care providers should become familiar with workplace environments and environmental causes of occupational rhinitis and asthma.

  11. Classification of Airflow Limitation Based on z-Score Underestimates Mortality in Patients with Chronic Obstructive Pulmonary Disease.

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    Tejero, Elena; Prats, Eva; Casitas, Raquel; Galera, Raúl; Pardo, Paloma; Gavilán, Adelaida; Martínez-Cerón, Elisabet; Cubillos-Zapata, Carolina; Del Peso, Luis; García-Río, Francisco

    2017-08-01

    Global Lung Function Initiative recommends reporting lung function measures as z-score, and a classification of airflow limitation (AL) based on this parameter has recently been proposed. To evaluate the prognostic capacity of the AL classifications based on z-score or percentage predicted of FEV 1 in patients with chronic obstructive pulmonary disease (COPD). A cohort of 2,614 patients with COPD recruited outside the hospital setting was examined after a mean (± SD) of 57 ± 13 months of follow-up, totaling 10,322 person-years. All-cause mortality was analyzed, evaluating the predictive capacity of several AL staging systems. Based on Global Initiative for Chronic Obstructive Lung Disease guidelines, 461 patients (17.6%) had mild, 1,452 (55.5%) moderate, 590 (22.6%) severe, and 111 (4.2%) very severe AL. According to z-score classification, 66.3% of patients remained with the same severity, whereas 23.7% worsened and 10.0% improved. Unlike other staging systems, patients with severe AL according to z-score had higher mortality than those with very severe AL (increase of risk by 5.2 and 3.9 times compared with mild AL, respectively). The predictive capacity for 5-year survival was slightly higher for FEV 1 expressed as percentage of predicted than as z-score (area under the curve: 0.714-0.760 vs. 0.649-0.708, respectively). A severity-dependent relationship between AL grades by z-score and mortality was only detected in patients younger than age 60 years. In patients with COPD, the AL classification based on z-score predicts worse mortality than those based on percentage of predicted. It is possible that the z-score underestimates AL severity in patients older than 60 years of age with severe functional impairment.

  12. Analysis of Published Criteria for Clinically Inactive Disease in a Large Juvenile Dermatomyositis Cohort Shows That Skin Disease Is Underestimated

    Science.gov (United States)

    Almeida, Beverley; Campanilho‐Marques, Raquel; Arnold, Katie; Pilkington, Clarissa A.; Wedderburn, Lucy R.; Armon, Kate; Briggs, Vanja; Ellis‐Gage, Joe; Roper, Holly; Watts, Joanna; Baildam, Eileen; Hanna, Louise; Lloyd, Olivia; McCann, Liza; Roberts, Ian; McGovern, Ann; Riley, Phil; Al‐Abadi, Eslam; Ryder, Clive; Scott, Janis; Southwood, Taunton; Thomas, Beverley; Amin, Tania; Burton, Deborah; Jackson, Gillian; Van Rooyen, Vanessa; Wood, Mark; Wyatt, Sue; Browne, Michael; Davidson, Joyce; Ferguson, Sue; Gardner‐Medwin, Janet; Martin, Neil; Waxman, Liz; Foster, Helen; Friswell, Mark; Jandial, Sharmila; Qiao, Lisa; Sen, Ethan; Smith, Eve; Stevenson, Vicky; Swift, Alison; Wade, Debbie; Watson, Stuart; Crate, Lindsay; Frost, Anna; Jordan, Mary; Mosley, Ellen; Satyapal, Rangaraj; Stretton, Elizabeth; Venning, Helen; Warrier, Kishore; Almeida, Beverley; Arnold, Katie; Beard, Laura; Brown, Virginia; Campanilho‐Marques, Raquel; Enayat, Elli; Glackin, Yvonne; Halkon, Elizabeth; Hasson, Nathan; Juggins, Audrey; Kassoumeri, Laura; Lunt, Sian; Maillard, Sue; Nistala, Kiran; Pilkington, Clarissa; Simou, Stephanie; Smith, Sally; Varsani, Hemlata; Wedderburn, Lucy; Murray, Kevin; Ioannou, John; Suffield, Linda; Al‐Obaidi, Muthana; Leach, Sam; Lee, Helen; Smith, Helen; Inness, Emma; Kendall, Eunice; Mayers, David; Wilkinson, Nick; Clinch, Jacqui; Pluess‐Hall, Helen

    2015-01-01

    Objective The Pediatric Rheumatology International Trials Organisation (PRINTO) recently published criteria for classification of patients with juvenile dermatomyositis (DM) as having clinically inactive disease. The criteria require that at least 3 of 4 conditions be met, i.e., creatine kinase level ≤150 units/liter, Childhood Myositis Assessment Scale score ≥48, Manual Muscle Testing in 8 muscles score ≥78, and physician's global assessment of overall disease activity (PGA) ≤0.2. The present study was undertaken to test these criteria in a UK cohort of patients with juvenile DM. Methods We assessed 1,114 patient visits for the 4 items in the PRINTO criteria for clinically inactive disease. Each visit was analyzed to determine whether skin disease was present. The Disease Activity Score (DAS) for juvenile DM was determined in 59 patients. Results At 307 of the 1,114 visits, clinically inactive disease was achieved based on the 3 muscle criteria (but with a PGA of >0.2); rash was present at 65.8% of these visits and nailfold capillary abnormalities at 35.2%. When PGA ≤0.2 was one of the 3 criteria that were met, the frequency of skin signs was significantly lower (rash in 23.1% and nailfold capillary abnormalities in 8.7%). If PGA was considered an essential criterion for clinically inactive disease (P‐CID), patients with active skin disease were less likely to be categorized as having clinically inactive disease (a median DAS skin score of 0 [of a possible maximum of 9] in visits where the PGA was ≤0.2, versus a median DAS skin score of 4 in patients meeting the 3 muscle criteria [with a PGA of >0.2]; P < 0.001). Use of the P‐CID led to improvements in the positive predictive value and the positive likelihood ratio (85.4% and 11.0, respectively, compared to 72.9% and 5.1 with the current criteria). Conclusion There was a high frequency of skin disease among patients with juvenile DM who did not meet the PGA criterion for inactive disease but met

  13. Standard cardiovascular disease risk algorithms underestimate the risk of cardiovascular disease in schizophrenia: evidence from a national primary care database.

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    McLean, Gary; Martin, Julie Langan; Martin, Daniel J; Guthrie, Bruce; Mercer, Stewart W; Smith, Daniel J

    2014-10-01

    Schizophrenia is associated with increased cardiovascular mortality. Although cardiovascular disease (CVD) risk prediction algorithms are widely in the general population, their utility for patients with schizophrenia is unknown. A primary care dataset was used to compare CVD risk scores (Joint British Societies (JBS) score), cardiovascular risk factors, rates of pre-existing CVD and age of first diagnosis of CVD for schizophrenia (n=1997) relative to population controls (n=215,165). Pre-existing rates of CVD and the recording of risk factors for those without CVD were higher in the schizophrenia cohort in the younger age groups, for both genders. Those with schizophrenia were more likely to have a first diagnosis of CVD at a younger age, with nearly half of men with schizophrenia plus CVD diagnosed under the age of 55 (schizophrenia men 46.1% vs. control men 34.8%, pschizophrenia women 28.9% vs. control women 23.8%, prisk factors within the schizophrenia group, only a very small percentage (3.2% of men and 7.5% of women) of those with schizophrenia under age 55 were correctly identified as high risk for CVD according to the JBS risk algorithm. The JBS2 risk score identified only a small proportion of individuals with schizophrenia under the age of 55 as being at high risk of CVD, despite high rates of risk factors and high rates of first diagnosis of CVD within this age group. The validity of CVD risk prediction algorithms for schizophrenia needs further research. Copyright © 2014 Elsevier B.V. All rights reserved.

  14. 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...

  15. Environmentally Related Diseases and the Possibility of Valuation of Their Social Costs

    Directory of Open Access Journals (Sweden)

    Ilona Hajok

    2014-01-01

    Full Text Available The risks of the morbidity of the asbestos-related lung cancer was estimated in the general population of Poles as the result of increased exposure to asbestos fibers during the removal of asbestos-cement products and the possibility of the valuation of the social costs related to this risk. The prediction of the new incidences was made using linear regression model. The forecast shows that to the end of 2030 about 3,500 new cases of lung cancer can be expected as a result of occupational exposure to asbestos in the past which makes together with paraoccupational exposure about 14.000 new cases. The forecast shows the increasing number of asbestos-related lung cancer in Poland and indicates the priority areas where preventive action should be implemented.

  16. Gastroesophageal reflux disease and Barrett's esophagus after laparoscopic sleeve gastrectomy: a possible, underestimated long-term complication.

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    Genco, Alfredo; Soricelli, Emanuele; Casella, Giovanni; Maselli, Roberta; Castagneto-Gissey, Lidia; Di Lorenzo, Nicola; Basso, Nicola

    2017-04-01

    Morbidly obese patients are affected by gastroesophageal reflux disease (GERD) and hiatal hernia (HH) more frequently than lean patients. Because of conflicting results, the indication to sleeve gastrectomy (SG) in patients with GERD is still debated. To evaluate the incidence of GERD on the basis of clinical, endoscopic, and histologic data in patients undergoing SG. University hospital, Rome, Italy. From July 2007 to January 2010, 162 patients underwent primary SG. Preoperatively all patients underwent visual analogue scale (VAS) evaluation of GERD symptoms, proton pump inhibitors (PPIs) consumption recording, and esophagogastroduodenoscopy (EGD). Stomach resection started 6 cm from pylorus on a 48Fr bougie. Staple line was reinforced by an oversewing suture. A postoperative clinical control with VAS evaluation, PPI consumption, and EGD was proposed to all patients. Three patients were excluded because of the occurrence of major postoperative complications. A total of 110 patients accepted to take part in the study (follow-up rate: 69.1%). At a mean 58 months of follow-up, incidence of GERD symptoms, VAS mean score, and PPI intake significantly increased compared with preoperative values (68.1% versus 33.6%: Preflux was found in 73.6% and 74.5% of cases, respectively. A significant increase in the incidence and in the severity of erosive esophagitis (EE) was evidenced, whereas nondysplastic Barrett's esophagus (BE) was newly diagnosed in 19 patients (17.2%). No significant correlations were found between GERD symptoms and endoscopic findings. In the present series the incidence of EE and of BE in SG patients was considerably higher than that reported in the current literature, and it was not related to GERD symptoms. Endoscopic surveillance after SG should be advocated irrespective of the presence of GERD symptoms. Copyright © 2017 American Society for Bariatric Surgery. Published by Elsevier Inc. All rights reserved.

  17. 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...

  18. Rational valuations

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    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. National survey data for zoonotic schistosomiasis in the Philippines grossly underestimates the true burden of disease within endemic zones: implications for future control

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    Remigio M. Olveda

    2016-04-01

    Full Text Available Zoonotic schistosomiasis has a long endemic history in the Philippines. Human mass drug administration has been the cornerstone of schistosomiasis control in the country for the past three decades. Recent publications utilizing retrospective national survey data have indicated that the national human prevalence of the disease is <1%, hence the disease is now close to elimination. However, the evidence for such a claim is weak, given that less than a third of the human population is currently being treated annually within endemic zones and only a third of those treated actually swallow the tablets. For those who consume the drug at the single oral dose of 40 mg/kg, the estimated cure rate is 52% based on a recent meta-analysis. Thus, approximately 5% of the endemic human population is in reality receiving the appropriate treatment. To compound this public health problem, most of the bovines in the endemic communities are concurrently infected but are not treated under the current national control programme. Given this evidence, it is believed that the human prevalence of schistosomiasis within endemic regions has been grossly underestimated. Inherent flaws in the reporting of national schistosomiasis prevalence data are reported here, and the problems of utilizing national retrospective data in making geographic information system (GIS risk maps and advising policy makers of the outcomes are highlighted.

  20. Underestimation of Project Costs

    Science.gov (United States)

    Jones, Harry W.

    2015-01-01

    Large projects almost always exceed their budgets. Estimating cost is difficult and estimated costs are usually too low. Three different reasons are suggested: bad luck, overoptimism, and deliberate underestimation. Project management can usually point to project difficulty and complexity, technical uncertainty, stakeholder conflicts, scope changes, unforeseen events, and other not really unpredictable bad luck. Project planning is usually over-optimistic, so the likelihood and impact of bad luck is systematically underestimated. Project plans reflect optimism and hope for success in a supposedly unique new effort rather than rational expectations based on historical data. Past project problems are claimed to be irrelevant because "This time it's different." Some bad luck is inevitable and reasonable optimism is understandable, but deliberate deception must be condemned. In a competitive environment, project planners and advocates often deliberately underestimate costs to help gain project approval and funding. Project benefits, cost savings, and probability of success are exaggerated and key risks ignored. Project advocates have incentives to distort information and conceal difficulties from project approvers. One naively suggested cure is more openness, honesty, and group adherence to shared overall goals. A more realistic alternative is threatening overrun projects with cancellation. Neither approach seems to solve the problem. A better method to avoid the delusions of over-optimism and the deceptions of biased advocacy is to base the project cost estimate on the actual costs of a large group of similar projects. Over optimism and deception can continue beyond the planning phase and into project execution. Hard milestones based on verified tests and demonstrations can provide a reality check.

  1. Ankle Brachial Index <0.9 Underestimates the Prevalence of Peripheral Artery Occlusive Disease Assessed with Whole-Body Magnetic Resonance Angiography in the Elderly

    International Nuclear Information System (INIS)

    Wikstroem, J.; Hansen, T.; Johansson, L.; Lind, L.; Ahlstroem, H.

    2008-01-01

    Background: Whole-body magnetic resonance angiography (WBMRA) permits noninvasive vascular assessment, which can be utilized in epidemiological studies. Purpose: To assess the relation between a low ankle brachial index (ABI) and high-grade stenoses in the pelvic and leg arteries in the elderly. Material and Methods: WBMRA was performed in a population sample of 306 subjects aged 70 years. The arteries below the aortic bifurcation were graded after the most severe stenosis according to one of three grades: 0-49% stenosis, 50-99% stenosis, or occlusion. ABI was calculated for each side. Results: There were assessable WBMRA and ABI examinations in 268 (right side), 265 (left side), and 258 cases (both sides). At least one ≥50% stenosis was found in 19% (right side), 23% (left side), and 28% (on at least one side) of the cases. The corresponding prevalences for ABI <0.9 were 4.5%, 4.2%, and 6.6%. An ABI cut-off value of 0.9 resulted in a sensitivity, specificity, and positive and negative predictive value of 20%, 99%, 83%, and 84% on the right side, and 15%, 99%, 82%, and 80% on the left side, respectively, for the presence of a ≥ 50% stenosis in the pelvic or leg arteries. Conclusion: An ABI <0.9 underestimates the prevalence of peripheral arterial occlusive disease in the general elderly population

  2. Economic Valuation of the Global Burden of Cleft Disease Averted by a Large Cleft Charity.

    Science.gov (United States)

    Poenaru, Dan; Lin, Dan; Corlew, Scott

    2016-05-01

    This study attempts to quantify the burden of disease averted through the global surgical work of a large cleft charity, and estimate the economic impact of this effort over a 10-year period. Anonymized data of all primary cleft lip and cleft palate procedures in the Smile Train database were analyzed and disability-adjusted life years (DALYs) calculated using country-specific life expectancy tables, established disability weights, and estimated success of surgery and residual disability probabilities; multiple age weighting and discounting permutations were included. Averted DALYs were calculated and gross national income (GNI) per capita was then multiplied by averted DALYs to estimate economic gains. 548,147 primary cleft procedures were performed in 83 countries between 2001 and 2011. 547,769 records contained complete data available for the study; 58 % were cleft lip and 42 % cleft palate. Averted DALYs ranged between 1.46 and 4.95 M. The mean economic impact ranged between USD 5510 and 50,634 per person. This corresponded to a global economic impact of between USD 3.0B and 27.7B USD, depending on the DALY and GNI values used. The estimated cost of providing these procedures based on an average reimbursement rate was USD 197M (0.7-6.6 % of the estimated impact). The immense economic gain realized through procedures focused on a small proportion of the surgical burden of disease highlights the importance and cost-effectiveness of surgical treatment globally. This methodology can be applied to evaluate interventions for other conditions, and for evidence-based health care resource allocation.

  3. 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.

  4. 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...

  5. 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)…

  6. 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...

  7. 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...

  8. 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 ...

  9. 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....

  10. 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

  11. Underestimating belief in climate change

    Science.gov (United States)

    Jost, John T.

    2018-03-01

    People are influenced by second-order beliefs — beliefs about the beliefs of others. New research finds that citizens in the US and China systematically underestimate popular support for taking action to curb climate change. Fortunately, they seem willing and able to correct their misperceptions.

  12. 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.

  13. 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.

  14. 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

  15. 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...

  16. 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.

  17. 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.

  18. 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...

  19. 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.

  20. 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.

  1. 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.

  2. 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...

  3. 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...

  4. 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)

  5. 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...

  6. 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...

  7. 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.

  8. 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

  9. 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...

  10. 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...

  11. 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...

  12. 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

  13. 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...

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. Underestimation of risk due to exposure misclassification

    DEFF Research Database (Denmark)

    Grandjean, Philippe; Budtz-Jørgensen, Esben; Keiding, Niels

    2004-01-01

    Exposure misclassification constitutes a major obstacle when developing dose-response relationships for risk assessment. A non-differentional error results in underestimation of the risk. If the degree of misclassification is known, adjustment may be achieved by sensitivity analysis. The purpose...

  19. 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...

  20. Differences Between Individual and Societal Health State Valuations

    Science.gov (United States)

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

    2009-01-01

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

  1. 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.

  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. 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

  5. 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

  6. 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...

  7. Poverty Underestimation in Rural India- A Critique

    OpenAIRE

    Sivakumar, Marimuthu; Sarvalingam, A

    2010-01-01

    When ever the Planning Commission of India releases the poverty data, that data is being criticised by experts and economists. The main criticism is underestimation of poverty especially in rural India by the Planning Commission. This paper focuses on that criticism and compares the Indian Planning Commission’s 2004-05 rural poverty data with the India’s 2400 kcal poverty norms, World Bank’s US $1.08 poverty concept and Asian Development Bank’s US $1.35 poverty concept.

  8. Underestimation of Severity of Previous Whiplash Injuries

    Science.gov (United States)

    Naqui, SZH; Lovell, SJ; Lovell, ME

    2008-01-01

    INTRODUCTION We noted a report that more significant symptoms may be expressed after second whiplash injuries by a suggested cumulative effect, including degeneration. We wondered if patients were underestimating the severity of their earlier injury. PATIENTS AND METHODS We studied recent medicolegal reports, to assess subjects with a second whiplash injury. They had been asked whether their earlier injury was worse, the same or lesser in severity. RESULTS From the study cohort, 101 patients (87%) felt that they had fully recovered from their first injury and 15 (13%) had not. Seventy-six subjects considered their first injury of lesser severity, 24 worse and 16 the same. Of the 24 that felt the violence of their first accident was worse, only 8 had worse symptoms, and 16 felt their symptoms were mainly the same or less than their symptoms from their second injury. Statistical analysis of the data revealed that the proportion of those claiming a difference who said the previous injury was lesser was 76% (95% CI 66–84%). The observed proportion with a lesser injury was considerably higher than the 50% anticipated. CONCLUSIONS We feel that subjects may underestimate the severity of an earlier injury and associated symptoms. Reasons for this may include secondary gain rather than any proposed cumulative effect. PMID:18201501

  9. 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.

  10. 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...

  11. 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...

  12. Fishermen´s underestimation of risk

    DEFF Research Database (Denmark)

    Knudsen, Fabienne; Grøn, Sisse

    2009-01-01

    to stress the positive potentiale of risk. This can be explained by several, interrelated factors such as the nature of fishing, it-self a risk-based enterprise; a life-form promoting independency and identification with the enterprise's pecuniary priorities; working conditions upholding a feeling......  Fishermen's underestimation of risk   Background: In order to understand the effect of footwear and flooring on slips, trips and falls, 1st author visited 4 fishing boats.  An important spinoff of the study was to get an in situ insight in the way, fishermen perceive risk.   Objectives......: The presentation will analyse fishermen's risk perception, its causes and consequences.   Methods: The first author participated in 3 voyages at sea on fishing vessels (from 1 to 10 days each and from 2 to 4 crewmembers) where  interviews and participant observation was undertaken. A 4th fishing boat was visited...

  13. 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

  14. 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

  15. 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.

  16. 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)

  17. 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...

  18. 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...

  19. Valuation of Non-Market Ecosystem Services of Forests

    DEFF Research Database (Denmark)

    Taye, Fitalew Agimass

    Forests provide a multitude of ecosystem services to society. However, not all such services are being reflected in market prices and that leads to underestimation of their economic values and suboptimal management schemes. Therefore, non-market valuation is required to provide complementary...... information for better forest management that underpins the concept of total economic values. In this thesis, the non-market ecosystem services of forests are evaluated with a focus on showing the impact of forest management. The thesis consists of four papers that address three main research questions: 1......) Which forest structural characteristics and features affect recreational preferences? 2) Does childhood forest experience determine forest visiting habit in adulthood? And 3) How does environmental attitude influence individuals’ willingness to pay for forest management initiatives designed to enhance...

  20. 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

  1. E valuation and clinical significance of serum C-reactive protein and homocysteine level in obstructive sleep apnea/hypopnea syndrome complicated with coronary heart disease patients

    International Nuclear Information System (INIS)

    Su Yingrui; Zha Jinshun; Xu Chaoxiang; Chen Xiaoyang; Wang Yaoguo; Du Xinqing

    2011-01-01

    Objective: To explore the relationship between homocysteine (HCY) and C-reactive protein (CRP) in obstructive sleep apnea/hypopnea syndrome (OSAHS) patients and OSAHS patients complicated with coronary heart disease by detecting the scrum level of HCY and CRP on the mechanism of OSAHS complicated with coronary heart disease. Methods: Ninety-one patients were divided into three groups, 30 patients as control group, 36 patients as OSAHS group, and 25 patients as OSAHS complicated with CHD group. Serum HCY level was detected through chemiluminescence. Serum CRP level was detected through radioimmunity. The serum level of HCY and CRP was compared among these groups. OSAHS patients were divided into mild OSAHS subgroup, moderate OSAHS subgroup and severe OSAHS subgroup. The morbidity rate of CHD and the serum level of HCY and CRP were compared among these subgroups. Meanwhile the parameters of polysomnogram such as activity apnea-hypopnea index (AHI) and blood oxygen saturation (SaO 2 ) were compared between OSAHS group and OSAHS complicated with coronary heart disease group. Results: (1) There was significant difference among the serum level of HCY and CRP of control group, OSAHS group and OSAHS complicated with CHD group (F HCY =15.80, F CRP =19.21, P all HCY =4.74, t CRP =5.14, P all HCY =7.31, t CRP =8.17, P all 2 =6.96, χ 2 =4.18, P HCY =16.38, F CRP =12.97, P all 2 of OSAHS group and OSAHS complicated with CHD group (t AHI =5.46, percentage of SaO 2 2 : t=4.68, average lowest SaO 2 : t=3.65, longest duration of disordered breathing events: t=4.73, P all<0.01 ). Conclusion: The serum level of HCY and CRP rose because of hypoxia in OSAHS patients,and might play an important role in the mechanism of OSAHS complicated with CHD. (authors)

  2. 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.

  3. 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...

  4. 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...

  5. 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...

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

    Directory of Open Access Journals (Sweden)

    Václav Rybáček

    2017-12-01

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

  7. Underestimated effect sizes in GWAS: fundamental limitations of single SNP analysis for dichotomous phenotypes.

    Directory of Open Access Journals (Sweden)

    Sven Stringer

    Full Text Available Complex diseases are often highly heritable. However, for many complex traits only a small proportion of the heritability can be explained by observed genetic variants in traditional genome-wide association (GWA studies. Moreover, for some of those traits few significant SNPs have been identified. Single SNP association methods test for association at a single SNP, ignoring the effect of other SNPs. We show using a simple multi-locus odds model of complex disease that moderate to large effect sizes of causal variants may be estimated as relatively small effect sizes in single SNP association testing. This underestimation effect is most severe for diseases influenced by numerous risk variants. We relate the underestimation effect to the concept of non-collapsibility found in the statistics literature. As described, continuous phenotypes generated with linear genetic models are not affected by this underestimation effect. Since many GWA studies apply single SNP analysis to dichotomous phenotypes, previously reported results potentially underestimate true effect sizes, thereby impeding identification of true effect SNPs. Therefore, when a multi-locus model of disease risk is assumed, a multi SNP analysis may be more appropriate.

  8. 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.

  9. 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.

  10. 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...

  11. 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...

  12. 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.

  13. Radiotherapy in DCIS, an underestimated benefit?

    International Nuclear Information System (INIS)

    Cutuli, Bruno; Bernier, Jacques; Poortmans, Philip

    2014-01-01

    Often considered an “indolent” disease for which a treatment de-escalation is advocated, ductal carcinoma in situ (DCIS) of the breast has been recently shown to be associated with a significant increase in long-term mortality in case of invasive local recurrence (LR). The publication of data from four randomised trials did not prevent the continuation of the debates about the pros and cons of postoperative radiation therapy (PORT) for optimal DCIS management. Actually only partial answers regarding the impact of PORT on local control had been brought by these randomised trials among others due to differences in pathological assessment among these controlled studies. A biologically heterogeneous disease, DCIS is characterised by a large variation in clinical behaviour, which hampers the identification of those patients for whom PORT might be considered as an overtreatment. At the light of the most recent biological and clinical studies, this review tries to identify accurately the LR risks associated with both tumour- and patient-related factors and to analyse the treatment-related parameters impacting significantly on the patient outcome

  14. 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

  15. 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.

  16. 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...

  17. 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.

  18. 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.

  19. 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..

  20. Gut: An underestimated target organ for Aluminum.

    Science.gov (United States)

    Vignal, C; Desreumaux, P; Body-Malapel, M

    2016-06-01

    Since World War II, several factors such as an impressive industrial growth, an enhanced environmental bioavailability and intensified food consumption have contributed to a significant amplification of human exposure to aluminum. Aluminum is particularly present in food, beverages, some drugs and airbone dust. In our food, aluminum is superimposed via additives and cooking utensils. Therefore, the tolerable intake of aluminum is exceeded for a significant part of the world population, especially in children who are more vulnerable to toxic effects of pollutants than adults. Faced with this oral aluminum influx, intestinal tract is an essential barrier, especially as 38% of ingested aluminum accumulates at the intestinal mucosa. Although still poorly documented to date, the impact of oral exposure to aluminum in conditions relevant to real human exposure appears to be deleterious for gut homeostasis. Aluminum ingestion affects the regulation of the permeability, the microflora and the immune function of intestine. Nowadays, several arguments are consistent with an involvement of aluminum as an environmental risk factor for inflammatory bowel diseases. Copyright © 2016 Elsevier Masson SAS. All rights reserved.

  1. Underestimated clinical features of postadolescent acne.

    Science.gov (United States)

    Capitanio, Bruno; Sinagra, Jo Linda; Bordignon, Valentina; Cordiali Fei, Paola; Picardo, Mauro; Zouboulis, Christos C

    2010-11-01

    Postadolescent acne is usually described as an inflammatory, mild-to-moderate dermatosis, frequently involving the lower third of the face, the jawline, and the neck. However, we have also frequently observed a clinical form predominantly characterized by retention lesions (microcomedones and macrocomedones), with few inflammatory lesions (comedonal postadolescent acne [CPAA]), which appears significantly correlated with cigarette smoking. We sought to investigate the clinical features of postadolescent acne in a group of female patients affected by acne and its relationship with cigarette smoking. A total of 226 women with acne (25-50 years) attending our department were examined by a team of 3 dermatologists, to assess the age of onset of the disease, and the number, type, and distribution of acne lesions. In all, 192 of 226 patients (85.0%) were classified as having CPAA and 34 as having papulopustular postadolescent acne. A smoking habit was confirmed in 150 of 226 (66.3%). Remarkably, 72.9% of patients with CPAA were smokers as compared with only 29.4% of those with papulopustular postadolescent acne (P < .0001). Possible limitations are related to geographic area or to the prevalence of darker skin types (III and IV) (data about skin types have not been collected). Other possible aggravating factors (ie, stress and diet) have not been investigated. According to our results, CPAA appears as the most frequent clinical form of postadolescent acne and seems to be strictly correlated with cigarette smoking. Copyright © 2010 American Academy of Dermatology, Inc. Published by Mosby, Inc. All rights reserved.

  2. 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

  3. 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 ...

  4. 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.

  5. 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...

  6. Some sources of the underestimation of evaluated cross section uncertainties

    International Nuclear Information System (INIS)

    Badikov, S.A.; Gai, E.V.

    2003-01-01

    The problem of the underestimation of evaluated cross-section uncertainties is addressed. Two basic sources of the underestimation of evaluated cross-section uncertainties - a) inconsistency between declared and observable experimental uncertainties and b) inadequacy between applied statistical models and processed experimental data - are considered. Both the sources of the underestimation are mainly a consequence of existence of the uncertainties unrecognized by experimenters. A model of a 'constant shift' is proposed for taking unrecognised experimental uncertainties into account. The model is applied for statistical analysis of the 238 U(n,f)/ 235 U(n,f) reaction cross-section ratio measurements. It is demonstrated that multiplication by sqrt(χ 2 ) as instrument for correction of underestimated evaluated cross-section uncertainties fails in case of correlated measurements. It is shown that arbitrary assignment of uncertainties and correlation in a simple least squares fit of two correlated measurements of unknown mean leads to physically incorrect evaluated results. (author)

  7. Differences between individual and societal health state valuations: any link with personality?

    Science.gov (United States)

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

    2009-08-01

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

  8. 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

  9. 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.

  10. 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.

  11. 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.

  12. 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 ...

  13. 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.

  14. 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.

  15. 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...

  16. 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...

  17. 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...

  18. 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 ...

  19. 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.

  20. 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...

  1. 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.

  2. 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...

  3. 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...

  4. BMI may underestimate the socioeconomic gradient in true obesity

    NARCIS (Netherlands)

    van den Berg, G.; van Eijsden, M.; Vrijkotte, T. G. M.; Gemke, R. J. B. J.

    2013-01-01

    Body mass index (BMI) does not make a distinction between fat mass and lean mass. In children, high fat mass appears to be associated with low maternal education, as well as low lean mass because maternal education is associated with physical activity. Therefore, BMI might underestimate true obesity

  5. Nuclear power plant cost underestimation: mechanisms and corrections

    International Nuclear Information System (INIS)

    Meyer, M.B.

    1984-01-01

    Criticisms of inaccurate nuclear power plant cost estimates have commonly focused upon what factors have caused actual costs to increase and not upon the engineering cost estimate methodology itself. This article describes two major sources of cost underestimation and suggests corrections for each which can be applied while retaining the traditional engineering methodology in general

  6. Uterine radiation dose from open sources: The potential for underestimation

    International Nuclear Information System (INIS)

    Cox, P.H.; Klijn, J.G.M.; Pillay, M.; Bontebal, M.; Schoenfeld, D.H.W.

    1990-01-01

    Recent observations on the biodistribution of a therapeutic dose of sodium iodide I 131 in a patient with an unsuspected early pregnancy lead us to suspect that current dose estimates with respect to uterine exposure (ARSAC 1988) may seriously underestimate the actual exposure of the developing foetus. (orig.)

  7. 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...

  8. 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 ...

  9. 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.

  10. 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

  11. 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

  12. 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.

  13. 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.

  14. 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...

  15. 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.

  16. 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.

  17. 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...

  18. 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...

  19. 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.

  20. 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.

  1. [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

  2. 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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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...

  10. 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...

  11. 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...

  12. Individuals underestimate moderate and vigorous intensity physical activity.

    Directory of Open Access Journals (Sweden)

    Karissa L Canning

    Full Text Available BACKGROUND: It is unclear whether the common physical activity (PA intensity descriptors used in PA guidelines worldwide align with the associated percent heart rate maximum method used for prescribing relative PA intensities consistently between sexes, ethnicities, age categories and across body mass index (BMI classifications. OBJECTIVES: The objectives of this study were to determine whether individuals properly select light, moderate and vigorous intensity PA using the intensity descriptions in PA guidelines and determine if there are differences in estimation across sex, ethnicity, age and BMI classifications. METHODS: 129 adults were instructed to walk/jog at a "light," "moderate" and "vigorous effort" in a randomized order. The PA intensities were categorized as being below, at or above the following %HRmax ranges of: 50-63% for light, 64-76% for moderate and 77-93% for vigorous effort. RESULTS: On average, people correctly estimated light effort as 51.5±8.3%HRmax but underestimated moderate effort as 58.7±10.7%HRmax and vigorous effort as 69.9±11.9%HRmax. Participants walked at a light intensity (57.4±10.5%HRmax when asked to walk at a pace that provided health benefits, wherein 52% of participants walked at a light effort pace, 19% walked at a moderate effort and 5% walked at a vigorous effort pace. These results did not differ by sex, ethnicity or BMI class. However, younger adults underestimated moderate and vigorous intensity more so than middle-aged adults (P<0.05. CONCLUSION: When the common PA guideline descriptors were aligned with the associated %HRmax ranges, the majority of participants underestimated the intensity of PA that is needed to obtain health benefits. Thus, new subjective descriptions for moderate and vigorous intensity may be warranted to aid individuals in correctly interpreting PA intensities.

  13. 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)

  14. 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.

  15. 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

  16. 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...

  17. 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.

  18. 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.

  19. 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

  20. Early-stage valuation of medical devices: the role of developmental uncertainty.

    Science.gov (United States)

    Girling, Alan; Young, Terry; Brown, Celia; Lilford, Richard

    2010-08-01

    At the concept stage, many uncertainties surround the commercial viability of a new medical device. These include the ultimate functionality of the device, the cost of producing it and whether, and at what price, it can be sold to a health-care provider (HCP). Simple assessments of value can be made by estimating such unknowns, but the levels of uncertainty may mean that their operational value for investment decisions is unclear. However, many decisions taken at the concept stage are reversible and will be reconsidered later before the product is brought to market. This flexibility can be exploited to enhance early-stage valuations. To develop a framework for valuing a new medical device at the concept stage that balances benefit to the HCP against commercial costs. This is done within a simplified stage-gated model of the development cycle for new products. The approach is intended to complement existing proposals for the evaluation of the commercial headroom available to new medical products. A model based on two decision gates can lead to lower bounds (underestimates) for product value that can serve to support a decision to develop the product. Quantifiable uncertainty that can be resolved before the device is brought to market will generally enhance early-stage valuations of the device, and this remains true even when some components of uncertainty cannot be fully described. Clinical trials and other evidence-gathering activities undertaken as part of the development process can contribute to early-stage estimates of value.

  1. 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.

  2. Quantifying the underestimation of relative risks from genome-wide association studies.

    Directory of Open Access Journals (Sweden)

    Chris Spencer

    2011-03-01

    Full Text Available Genome-wide association studies (GWAS have identified hundreds of associated loci across many common diseases. Most risk variants identified by GWAS will merely be tags for as-yet-unknown causal variants. It is therefore possible that identification of the causal variant, by fine mapping, will identify alleles with larger effects on genetic risk than those currently estimated from GWAS replication studies. We show that under plausible assumptions, whilst the majority of the per-allele relative risks (RR estimated from GWAS data will be close to the true risk at the causal variant, some could be considerable underestimates. For example, for an estimated RR in the range 1.2-1.3, there is approximately a 38% chance that it exceeds 1.4 and a 10% chance that it is over 2. We show how these probabilities can vary depending on the true effects associated with low-frequency variants and on the minor allele frequency (MAF of the most associated SNP. We investigate the consequences of the underestimation of effect sizes for predictions of an individual's disease risk and interpret our results for the design of fine mapping experiments. Although these effects mean that the amount of heritability explained by known GWAS loci is expected to be larger than current projections, this increase is likely to explain a relatively small amount of the so-called "missing" heritability.

  3. 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...

  4. The underestimated potential of solar energy to mitigate climate change

    Science.gov (United States)

    Creutzig, Felix; Agoston, Peter; Goldschmidt, Jan Christoph; Luderer, Gunnar; Nemet, Gregory; Pietzcker, Robert C.

    2017-09-01

    The Intergovernmental Panel on Climate Change's fifth assessment report emphasizes the importance of bioenergy and carbon capture and storage for achieving climate goals, but it does not identify solar energy as a strategically important technology option. That is surprising given the strong growth, large resource, and low environmental footprint of photovoltaics (PV). Here we explore how models have consistently underestimated PV deployment and identify the reasons for underlying bias in models. Our analysis reveals that rapid technological learning and technology-specific policy support were crucial to PV deployment in the past, but that future success will depend on adequate financing instruments and the management of system integration. We propose that with coordinated advances in multiple components of the energy system, PV could supply 30-50% of electricity in competitive markets.

  5. 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 ...

  6. 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...

  7. 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...

  8. 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

  9. 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...

  10. 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...

  11. 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. ...

  12. 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

  13. 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

  14. 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

  15. 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...

  16. 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

  17. 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...

  18. 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....

  19. 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...

  20. 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

  1. 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.

  2. 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.

  3. 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)

  4. 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. 

  5. 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.

  6. Body Size Estimation from Early to Middle Childhood: Stability of Underestimation, BMI, and Gender Effects

    Directory of Open Access Journals (Sweden)

    Silje Steinsbekk

    2017-11-01

    Full Text Available Individuals who are overweight are more likely to underestimate their body size than those who are normal weight, and overweight underestimators are less likely to engage in weight loss efforts. Underestimation of body size might represent a barrier to prevention and treatment of overweight; thus insight in how underestimation of body size develops and tracks through the childhood years is needed. The aim of the present study was therefore to examine stability in children’s underestimation of body size, exploring predictors of underestimation over time. The prospective path from underestimation to BMI was also tested. In a Norwegian cohort of 6 year olds, followed up at ages 8 and 10 (analysis sample: n = 793 body size estimation was captured by the Children’s Body Image Scale, height and weight were measured and BMI calculated. Overall, children were more likely to underestimate than overestimate their body size. Individual stability in underestimation was modest, but significant. Higher BMI predicted future underestimation, even when previous underestimation was adjusted for, but there was no evidence for the opposite direction of influence. Boys were more likely than girls to underestimate their body size at ages 8 and 10 (age 8: 38.0% vs. 24.1%; Age 10: 57.9% vs. 30.8% and showed a steeper increase in underestimation with age compared to girls. In conclusion, the majority of 6, 8, and 10-year olds correctly estimate their body size (prevalence ranging from 40 to 70% depending on age and gender, although a substantial portion perceived themselves to be thinner than they actually were. Higher BMI forecasted future underestimation, but underestimation did not increase the risk for excessive weight gain in middle childhood.

  7. 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

  8. 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.

  9. 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…

  10. Language issues, an underestimated danger in major hazard control?

    Science.gov (United States)

    Lindhout, Paul; Ale, Ben J M

    2009-12-15

    Language issues are problems with communication via speech, signs, gestures or their written equivalents. They may result from poor reading and writing skills, a mix of foreign languages and other circumstances. Language issues are not picked up as a safety risk on the shop floor by current safety management systems. These safety risks need to be identified, acknowledged, quantified and prioritized in order to allow risk reducing measures to be taken. This study investigates the nature of language issues related danger in literature, by experiment and by a survey among the Seveso II companies in the Netherlands. Based on human error frequencies, and on the contents of accident investigation reports, the risks associated with language issues were ranked. Accident investigation method causal factor categories were found not to be sufficiently representative for the type and magnitude of these risks. Readability of safety related documents used by the companies was investigated and found to be poor in many cases. Interviews among regulators and a survey among Seveso II companies were used to identify the gap between the language issue related dangers found in literature and current best practices. This study demonstrates by means of triangulation with different investigative methods that language issue related risks are indeed underestimated. A recommended coarse of action in order to arrive at appropriate measures is presented.

  11. Flat epithelial atypia and atypical ductal hyperplasia: carcinoma underestimation rate.

    Science.gov (United States)

    Ingegnoli, Anna; d'Aloia, Cecilia; Frattaruolo, Antonia; Pallavera, Lara; Martella, Eugenia; Crisi, Girolamo; Zompatori, Maurizio

    2010-01-01

    This study was carried out to determine the underestimation rate of carcinoma upon surgical biopsy after a diagnosis of flat epithelial atypia and atypical ductal hyperplasia and 11-gauge vacuum-assisted breast biopsy. A retrospective review was conducted of 476 vacuum-assisted breast biopsy performed from May 2005 to January 2007 and a total of 70 cases of atypia were identified. Fifty cases (71%) were categorized as pure atypical ductal hyperplasia, 18 (26%) as pure flat epithelial atypia and two (3%) as concomitant flat epithelial atypia and atypical ductal hyperplasia. Each group were compared with the subsequent open surgical specimens. Surgical biopsy was performed in 44 patients with atypical ductal hyperplasia, 15 patients with flat epithelial atypia, and two patients with flat epithelial atypia and atypical ductal hyperplasia. Five cases of atypical ductal hyperplasia were upgraded to ductal carcinoma in situ, three cases of flat epithelial atypia yielded one ductal carcinoma in situ and two cases of invasive ductal carcinoma, and one case of flat epithelial atypia/atypical ductal hyperplasia had invasive ductal carcinoma. The overall rate of malignancy was 16% for atypical ductal hyperplasia (including flat epithelial atypia/atypical ductal hyperplasia patients) and 20% for flat epithelial atypia. The presence of flat epithelial atypia and atypical ductal hyperplasia at biopsy requires careful consideration, and surgical excision should be suggested.

  12. Are We Underestimating Microplastic Contamination in Aquatic Environments?

    Science.gov (United States)

    Conkle, Jeremy L.; Báez Del Valle, Christian D.; Turner, Jeffrey W.

    2018-01-01

    Plastic debris, specifically microplastic in the aquatic environment, is an escalating environmental crisis. Efforts at national scales to reduce or ban microplastics in personal care products are starting to pay off, but this will not affect those materials already in the environment or those that result from unregulated products and materials. To better inform future microplastic research and mitigation efforts this study (1) evaluates methods currently used to quantify microplastics in the environment and (2) characterizes the concentration and size distribution of microplastics in a variety of products. In this study, 50 published aquatic surveys were reviewed and they demonstrated that most ( 80%) only account for plastics ≥ 300 μm in diameter. In addition, we surveyed 770 personal care products to determine the occurrence, concentration and size distribution of polyethylene microbeads. Particle concentrations ranged from 1.9 to 71.9 mg g-1 of product or 1649 to 31,266 particles g-1 of product. The large majority ( > 95%) of particles in products surveyed were less than the 300 μm minimum diameter, indicating that previous environmental surveys could be underestimating microplastic contamination. To account for smaller particles as well as microfibers from synthetic textiles, we strongly recommend that future surveys consider methods that materials < 300 μm in diameter.

  13. Did the Stern Review underestimate US and global climate damages?

    International Nuclear Information System (INIS)

    Ackerman, Frank; Stanton, Elizabeth A.; Hope, Chris; Alberth, Stephane

    2009-01-01

    The Stern Review received widespread attention for its innovative approach to the economics of climate change when it appeared in 2006, and generated controversies that have continued to this day. One key controversy concerns the magnitude of the expected impacts of climate change. Stern's estimates, based on results from the PAGE2002 model, sounded substantially greater than those produced by many other models, leading several critics to suggest that Stern had inflated his damage figures. We reached the opposite conclusion in a recent application of PAGE2002 in a study of the costs to the US economy of inaction on climate change. This article describes our revisions to the PAGE estimates, and explains our conclusion that the model runs used in the Stern Review may well underestimate US and global damages. Stern's estimates from PAGE2002 implied that mean business-as-usual damages in 2100 would represent just 0.4 percent of GDP for the United States and 2.2 percent of GDP for the world. Our revisions and reinterpretation of the PAGE model imply that climate damages in 2100 could reach 2.6 percent of GDP for the United States and 10.8 percent for the world.

  14. Language issues, an underestimated danger in major hazard control?

    Energy Technology Data Exchange (ETDEWEB)

    Lindhout, Paul, E-mail: plindhout@minszw.nl [Ministry of Social Affairs and Employment, AI-MHC, Anna van Hannoverstraat 4, P.O. Box 90801, 2509 LV The Hague (Netherlands); Ale, Ben J.M. [Delft University of Technology, TBM-Safety Science Group, Jaffalaan 5, 2628 BX Delft (Netherlands)

    2009-12-15

    Language issues are problems with communication via speech, signs, gestures or their written equivalents. They may result from poor reading and writing skills, a mix of foreign languages and other circumstances. Language issues are not picked up as a safety risk on the shop floor by current safety management systems. These safety risks need to be identified, acknowledged, quantified and prioritised in order to allow risk reducing measures to be taken. This study investigates the nature of language issues related danger in literature, by experiment and by a survey among the Seveso II companies in the Netherlands. Based on human error frequencies, and on the contents of accident investigation reports, the risks associated with language issues were ranked. Accident investigation method causal factor categories were found not to be sufficiently representative for the type and magnitude of these risks. Readability of safety related documents used by the companies was investigated and found to be poor in many cases. Interviews among regulators and a survey among Seveso II companies were used to identify the gap between the language issue related dangers found in literature and current best practices. This study demonstrates by means of triangulation with different investigative methods that language issue related risks are indeed underestimated. A recommended coarse of action in order to arrive at appropriate measures is presented.

  15. Language issues, an underestimated danger in major hazard control?

    International Nuclear Information System (INIS)

    Lindhout, Paul; Ale, Ben J.M.

    2009-01-01

    Language issues are problems with communication via speech, signs, gestures or their written equivalents. They may result from poor reading and writing skills, a mix of foreign languages and other circumstances. Language issues are not picked up as a safety risk on the shop floor by current safety management systems. These safety risks need to be identified, acknowledged, quantified and prioritised in order to allow risk reducing measures to be taken. This study investigates the nature of language issues related danger in literature, by experiment and by a survey among the Seveso II companies in the Netherlands. Based on human error frequencies, and on the contents of accident investigation reports, the risks associated with language issues were ranked. Accident investigation method causal factor categories were found not to be sufficiently representative for the type and magnitude of these risks. Readability of safety related documents used by the companies was investigated and found to be poor in many cases. Interviews among regulators and a survey among Seveso II companies were used to identify the gap between the language issue related dangers found in literature and current best practices. This study demonstrates by means of triangulation with different investigative methods that language issue related risks are indeed underestimated. A recommended coarse of action in order to arrive at appropriate measures is presented.

  16. Satellite methods underestimate indirect climate forcing by aerosols

    Science.gov (United States)

    Penner, Joyce E.; Xu, Li; Wang, Minghuai

    2011-01-01

    Satellite-based estimates of the aerosol indirect effect (AIE) are consistently smaller than the estimates from global aerosol models, and, partly as a result of these differences, the assessment of this climate forcing includes large uncertainties. Satellite estimates typically use the present-day (PD) relationship between observed cloud drop number concentrations (Nc) and aerosol optical depths (AODs) to determine the preindustrial (PI) values of Nc. These values are then used to determine the PD and PI cloud albedos and, thus, the effect of anthropogenic aerosols on top of the atmosphere radiative fluxes. Here, we use a model with realistic aerosol and cloud processes to show that empirical relationships for ln(Nc) versus ln(AOD) derived from PD results do not represent the atmospheric perturbation caused by the addition of anthropogenic aerosols to the preindustrial atmosphere. As a result, the model estimates based on satellite methods of the AIE are between a factor of 3 to more than a factor of 6 smaller than model estimates based on actual PD and PI values for Nc. Using ln(Nc) versus ln(AI) (Aerosol Index, or the optical depth times angstrom exponent) to estimate preindustrial values for Nc provides estimates for Nc and forcing that are closer to the values predicted by the model. Nevertheless, the AIE using ln(Nc) versus ln(AI) may be substantially incorrect on a regional basis and may underestimate or overestimate the global average forcing by 25 to 35%. PMID:21808047

  17. Is hyperthyroidism underestimated in pregnancy and misdiagnosed as hyperemesis gravidarum?

    Science.gov (United States)

    Luetic, Ana Tikvica; Miskovic, Berivoj

    2010-10-01

    Thyroid changes are considered to be normal events that happen as a large maternal multiorganic adjustment to pregnancy. However, hyperthyroidism occurs in pregnancy with clinical presentation similar to hyperemesis gravidarum (HG) and pregnancy itself. Moreover, 10% of women with HG will continue to have symptoms throughout the pregnancy suggesting that the underlying cause might not be elevation of human chorionic gonadotropin in the first trimester. Variable frequency of both hyperthyroidism and HG worldwide might suggest the puzzlement of inclusion criteria for both diagnoses enhanced by the alternation of thyroid hormone levels assessed in normal pregnancy. Increased number of hyperthyroidism among women population without the expected rise in gestational hyperthyroidism encouraged us for creating the hypotheses that hyperthyroidism could be underestimated in normal pregnancy and even misdiagnosed as HG. This hypothesis, if confirmed, might have beneficial clinical implications, such as better detection of hyperthyroidism in pregnancies, application of therapy when needed with the reduction of maternal or fetal consequences. Copyright 2010 Elsevier Ltd. All rights reserved.

  18. 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.

  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. 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...

  2. 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...

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

    International Nuclear Information System (INIS)

    Markandya, A.

    1994-01-01

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

  4. Is oral cancer incidence among patients with oral lichen planus/oral lichenoid lesions underestimated?

    Science.gov (United States)

    Gonzalez-Moles, M A; Gil-Montoya, J A; Ruiz-Avila, I; Bravo, M

    2017-02-01

    Oral lichen planus (OLP) and oral lichenoid lesions (OLL) are considered potentially malignant disorders with a cancer incidence of around 1% of cases, although this estimation is controversial. The aim of this study was to analyze the cancer incidence in a case series of patients with OLP and OLL and to explore clinicopathological aspects that may cause underestimation of the cancer incidence in these diseases. A retrospective study was conducted of 102 patients diagnosed with OLP (n = 21, 20.58%) or OLL (n = 81) between January 2006 and January 2016. Patients were informed of the risk of malignization and followed up annually. The number of sessions programmed for each patient was compared with the number actually attended. Follow-up was classified as complete (100% attendance), good (75-99%), moderate (25-74%), or poor (<25% attendance) compliance. Cancer was developed by four patients (3.9%), three males and one male. One of these developed three carcinomas, which were diagnosed at the follow-up visit (two in lower gingiva, one in floor of mouth); one had OLL and the other three had OLP. The carcinoma developed in mucosal areas with no OLP or OLL involvement in three of these patients, while OLP and cancer were diagnosed simultaneously in the fourth. Of the six carcinomas diagnosed, five (83.3%) were T1 and one (16.7%) T2. None were N+, and all patients remain alive and disease-free. The cancer incidence in OLP and OLL appears to be underestimated due to the strict exclusion criteria usually imposed. © 2016 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

  5. Tundra water budget and implications of precipitation underestimation.

    Science.gov (United States)

    Liljedahl, Anna K; Hinzman, Larry D; Kane, Douglas L; Oechel, Walter C; Tweedie, Craig E; Zona, Donatella

    2017-08-01

    Difficulties in obtaining accurate precipitation measurements have limited meaningful hydrologic assessment for over a century due to performance challenges of conventional snowfall and rainfall gauges in windy environments. Here, we compare snowfall observations and bias adjusted snowfall to end-of-winter snow accumulation measurements on the ground for 16 years (1999-2014) and assess the implication of precipitation underestimation on the water balance for a low-gradient tundra wetland near Utqiagvik (formerly Barrow), Alaska (2007-2009). In agreement with other studies, and not accounting for sublimation, conventional snowfall gauges captured 23-56% of end-of-winter snow accumulation. Once snowfall and rainfall are bias adjusted, long-term annual precipitation estimates more than double (from 123 to 274 mm), highlighting the risk of studies using conventional or unadjusted precipitation that dramatically under-represent water balance components. Applying conventional precipitation information to the water balance analysis produced consistent storage deficits (79 to 152 mm) that were all larger than the largest actual deficit (75 mm), which was observed in the unusually low rainfall summer of 2007. Year-to-year variability in adjusted rainfall (±33 mm) was larger than evapotranspiration (±13 mm). Measured interannual variability in partitioning of snow into runoff (29% in 2008 to 68% in 2009) in years with similar end-of-winter snow accumulation (180 and 164 mm, respectively) highlights the importance of the previous summer's rainfall (25 and 60 mm, respectively) on spring runoff production. Incorrect representation of precipitation can therefore have major implications for Arctic water budget descriptions that in turn can alter estimates of carbon and energy fluxes.

  6. THE TEXTBOOK AS A PRODUCT OF SCHOOL GEOGRAPHY: underestimated work?

    Directory of Open Access Journals (Sweden)

    José Eustáquio de Sene

    2014-01-01

    Full Text Available ABSTRACT: This article will address the textbook as a specific cultural production of school disciplines having as reference the theoretical debate that opposed the conceptions of "didactic transposition" (CHEVALLARD, 1997 and "school culture" (CHERVEL, 1990. Based on this debate, characteristic of the curriculum field, this article aims to understand why, historically, the textbook has been underestimated and even considered a "less important work” within the limits of the academy (BITTENCOURT, 2004. The examples used will always be of the Geography discipline – both school and academic, as well as the relations between this two fields – having in mind their "multiplicity of paradigms" (LESTEGÁS, 2002. The analysis will also take into account the historic process of institutionalization of academic Geography based on "Layton’s stages" (GOODSON, 2005. RESUMO: Este artigo abordará o livro didático como uma produção cultural específica das disciplinas escolares tendo como referência o debate teórico que opõem as concepções de “transposição didática” (CHEVALLARD, 1997 e de “cultura escolar” (CHERVEL, 1990. Com base em tal debate, próprio do campo curricular, procurará compreender porque historicamente o livro didático tem sido pouco valorizado e até mesmo considerado uma “obra menor” nos limites da academia (BITTENCOURT, 2004. Os exemplos utilizados serão sempre da disciplina Geografia – tanto a escolar quanto a acadêmica, assim como das relações entre ambas – tendo em vista sua “multiplicidade de paradigmas” (LESTEGÁS, 2002. A análise também levará em conta o histórico processo de institucionalização da Geografia acadêmica com base nos “estágios de Layton” (GOODSON, 2005.

  7. [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.

  8. 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.

  9. 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

  10. 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.

  11. 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 ...

  12. 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...

  13. 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 ...

  14. 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 ...

  15. 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 ...

  16. 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...

  17. 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...

  18. 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.

  19. 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...

  20. 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.

  1. 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.

  2. Equity of cadastral valuation and simplified methods

    Directory of Open Access Journals (Sweden)

    Gianni Guerrieri

    2014-12-01

    Full Text Available Real estate taxation has been intensely debated lately. The main issue concerns the formation of taxable values based on the current cadastral incomes. More specifically, the point is made against the iniquity that the current surveyed values generate in the fiscal system, thus the necessity of overcoming it. It is known that the iniquity depends on the failed revision of valuation fees (related to the two-year period 1988-1989 and on the classification (sometimes still related to the urban cadastral as well as on the modalities used to calculate the taxable basis through the multipliers (the IMU ones, particularly. These are the expression of a conventional (and certainly distorting rate of return procedure which have become tools for the income variation. During the last twenty years, the Government and the Parliament have found the solution to the problem of iniquity in the revision of the current cadastral incomes. Nevertheless, they never managed to start a veritable reform process. In fact, during these years, they have just managed to introduce temporary measures as for instance paragraph 335 e 336 of article 1 of Law 311 of December 30th for the revision of the classification of some territorial backgrounds or of some real estate units, thus managing to control the most evident iniquities. Some other norms were approved in order to conduct remote surveys to identify properties which were never listed in the cadastre office. More than once, other possible suitable solutions have been discussed which could have been, with a fast implementation and low use of resources, a first step towards the recovery of an equity of real estate taxation. Unfortunately, these came out to be temporary measures all the same. Last in order and worth of mention is the Ministry of Economic and Finance document by the Finance and Economy Department (hereinafter MEF named “Ipotesi di revisione del prelievo sugli immobili” (Revision of real estate taxation

  3. Rationale and design of a multicenter prospective cohort study for the eVALuation and monitoring of HPV infections and relATEd cervical diseases in high-risk women (VALHIDATE study)

    International Nuclear Information System (INIS)

    Orlando, Giovanna; Tanzi, Elisabetta; Chatenoud, Liliane; Gramegna, Maria; Rizzardini, Giuliano

    2012-01-01

    Pap screening, an effective method for cervical cancer prevention, is now supported by molecular human papillomavirus (HPV) testing. Recently commercialised preventive vaccines also provide new tools for the primary prevention of cervical cancer. To determine appropriate prevention strategies, the Health General Direction, Lombardy Region, funded a project that aims to characterize and monitor HPV infections and related cervical diseases in high-risk women. VALHIDATE is a 5-year multicentre open prospective cohort study. It will recruit 7000 consenting women aged 13–65 years to provide information about the local biomolecular epidemiology of HPV infection and cervical diseases in high-risk women recruited from nine clinical centres and one faith-based organisation. The study will estimate the overall and type-specific prevalence of HPV infection and cervical abnormalities. It also aims to compare standard Pap screening with biomolecular screening, and to assist in the design of targeted regional prevention programs directed specifically at high-risk groups. Three groups of high-risk women: 1000 HIV-infected women (aged 26–65 years), 1000 recent migrant women (aged 26–65 years) and 3000 young women (aged 13–26 years) and 1 control group: 2000 women (aged 26–45 years) attending a spontaneous screening program, will be recruited. Sample sizes will be revised after the first year. Adult participants will undergo conventional cervical cytology, HPV DNA screening and genotyping. Paediatric participants will undergo HPV DNA testing and genotyping of urine samples. HPV DNA, cytological abnormalities and HPV types will be analysed according to demographic, epidemiological, behavioural, and clinical data collected in an electronic case report form. Overall and stratified prevalences will be estimated to analyse the associations between HPV infection and selected characteristics. Logistic regression models will be used to estimate crude and adjusted odds ratios. Cox

  4. Rationale and design of a multicenter prospective cohort study for the eVALuation and monitoring of HPV infections and relATEd cervical diseases in high-risk women (VALHIDATE study

    Directory of Open Access Journals (Sweden)

    Orlando Giovanna

    2012-05-01

    Full Text Available Abstract Background Pap screening, an effective method for cervical cancer prevention, is now supported by molecular human papillomavirus (HPV testing. Recently commercialised preventive vaccines also provide new tools for the primary prevention of cervical cancer. To determine appropriate prevention strategies, the Health General Direction, Lombardy Region, funded a project that aims to characterize and monitor HPV infections and related cervical diseases in high-risk women. Methods/design VALHIDATE is a 5-year multicentre open prospective cohort study. It will recruit 7000 consenting women aged 13–65 years to provide information about the local biomolecular epidemiology of HPV infection and cervical diseases in high-risk women recruited from nine clinical centres and one faith-based organisation. The study will estimate the overall and type-specific prevalence of HPV infection and cervical abnormalities. It also aims to compare standard Pap screening with biomolecular screening, and to assist in the design of targeted regional prevention programs directed specifically at high-risk groups. Three groups of high-risk women: 1000 HIV-infected women (aged 26–65 years, 1000 recent migrant women (aged 26–65 years and 3000 young women (aged 13–26 years and 1 control group: 2000 women (aged 26–45 years attending a spontaneous screening program, will be recruited. Sample sizes will be revised after the first year. Adult participants will undergo conventional cervical cytology, HPV DNA screening and genotyping. Paediatric participants will undergo HPV DNA testing and genotyping of urine samples. HPV DNA, cytological abnormalities and HPV types will be analysed according to demographic, epidemiological, behavioural, and clinical data collected in an electronic case report form. Overall and stratified prevalences will be estimated to analyse the associations between HPV infection and selected characteristics. Logistic regression models

  5. 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

  6. Death certificates underestimate infections as proximal causes of death in the U.S.

    Directory of Open Access Journals (Sweden)

    Sushant Govindan

    Full Text Available Death certificates are a primary data source for assessing the population burden of diseases; however, there are concerns regarding their accuracy. Diagnosis-Related Group (DRG coding of a terminal hospitalization may provide an alternative view. We analyzed the rate and patterns of disagreement between death certificate data and hospital claims for patients who died during an inpatient hospitalization.We studied respondents from the Health and Retirement Study (a nationally representative sample of older Americans who had an inpatient death documented in the linked Medicare claims from 1993-2007. Causes of death abstracted from death certificates were aggregated to the standard National Center for Health Statistics List of 50 Rankable Causes of Death. Centers for Medicare and Medicaid Services (CMS-DRGs were manually aggregated into a parallel classification. We then compared the two systems via 2×2, focusing on concordance. Our primary analysis was agreement between the two data sources, assessed with percentages and Cohen's kappa statistic.2074 inpatient deaths were included in our analysis. 36.6% of death certificate cause-of-death codes agreed with the reason for the terminal hospitalization in the Medicare claims at the broad category level; when re-classifying DRGs without clear alignment as agreements, the concordance only increased to 61%. Overall Kappa was 0.21, or "fair." Death certificates in this cohort redemonstrated the conventional top 3 causes of death as diseases of the heart, malignancy, and cerebrovascular disease. However, hospitalization claims data showed infections, diseases of the heart, and cerebrovascular disease as the most common diagnoses for the same terminal hospitalizations.There are significant differences between Medicare claims and death certificate data in assigning cause of death for inpatients. The importance of infections as proximal causes of death is underestimated by current death certificate

  7. 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.

  8. Bacteriophages : an underestimated role in human and animal health ?

    Directory of Open Access Journals (Sweden)

    Marianne eDe Paepe

    2014-03-01

    Full Text Available Metagenomic approaches applied to viruses have highlighted their prevalence in almost all microbial ecosystems investigated. In all ecosystems, notably those associated with humans or animals, the viral fraction is dominated by bacteriophages. Whether they contribute to dysbiosis, i.e. the departure from microbiota composition in symbiosis at equilibrium and entry into a state favoring human or animal disease is unknown at present. This review summarizes what has been learnt on phages associated with human and animal microbiota, and focuses on examples illustrating the several ways by which phages may contribute to a shift to pathogenesis, either by modifying population equilibrium, by horizontal transfer, or by modulating immunity.

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

    Science.gov (United States)

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

    2018-04-01

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

  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 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.

  12. VALUATION FOR BIOLOGICAL ASSETS WITH HISTORICAL COST ACCOUNTING OR FAIR VALUE ACCOUNTING ?

    OpenAIRE

    Valentin Gabriel CRISTEA

    2017-01-01

    The valuation for biological assets is regulated by IAS 41. Interesting debate is what valuation models it is better to use: historical cost accounting or fair value accounting? I will discuss advantages and disadvantages in this case.

  13. VALUATION FOR BIOLOGICAL ASSETS WITH HISTORICAL COST ACCOUNTING OR FAIR VALUE ACCOUNTING ?

    Directory of Open Access Journals (Sweden)

    Valentin Gabriel CRISTEA

    2017-05-01

    Full Text Available The valuation for biological assets is regulated by IAS 41. Interesting debate is what valuation models it is better to use: historical cost accounting or fair value accounting? I will discuss advantages and disadvantages in this case.

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

    OpenAIRE

    Nijnik,Maria; Miller,David

    2017-01-01

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

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

    OpenAIRE

    Zhang, Huan Ran

    2006-01-01

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

  16. The problem of accounting methods in connection to company valuation

    Directory of Open Access Journals (Sweden)

    Michaela Beranová

    2013-01-01

    Full Text Available Valuation of a company is not only a calculation but it represents complex set of processes which are mutually interconnected and which are more or less important in the process of company valuation in dependence of the value category inquired. One of these processes is the financial analysis which objective is not only to prove, subsequently the strategic analysis, going concern of a company, but its outcomes are the starting-point of financial plan preparation that is needed in order to apply income-based methods of company valuation. It is generally accepted that results of financial ratios differ in implications of applied accounting methods. The objective of this paper is to frame an influence of accounting methods on the income-based value of a company while the stress is put on the methods of inventory measurement in the context of both, in context of the Czech accounting law as well as of the International Financial Reporting Standards.

  17. Valuation of Inventories Considering the Fair Value Options

    Directory of Open Access Journals (Sweden)

    Deaconu Adela

    2008-04-01

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

  18. Gas Storage Valuation and Hedging: A Quantification of Model Risk

    Directory of Open Access Journals (Sweden)

    Patrick Hénaff

    2018-03-01

    Full Text Available This paper focuses on the valuation and hedging of gas storage facilities, using a spot-based valuation framework coupled with a financial hedging strategy implemented with futures contracts. The contributions of this paper are two-fold. Firstly, we propose a model that unifies the dynamics of the futures curve and spot price, and accounts for the main stylized facts of the US natural gas market such as seasonality and the presence of price spikes in the spot market. Secondly, we evaluate the associated model risk, and show not only that the valuation is strongly dependent upon the dynamics of the spot price, but more importantly that the hedging strategy commonly used in the industry leaves the storage operator with significant residual price risk.

  19. CORPORATE VALUATION USING TWO-DIMENSIONAL MONTE CARLO SIMULATION

    Directory of Open Access Journals (Sweden)

    Toth Reka

    2010-12-01

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

  20. q-Gaussian distributions of leverage returns, first stopping times, and default risk valuations

    Science.gov (United States)

    Katz, Yuri A.; Tian, Li

    2013-10-01

    We study the probability distributions of daily leverage returns of 520 North American industrial companies that survive de-listing during the financial crisis, 2006-2012. We provide evidence that distributions of unbiased leverage returns of all individual firms belong to the class of q-Gaussian distributions with the Tsallis entropic parameter within the interval 1distributions imply a much higher probability of extreme movements in a company’s leverage ratio than forecasted by the normal distribution (q=1). Motivated by these findings, we develop a q-Gaussian generalization of traditional structural models of default. Derived exact analytical expressions for the probability distribution of a first stopping time and its intensity forecast significantly higher probability of default and much wider credit spreads at short time-horizons. Our findings are broadly consistent with the results of empirical studies in equity markets and are essential for single-name default forecasting as well as valuations of portfolio credit risk and economic capital, which might be underestimated by a classic theory of diversified portfolio optimization.

  1. 43 CFR 30.152 - May the parties to an agreement waive valuation of trust property?

    Science.gov (United States)

    2010-10-01

    ... valuation of trust property? 30.152 Section 30.152 Public Lands: Interior Office of the Secretary of the... parties to an agreement waive valuation of trust property? The parties to a settlement agreement or a consolidation agreement may waive valuation of trust property otherwise required by regulation or the Secretary...

  2. 26 CFR 25.2512-1 - Valuation of property; in general.

    Science.gov (United States)

    2010-04-01

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

  3. 7 CFR 4290.503 - RBIC's adoption of an approved valuation policy.

    Science.gov (United States)

    2010-01-01

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

  4. 13 CFR 107.503 - Licensee's adoption of an approved valuation policy.

    Science.gov (United States)

    2010-01-01

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

  5. 76 FR 71491 - Gross Estate; Election to Value on Alternate Valuation Date

    Science.gov (United States)

    2011-11-18

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

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

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

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

  7. Addiction: an underestimated problem in psoriasis health care.

    Science.gov (United States)

    Zink, A; Herrmann, M; Fischer, T; Lauffer, F; Garzorz-Stark, N; Böhner, A; Spinner, C D; Biedermann, T; Eyerich, K

    2017-08-01

    Psoriasis is a disease of enormous socio-economic impact. Despite approval of numerous highly efficient and costly therapies, a minor proportion of severely affected patients actually receives sufficient treatment. To investigate whether addictions are associated with psoriasis and to develop evidence-based recommendations for dermatologists in their daily clinical practice in order to improve medical assessment of psoriasis and patients' quality of life. Psoriasis patients at the University Department of Dermatology were asked to fill out a paper-based self-reported anonymous questionnaire with 92 questions of validated screening tests for the six most common addictions in Germany (alcohol, nicotine, drugs and illegal drugs, gambling, food). Body weight and height as well as current Psoriasis Area and Severity Index (PASI) were documented as well. Between October 2015 and February 2016, 102 patients (65 males, 37 females; mean age 49.7 years (SD 13.4), range 18-83 years) participated in the study. Fifty-seven of the 102 patients showed addictive behaviour. Of these, 23.8% were high-risk drinkers, 41% regular smokers, 11% at risk of drug abuse, 4.1% at risk of food dependency and 19% compulsive gamblers. Compared with the general population, these results are significantly higher for alcohol abuse (P < 0.005), nicotine (P < 0.001) and gambling (P < 0.001). Body mass index was significantly higher in the study population (P < 0.001). Addictions and gambling are more prevalent in patients with psoriasis compared with the general population. Respective screening measures are recommended in daily practice for doctors treating psoriasis patients, and PeakPASI is suggested as a score to document patients' lifetime highest PASI. Parallel to new drug approvals and even more detailed insights into the pathomechanism of psoriasis, public health strategies and interdisciplinary approaches are essential for a general sustained psoriasis treatment. © 2017 European Academy of

  8. Obliterative portal venopathy without portal hypertension: an underestimated condition.

    Science.gov (United States)

    Guido, Maria; Sarcognato, Samantha; Sonzogni, Aurelio; Lucà, Maria Grazia; Senzolo, Marco; Fagiuoli, Stefano; Ferrarese, Alberto; Pizzi, Marco; Giacomelli, Luciano; Colloredo, Guido

    2016-03-01

    Obliterative portal venopathy without portal hypertension has been described by a single study in a limited number of patients, thus very little is known about this clinical condition. This study aimed to investigate the prevalence of obliterative portal venopathy and its clinical-pathological correlations in patients with cryptogenic chronic liver test abnormalities without clinical signs of portal hypertension. We analysed 482 liver biopsies from adults with non-cirrhotic cryptogenic chronic liver disorders and without any clinical signs of portal hypertension, consecutively enrolled in a 5-year period. Twenty cases of idiopathic non-cirrhotic portal hypertension diagnosed in the same period, were included for comparison. Histological findings were matched with clinical and laboratory features. Obliterative portal venopathy was identified in 94 (19.5%) of 482 subjects and in all 20 cases of idiopathic non-cirrhotic portal hypertension: both groups shared the entire spectrum of histological changes described in the latter condition. The prevalence of incomplete fibrous septa and nodular regenerative hyperplasia was higher in the biopsies of idiopathic non-cirrhotic portal hypertension (P = 0.006 and P = 0.002), a possible hint of a more advanced stage of the disease. The two groups also shared several clinical laboratory features, including a similar liver function test profile, concomitant prothrombotic conditions and extrahepatic autoimmune disorders. Obliterative portal venopathy occurs in a substantial proportion of patients with unexplained chronic abnormal liver function tests without portal hypertension. The clinical-pathological profile of these subjects suggests that they may be in an early (non-symptomatic) stage of idiopathic non-cirrhotic portal hypertension. © 2015 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

  9. Option Valuation with Observable Volatility and Jump Dynamics

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

    Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

  10. Option Valuation with Observable Volatility and Jump Dynamics

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

    2015-01-01

    Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

  11. Mineral resources of Slovakia, questions of classification and valuation

    Directory of Open Access Journals (Sweden)

    Baláž Peter

    1999-06-01

    Full Text Available According to the Constitution of Slovak Republic, mineral resources of Slovakia are in the ownership of Slovak Republic. In 1997, 721 exclusive mineral deposits of mineral fuels, metals and industrial minerals were registered in Slovakia. The classification for economic and uneconomic reserves/resources requires an annual updating, concerning changes of market mineral prices and mine production costs. In terms of economic valuation of mineral resources, a new United Nations international classification for reserves/resources appears as a perspective alternative. Changes of geological and mining legislation are necessary for real valuation of Slovak mineral resources.

  12. Reliability of Level Three Valuations and Credit Crisis

    Directory of Open Access Journals (Sweden)

    Arber Hoti

    2012-02-01

    Full Text Available This research paper evaluates the impact of levelthree valuations in accordance with FAS157 and its impact on investors, auditors’ work, and valuation. The objective of this research is todemonstrate that the fair value measurements shouldnot be suspended. The standards provide formeasurement of fair value in all market conditions.Therefore, level 3 measurements or mark-to-model is an answer for many issuers that are not sure how to measure their assets and liabilities at thefair value. The paper concludes that fair value measurement has not caused the current crisis and hasno pro-cyclical effect and suggests several recommendations for policy makers and regulators.

  13. Application of monetary valuation in Life Cycle Assessment

    DEFF Research Database (Denmark)

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

    Monetary valuation, or monetarisation, is the determination of the economic value of non-market goods, i.e. goods for which no market exists. Although monetary valuation has a great potential to be applied in Life Cycle Assessment (LCA), in particular in the weighting phase, several challenges...... for LCA. For the two surveys, the total number of respondents was 209. The critial review showed that observed- and revealed-preference methods and the abatement cost method have limited applicability in LCA, whereas the conjoint analysis method and the budget constraint method are the best options...

  14. A concept for biological valuation in the marine environment

    Directory of Open Access Journals (Sweden)

    Eric Willem Maria Stienen

    2007-03-01

    Full Text Available In order to develop management strategies for sustainable useand conservation in the marine environment, reliable and meaningful,but integrated ecological information is needed. Biological valuationmaps that compile and summarize all available biological andecological information for a study area, and that allocate anoverall biological value to subzones, can be used as baselinemaps for future spatial planning at sea. This paper providesa concept for marine biological valuation which is based on aliterature review of existing valuation criteria and the consensusreached by a discussion group of experts.

  15. On a Generalized Squared Gaussian Diffusion Model for Option Valuation

    Directory of Open Access Journals (Sweden)

    Edeki S.O.

    2017-01-01

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

  16. 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.

  17. The Perception of Time Is Underestimated in Adolescents With Anorexia Nervosa

    Directory of Open Access Journals (Sweden)

    Carmelo M. Vicario

    2018-04-01

    Full Text Available Research has revealed reduced temporal discounting (i.e., increased capacity to delay reward and altered interoceptive awareness in anorexia nervosa (AN. In line with the research linking temporal underestimation with a reduced tendency to devalue a reward and reduced interoceptive awareness, we tested the hypothesis that time duration might be underestimated in AN. Our findings revealed that patients with AN displayed lower timing accuracy in the form of timing underestimation compared with controls. These results were not predicted by clinical, demographic factors, attention, and working memory performance of the participants. The evidence of a temporal underestimation bias in AN might be clinically relevant to explain their abnormal motivation in pursuing a long-term restrictive diet, in line with the evidence that increasing the subjective temporal proximity of remote future goals can boost motivation and the actual behavior to reach them.

  18. Stress Underestimation and Mental Health Outcomes in Male Japanese Workers: a 1-Year Prospective Study.

    Science.gov (United States)

    Izawa, Shuhei; Nakamura-Taira, Nanako; Yamada, Kosuke Chris

    2016-12-01

    Being appropriately aware of the extent of stress experienced in daily life is essential in motivating stress management behaviours. Excessive stress underestimation obstructs this process, which is expected to exert adverse effects on health. We prospectively examined associations between stress underestimation and mental health outcomes in Japanese workers. Web-based surveys were conducted twice with an interval of 1 year on 2359 Japanese male workers. Participants were asked to complete survey items concerning stress underestimation, depressive symptoms, sickness absence, and antidepressant use. Multiple logistic regression analysis revealed that high baseline levels of 'overgeneralization of stress' and 'insensitivity to stress' were significantly associated with new-onset depressive symptoms (OR = 2.66 [95 % CI, 1.54-4.59], p stress underestimation, including stress insensitivity and the overgeneralization of stress, could exert adverse effects on mental health.

  19. The Perception of Time Is Underestimated in Adolescents With Anorexia Nervosa.

    Science.gov (United States)

    Vicario, Carmelo M; Felmingham, Kim

    2018-01-01

    Research has revealed reduced temporal discounting (i.e., increased capacity to delay reward) and altered interoceptive awareness in anorexia nervosa (AN). In line with the research linking temporal underestimation with a reduced tendency to devalue a reward and reduced interoceptive awareness, we tested the hypothesis that time duration might be underestimated in AN. Our findings revealed that patients with AN displayed lower timing accuracy in the form of timing underestimation compared with controls. These results were not predicted by clinical, demographic factors, attention, and working memory performance of the participants. The evidence of a temporal underestimation bias in AN might be clinically relevant to explain their abnormal motivation in pursuing a long-term restrictive diet, in line with the evidence that increasing the subjective temporal proximity of remote future goals can boost motivation and the actual behavior to reach them.

  20. Automated Volumetric Mammographic Breast Density Measurements May Underestimate Percent Breast Density for High-density Breasts

    NARCIS (Netherlands)

    Rahbar, K.; Gubern Merida, A.; Patrie, J.T.; Harvey, J.A.

    2017-01-01

    RATIONALE AND OBJECTIVES: The purpose of this study was to evaluate discrepancy in breast composition measurements obtained from mammograms using two commercially available software methods for systematic trends in overestimation or underestimation compared to magnetic resonance-derived

  1. Stress underestimation and mental health literacy of depression in Japanese workers: A cross-sectional study.

    Science.gov (United States)

    Nakamura-Taira, Nanako; Izawa, Shuhei; Yamada, Kosuke Chris

    2018-04-01

    Appropriately estimating stress levels in daily life is important for motivating people to undertake stress-management behaviors or seek out information on stress management and mental health. People who exhibit high stress underestimation might not be interested in information on mental health, and would therefore have less knowledge of it. We investigated the association between stress underestimation tendency and mental health literacy of depression (i.e., knowledge of the recognition, prognosis, and usefulness of resources of depression) in Japanese workers. We cross-sectionally surveyed 3718 Japanese workers using a web-based questionnaire on stress underestimation, mental health literacy of depression (vignettes on people with depression), and covariates (age, education, depressive symptoms, income, and worksite size). After adjusting for covariates, high stress underestimation was associated with greater odds of not recognizing depression (i.e., choosing anything other than depression). Furthermore, these individuals had greater odds of expecting the case to improve without treatment and not selecting useful sources of support (e.g. talk over with friends/family, see a psychiatrist, take medication, see a counselor) compared to those with moderate stress underestimation. These relationships were all stronger among males than among females. Stress underestimation was related to poorer mental health literacy of depression. Copyright © 2018 Elsevier B.V. All rights reserved.

  2. 26 CFR 1.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

    Science.gov (United States)

    2010-04-01

    ... § 1.664-4 with respect to the valuation of the remainder interest in property transferred to a... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Valuation of annuities, unitrust interests... TAX (CONTINUED) INCOME TAXES General Actuarial Valuations § 1.7520-1 Valuation of annuities, unitrust...

  3. 26 CFR 20.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

    Science.gov (United States)

    2010-04-01

    ... § 1.664-4 of this chapter with respect to the valuation of the remainder interest in property... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of annuities, unitrust interests... Valuations § 20.7520-1 Valuation of annuities, unitrust interests, interests for life or terms of years, and...

  4. Option Valuation with Conditional Heteroskedasticity and Non-Normality

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Elkamhi, Redouane; Feunou, Bruno

    the option smirk. We analyze a class of equivalent martingale measures for which the resulting risk-neutral return dynamics are from the same family of distributions as the physical return dynamics. In this case, our framework nests the valuation results obtained by Duan (1995) and Heston and Nandi (2000...

  5. Option valuation with the simplified component GARCH model

    DEFF Research Database (Denmark)

    Dziubinski, Matt P.

    We introduce the Simplified Component GARCH (SC-GARCH) option pricing model, show and discuss sufficient conditions for non-negativity of the conditional variance, apply it to low-frequency and high-frequency financial data, and consider the option valuation, comparing the model performance...

  6. Support en suivi et évaluation (Acacia) | IDRC - International ...

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

    information en Afrique) cherche à intégrer un processus évaluatif dans ses activités et dans celles de ses partenaires. Ce projet vise à susciter l'intérêt de ses partenaires d'un système de suivi-évaluation orienté vers d'apprentissage. Le projet sera ...

  7. Environmental Economics for Watershed Restoration: Valuation for Non-Economists

    Science.gov (United States)

    EPA economists completed research projects and summarized related valuation methods and case studies, mostly dealing with acid mine drainage. Their recent book (edited by Thurston, et al.) is intended to make stakeholders more comfortable talking about economic jargon and to info...

  8. Semantically rich 3D building and cadastral models for valuation

    NARCIS (Netherlands)

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

    2014-01-01

    Valuation of real estate/ properties is in many countries/ cities the basis for fair taxation. The value depends on many aspects, including the physical real world aspects (geometries, material of object as build) and legal/virtual aspects (rights, restrictions, responsibilities, zoning/development

  9. Financial accounting as a method of household finance capacity valuation

    Directory of Open Access Journals (Sweden)

    A. B. Untanov

    2017-01-01

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

  10. Integrating Sustainability into the Real Estate Valuation Process: A ...

    African Journals Online (AJOL)

    This paper sought the perception of Nigerian real estate valuers on sustainable development and how sustainability can be integrated into the real estate valuation process in Nigeria. One hundred and sixty Estate Surveyors and Valuers were asked, among others, to rate the significance of a range of sustainability features ...

  11. Beyond Level 4: Tying HPT to Valuation of Intangible Assets.

    Science.gov (United States)

    Gayeski, Diane

    2001-01-01

    Considers how human performance technology (HPT) can achieve greater recognition in the mainstream business world by developing interventions that are framed in terms of enhancing the overall valuation of the organization's intangible assets. Discusses a consulting model that can be used with clients and stakeholders to identify barriers to…

  12. Separate valuation subsystems for delay and effort decision costs.

    Science.gov (United States)

    Prévost, Charlotte; Pessiglione, Mathias; Météreau, Elise; Cléry-Melin, Marie-Laure; Dreher, Jean-Claude

    2010-10-20

    Decision making consists of choosing among available options on the basis of a valuation of their potential costs and benefits. Most theoretical models of decision making in behavioral economics, psychology, and computer science propose that the desirability of outcomes expected from alternative options can be quantified by utility functions. These utility functions allow a decision maker to assign subjective values to each option under consideration by weighting the likely benefits and costs resulting from an action and to select the one with the highest subjective value. Here, we used model-based neuroimaging to test whether the human brain uses separate valuation systems for rewards (erotic stimuli) associated with different types of costs, namely, delay and effort. We show that humans devalue rewards associated with physical effort in a strikingly similar fashion to those they devalue that are associated with delays, and that a single computational model derived from economics theory can account for the behavior observed in both delay discounting and effort discounting. However, our neuroimaging data reveal that the human brain uses distinct valuation subsystems for different types of costs, reflecting in opposite fashion delayed reward and future energetic expenses. The ventral striatum and the ventromedial prefrontal cortex represent the increasing subjective value of delayed rewards, whereas a distinct network, composed of the anterior cingulate cortex and the anterior insula, represent the decreasing value of the effortful option, coding the expected expense of energy. Together, these data demonstrate that the valuation processes underlying different types of costs can be fractionated at the cerebral level.

  13. An Overview of Intellectual Property and Intangible Asset Valuation Models

    Science.gov (United States)

    Matsuura, Jeffrey H.

    2004-01-01

    This paper reviews the economic models most commonly applied to estimate the value of intellectual property and other forms of intangible assets. It highlights the key strengths and weaknesses of these models. One of the apparent weaknesses of the most commonly used valuation models is the failure to incorporate legal rights into their…

  14. A state-space model for residential real estate valuation

    NARCIS (Netherlands)

    Francke, M.

    2010-01-01

    All property in the Netherlands has to be appraised yearly. Yearly valuation has only been made possible with the help of models. The number of real estate appraisers is simply too small to value the more than 7 million residential properties. This paper describes the statistical model that is used

  15. Property Valuation: Integration of Methods and Determination of Depreciation

    NARCIS (Netherlands)

    Tempelmans Plat, H.; Verhaegh, M.

    2000-01-01

    Property valuation up to now is a global guess. On the one hand we have the Investment Method which regards a property as just a sum of money, on the other hand we have the Contractor's Method which is based on the actual new construction costs of the building and the actual value of the land. Both

  16. 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

  17. Embalse nuclear power plant and heavy water valuation

    International Nuclear Information System (INIS)

    Martin, Daniel 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 valued by the cash-flow method. The Embalse nuclear power plant replacement value is of U$S 1.593.538.000. (author) [es

  18. 26 CFR 1.471-2 - Valuation of inventories.

    Science.gov (United States)

    2010-04-01

    ...-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Inventories § 1.471-2 Valuation of inventories. (a) Section 471 provides two tests...-5.) Any goods in an inventory which are unsalable at normal prices or unusable in the normal way...

  19. 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

  20. Directional heterogeneity in WTP models for environmental valuation

    NARCIS (Netherlands)

    Schaafsma, M.; Brouwer, R.; Rose, J.

    2012-01-01

    Many studies in the stated preference literature on environmental valuation do not include the effects of substitutes and distance in willingness-to-pay (WTP) models, in spite of the relevance of these effects in aggregation and benefit transfer. Heterogeneity in the availability of substitutes over

  1. 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.

  2. 7 CFR 3015.53 - Valuation of donated services.

    Science.gov (United States)

    2010-01-01

    ... for volunteer services should be consistent with those regular rates paid for similar work in the same....53 Valuation of donated services. (a) Volunteer services. Unpaid services provided to a recipient by an individual shall be valued at rates consistent with the rates normally paid for similar work in...

  3. Valuation of Real Options as Competitive Prototyping in System Development

    Science.gov (United States)

    2014-07-01

    hedge technology investment risk (Benaroch, 2001), and application to design modularity (Baldwin & Clark, 2000), research and development resource...Valuation Models assume that: (a) future asset behavior and value conform to well-defined processes, (b) markets are complete and arbitrage opportunities

  4. 17 CFR 210.12-09 - Valuation and qualifying accounts.

    Science.gov (United States)

    2010-04-01

    ... period Column C—Additions (1)—Charged to costs and expenses (2)—Charged to other accounts—describe Column... qualifying accounts and reserves by descriptive title. Group (a) those valuation and qualifying accounts... accounts. 210.12-09 Section 210.12-09 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION...

  5. Is embedding entailed in consumer valuation of food safety characteristics?

    DEFF Research Database (Denmark)

    Mørkbak, Morten Raun; Christensen, Tove; Gyrd-Hansen, Dorte

    2011-01-01

    Consumers' preferences for food safety characteristics are investigated with a particular focus on the existence of an embedding effect. Embedding exists if consumer valuation of food safety is insensitive to scope. We conduct between-attribute external tests for embedding in two choice experiments...

  6. Essays on valuation and risk management for insurers

    NARCIS (Netherlands)

    Plat, H.J.

    2011-01-01

    In recent years there has been increasing attention of the insurance industry for market consistent valuation of insurance liabilities and the quantification of insurance risks. Important drivers of this development are the new regulatory requirements resulting from the introduction of IFRS 4 Phase

  7. 31 CFR 223.9 - Valuation of assets and liabilities.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Valuation of assets and liabilities. 223.9 Section 223.9 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING BUSINESS...

  8. On the Payoff Valuations of Investment Strategies: A Case of ...

    African Journals Online (AJOL)

    We also determine among the companies, which of them yield the highest returns at time t. We find that investors may not invest in some of the companies as a result of poor performance that arises from the high risk involve in the investments. Keywords: Payoff valuation; Investment strategy; Stock price; Stochastic.

  9. Financial accounting as a method of household finance capacity valuation

    OpenAIRE

    A. B. Untanov

    2017-01-01

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

  10. Spatial scales, stakeholders and the valuation of ecosystem services

    NARCIS (Netherlands)

    Hein, L.G.; Koppen, van C.S.A.; Groot, de R.S.; Ierland, van E.C.

    2006-01-01

    Since the late 1960s, the valuation of ecosystem services has received ample attention in scientific literature. However, to date, there has been relatively little elaboration of the various spatial and temporal scales at which ecosystem services are supplied. This paper analyzes the spatial scales

  11. Valuation of design adaptability in aerospace systems

    Science.gov (United States)

    Fernandez Martin, Ismael

    As more information is brought into early stages of the design, more pressure is put on engineers to produce a reliable, high quality, and financially sustainable product. Unfortunately, requirements established at the beginning of a new project by customers, and the environment that surrounds them, continue to change in some unpredictable ways. The risk of designing a system that may become obsolete during early stages of production is currently tackled by the use of robust design simulation, a method that allows to simultaneously explore a plethora of design alternatives and requirements with the intention of accounting for uncertain factors in the future. Whereas this design technique has proven to be quite an improvement in design methods, under certain conditions, it fails to account for the change of uncertainty over time and the intrinsic value embedded in the system when certain design features are activated. This thesis introduces the concepts of adaptability and real options to manage risk foreseen in the face of uncertainty at early design stages. The method described herein allows decision-makers to foresee the financial impact of their decisions at the design level, as well as the final exposure to risk. In this thesis, cash flow models, traditionally used to obtain the forecast of a project's value over the years, were replaced with surrogate models that are capable of showing fluctuations on value every few days. This allowed a better implementation of real options valuation, optimization, and strategy selection. Through the option analysis model, an optimization exercise allows the user to obtain the best implementation strategy in the face of uncertainty as well as the overall value of the design feature. Here implementation strategy refers to the decision to include a new design feature in the system, after the design has been finalized, but before the end of its production life. The ability to do this in a cost efficient manner after the system

  12. Parental and Child Factors Associated with Under-Estimation of Children with Excess Weight in Spain.

    Science.gov (United States)

    de Ruiter, Ingrid; Olmedo-Requena, Rocío; Jiménez-Moleón, José Juan

    2017-11-01

    Objective Understanding obesity misperception and associated factors can improve strategies to increase obesity identification and intervention. We investigate underestimation of child excess weight with a broader perspective, incorporating perceptions, views, and psychosocial aspects associated with obesity. Methods This study used cross-sectional data from the Spanish National Health Survey in 2011-2012 for children aged 2-14 years who are overweight or obese. Percentages of parental misperceived excess weight were calculated. Crude and adjusted analyses were performed for both child and parental factors analyzing associations with underestimation. Results Two-five year olds have the highest prevalence of misperceived overweight or obesity around 90%. In the 10-14 year old age group approximately 63% of overweight teens were misperceived as normal weight and 35.7 and 40% of obese males and females. Child gender did not affect underestimation, whereas a younger age did. Aspects of child social and mental health were associated with under-estimation, as was short sleep duration. Exercise, weekend TV and videogames, and food habits had no effect on underestimation. Fathers were more likely to misperceive their child´s weight status; however parent's age had no effect. Smokers and parents with excess weight were less likely to misperceive their child´s weight status. Parents being on a diet also decreased odds of underestimation. Conclusions for practice This study identifies some characteristics of both parents and children which are associated with under-estimation of child excess weight. These characteristics can be used for consideration in primary care, prevention strategies and for further research.

  13. Occupational allergic diseases in kitchen and health care workers: an underestimated health issue.

    Science.gov (United States)

    Bilge, Ugur; Unluoglu, Ilhami; Son, Nazan; Keskin, Ahmet; Korkut, Yasemin; Unalacak, Murat

    2013-01-01

    This study evaluated the frequencies of allergic symptoms and rate of upper respiratory infections during the past year in the general population, kitchen workers (KW) and health care workers (HCW). The European Community Respiratory Health Survey (ECRHS) was used to inquire retrospectively about asthma and asthma-like symptoms and the number of treatments required for previous upper respiratory tract infections (URTI: acute pharyngitis, acute sinusitis, etc.) during the past year for health care workers, kitchen workers, and members of the general population. Adjusted odds ratios by gender, age, and smoking status were calculated. 579 subjects (186 from the general population, 205 KW, and 188 HCW; 263 females, 316 males) participated in the study. Noninfectious (allergic) rhinitis was significantly higher in the HCW and KW groups than in the general population (P issue. Health care providers should become familiar with workplace environments and environmental causes of occupational rhinitis and asthma.

  14. Fungal Peritonitis: Underestimated Disease in Critically Ill Patients with Liver Cirrhosis and Spontaneous Peritonitis.

    Science.gov (United States)

    Lahmer, Tobias; Brandl, Andreas; Rasch, Sebastian; Schmid, Roland M; Huber, Wolfgang

    2016-01-01

    Spontaneous peritonitis, especially spontaneous fungal peritonitis (SFP), is an important and potentially fatal complication in patients with endstage liver disaese. We evaluated potential risk factors, microbiological findings, and outcome of patients with SFP compared to spontaneous bacterial peritonitis (SBP) in critically ill patients. Retrospective analyses of critically ill patients with suspected spontaneous peritonitis. Out of 205 patients, 20 (10%) had SFP, 28 (14%) had SBP, 48 (24%) had peritonitis without microbiological findings (SP) and 109 (52%) had no-peritonitis (NP). APACHE II and SOFA score were significantly higher in patients with SFP (26; 22-28; pperitonitis could be significantly more often found in patients with SFP (65%; pperitonitis was significantly more often in patients with SFP (85%; pperitonitis.

  15. Academic self-concept, learning motivation, and test anxiety of the underestimated student.

    Science.gov (United States)

    Urhahne, Detlef; Chao, Sheng-Han; Florineth, Maria Luise; Luttenberger, Silke; Paechter, Manuela

    2011-03-01

    BACKGROUND. Teachers' judgments of student performance on a standardized achievement test often result in an overestimation of students' abilities. In the majority of cases, a larger group of overestimated students and a smaller group of underestimated students are formed by these judgments. AIMS. In this research study, the consequences of the underestimation of students' mathematical performance potential were examined. SAMPLE. Two hundred and thirty-five fourth grade students and their fourteen mathematics teachers took part in the investigation. METHOD. Students worked on a standardized mathematics achievement test and completed a self-description questionnaire about motivation and affect. Teachers estimated each individual student's potential with regard to mathematics test performance as well as students' expectancy for success, level of aspiration, academic self-concept, learning motivation, and test anxiety. The differences between teachers' judgments on students' test performance and students' actual performance were used to build groups of underestimated and overestimated students. RESULTS. Underestimated students displayed equal levels of test performance, learning motivation, and level of aspiration in comparison with overestimated students, but had lower expectancy for success, lower academic self-concept, and experienced more test anxiety. Teachers expected that underestimated students would receive lower grades on the next mathematics test, believed that students were satisfied with lower grades, and assumed that the students have weaker learning motivation than their overestimated classmates. CONCLUSION. Teachers' judgment error was not confined to test performance but generalized to motivational and affective traits of the students. © 2010 The British Psychological Society.

  16. 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.

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

    Science.gov (United States)

    Villa, Ferdinando; Ceroni, Marta; Krivov, Sergey

    2007-06-01

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

  18. 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

  19. 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.

  20. Is dream recall underestimated by retrospective measures and enhanced by keeping a logbook? A review.

    Science.gov (United States)

    Aspy, Denholm J; Delfabbro, Paul; Proeve, Michael

    2015-05-01

    There are two methods commonly used to measure dream recall in the home setting. The retrospective method involves asking participants to estimate their dream recall in response to a single question and the logbook method involves keeping a daily record of one's dream recall. Until recently, the implicit assumption has been that these measures are largely equivalent. However, this is challenged by the tendency for retrospective measures to yield significantly lower dream recall rates than logbooks. A common explanation for this is that retrospective measures underestimate dream recall. Another is that keeping a logbook enhances it. If retrospective measures underestimate dream recall and if logbooks enhance it they are both unlikely to reflect typical dream recall rates and may be confounded with variables associated with the underestimation and enhancement effects. To date, this issue has received insufficient attention. The present review addresses this gap in the literature. Copyright © 2015 Elsevier Inc. All rights reserved.

  1. Misery Has More Company Than People Think: Underestimating the Prevalence of Others’ Negative Emotions

    Science.gov (United States)

    Jordan, Alexander H.; Monin, Benoît; Dweck, Carol S.; Lovett, Benjamin J.; John, Oliver P.; Gross, James J.

    2014-01-01

    Four studies document underestimations of the prevalence of others’ negative emotions, and suggest causes and correlates of these erroneous perceptions. In Study 1A, participants reported that their negative emotions were more private or hidden than their positive emotions; in Study 1B, participants underestimated the peer prevalence of common negative, but not positive, experiences described in Study 1A. In Study 2, people underestimated negative emotions and overestimated positive emotions even for well-known peers, and this effect was partially mediated by the degree to which those peers reported suppression of negative (vs. positive) emotions. Study 3 showed that lower estimations of the prevalence of negative emotional experiences predicted greater loneliness and rumination and lower life satisfaction, and that higher estimations for positive emotional experiences predicted lower life satisfaction. Taken together, these studies suggest that people may think they are more alone in their emotional difficulties than they really are. PMID:21177878

  2. Calorie Underestimation When Buying High-Calorie Beverages in Fast-Food Contexts.

    Science.gov (United States)

    Franckle, Rebecca L; Block, Jason P; Roberto, Christina A

    2016-07-01

    We asked 1877 adults and 1178 adolescents visiting 89 fast-food restaurants in New England in 2010 and 2011 to estimate calories purchased. Calorie underestimation was greater among those purchasing a high-calorie beverage than among those who did not (adults: 324 ±698 vs 102 ±591 calories; adolescents: 360 ±602 vs 198 ±509 calories). This difference remained significant for adults but not adolescents after adjusting for total calories purchased. Purchasing high-calorie beverages may uniquely contribute to calorie underestimation among adults.

  3. Large-scale movements in European badgers: has the tail of the movement kernel been underestimated?

    Science.gov (United States)

    Byrne, Andrew W; Quinn, John L; O'Keeffe, James J; Green, Stuart; Sleeman, D Paddy; Martin, S Wayne; Davenport, John

    2014-07-01

    movement distribution is currently underestimated. The implications of this for understanding the spatial ecology of badger populations and for the design of disease intervention strategies are potentially significant. © 2014 The Authors. Journal of Animal Ecology © 2014 British Ecological Society.

  4. 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

  5. Option Valuation with Observable Volatility and Jump Dynamics

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunou, Bruno; Jeon, Yoontae

    Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...... for straightforward filtering and estimation of the model. Our model belongs to the affine class enabling us to derive the conditional characteristic function so that option values can be computed rapidly without simulation. When estimated on S&P500 index options and returns the new model performs well compared...

  6. A Short Integrated Presentation of Valuation, Profitability and Growth Analysis

    DEFF Research Database (Denmark)

    Pettersson, Kim; Sørensen, Ole

    2016-01-01

    We demonstrate how the valuation models used in finance theory and the profitability and growth analysis taught in financial statement analysis are related. Traditional textbooks on finance and financial statement analysis are often very comprehensive, comprising a vast number of chapters. However......, the learning cost associated to this seems to be that many students are unable to understand either the interrelations between the chapters in a financial statement analysis textbook, or the origins of financial information (i.e., financial statements) in applied finance. Thus, the underlying motivation...... of this teaching note is to highlight the purpose of profitability and growth analysis in financial statement analysis by incorporating the point of value relevance in applied finance. We hope this reduced presentation of valuation and profitability and growth analysis will help students to understand...

  7. Variable capacity utilization, ambient temperature shocks and generation asset valuation

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-11-15

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

  8. Transactive Systems Simulation and Valuation Platform Trial Analysis

    International Nuclear Information System (INIS)

    Widergren, Steven E.; Hammerstrom, Donald J.; Huang, Qiuhua; Kalsi, Karanjit; Lian, Jianming; Makhmalbaf, Atefe; McDermott, Thomas E.; Sivaraman, Deepak; Tang, Yingying; Veeramany, Arun; Woodward, James C.

    2017-01-01

    Transactive energy systems use principles of value to coordinate responsive supply and demand in energy systems. Work continues within the Transactive Systems Program, which is funded by the U.S. Department of Energy at Pacific Northwest National Laboratory, to understand the value of, understand the theory behind, and simulate the behaviors of transactive energy systems. This report summarizes recent advances made by this program. The main capability advances include a more comprehensive valuation model, including recommended documentation that should make valuation studies of all sorts more transparent, definition of economic metrics with which transactive mechanisms can be evaluated, and multiple improvements to the time-simulation environment that is being used to evaluate transactive scenarios.

  9. Transactive Systems Simulation and Valuation Platform Trial Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Widergren, Steven E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Hammerstrom, Donald J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Huang, Qiuhua [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Kalsi, Karanjit [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Lian, Jianming [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); McDermott, Thomas E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Sivaraman, Deepak [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Tang, Yingying [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Veeramany, Arun [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Woodward, James C. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

    2017-04-01

    Transactive energy systems use principles of value to coordinate responsive supply and demand in energy systems. Work continues within the Transactive Systems Program, which is funded by the U.S. Department of Energy at Pacific Northwest National Laboratory, to understand the value of, understand the theory behind, and simulate the behaviors of transactive energy systems. This report summarizes recent advances made by this program. The main capability advances include a more comprehensive valuation model, including recommended documentation that should make valuation studies of all sorts more transparent, definition of economic metrics with which transactive mechanisms can be evaluated, and multiple improvements to the time-simulation environment that is being used to evaluate transactive scenarios.

  10. The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

    OpenAIRE

    Yingcong Lan; Neng Wang; Jinqiang Yang

    2011-01-01

    Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs. Increasing the investment allocation to the alpha-generating strategy typically lowers the fund's risk-adjusted excess return due to frictions such as price pressure. When the manager is only paid via m...

  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. 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 ...

  13. 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...

  14. The valuation of nursing begins with identifying value drivers.

    Science.gov (United States)

    Rutherford, Marcella M

    2010-03-01

    Adequate investment in a profession links to its ability to define and document its value. This requires identifying those elements or value drivers that demonstrate its worth. To completely identify nursing's value drivers requires meshing the economic, technical, and caring aspects of its profession. Nursing's valuation includes assessing nursing's tangible and intangible assets and documenting these assets. This information communicates nursing's worth and ensures adequate economic investment in its services.

  15. Federal and Indian oil and gas royalty valuation and management

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This book covers: Royalty management-an M.M.S. overview; Payor/operator/lessee royalty liability; Royalty issues for OCS lessees; Royalty valuation procedures; Gas marketing royalty issues - industry perspective; Gas marketing royalty issues - M.M.S. perspective; Settlements of gas contract disputes Royalty reporting issues; Production reporting issues; Indian royalty issues; Litigation/regulatory updates; Over/under production on federal leases, units, and communitized areas; Audit program; and M.M.S. Reference Handbook

  16. Methods of Bank Valuation in the Age of Globalization

    Directory of Open Access Journals (Sweden)

    Alexander Karminsky

    2015-01-01

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

  17. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  18. Évaluation organisationnelle | CRDI - Centre de recherches pour le ...

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

    28 oct. 2011 ... Charles Lusthaus, Gary Anderson, Marie-Hélène Adrien et Elaine Murphy (CRDI 1995). Autres outils et ressources. Le site Web Reflect & Learn a vu le jour grâce à Universalia, au Center for Educational Leadership de l'Université McGill et au CRDI. Il a pour but d'améliorer l'évaluation organisationnelle ...

  19. 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...

  20. The equity premium in finance and valuation textbooks

    OpenAIRE

    Fernandez, Pablo

    2008-01-01

    This paper is a review of the recommendations about the equity premium found in the main finance and valuation textbooks. We review several editions of books written by authors such as Brealey and Myers; Copeland, Koller and Murrin (McKinsey); Ross, Westerfield and Jaffe; Bodie, Kane and Marcus; Damodaran; Copeland and Weston; Van Horne; Bodie and Merton; Stowe et al.; Pratt; Penman; Bruner; Weston & Brigham; and Arzac. We highlight the confusing message the textbooks convey regarding the equ...

  1. 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...

  2. The long-term stock market valuation of customer satisfaction

    OpenAIRE

    Aksoy, Lerzan

    2008-01-01

    Firm valuation has been an important domain of interest for finance. However, most financial models do not include customer-related metrics in this process. Studies in marketing have found that one particular customer metric, customer satisfaction, improves the ability to predict future cash flows, long-term financial measures, stock performance, and shareholder value. However, most of these studies predominantly employ models that are not directly used in finance practice. This article exten...

  3. 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...

  4. Valuation of Company Merger from the Shareholders’ Point of View

    Directory of Open Access Journals (Sweden)

    Christian Toll

    2017-08-01

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

  5. Monetary Valuation of Natural Forest Habitats in Protected Areas

    Czech Academy of Sciences Publication Activity Database

    Pechanec, V.; Machar, I.; Štěrbová, Lenka; Prokopová, Marcela; Kilianová, H.; Chobot, K.; Cudlín, Pavel

    2017-01-01

    Roč. 8, č. 11 (2017), č. článku 427. ISSN 1999-4907 Institutional support: RVO:86652079 Keywords : mapping ecosystem services * environmental services * biodiversity conservation * ecological resilience * valuing biodiversity * floodplain forests * economic valuation * cost-effectiveness * management * payments * monetary value of forest biodiversity * Natura 2000 * special area of conservation Subject RIV: GK - Forestry OBOR OECD: Forestry Impact factor: 1.951, year: 2016

  6. 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...

  7. Exploring a Sense of Intellectual Property Valuation for Indian SMEs

    OpenAIRE

    Sumanjeet Singh; Minakshi Paliwal

    2014-01-01

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

  8. Convertible bond valuation focusing on Chinese convertible bond market

    OpenAIRE

    Yang, Ke

    2010-01-01

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

  9. APPLICATION OF DIVIDEND DISCOUNT MODEL VALUATION AT MACEDONIAN STOCK-EXCHANGE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-06-01

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

  10. The ecological rationality of state-dependent valuation.

    Science.gov (United States)

    McNamara, J M; Trimmer, P C; Houston, A I

    2012-01-01

    Laboratory studies on a range of animals have identified a bias that seems to violate basic principles of rational behavior: a preference is shown for feeding options that previously provided food when reserves were low, even though another option had been found to give the same reward with less delay. The bias presents a challenge to normative models of decision making (which only take account of expected rewards and the state of the animal at the decision time). To understand the behavior, we take a broad ecological perspective and consider how valuation mechanisms evolve when the best action depends upon the environment being faced. We show that in a changing and uncertain environment, state-dependent valuation can be favored by natural selection: Individuals should allow their hunger to affect learning for future decisions. The valuation mechanism that typically evolves produces the kind of behavior seen in standard laboratory tests. By providing an insight into why learning should be affected by the state of an individual, we provide a basis for understanding psychological principles in terms of an animal's ecology.

  11. 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)

  12. Valuation of gas stored in salt cavern facilities

    Energy Technology Data Exchange (ETDEWEB)

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

    2008-07-01

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

  13. Market valuation in the framework of modern life insurance mathematics

    Directory of Open Access Journals (Sweden)

    Maja Petrač

    2013-12-01

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

  14. Landslides geotechnical analysis. Qualitative assessment by valuation factors

    Science.gov (United States)

    Cuanalo Oscar, Sc D.; Oliva Aldo, Sc D.; Polanco Gabriel, M. E.

    2012-04-01

    In general, a landslide can cause a disaster when it is combined a number of factors such as an extreme event related to a geological phenomenon, vulnerable elements exposed in a specific geographic area, and the probability of loss and damage evaluated in terms of lives and economic assets, in a certain period of time. This paper presents the qualitative evaluation of slope stability through of Valuation Factors, obtained from the characterization of the determinants and triggers factors that influence the instability; for the first the morphology and topography, geology, soil mechanics, hydrogeology and vegetation to the second, the rain, earthquakes, erosion and scour, human activity, and ultimately dependent factors of the stability analysis, and its influence ranges which greatly facilitate the selection of construction processes best suited to improve the behavior of a slope or hillside. The Valuation Factors are a set of parameters for assessing the influence of conditioning and triggering factors that influence the stability of slopes and hillsides. The characteristics of each factor must be properly categorized to involve its effect on behavior; a way to do this is by assigning a weighted value range indicating its effect on the stability of a slope. It is proposed to use Valuation Factors with weighted values between 0 and 1 (arbitrarily selected but common sense and logic), the first corresponds to no or minimal effect on stability (no effect or very little influence) and the second, the greatest impact on it (has a significant influence). The meddle effects are evaluated with intermediate values.

  15. Uncertainty in coal property valuation in West Virginia: A case study

    Science.gov (United States)

    Hohn, M.E.; McDowell, R.R.

    2001-01-01

    Interpolated grids of coal bed thickness are being considered for use in a proposed method for taxation of coal in the state of West Virginia (United States). To assess the origin and magnitude of possible inaccuracies in calculated coal tonnage, we used conditional simulation to generate equiprobable realizations of net coal thickness for two coals on a 7 1/2 min topographic quadrangle, and a third coal in a second quadrangle. Coals differed in average thickness and proportion of original coal that had been removed by erosion; all three coals crop out in the study area. Coal tonnage was calculated for each realization and for each interpolated grid for actual and artificial property parcels, and differences were summarized as graphs of percent difference between tonnage calculated from the grid and average tonnage from simulations. Coal in individual parcels was considered minable for valuation purposes if average thickness in each parcel exceeded 30 inches. Results of this study show that over 75% of the parcels are classified correctly as minable or unminable based on interpolation grids of coal bed thickness. Although between 80 and 90% of the tonnages differ by less than 20% between interpolated values and simulated values, a nonlinear conditional bias might exist in estimation of coal tonnage from interpolated thickness, such that tonnage is underestimated where coal is thin, and overestimated where coal is thick. The largest percent differences occur for parcels that are small in area, although because of the small quantities of coal in question, bias is small on an absolute scale for these parcels. For a given parcel size, maximum apparent overestimation of coal tonnage occurs in parcels with an average coal bed thickness near the minable cutoff of 30 in. Conditional bias in tonnage for parcels having a coal thickness exceeding the cutoff by 10 in. or more is constant for two of the three coals studied, and increases slightly with average thickness for the

  16. The application of sustainable development principles to the theory and practice of property valuation

    OpenAIRE

    Lorenz, David Philipp

    2006-01-01

    This dissertation is an exploration into the fields of sustainable development, property investment and valuation. It investigates the rationale for immediately and rigorously integrating sustainability issues into property valuation theory and practice and proposes theoretical and practical options for valuers on how to address sustainability issues within valuation reports. It is argued that the perception of property as a commodity is changing to emphasize sustainable design features and p...

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

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

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

  18. Bank Accounting and Market Valuation in Japan: An Overview of Accounting Issues of Financial Instruments

    OpenAIRE

    Marie Ogawa; Takashi Kubota

    1995-01-01

    This paper considers a framework for introducing market valuation to Japanese bank accounting, focusing on practical issues to be solved. Reflecting the growing concern over the present historical cost accounting, it is argued that market valuation should be introduced to bank accounting for disclosure purpose in Japan. Particularly, there are strong arguments for market valuation of certain types of financial instruments. Specific considerations include: the overview of present accounting in...

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

    OpenAIRE

    Lucie Courteau; Jennifer L. Kao; Yao Tian

    2013-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Mariana BANUTA

    2014-11-01

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

  1. Tick-borne encephalitis (TBE): an underestimated risk…still: report of the 14th annual meeting of the International Scientific Working Group on Tick-Borne Encephalitis (ISW-TBE).

    Science.gov (United States)

    Kunze, Ursula

    2012-06-01

    Today, the risk of getting tick-borne encephalitis (TBE) is still underestimated in many parts of Europe and worldwide. Therefore, the 14th meeting of the International Scientific Working Group on Tick-Borne Encephalitis (ISW-TBE) - a group of neurologists, general practitioners, clinicians, travel physicians, virologists, pediatricians, and epidemiologists - was held under the title "Tick-borne encephalitis: an underestimated risk…still". Among the discussed issues were: TBE, an underestimated risk in children, a case report in two Dutch travelers, the very emotional report of a tick victim, an overview of the epidemiological situation, investigations to detect new TBE cases in Italy, TBE virus (TBEV) strains circulation in Northern Europe, TBE Program of the European Centre for Disease Prevention and Control (ECDC), efforts to increase the TBE vaccination rate in the Czech Republic, positioning statement of the World Health Organization (WHO), and TBE in dogs. To answer the question raised above: Yes, the risk of getting TBE is underestimated in children and adults, because awareness is still too low. It is still underestimated in several areas of Europe, where, for a lack of human cases, TBEV is thought to be absent. It is underestimated in travelers, because they still do not know enough about the risk, and diagnostic awareness in non-endemic countries is still low. Copyright © 2012. Published by Elsevier GmbH. All rights reserved.

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

    Science.gov (United States)

    Cleemput, Irina

    2010-04-01

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

  3. Valuation for magnetic resonance of neuro tuberculosis

    International Nuclear Information System (INIS)

    Bolivar c, Guillermo; Delgado, Jorge A; Toro Nancy

    1997-01-01

    The increased incidence of neuro tuberculosis (NTB), due to the world epidemic of resistant strains and AIDS, has made of magnetic resonance (MR) imaging the study of choice for the early detection of lesions that lead the clinicians to an effective treatment. We present our experience with six cases of NTB, with meningoencephalic (4 cases), spinal, (1 case) and epidural (1 case) involvement. We identified basal arachnoiditis that was also seen on CT. Two cases demonstrated non-classifying tuberculomas, the spinal lesion consisted of casseifying tuberculoma that responded to treatment and disappeared on a follow up MR study. Epidural involvement consisted of Pott's disease with displacement and edema of the spinal cord. The differential diagnosis of these lesions includes mycoses, cysticercosis, sarcoidosis and leptomeningeal metastases

  4. Valuation of private companies by Estonian private equity and venture capitalists / Priit Sander, Margus Kõomägi

    Index Scriptorium Estoniae

    Sander, Priit, 1973-

    2007-01-01

    Eraettevõtete hindamine Eesti era- ja riskiinvestorite poolt. Riskikapitali hinnakujundamise meetodid. Tabelid: Venture capital valuation issues; Venture capital pricing issues and return. Skeem: The venture capital valuation process in Estonia

  5. Evidence for link between modelled trends in Antarctic sea ice and underestimated westerly wind changes.

    Science.gov (United States)

    Purich, Ariaan; Cai, Wenju; England, Matthew H; Cowan, Tim

    2016-02-04

    Despite global warming, total Antarctic sea ice coverage increased over 1979-2013. However, the majority of Coupled Model Intercomparison Project phase 5 models simulate a decline. Mechanisms causing this discrepancy have so far remained elusive. Here we show that weaker trends in the intensification of the Southern Hemisphere westerly wind jet simulated by the models may contribute to this disparity. During austral summer, a strengthened jet leads to increased upwelling of cooler subsurface water and strengthened equatorward transport, conducive to increased sea ice. As the majority of models underestimate summer jet trends, this cooling process is underestimated compared with observations and is insufficient to offset warming in the models. Through the sea ice-albedo feedback, models produce a high-latitude surface ocean warming and sea ice decline, contrasting the observed net cooling and sea ice increase. A realistic simulation of observed wind changes may be crucial for reproducing the recent observed sea ice increase.

  6. Inferring Perspective Versus Getting Perspective: Underestimating the Value of Being in Another Person's Shoes.

    Science.gov (United States)

    Zhou, Haotian; Majka, Elizabeth A; Epley, Nicholas

    2017-04-01

    People use at least two strategies to solve the challenge of understanding another person's mind: inferring that person's perspective by reading his or her behavior (theorization) and getting that person's perspective by experiencing his or her situation (simulation). The five experiments reported here demonstrate a strong tendency for people to underestimate the value of simulation. Predictors estimated a stranger's emotional reactions toward 50 pictures. They could either infer the stranger's perspective by reading his or her facial expressions or simulate the stranger's perspective by watching the pictures he or she viewed. Predictors were substantially more accurate when they got perspective through simulation, but overestimated the accuracy they had achieved by inferring perspective. Predictors' miscalibrated confidence stemmed from overestimating the information revealed through facial expressions and underestimating the similarity in people's reactions to a given situation. People seem to underappreciate a useful strategy for understanding the minds of others, even after they gain firsthand experience with both strategies.

  7. Quantification of Underestimation of Physical Activity During Cycling to School When Using Accelerometry

    DEFF Research Database (Denmark)

    Tarp, Jakob; Andersen, Lars B; Østergaard, Lars

    2015-01-01

    Background: Cycling to and from school is an important source of physical activity (PA) in youth but it is not captured by the dominant objective method to quantify PA. The aim of this study was to quantify the underestimation of objectively assessed PA caused by cycling when using accelerometry....... Methods: Participants were 20 children aged 11-14 years from a randomized controlled trial performed in 2011. Physical activity was assessed by accelerometry with the addition of heart rate monitoring during cycling to school. Global positioning system (GPS) was used to identify periods of cycling...... to school. Results: Mean (95% CI) minutes of moderate-to-vigorous physical activity (MVPA) during round-trip commutes was 10.8 (7.1 - 16.6). Each kilometre of cycling meant an underestimation of 9314 (95%CI: 7719 - 11238) counts and 2.7 (95%CI: 2.1 - 3.5) minutes of MVPA. Adjusting for cycling to school...

  8. Guiding exploration in conformational feature space with Lipschitz underestimation for ab-initio protein structure prediction.

    Science.gov (United States)

    Hao, Xiaohu; Zhang, Guijun; Zhou, Xiaogen

    2018-04-01

    Computing conformations which are essential to associate structural and functional information with gene sequences, is challenging due to the high dimensionality and rugged energy surface of the protein conformational space. Consequently, the dimension of the protein conformational space should be reduced to a proper level, and an effective exploring algorithm should be proposed. In this paper, a plug-in method for guiding exploration in conformational feature space with Lipschitz underestimation (LUE) for ab-initio protein structure prediction is proposed. The conformational space is converted into ultrafast shape recognition (USR) feature space firstly. Based on the USR feature space, the conformational space can be further converted into Underestimation space according to Lipschitz estimation theory for guiding exploration. As a consequence of the use of underestimation model, the tight lower bound estimate information can be used for exploration guidance, the invalid sampling areas can be eliminated in advance, and the number of energy function evaluations can be reduced. The proposed method provides a novel technique to solve the exploring problem of protein conformational space. LUE is applied to differential evolution (DE) algorithm, and metropolis Monte Carlo(MMC) algorithm which is available in the Rosetta; When LUE is applied to DE and MMC, it will be screened by the underestimation method prior to energy calculation and selection. Further, LUE is compared with DE and MMC by testing on 15 small-to-medium structurally diverse proteins. Test results show that near-native protein structures with higher accuracy can be obtained more rapidly and efficiently with the use of LUE. Copyright © 2018 Elsevier Ltd. All rights reserved.

  9. Tritium: an underestimated health risk- 'ACROnic du nucleaire' nr 85, June 2009

    International Nuclear Information System (INIS)

    Barbey, Pierre

    2009-06-01

    After having indicated how tritium released in the environment (under the form of tritiated water or gas) is absorbed by living species, the author describes the different biological effects of ionizing radiations and the risk associated with tritium. He evokes how the radiation protection system is designed with respect to standards, and outlines how the risk related to tritium is underestimated by different existing models and standards. The author discusses the consequences of tritium transmutation and of the isotopic effect

  10. Underestimated Rate of Status Epilepticus according to the Traditional Definition of Status Epilepticus.

    Science.gov (United States)

    Ong, Cheung-Ter; Wong, Yi-Sin; Sung, Sheng-Feng; Wu, Chi-Shun; Hsu, Yung-Chu; Su, Yu-Hsiang; Hung, Ling-Chien

    2015-01-01

    Status epilepticus (SE) is an important neurological emergency. Early diagnosis could improve outcomes. Traditionally, SE is defined as seizures lasting at least 30 min or repeated seizures over 30 min without recovery of consciousness. Some specialists argued that the duration of seizures qualifying as SE should be shorter and the operational definition of SE was suggested. It is unclear whether physicians follow the operational definition. The objective of this study was to investigate whether the incidence of SE was underestimated and to investigate the underestimate rate. This retrospective study evaluates the difference in diagnosis of SE between operational definition and traditional definition of status epilepticus. Between July 1, 2012, and June 30, 2014, patients discharged with ICD-9 codes for epilepsy (345.X) in Chia-Yi Christian Hospital were included in the study. A seizure lasting at least 30 min or repeated seizures over 30 min without recovery of consciousness were considered SE according to the traditional definition of SE (TDSE). A seizure lasting between 5 and 30 min was considered SE according to the operational definition of SE (ODSE); it was defined as underestimated status epilepticus (UESE). During a 2-year period, there were 256 episodes of seizures requiring hospital admission. Among the 256 episodes, 99 episodes lasted longer than 5 min, out of which 61 (61.6%) episodes persisted over 30 min (TDSE) and 38 (38.4%) episodes continued between 5 and 30 min (UESE). In the 38 episodes of seizure lasting 5 to 30 minutes, only one episode was previously discharged as SE (ICD-9-CM 345.3). Conclusion. We underestimated 37.4% of SE. Continuing education regarding the diagnosis and treatment of epilepsy is important for physicians.

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

    NARCIS (Netherlands)

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

    2012-01-01

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

  12. Interactive valuation : the social construction of the value of ecological services

    NARCIS (Netherlands)

    Jiggins, J.; Röling, N.

    1999-01-01

    Two different perspectives mark the discourse about the valuation of ecological services: (i) a positivist-realist perspective, and (ii) a constructivist perspective. The implications of the constructivist perspective for valuation are presented. First, is analyzed the current dominant practice of

  13. 29 CFR 4281.16 - Benefit valuation methods-plans closing out.

    Science.gov (United States)

    2010-07-01

    ..., as determined under this subpart. (b) Valuation rule. The present value of nonforfeitable benefits... 4281(b) of ERISA, the plan sponsor shall value the plan's benefits in accordance with paragraph (b) of... 29 Labor 9 2010-07-01 2010-07-01 false Benefit valuation methods-plans closing out. 4281.16...

  14. 7 CFR 3015.55 - Valuation of donated equipment, buildings, and land.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Valuation of donated equipment, buildings, and land...-Sharing or Matching § 3015.55 Valuation of donated equipment, buildings, and land. When a third party... donated property shall depend upon the purpose of the grant or subgrant as follows: (a) Awards for capital...

  15. 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

  16. 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

  17. 13 CFR 108.503 - NMVC Company's adoption of an approved valuation policy.

    Science.gov (United States)

    2010-01-01

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

  18. 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...

  19. Supporting Fiscal Aspect of Land Administration through an LADM-based Valuation Information Model

    NARCIS (Netherlands)

    Kara, A.; Çağdaş, V.; Lemmen, C.H.J.; Işıkdağ, Ü.; van Oosterom, P.J.M.; Stubkjær, E.

    2018-01-01

    This paper presents an information system artifact for the fiscal aspect of land administration, a valuation information model for the specification of inventories or databases used in valuation for recurrently levied immovable property taxes. The information model is designed as an extension module

  20. 26 CFR 301.7517-1 - Furnishing on request of statement explaining estate or gift valuation.

    Science.gov (United States)

    2010-04-01

    ... estate or gift valuation. 301.7517-1 Section 301.7517-1 Internal Revenue INTERNAL REVENUE SERVICE... estate or gift valuation. (a) In general. Section 7517 requires the Service to furnish to a taxpayer, at the request of that taxpayer, a statement explaining the estate, gift or generation-skipping transfer...

  1. Évaluation des télécentres communautaires

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

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

  2. The Analysis of Corporate Bond Valuation under an Infinite Dimensional Compound Poisson Framework

    Directory of Open Access Journals (Sweden)

    Sheng Fan

    2014-01-01

    Full Text Available This paper analyzes the firm bond valuation and credit spread with an endogenous model for the pure default and callable default corporate bond. Regarding the stochastic instantaneous forward rates and the firm value as an infinite dimensional Poisson process, we provide some analytical results for the embedded American options and firm bond valuations.

  3. Moving beyond the exchange value in the nonmarket valuation of ecosystem services

    Science.gov (United States)

    Karen E. Allen; Rebecca Moore

    2016-01-01

    There has been much discussion across the ecosystem services literature as to the role of economic valuation in identifying ecosystem service values and shaping policy. This article demonstrates a non-typical use of a nonmarket valuation technique known as the stated choice experiment (CE) for understanding a range of public preferences for stream-related...

  4. Is dream recall underestimated by retrospective measures and enhanced by keeping a logbook? An empirical investigation.

    Science.gov (United States)

    Aspy, Denholm J

    2016-05-01

    In a recent review, Aspy, Delfabbro, and Proeve (2015) highlighted the tendency for retrospective measures of dream recall to yield substantially lower recall rates than logbook measures, a phenomenon they termed the retrospective-logbook disparity. One explanation for this phenomenon is that retrospective measures underestimate true dream recall. Another explanation is that keeping a logbook tends to enhance dream recall. The present study provides a thorough empirical investigation into the retrospective-logbook disparity using a range of retrospective and logbook measures and three different types of logbook. Retrospective-logbook disparities were correlated with a range of variables theoretically related to the retrospective underestimation effect, and retrospective-logbook disparities were greater among participants that reported improved dream recall during the logbook period. These findings indicate that dream recall is underestimated by retrospective measures and enhanced by keeping a logbook. Recommendations for the use of retrospective and logbook measures of dream recall are provided. Copyright © 2016 Elsevier Inc. All rights reserved.

  5. the Underestimation of Isorene in Houston during the Texas 2013 DISCOVER-AQ Campaign

    Science.gov (United States)

    Choi, Y.; Diao, L.; Czader, B.; Li, X.; Estes, M. J.

    2014-12-01

    This study applies principal component analysis to aircraft data from the Texas 2013 DISCOVER-AQ (Deriving Information on Surface Conditions from Column and Vertically Resolved Observations Relevant to Air Quality) field campaign to characterize isoprene sources over Houston during September 2013. The biogenic isoprene signature appears in the third principal component and anthropogenic signals in the following two. Evaluations of the Community Multiscale Air Quality (CMAQ) model simulations of isoprene with airborne measurements are more accurate for suburban areas than for industrial areas. This study also compares model outputs to eight surface automated gas chromatograph (Auto-GC) measurements near the Houston ship channel industrial area during the nighttime and shows that modeled anthropogenic isoprene is underestimated by a factor of 10.60. This study employs a new simulation with a modified anthropogenic emissions inventory (constraining using the ratios of observed values versus simulated ones) that yields closer isoprene predictions at night with a reduction in the mean bias by 56.93%, implying that model-estimated isoprene emissions from the 2008 National Emission Inventory are underestimated in the city of Houston and that other climate models or chemistry and transport models using the same emissions inventory might also be underestimated in other Houston-like areas in the United States.

  6. Does the surface property of a disposable applanation tonometer account for its underestimation of intraocular pressure when compared with the Goldmann tonometer?

    Science.gov (United States)

    Osborne, Sarah F; Williams, Rachel; Batterbury, Mark; Wong, David

    2007-04-01

    Disposable tonometers are increasingly being adopted partly because of concerns over the transmission of variant Creutzfeldt-Jakob disease and partly for convenience. Recently, we have found one such tonometer (Tonojet by Luneau Ophthalmologie, France) underestimated the intraocular pressure (IOP). We hypothesized that this underestimation was caused by a difference in the surface property of the tonometers. A tensiometer was used to measure the suction force resulting from interfacial tension between a solution of lignocaine and fluorescein and the tonometers. The results showed that the suction force was significantly greater for the Goldmann compared to the Tonojet. The magnitude of this force was too small to account for the difference in IOP measurements. The Tonojet was less hydrophilic than the Goldmann, and the contact angle of the fluid was therefore greater. For a given tear film, less hydrophilic tonometers will tend to have thicker mires, and this may lead to underestimation of the IOP. When such disposable tonometers are used, it is recommended care should be taken to reject readings from thick mires.

  7. Control Variates for Monte Carlo Valuation of American Options

    DEFF Research Database (Denmark)

    Rasmussen, Nicki S.

    2005-01-01

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

  8. 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.

  9. A valuation method on physiological functionality of food materials

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-10-15

    This reports is about valuation method on physiological functionality of food materials. It includes ten reports: maintenance condition of functional foods in Korea by Kim, Byeong Tae, management plan and classification of functional foods by Jung, Myeong Seop, measurement method vitality of functional foods for preventing diabetes, measurement way of aging delayed activation by Lee, Jae Yong, improvement on effectiveness of anti hypertension by functional foods by Park, Jeon Hong, and practice case for the method of test on anti gastritis antiulcer by Lee, Eun Bang.

  10. A valuation method on physiological functionality of food materials

    International Nuclear Information System (INIS)

    2001-10-01

    This reports is about valuation method on physiological functionality of food materials. It includes ten reports: maintenance condition of functional foods in Korea by Kim, Byeong Tae, management plan and classification of functional foods by Jung, Myeong Seop, measurement method vitality of functional foods for preventing diabetes, measurement way of aging delayed activation by Lee, Jae Yong, improvement on effectiveness of anti hypertension by functional foods by Park, Jeon Hong, and practice case for the method of test on anti gastritis antiulcer by Lee, Eun Bang.

  11. 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...

  12. Valuation of climate change mitigation co-benefits

    DEFF Research Database (Denmark)

    Bakhtiari, Fatemeh

    a broad range of economic or, more likely, environmental and social issues. Examples of positive environmental impacts that may not be the primary outcome of a climate change mitigation policy include reduced local air pollution or restored ecosystem health. Examples of positive social impacts include......This document describes tools for valuating in monetary terms the co-benefits associated with climate change mitigation actions. The term co-benefits refers to outcomes of those actions other than their primary outcome (reducing greenhouse-gas emissions). Such non-primary outcomes can fall under...... improved human health or increased access to clean energy....

  13. Towards a listed real estate investment valuation model

    Directory of Open Access Journals (Sweden)

    Douw Gert Brand Boshoff

    2013-09-01

    Full Text Available This paper presents a Listed Real Estate Investment Valuation Model that was developed to investigate the movement in indirect real estate investment through the consideration of the underlying assets of property loan stock companies. Specific reference is given to information that is made available to shareholders by way of annual financial statements in order to determine the extent to which shareholders can make investment decisions based on this information. The study enhances the knowledge of direct vs. indirect real estate investment behaviour and provides more insight into price discovery in the property sector.

  14. Strategic financial statement analysis and valuation of Aker solutions ASA

    OpenAIRE

    Farstadvoll, Haakon Simonsen

    2017-01-01

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

  15. Best Practices in Applying Multiples for Valuation Purposes

    DEFF Research Database (Denmark)

    Plenborg, Thomas; Pimentel, René Coppe

    2016-01-01

    A literature review suggests eight empirical implementation issues to which practitioners should give increased attention. Implementation issues include how comparable firms are selected, the use of reported versus forecasted earnings, and the most suitable way of calculating averages. We identif...... more informed decisions when accessing a firm’s value....... a more effective way to handle each implementation issue in order to enhance the accuracy of valuation outputs. By synthesizing the main empirical findings and thereby identifying best practices when applying market multiples, we expect to help analysts, portfolios managers, and investment bankers make...

  16. Issues in the valuation of travel time savings

    DEFF Research Database (Denmark)

    Gissel, Stine

    1998-01-01

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

  17. 26 CFR 25.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

    Science.gov (United States)

    2010-04-01

    ...) with respect to the valuation of the remainder interest in property transferred to a charitable... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of annuities, unitrust interests...) ESTATE AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 General Actuarial Valuations § 25.7520...

  18. 26 CFR 1.642(c)-6 - Valuation of a remainder interest in property transferred to a pooled income fund.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Valuation of a remainder interest in property... § 1.642(c)-6 Valuation of a remainder interest in property transferred to a pooled income fund. (a) In... transferred property on the valuation date. The fact that the income beneficiary may not receive the last...

  19. 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

  20. 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.

  1. Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

    OpenAIRE

    Fernández, Pablo

    1999-01-01

    This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows; capital cash flow discounted at the WACC before taxes; and Adjusted Present Value) always give the same value. This result is logical because all the methods analyse the same reality under the same hy...

  2. Sap flow is Underestimated by Thermal Dissipation Sensors due to Alterations of Wood Anatomy

    Science.gov (United States)

    Marañón-Jiménez, S.; Wiedemann, A.; van den Bulcke, J.; Cuntz, M.; Rebmann, C.; Steppe, K.

    2014-12-01

    The thermal dissipation technique (TD) is one of the most commonly adopted methods for sap flow measurements. However, underestimations of up to 60% of the tree transpiration have been reported with this technique, although the causes are not certainly known. The insertion of TD sensors within the stems causes damage of the wood tissue and subsequent healing reactions, changing wood anatomy and likely the sap flow path. However, the anatomical changes in response to the insertion of sap flow sensors and the effects on the measured flow have not been assessed yet. In this study, we investigate the alteration of vessel anatomy on wounds formed around TD sensors. Our main objectives were to elucidate the anatomical causes of sap flow underestimation for ring-porous and diffuse-porous species, and relate these changes to sap flow underestimations. Successive sets of TD probes were installed in early, mid and end of the growing season in Fagus sylvatica (diffuse-porous) and Quercus petraea (ring-porous) trees. They were logged after the growing season and additional sets of sensors were installed in the logged stems with presumably no healing reaction. The wood tissue surrounding each sensor was then excised and analysed by X-ray computed microtomography (X-ray micro CT). This technique allowed the quantification of vessel anatomical characteristics and the reconstruction of the 3-D internal microstructure of the xylem vessels so that extension and shape of the altered area could be determined. Gels and tyloses clogged the conductive vessels around the sensors in both beech and oak. The extension of the affected area was larger for beech although these anatomical changes led to similar sap flow underestimations in both species. The higher vessel size in oak may explain this result and, therefore, larger sap flow underestimation per area of affected conductive tissue. The wound healing reaction likely occurred within the first weeks after sensor installation, which

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

    Directory of Open Access Journals (Sweden)

    Gani I.F.

    2017-08-01

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

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

    Science.gov (United States)

    Koonsman, G S

    2001-01-01

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

  5. New Land valuation criteria after the spanish 2011 valuation of land regulation: the objectivation of building expectations in rural land

    Directory of Open Access Journals (Sweden)

    Ana Maria De La Encarnación Valcárcel

    2013-06-01

    Full Text Available The land valuation regime has undergone one of its most important modifications at the hands of the 2008 Land Act and its 2011 Regulation. According to the so-called objectivity principle - which defines all established methods for the new basic situations of land - and according to the stated prohibition of taking into consideration building expectations arising from granted planning permission, the fact is that the existence of circumstances that are not a natural consequence of landowner investments made on the property is easily deducible. This is inconsistent with the spirit of the Land Act in force contained in its Explanatory Memorandum.

  6. Valuation of the impacts from road traffic fuels

    Energy Technology Data Exchange (ETDEWEB)

    Otterstroem, T. [Ekono Energy Ltd, Espoo (Finland)

    1995-12-31

    Energy Ltd. participated in 1993 in the MOBILE research programme of the Ministry of Trade and Industry (MTI) by carrying out the project `Valuation of the impacts of road traffic fuels emissions`. The project was financed by the MTI, Ekono Energy Ltd and Neste Oy. The aim of the project was to assess the external costs of Finnish road traffic, which are incurred by the environmental effects of fuel related emissions (motor petrol and diesel fuel). To this end, the survey studied the environmental impacts of emissions on people and the environment locally, nationally and globally. The main target was to develop a method for calculating the economic value of these effects. The method has been applied to road traffic emissions in 1990 and emission forecasts for 2000. The valuation calculations made should be regarded as indicative examples. The article presents a possible way of assessing the cost of effects. This kind of review indicates the cost of impacts compared with the cost of reducing emissions. It also indicates the way in which environmental taxes could be developed and reveals those impacts which should be researched and the impacts and emissions components the restricting of which should be enhanced. (author)

  7. Contextual and social influences on valuation and choice.

    Science.gov (United States)

    Engelmann, Jan B; Hein, Grit

    2013-01-01

    To survive in our complex environment, we have to adapt to changing contexts. Prior research that investigated how contextual changes are processed in the human brain has demonstrated important modulatory influences on multiple cognitive processes underlying decision-making, including perceptual judgments, working memory, as well as cognitive and attentional control. However, in everyday life, the importance of context is even more obvious during economic and social interactions, which often have implicit rule sets that need to be recognized by a decision-maker. Here, we review recent evidence from an increasing number of studies in the fields of Neuroeconomics and Social Neuroscience that investigate the neurobiological basis of contextual effects on valuation and social choice. Contrary to the assumptions of rational choice theory, multiple contextual factors, such as the availability of alternative choice options, shifts in reference point, and social context, have been shown to modulate behavior, as well as signals in task-relevant neural networks. A consistent picture that emerges from neurobiological results is that valuation-related activity in striatum and ventromedial prefrontal cortex is highly context dependent during both social and nonsocial choice. Alternative approaches to model and explain choice behavior, such as comparison-based choice models, as well as implications for future research are discussed. Copyright © 2013 Elsevier B.V. All rights reserved.

  8. Real estate valuation in the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Božić Branko S.

    2014-01-01

    Full Text Available There is no complete and systemized infrastructure for efficient and reliable evaluation of real estates in the Republic of Serbia. This is confirmed by analysis of the applicable regulations which treat valuation of real estates in different ways. This practice contradicting numerous standards and applicable directives (INSPIRE directive, Strategy of the development of geospatial data infrastructure in the Republic of Serbia etc., as well as numerous other examples of good practice governing the activities of collecting and maintaining spatial data infrastructure. By the Law on State Survey and Cadaster of the 2009, the Republic Geodetic Authority is ensured to the jurisdiction of the development of mass appraisal, which should provide real estate market value for all real estates in the territory of the Republic of Serbia. In contrast, the position and the role of local government being increasable stronger in creating the budget, which is closely associated with the values of resources and capital which local government have. Determing the property tax is the responsibility of the local government and therefore its role in the process of valuation of immovable property is of great importance. In addition to local governments, the Tax Administration traditionally determines real estate values. This paper analyzes the current situation and initiate further activities on the development of the system of evaluation of real estates in the Republic of Serbia.

  9. Mainstreaming Natural Capital into Decisions: Integrated Valuation of Ecosystem Services

    Directory of Open Access Journals (Sweden)

    Arnas Palaima

    2013-08-01

    Full Text Available The purpose of the article is to review current paradigms in ecosystem services valuation, existing gaps and current trends in addressing those gaps. Natural capital, often defined as the stock of natural ecosystems that yields a flow of valuable ecosystem goods or services into the future, is often undervalued or not valued at all by governments, business and society, which leads to environmental degradation and loss of biodiversity. One of the major reasons of such undervaluation is the lack of practical, realistic quantitative methods/models that would establish ecosystem services value and its change due to human development. A promising, recently developed ecosystem services modeling system is InVEST: “Integrated Valuation of Ecosystem Services and Trade-Offs.” InVEST is a set of Geographic Information Systems (GIS models that predict the provision and value of ecosystem services and habitat provision given land use/land cover maps and related biophysical, economic, and institutional data for the study region. InVEST, if further developed and applied in a systematic way, could facilitate mainstreaming the natural capital into decisions at all levels and provide a strong foundation for local natural resources managers to improve and optimize their environmental management strategies.

  10. Natural resource valuation: A primer on concepts and techniques

    Energy Technology Data Exchange (ETDEWEB)

    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. Today, this role is becoming all the more apparent in the conduct of natural resource damage assessments (NRDA) and cost-benefit analyses of environmental restoration (ER) and waste management (WM) activities. As such, environmental professionals are more interested in how natural resource values are affected by ER and WM activities. This professional interest extends to the use of NRDA values as measures of liability and legal causes of action under such environmental status as the Clean Water Act (CWA); the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA, as amended); and the Oil Pollution Act (OPA) of 1990. Also, environmental professionals are paying closer attention to NRDA values in cost-benefit analyses of risk and pollution-abatement standards, and in meeting environmental and safety standards - for achievable (ALARA). This handbook reviews natural resource valuation techniques that may be applied to resources at DOE sites within the foregoing contexts.

  11. Valuation of the impacts from road traffic fuels

    Energy Technology Data Exchange (ETDEWEB)

    Otterstroem, T [Ekono Energy Ltd, Espoo (Finland)

    1996-12-31

    Energy Ltd. participated in 1993 in the MOBILE research programme of the Ministry of Trade and Industry (MTI) by carrying out the project `Valuation of the impacts of road traffic fuels emissions`. The project was financed by the MTI, Ekono Energy Ltd and Neste Oy. The aim of the project was to assess the external costs of Finnish road traffic, which are incurred by the environmental effects of fuel related emissions (motor petrol and diesel fuel). To this end, the survey studied the environmental impacts of emissions on people and the environment locally, nationally and globally. The main target was to develop a method for calculating the economic value of these effects. The method has been applied to road traffic emissions in 1990 and emission forecasts for 2000. The valuation calculations made should be regarded as indicative examples. The article presents a possible way of assessing the cost of effects. This kind of review indicates the cost of impacts compared with the cost of reducing emissions. It also indicates the way in which environmental taxes could be developed and reveals those impacts which should be researched and the impacts and emissions components the restricting of which should be enhanced. (author)

  12. Real options valuation of fusion energy R and D programme

    International Nuclear Information System (INIS)

    Bednyagin, Denis; Gnansounou, Edgard

    2011-01-01

    This paper aims to perform a real options valuation of fusion energy R and D programme. Strategic value of thermonuclear fusion technology is estimated here based on the expected cash flows from construction and operation of fusion power plants and the real options value arising due to managerial flexibility and the underlying uncertainty. First, a basic investment option model of Black-Scholes type is being considered. Then, a fuzzy compound real R and D option model is elaborated, which reflects in a better way the multi-stage nature of the programme and takes into account the imprecision of information as one of the components of the overall programme uncertainty. Two different strategies are compared: 'Baseline' corresponding to a relatively moderate pace of fusion research, development, demonstration and deployment activities vs. 'Accelerated' strategy, which assumes a rapid demonstration and massive deployment of fusion. The conclusions are drawn from the model calculations regarding the strategic value of fusion energy R and D and the advantages of accelerated development path. - Research highlights: → Real options analysis of fusion R and D, demonstration and deployment (RDDD) programme. → ENPV of fusion RDDD programme is calculated using stochastic probabilistic simulation. → Fusion RDDD programme exhibits substantial positive real options value: Euro 245 billion. → Fuzzy compound real option valuation method provides more robust results.

  13. Real options and asset valuation in competitive energy markets

    Science.gov (United States)

    Oduntan, Adekunle Richard

    The focus of this work is to develop a robust valuation framework for physical power assets operating in competitive markets such as peaking or mid-merit thermal power plants and baseload power plants. The goal is to develop a modeling framework that can be adapted to different energy assets with different types of operating flexibilities and technical constraints and which can be employed for various purposes such as capital budgeting, business planning, risk management and strategic bidding planning among others. The valuation framework must also be able to capture the reality of power market rules and opportunities, as well as technical constraints of different assets. The modeling framework developed conceptualizes operating flexibilities of power assets as "switching options' whereby the asset operator decides at every decision point whether to switch from one operating mode to another mutually exclusive mode, within the limits of the equipment constraints of the asset. As a current decision to switch operating modes may affect future operating flexibilities of the asset and hence cash flows, a dynamic optimization framework is employed. The developed framework accounts for the uncertain nature of key value drivers by representing them with appropriate stochastic processes. Specifically, the framework developed conceptualizes the operation of a power asset as a multi-stage decision making problem where the operator has to make a decision at every stage to alter operating mode given currently available information about key value drivers. The problem is then solved dynamically by decomposing it into a series of two-stage sub-problems according to Bellman's optimality principle. The solution algorithm employed is the Least Squares Monte Carlo (LSM) method. The developed valuation framework was adapted for a gas-fired thermal power plant, a peaking hydroelectric power plant and a baseload power plant. This work built on previously published real options valuation

  14. Valuation of Wind Energy Projects: A Real Options Approach

    Directory of Open Access Journals (Sweden)

    Luis M. Abadie

    2014-05-01

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

  15. 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. Today, this role is becoming all the more apparent in the conduct of natural resource damage assessments (NRDA) and cost-benefit analyses of environmental restoration (ER) and waste management (WM) activities. As such, environmental professionals are more interested in how natural resource values are affected by ER and WM activities. This professional interest extends to the use of NRDA values as measures of liability and legal causes of action under such environmental status as the Clean Water Act (CWA); the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA, as amended); and the Oil Pollution Act (OPA) of 1990. Also, environmental professionals are paying closer attention to NRDA values in cost-benefit analyses of risk and pollution-abatement standards, and in meeting environmental and safety standards - for achievable (ALARA). This handbook reviews natural resource valuation techniques that may be applied to resources at DOE sites within the foregoing contexts

  16. Real option valuation of power transmission investments by stochastic simulation

    International Nuclear Information System (INIS)

    Pringles, Rolando; Olsina, Fernando; Garcés, Francisco

    2015-01-01

    Network expansions in power markets usually lead to investment decisions subject to substantial irreversibility and uncertainty. Hence, investors need valuing the flexibility to change decisions as uncertainty unfolds progressively. Real option analysis is an advanced valuation technique that enables planners to take advantage of market opportunities while preventing or mitigating losses if future conditions evolve unfavorably. In the past, many approaches for valuing real options have been developed. However, applying these methods to value transmission projects is often inappropriate as revenue cash flows are path-dependent and affected by a myriad of uncertain variables. In this work, a valuation technique based on stochastic simulation and recursive dynamic programming, called Least-Square Monte Carlo, is applied to properly value the deferral option in a transmission investment. The effect of option's maturity, the initial outlay and the capital cost upon the value of the postponement option is investigated. Finally, sensitivity analysis determines optimal decision regions to execute, postpone or reject the investment projects. - Highlights: • A modern investment appraisal method is applied to value power transmission projects. • The value of the option to postpone decision to invest in transmission projects is assessed. • Simulation methods are best suited for valuing real options in transmission investments

  17. Social cure, what social cure? The propensity to underestimate the importance of social factors for health.

    Science.gov (United States)

    Haslam, S Alexander; McMahon, Charlotte; Cruwys, Tegan; Haslam, Catherine; Jetten, Jolanda; Steffens, Niklas K

    2018-02-01

    Recent meta-analytic research indicates that social support and social integration are highly protective against mortality, and that their importance is comparable to, or exceeds, that of many established behavioural risks such as smoking, high alcohol consumption, lack of exercise, and obesity that are the traditional focus of medical research (Holt-Lunstad et al., 2010). The present study examines perceptions of the contribution of these various factors to life expectancy within the community at large. American and British community respondents (N = 502) completed an on-line survey assessing the perceived importance of social and behavioural risk factors for mortality. As hypothesized, while respondents' perceptions of the importance of established behavioural risks was positively and highly correlated with their actual importance, social factors were seen to be far less important for health than they actually are. As a result, overall, there was a small but significant negative correlation between the perceived benefits and the actual benefits of different social and behavioural factors. Men, younger participants, and participants with a lower level of education were more likely to underestimate the importance of social factors for health. There was also evidence that underestimation was predicted by a cluster of ideological factors, the most significant of which was respondents' respect for prevailing convention and authorities as captured by Right-Wing Authoritarianism. Findings suggest that while people generally underestimate the importance of social factors for health this also varies as a function of demographic and ideological factors. They point to a range of challenges confronting those who seek to promote greater awareness of the importance of social factors for health. Copyright © 2017 Elsevier Ltd. All rights reserved.

  18. Impact bias or underestimation? Outcome specifications predict the direction of affective forecasting errors.

    Science.gov (United States)

    Buechel, Eva C; Zhang, Jiao; Morewedge, Carey K

    2017-05-01

    Affective forecasts are used to anticipate the hedonic impact of future events and decide which events to pursue or avoid. We propose that because affective forecasters are more sensitive to outcome specifications of events than experiencers, the outcome specification values of an event, such as its duration, magnitude, probability, and psychological distance, can be used to predict the direction of affective forecasting errors: whether affective forecasters will overestimate or underestimate its hedonic impact. When specifications are positively correlated with the hedonic impact of an event, forecasters will overestimate the extent to which high specification values will intensify and low specification values will discount its impact. When outcome specifications are negatively correlated with its hedonic impact, forecasters will overestimate the extent to which low specification values will intensify and high specification values will discount its impact. These affective forecasting errors compound additively when multiple specifications are aligned in their impact: In Experiment 1, affective forecasters underestimated the hedonic impact of winning a smaller prize that they expected to win, and they overestimated the hedonic impact of winning a larger prize that they did not expect to win. In Experiment 2, affective forecasters underestimated the hedonic impact of a short unpleasant video about a temporally distant event, and they overestimated the hedonic impact of a long unpleasant video about a temporally near event. Experiments 3A and 3B showed that differences in the affect-richness of forecasted and experienced events underlie these differences in sensitivity to outcome specifications, therefore accounting for both the impact bias and its reversal. (PsycINFO Database Record (c) 2017 APA, all rights reserved).

  19. Commonly used reference values underestimate oxygen uptake in healthy, 50-year-old Swedish women.

    Science.gov (United States)

    Genberg, M; Andrén, B; Lind, L; Hedenström, H; Malinovschi, A

    2018-01-01

    Cardiopulmonary exercise testing (CPET) is the gold standard among clinical exercise tests. It combines a conventional stress test with measurement of oxygen uptake (V O 2 ) and CO 2 production. No validated Swedish reference values exist, and reference values in women are generally understudied. Moreover, the importance of achieved respiratory exchange ratio (RER) and the significance of breathing reserve (BR) at peak exercise in healthy individuals are poorly understood. We compared V O 2 at maximal load (peakV O 2 ) and anaerobic threshold (V O 2@ AT ) in healthy Swedish individuals with commonly used reference values, taking gender into account. Further, we analysed maximal workload and peakV O 2 with regard to peak RER and BR. In all, 181 healthy, 50-year-old individuals (91 women) performed CPET. PeakV O 2 was best predicted using Jones et al. (100·5%), while SHIP reference values underestimated peakV O 2 most: 112·5%. Furthermore, underestimation of peakV O 2 in women was found for all studied reference values (P 1·1 (2 328·7 versus 2 176·7 ml min -1 , P = 0·11). Lower BR (≤30%) related to significantly higher peakV O 2 (Pvalues underestimated oxygen uptake in women. No evidence for demanding RER > 1·1 in healthy individuals was found. A lowered BR is probably a normal response to higher workloads in healthy individuals. © 2016 Scandinavian Society of Clinical Physiology and Nuclear Medicine. Published by John Wiley & Sons Ltd.

  20. Whole-word response scoring underestimates functional spelling ability for some individuals with global agraphia

    Directory of Open Access Journals (Sweden)

    Andrew Tesla Demarco

    2015-05-01

    These data suggest that conventional whole-word scoring may significantly underestimate functional spelling performance. Because by-letter scoring boosted pre-treatment scores to the same extent as post-treatment scores, the magnitude of treatment gains was no greater than estimates from conventional whole-word scoring. Nonetheless, the surprisingly large disparity between conventional whole-word scoring and by-letter scoring suggests that by-letter scoring methods may warrant further investigation. Because by-letter analyses may hold interest to others, we plan to make the software tool used in this study available on-line for use to researchers and clinicians at large.

  1. High-risk lesions diagnosed at MRI-guided vacuum-assisted breast biopsy: can underestimation be predicted?

    Energy Technology Data Exchange (ETDEWEB)

    Crystal, Pavel [Mount Sinai Hospital, University Health Network, Division of Breast Imaging, Toronto, ON (Canada); Mount Sinai Hospital, Toronto, ON (Canada); Sadaf, Arifa; Bukhanov, Karina; Helbich, Thomas H. [Mount Sinai Hospital, University Health Network, Division of Breast Imaging, Toronto, ON (Canada); McCready, David [Princess Margaret Hospital, Department of Surgical Oncology, Toronto, ON (Canada); O' Malley, Frances [Mount Sinai Hospital, Department of Pathology, Laboratory Medicine, Toronto, ON (Canada)

    2011-03-15

    To evaluate the frequency of diagnosis of high-risk lesions at MRI-guided vacuum-assisted breast biopsy (MRgVABB) and to determine whether underestimation may be predicted. Retrospective review of the medical records of 161 patients who underwent MRgVABB was performed. The underestimation rate was defined as an upgrade of a high-risk lesion at MRgVABB to malignancy at surgery. Clinical data, MRI features of the biopsied lesions, and histological diagnosis of cases with and those without underestimation were compared. Of 161 MRgVABB, histology revealed 31 (19%) high-risk lesions. Of 26 excised high-risk lesions, 13 (50%) were upgraded to malignancy. The underestimation rates of lobular neoplasia, atypical apocrine metaplasia, atypical ductal hyperplasia, and flat epithelial atypia were 50% (4/8), 100% (5/5), 50% (3/6) and 50% (1/2) respectively. There was no underestimation in the cases of benign papilloma without atypia (0/3), and radial scar (0/2). No statistically significant differences (p > 0.1) between the cases with and those without underestimation were seen in patient age, indications for breast MRI, size of lesion on MRI, morphological and kinetic features of biopsied lesions. Imaging and clinical features cannot be used reliably to predict underestimation at MRgVABB. All high-risk lesions diagnosed at MRgVABB require surgical excision. (orig.)

  2. RUSSIAN AND FOREIGN PRACTICE OF VALUATING MUNICIPAL REAL ESTATE

    Directory of Open Access Journals (Sweden)

    Oleg V. Likhomanov

    2017-09-01

    Full Text Available The authors analyze the real estate tax system of England, France, Germany, the USA, Canada, Sweden, Denmark, Holland, Spain, Portugal, Poland, Chile, Singapore, the Philippines, and Japan. The following activities are proposed with the aim of creating an effective system of municipal real estate management and improving the quality of local government: to organize the smooth functioning of full and timely accounting of the municipal real estate, the introduction of an automated registry system, including legal, technical, and economic components of records; to develop scientifically based optimal management solutions on the disposal of municipal property, in compliance with the balance of fiscal, investment and socially-oriented objectives in the course of operational management, transfer in use or trust, disposition, use as the authorized capital; to develop the optimal solutions for selecting strategies for achieving maximum economic efficiency and increasing investment attractiveness of municipal property; to exercise effective control over regulatory use of municipal property (especially land resources for its intended purpose; to organize work on reliable cadastral valuation of the property; to provide the state budget institutions for cadastral valuation established in the regions with qualified personnel from among the practicing independent appraisers; to engage independent appraisers for analysis and monitoring of real estate market with the aim of identifying pricing factors and ensuring reliable results, compliant with relevant market data; to completely eliminate the possibility of pressure by officials of local self-government bodies at the state budget institutions for the cadastral valuation to establish the desired orientations of the cadastral value. The authors propose to initiate the introduction of uniform date of establishment of the cadastral value on the territory of the Russian Federation with the aim of providing a

  3. 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

  4. Underestimation of urinary albumin to creatinine ratio in morbidly obese subjects due to high urinary creatinine excretion.

    Science.gov (United States)

    Guidone, Caterina; Gniuli, Donatella; Castagneto-Gissey, Lidia; Leccesi, Laura; Arrighi, Eugenio; Iaconelli, Amerigo; Mingrone, Geltrude

    2012-04-01

    Albuminuria, a chronic kidney and/or cardiovascular disease biomarker, is currently measured as albumin-to-creatinine ratio (ACR). We hypothesize that in severely obese individuals ACR might be abnormally low in spite of relatively high levels of urinary albumin due to increased creatininuria. One-hundred-eighty-four subjects were divided into tertiles based on their BMI. Fat-free mass (FFM) and fat-mass were assessed by DEXA; 24-h creatinine and albumin excretion, ACR, lipid profile and blood pressure were measured. Twenty-four-hour creatinine highly correlated (R = 0.75) with FFM. Since both creatininuria and albuminuria increased with the BMI, being the increase in creatininuria preponderant in subjects with BMI>35, their ratio (AC-ratio) did not change significantly from that of subjects in the lower BMI tertile. ACR only correlated with the systolic blood pressure, while both albuminuria and cretininuria correlated (P = 0.01) with the absolute 10-year CHD risk. In subjects with BMI>35, 100 mg of albumin excreted with urine increased the CHD risk of 2%. Albumin-to-creatinine ratio is underestimated in severely obese individuals as a consequence of the large creatininuria, which is proportional to the increased FFM. Therefore, at least in this population 24-h albuminuria should be more reliable than ACR. Copyright © 2011 Elsevier Ltd and European Society for Clinical Nutrition and Metabolism. All rights reserved.

  5. Taxation indices of forest stand as the basis for cadastral valuation of forestlands

    International Nuclear Information System (INIS)

    Kovyazin, V; Belyaev, V; Romanchikov, A; Pasko, O

    2014-01-01

    Cadastral valuation of forestlands is one of the problems of the modern economy. Valuation procedures depend either on the profitability of timbering or forest areas are not differentiated according to value. The authors propose the procedure based on taxation indices of strata. The most important factors influencing the valuation are determined. The dependence that allows establishing the relative cost of a certain forest area is defined. Knowing the cadastral value of a model area, it is possible to determine the values of all other sites. The evaluation results correlate with the Faustman procedure with slight difference in the absolute value

  6. A note on envy-free cake cutting with polynomial valuations

    DEFF Research Database (Denmark)

    Branzei, Simina

    2015-01-01

    number of players. The only existing finite envy-free cake cutting protocol for any number of players, designed by Brams and Taylor [4], has the property that its runtime can be made arbitrarily large by setting up the valuation functions of the players appropriately. Moreover, there is no closed formula...... that relates the valuation functions to the number of queries required by the protocol. In this note we show that when the valuations can be represented as polynomial functions, there exists a protocol in the standard query model that is much simpler conceptually and has a runtime bound depending...

  7. Fair value versus historical cost-based valuation for biological assets: predictability of financial information

    Directory of Open Access Journals (Sweden)

    Josep M. Argilés

    2011-08-01

    This paper performs an empirical study with a sample of Spanish farms valuing biological assets at HC and a sample applying FV, finding no significant differences between both valuation methods to assess future cash flows. However, most tests reveal more predictive power of future earnings under fair valuation of biological assets, which is not explained by differences in volatility of earnings and profitability. The study also evidences the existence of flawed HC accounting practices for biological assets in agriculture, which suggests scarce information content of this valuation method in the predominant small business units existing in the agricultural sector in advanced Western countries.

  8. Taxation indices of forest stand as the basis for cadastral valuation of forestlands

    Science.gov (United States)

    Kovyazin, V.; Belyaev, V.; Pasko, O.; Romanchikov, A.

    2014-08-01

    Cadastral valuation of forestlands is one of the problems of the modern economy. Valuation procedures depend either on the profitability of timbering or forest areas are not differentiated according to value. The authors propose the procedure based on taxation indices of strata. The most important factors influencing the valuation are determined. The dependence that allows establishing the relative cost of a certain forest area is defined. Knowing the cadastral value of a model area, it is possible to determine the values of all other sites. The evaluation results correlate with the Faustman procedure with slight difference in the absolute value.

  9. Predictive equations underestimate resting energy expenditure in female adolescents with phenylketonuria

    Science.gov (United States)

    Quirk, Meghan E.; Schmotzer, Brian J.; Schmotzer, Brian J.; Singh, Rani H.

    2010-01-01

    Resting energy expenditure (REE) is often used to estimate total energy needs. The Schofield equation based on weight and height has been reported to underestimate REE in female children with phenylketonuria (PKU). The objective of this observational, cross-sectional study was to evaluate the agreement of measured REE with predicted REE for female adolescents with PKU. A total of 36 females (aged 11.5-18.7 years) with PKU attending Emory University’s Metabolic Camp (June 2002 – June 2008) underwent indirect calorimetry. Measured REE was compared to six predictive equations using paired Student’s t-tests, regression-based analysis, and assessment of clinical accuracy. The differences between measured and predicted REE were modeled against clinical parameters to determine to if a relationship existed. All six selected equations significantly under predicted measured REE (P< 0.005). The Schofield equation based on weight had the greatest level of agreement, with the lowest mean prediction bias (144 kcal) and highest concordance correlation coefficient (0.626). However, the Schofield equation based on weight lacked clinical accuracy, predicting measured REE within ±10% in only 14 of 36 participants. Clinical parameters were not associated with bias for any of the equations. Predictive equations underestimated measured REE in this group of female adolescents with PKU. Currently, there is no accurate and precise alternative for indirect calorimetry in this population. PMID:20497783

  10. Childhood leukaemia and low-level radiation - are we underestimating the risk?

    International Nuclear Information System (INIS)

    Wakeford, R.

    1996-01-01

    The Seascale childhood leukaemia 'cluster' can be interpreted as indicating that the risk of childhood leukaemia arising from low-level exposure to ionising radiation has been underestimated. Indeed, several variants of such an interpretation have been advanced. These include exposure to particular radionuclides, an underestimation of the radiation risk coefficient for childhood leukaemia, and the existence of a previously unrecognized risk of childhood leukaemia from the preconceptional irradiation of fathers. However, the scientific assessment of epidemiological associations is a complex matter, and such associations must be interpreted with caution. It would now seem most likely that the Seascale 'cluster' does not represent an unanticipated effect of the exposure to ionising radiation, but rather the effect of unusual population mixing generated by the Sellafield site which has produced an increase in the infection-based risk of childhood leukaemia. This episode in the history of epidemiological research provides a timely reminder of the need for great care in the interpretation-of novel statistical associations. (author)

  11. Drastic underestimation of amphipod biodiversity in the endangered Irano-Anatolian and Caucasus biodiversity hotspots.

    Science.gov (United States)

    Katouzian, Ahmad-Reza; Sari, Alireza; Macher, Jan N; Weiss, Martina; Saboori, Alireza; Leese, Florian; Weigand, Alexander M

    2016-03-01

    Biodiversity hotspots are centers of biological diversity and particularly threatened by anthropogenic activities. Their true magnitude of species diversity and endemism, however, is still largely unknown as species diversity is traditionally assessed using morphological descriptions only, thereby ignoring cryptic species. This directly limits evidence-based monitoring and management strategies. Here we used molecular species delimitation methods to quantify cryptic diversity of the montane amphipods in the Irano-Anatolian and Caucasus biodiversity hotspots. Amphipods are ecosystem engineers in rivers and lakes. Species diversity was assessed by analysing two genetic markers (mitochondrial COI and nuclear 28S rDNA), compared with morphological assignments. Our results unambiguously demonstrate that species diversity and endemism is dramatically underestimated, with 42 genetically identified freshwater species in only five reported morphospecies. Over 90% of the newly recovered species cluster inside Gammarus komareki and G. lacustris; 69% of the recovered species comprise narrow range endemics. Amphipod biodiversity is drastically underestimated for the studied regions. Thus, the risk of biodiversity loss is significantly greater than currently inferred as most endangered species remain unrecognized and/or are only found locally. Integrative application of genetic assessments in monitoring programs will help to understand the true magnitude of biodiversity and accurately evaluate its threat status.

  12. Quality of life and time to death: have the health gains of preventive interventions been underestimated?

    Science.gov (United States)

    Gheorghe, Maria; Brouwer, Werner B F; van Baal, Pieter H M

    2015-04-01

    This article explores the implications of the relation between quality of life (QoL) and time to death (TTD) for economic evaluations of preventive interventions. By using health survey data on QoL for the general Dutch population linked to the mortality registry, we quantify the magnitude of this relationship. For addressing specific features of the nonstandard QoL distribution such as boundness, skewness, and heteroscedasticity, we modeled QoL using a generalized additive model for location, scale, and shape (GAMLSS) with a β inflated outcome distribution. Our empirical results indicate that QoL decreases when approaching death, suggesting that there is a strong relationship between TTD and QoL. Predictions of different regression models revealed that ignoring this relationship results in an underestimation of the quality-adjusted life year (QALY) gains for preventive interventions. The underestimation ranged between 3% and 7% and depended on age, the number of years gained from the intervention, and the discount rate used. © The Author(s) 2014.

  13. Underestimated risks of recurrent long-range ash dispersal from northern Pacific Arc volcanoes.

    Science.gov (United States)

    Bourne, A J; Abbott, P M; Albert, P G; Cook, E; Pearce, N J G; Ponomareva, V; Svensson, A; Davies, S M

    2016-07-21

    Widespread ash dispersal poses a significant natural hazard to society, particularly in relation to disruption to aviation. Assessing the extent of the threat of far-travelled ash clouds on flight paths is substantially hindered by an incomplete volcanic history and an underestimation of the potential reach of distant eruptive centres. The risk of extensive ash clouds to aviation is thus poorly quantified. New evidence is presented of explosive Late Pleistocene eruptions in the Pacific Arc, currently undocumented in the proximal geological record, which dispersed ash up to 8000 km from source. Twelve microscopic ash deposits or cryptotephra, invisible to the naked eye, discovered within Greenland ice-cores, and ranging in age between 11.1 and 83.7 ka b2k, are compositionally matched to northern Pacific Arc sources including Japan, Kamchatka, Cascades and Alaska. Only two cryptotephra deposits are correlated to known high-magnitude eruptions (Towada-H, Japan, ca 15 ka BP and Mount St Helens Set M, ca 28 ka BP). For the remaining 10 deposits, there is no evidence of age- and compositionally-equivalent eruptive events in regional volcanic stratigraphies. This highlights the inherent problem of under-reporting eruptions and the dangers of underestimating the long-term risk of widespread ash dispersal for trans-Pacific and trans-Atlantic flight routes.

  14. A Large Underestimate of Formic Acid from Tropical Fires: Constraints from Space-Borne Measurements.

    Science.gov (United States)

    Chaliyakunnel, S; Millet, D B; Wells, K C; Cady-Pereira, K E; Shephard, M W

    2016-06-07

    Formic acid (HCOOH) is one of the most abundant carboxylic acids and a dominant source of atmospheric acidity. Recent work indicates a major gap in the HCOOH budget, with atmospheric concentrations much larger than expected from known sources. Here, we employ recent space-based observations from the Tropospheric Emission Spectrometer with the GEOS-Chem atmospheric model to better quantify the HCOOH source from biomass burning, and assess whether fire emissions can help close the large budget gap for this species. The space-based data reveal a severe model HCOOH underestimate most prominent over tropical burning regions, suggesting a major missing source of organic acids from fires. We develop an approach for inferring the fractional fire contribution to ambient HCOOH and find, based on measurements over Africa, that pyrogenic HCOOH:CO enhancement ratios are much higher than expected from direct emissions alone, revealing substantial secondary organic acid production in fire plumes. Current models strongly underestimate (by 10 ± 5 times) the total primary and secondary HCOOH source from African fires. If a 10-fold bias were to extend to fires in other regions, biomass burning could produce 14 Tg/a of HCOOH in the tropics or 16 Tg/a worldwide. However, even such an increase would only represent 15-20% of the total required HCOOH source, implying the existence of other larger missing sources.

  15. A matrix problem over a discrete valuation ring

    International Nuclear Information System (INIS)

    Zavadskii, A G; Revitskaya, U S

    1999-01-01

    A flat matrix problem of mixed type (over a discrete valuation ring and its skew field of fractions) is considered which naturally arises in connection with several problems in the theory of integer-valued representations and in ring theory. For this problem, a criterion for module boundedness is proved, which is stated in terms of a pair of partially ordered sets (P(A),P(B)) associated with the pair of transforming algebras (A,B) defining the problem. The corresponding statement coincides in effect with the formulation of Kleiner's well-known finite-type criterion for representations of pairs of partially ordered sets over a field. The proof is based on a reduction (which uses the techniques of differentiation) to representations of semimaximal rings (tiled orders) and partially ordered sets

  16. A valuation study of fuel supply stability of nuclear energy

    International Nuclear Information System (INIS)

    Nagano, Koji; Nagata, Yutaka; Hitomi, Kazumi; Hamagata, Sumio; Asaoka, Yoshiyuki

    2008-01-01

    In order to assess potential benefits of nuclear power with regard to its characteristics of fuel supply stability, the following three aspects are valuated under the Japanese energy and electricity mix: a) economic stability; i.e. nuclear power's contribution to the whole energy and electricity mix in terms of resistance to fluctuation and/or fuel price hikes, b) procurement stability; i.e. natural uranium, the raw fuel material for nuclear power generation, is being imported from more reliable sources through adequately diverse markets than in the cases of oil and natural gas, and, c) passive reserve effect; i.e. fuel materials as running stocks at power stations and fuel service facilities could maintain nuclear power generation running for a certain duration under unexpected disruption of fuel supply. (author)

  17. Sleep deprivation alters valuation signals in the ventromedial prefrontal cortex

    Directory of Open Access Journals (Sweden)

    Camilo eLibedinsky

    2011-10-01

    Full Text Available Even a single night of total sleep-deprivation (SD can have dramatic effects on economic decision making. Here we tested the novel hypothesis that SD influences economic decisions by altering the valuation process. Using functional magnetic resonance imaging (fMRI we identified value signals related to the anticipation and the experience of monetary and social rewards (attractive female faces. We then derived decision value signals that were predictive of each participant’s willingness to exchange money for brief views of attractive faces in an independent market task. Strikingly, SD altered decision value signals in ventromedial prefrontal cortex (VMPFC in proportion to the corresponding change in economic preferences. These changes in preference were independent of the effects of SD on attention and vigilance. Our results provide novel evidence that signals in VMPFC track the current state of the individual, and thus reflect not static but constructed preferences.

  18. Payment reform will shift home health agency valuation parameters.

    Science.gov (United States)

    Hahn, A D

    1998-12-01

    Changes authorized by the Balanced Budget Act of 1997 have removed many of the payment benefits that motivated past home health agency acquisition activity and temporarily have slowed the rapid pace of acquisitions of home health agencies. The act required that Medicare's cost-based payment system be replaced with a prospective payment system (PPS) and established an interim payment system to provide a framework for home health agencies to make the transition to the PPS. As a consequence, realistic valuations of home health agencies will be determined primarily by cash flows, with consideration given to operational factors, such as quality of patient care, service territory, and information systems capabilities. The limitations imposed by the change in payment mechanism will cause acquisition interest to shift away from home health agencies with higher utilization and revenue expansion to agencies able to control costs and achieve operating leverage.

  19. The development of risk acceptance and moral valuation

    International Nuclear Information System (INIS)

    Sjoeberg, L.; Torell, G.

    1991-12-01

    The relationship between acceptability of risk and moral valuation of risky activities was investigated in children, 10-16 years old. It was found that all age groups exhibited a strong correlation between the two dimensions of risky activities. Older children were more tolerant of risk taking than younger children. Individual actions were judged in a more lenient manner than collective actions. Girls tended to be more morally condemning towards risk taking, but the youngest girls were not less prone to accept risks than boys. General measures of moral development according to Piaget and Kohlberg were not associated with perceived acceptability of risk or the judged morality of risky activities but relations were found between risk taking and assertiveness and perceived freedom, which were the most important factors in accounting for risk and morality attitudes. 22 refs, 9 figs, 4 tabs

  20. 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.

  1. How the Opinion of Others Affects our Valuation of Objects

    DEFF Research Database (Denmark)

    Campbell-Meiklejohn, Daniel; Bach, DR; Roepstorff, Andreas

    2010-01-01

    The opinions of others can easily affect how much we value things. We investigated what happens in our brain when we agree with others about the value of an object and whether or not there is evidence, at the neural level, for social con- formity through which we change object valuation. Using...... functional magnetic resonance imaging we independently modeled (1) learning reviewer opinions about a piece of music, (2) reward value while receiving a token for that music, and (3) their interaction in 28 healthy adults. We show that agreement with two ‘‘expert’’ reviewers on music choice produces activity...... striatum response to receiving it. This finding provides clear evidence that social influence mediates very basic value signals in known rein- forcement learning circuitry [9–12]. Influence at such a low level could contribute to rapid learning and the swift spread of values throughout a population....

  2. The development of risk acceptance and moral valuation

    Energy Technology Data Exchange (ETDEWEB)

    Sjoeberg, L [Stockholm School of Economics, Center for Risk Research, Stockholm (Sweden); Torell, G [Univ. of Gothenburg, Dept. of Psychology (Sweden)

    1991-12-01

    The relationship between acceptability of risk and moral valuation of risky activities was investigated in children, 10-16 years old. It was found that all age groups exhibited a strong correlation between the two dimensions of risky activities. Older children were more tolerant of risk taking than younger children. Individual actions were judged in a more lenient manner than collective actions. Girls tended to be more morally condemning towards risk taking, but the youngest girls were not less prone to accept risks than boys. General measures of moral development according to Piaget and Kohlberg were not associated with perceived acceptability of risk or the judged morality of risky activities but relations were found between risk taking and assertiveness and perceived freedom, which were the most important factors in accounting for risk and morality attitudes. 22 refs, 9 figs, 4 tabs.

  3. 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.

  4. Replacement Beef Cow Valuation under Data Availability Constraints

    Directory of Open Access Journals (Sweden)

    Amy D. Hagerman

    2017-11-01

    Full Text Available Economists are often tasked with estimating the benefits or costs associated with livestock production losses; however, lack of available data or absence of consistent reporting can reduce the accuracy of these valuations. This work looks at three potential estimation techniques for determining the value for replacement beef cows with varying types of market data to proxy constrained data availability and discusses the potential margin of error for each technique. Oklahoma bred replacement cows are valued using hedonic pricing based on Oklahoma bred cow data—a best case scenario—vector error correction modeling (VECM based on national cow sales data and cost of production (COP based on just a representative enterprise budget and very limited sales data. Each method was then used to perform a within-sample forecast of 2016 January to December, and forecasts are compared with the 2016 monthly observed market prices in Oklahoma using the mean absolute percent error (MAPE. Hedonic pricing methods tend to overvalue for within-sample forecasting but performed best, as measured by MAPE for high quality cows. The VECM tended to undervalue cows but performed best for younger animals. COP performed well, compared with the more data intensive methods. Examining each method individually across eight representative replacement beef female types, the VECM forecast resulted in a MAPE under 10% for 33% of forecasted months, followed by hedonic pricing at 24% of the forecasted months and COP at 14% of the forecasted months for average quality beef females. For high quality females, the hedonic pricing method worked best producing a MAPE under 10% in 36% of the forecasted months followed by the COP method at 21% of months and the VECM at 14% of the forecasted months. These results suggested that livestock valuation method selection was not one-size-fits-all and may need to vary based not only on the data available but also on the characteristics (e

  5. Real options valuation and optimization of energy assets

    Science.gov (United States)

    Thompson, Matthew

    In this thesis we present algorithms for the valuation and optimal operation of natural gas storage facilities, hydro-electric power plants and thermal power generators in competitive markets. Real options theory is used to derive nonlinear partial-integro-differential equations (PIDEs) for the valuation and optimal operating strategies of all types of facilities. The equations are designed to incorporate a wide class of spot price models that can exhibit the same time-dependent, mean-reverting dynamics and price spikes as those observed in most energy markets. Particular attention is paid to the operational characteristics of real energy assets. For natural gas storage facilities these characteristics include: working gas capacities, variable deliverability and injection rates and cycling limitations. For thermal power plants relevant operational characteristics include variable start-up times and costs, control response time lags, minimum generating levels, nonlinear output functions, structural limitations on ramp rates, and minimum up/down time restrictions. For hydro-electric units, head effects and environmental constraints are addressed. We illustrate the models with numerical examples of a gas storage facility, a hydro-electric pump storage facility and a thermal power plant. This PIDE framework is the first in the literature to achieve second order accuracy in characterizing the operating states of hydro-electric and hydro-thermal power plants. The continuous state space representation derived in this thesis can therefore achieve far greater realism in terms of operating state specification than any other method in the literature to date. This thesis is also the first and only to allow for any continuous time jump diffusion processes in order to account for price spikes.

  6. Green roof valuation: a probabilistic economic analysis of environmental benefits.

    Science.gov (United States)

    Clark, Corrie; Adriaens, Peter; Talbot, F Brian

    2008-03-15

    Green (vegetated) roofs have gained global acceptance as a technologythat has the potential to help mitigate the multifaceted, complex environmental problems of urban centers. While policies that encourage green roofs exist atthe local and regional level, installation costs remain at a premium and deter investment in this technology. The objective of this paper is to quantitatively integrate the range of stormwater, energy, and air pollution benefits of green roofs into an economic model that captures the building-specific scale. Currently, green roofs are primarily valued on increased roof longevity, reduced stormwater runoff, and decreased building energy consumption. Proper valuation of these benefits can reduce the present value of a green roof if investors look beyond the upfront capital costs. Net present value (NPV) analysis comparing a conventional roof system to an extensive green roof system demonstrates that at the end of the green roof lifetime the NPV for the green roof is between 20.3 and 25.2% less than the NPV for the conventional roof over 40 years. The additional upfront investment is recovered at the time when a conventional roof would be replaced. Increasing evidence suggests that green roofs may play a significant role in urban air quality improvement For example, uptake of N0x is estimated to range from $1683 to $6383 per metric ton of NOx reduction. These benefits were included in this study, and results translate to an annual benefit of $895-3392 for a 2000 square meter vegetated roof. Improved air quality leads to a mean NPV for the green roof that is 24.5-40.2% less than the mean conventional roof NPV. Through innovative policies, the inclusion of air pollution mitigation and the reduction of municipal stormwater infrastructure costs in economic valuation of environmental benefits of green roofs can reduce the cost gap that currently hinders U.S. investment in green roof technology.

  7. Replacement Beef Cow Valuation under Data Availability Constraints

    Science.gov (United States)

    Hagerman, Amy D.; Thompson, Jada M.; Ham, Charlotte; Johnson, Kamina K.

    2017-01-01

    Economists are often tasked with estimating the benefits or costs associated with livestock production losses; however, lack of available data or absence of consistent reporting can reduce the accuracy of these valuations. This work looks at three potential estimation techniques for determining the value for replacement beef cows with varying types of market data to proxy constrained data availability and discusses the potential margin of error for each technique. Oklahoma bred replacement cows are valued using hedonic pricing based on Oklahoma bred cow data—a best case scenario—vector error correction modeling (VECM) based on national cow sales data and cost of production (COP) based on just a representative enterprise budget and very limited sales data. Each method was then used to perform a within-sample forecast of 2016 January to December, and forecasts are compared with the 2016 monthly observed market prices in Oklahoma using the mean absolute percent error (MAPE). Hedonic pricing methods tend to overvalue for within-sample forecasting but performed best, as measured by MAPE for high quality cows. The VECM tended to undervalue cows but performed best for younger animals. COP performed well, compared with the more data intensive methods. Examining each method individually across eight representative replacement beef female types, the VECM forecast resulted in a MAPE under 10% for 33% of forecasted months, followed by hedonic pricing at 24% of the forecasted months and COP at 14% of the forecasted months for average quality beef females. For high quality females, the hedonic pricing method worked best producing a MAPE under 10% in 36% of the forecasted months followed by the COP method at 21% of months and the VECM at 14% of the forecasted months. These results suggested that livestock valuation method selection was not one-size-fits-all and may need to vary based not only on the data available but also on the characteristics (e.g., quality or age) of the

  8. 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.

  9. Using a spark-spread valuation to investigate the impact of corn-gasoline correlation on ethanol plant valuation

    International Nuclear Information System (INIS)

    Kirby, Natasha; Davison, Matt

    2010-01-01

    Corn ethanol plants have been criticized for a number of reasons in recent years. This paper provides another ground for criticizing these plants. Historical corn and gasoline prices are uncorrelated, but widespread adoption of corn ethanol production might reasonably lead to future correlation between these prices. We present a real options - like valuation of an ethanol plant as a spark spread between the corn price and the gasoline price. This analysis shows that the value of an ethanol plant monotonically decreases with increasing correlation and the optimal production schedule greatly depends on the correlation. Even relatively small new correlations can result in a significant proportional value decrease; a 50% correlation between corn and gasoline causes ethanol plants to lose 10% of their value. The limiting case of full correlation would lead to a 30% value loss. (author)

  10. 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

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

    Science.gov (United States)

    McDonald, John F

    2004-05-01

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

  12. An Initial Design of ISO 19152:2012 LADM Based Valuation and Taxation Data Model

    NARCIS (Netherlands)

    Cagdas, V; Kara, A; van Oosterom, P.J.M.; Lemmen, CHJ; Isikdag, U; Kathmann, R; Stubkjaer, E

    2016-01-01

    A fiscal registry or database is supposed to record geometric, legal, physical, economic, and environmental characteristics in relation to property units, which are subject to immovable property valuation and taxation. Apart from procedural standards, there is no internationally accepted data

  13. 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.

  14. p-Adic valuation of the Morgan–Voyce sequence and p-regularity

    Indian Academy of Sciences (India)

    Adic valuation of ... USTHB/Faculty of Mathematics, LATN Laboratory, DG-RSDT, BP 32, El Alia, 16111, Bab Ezzouar, Algiers, Algeria; Ecole nationale Superieure d Informatique (ESI), BP 68M Oued Smar, 16270, El Harrach, Algiers, Algeria ...

  15. Economic Valuation of Contamination Risks and its Effect on Site Investigations

    International Nuclear Information System (INIS)

    Back, Paer-Erik; Rosen, Lars

    2006-01-01

    Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks

  16. Valuation of Construction Projects Based on of Quantity Scale by using Expert System

    Directory of Open Access Journals (Sweden)

    Entisar Kadhim Rasheed

    2016-02-01

    Full Text Available The subject of an valuation of quality of construction projects is one of the topics which it becomes necessary of the absence of the quantity standards in measuring the control works and the quality valuation standards in constructional projects. In the time being it depends on the experience of the workers which leads to an apparent differences in the valuation. The idea of this research came to put the standards to evaluate the quality of the projects in a special system depending on quantity scale nor quality specifying in order to prepare an expert system “ Crystal “ to apply this special system to able the engineers to valuate the quality of their projects easily and in more accurate ways.

  17. 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.

  18. 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...

  19. 26 CFR 25.2512-3 - Valuation of interest in businesses.

    Science.gov (United States)

    2010-04-01

    ... AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-3 Valuation of... with the return, including copies of reports of examinations of the business made by accountants...

  20. Economic Valuation of Contamination Risks and its Effect on Site Investigations

    Energy Technology Data Exchange (ETDEWEB)

    Back, Paer-Erik; Rosen, Lars [Chalmers Univ. of Technology, Goeteborg (Sweden). Dept. of Civil Engineering

    2006-09-15

    Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks.

  1. Social relationships as a major determinant in the valuation of health states.

    Science.gov (United States)

    Frick, Ulrich; Irving, Hyacinth; Rehm, Jürgen

    2012-03-01

    To empirically determine the impact of the capacity to sustain social relationships on valuing health states. 68 clinical experts conducted a health state valuation exercise in five sites using pairwise comparison, ranking, and person trade-off as elicitation methods. 23,840 pairwise comparisons of a total of 379 health states were analyzed by conditional logistic regression. Social relationships had a clear monotonic association with perceived disability: the more limited the capacity to sustain social relationships, the more disabling the resulting health state valuations. The highest level of limitations with respect to social relationships was associated with slightly lower impact on health state valuations compared to the highest level of limitations in physical functioning. Social relationships showed an independent contribution to health state valuations and should be included in health state measures.

  2. The King Reports, Independent Non-Executive Directors and Firm Valuation on the Johannesburg Stock Exchange

    OpenAIRE

    Ntim, Collins G.

    2011-01-01

    South Africa (SA) has pursued corporate governance reforms in the form of the 1994 and 2002 King Reports. This paper examines the association between the presence of independent non-executive directors (INEDs) and market valuation of a sample of 169 firms listed on the Johannesburg Stock Exchange (JSE) in SA from 2002 to 2007. Our results suggest a statistically significant and positive relationship between the presence of INEDs and firm valuation. By contrast, we find no statistically signif...

  3. FAIR VALUE - THE UMBRELLA OF THE VALUATION BASES USED IN ACCOUNTING

    OpenAIRE

    Diana COZMA IGHIAN; Cristina Silvia NISTOR

    2010-01-01

    Recent deliberations by both the International Accounting Standards Board (IASB) and the Financial Accounting Standard Board (FASB) in the United States have focused on how fair values of assets and liabilities should be measured. According to the international framework, the financial statements use different valuation bases: the historical cost, the current cost, the realizable (settlement) value, the present value (the present value of cash flows). The choice of the valuation basis and the...

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

    Directory of Open Access Journals (Sweden)

    Daniel Manaţe

    2015-01-01

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

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

    OpenAIRE

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

    2006-01-01

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

  6. Renforcement des capacités d'évaluation et de communication en ...

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

    Il permettra de constituer un bassin régional de mentors dûment formés qui seront en mesure de faire connaître les méthodes d'évaluation et de communication de pointe. Les équipes de projets phares perfectionneront leurs compétences en évaluation et en communication et auront l'occasion de contribuer à impulser des ...

  7. Commercial property loan valuations in the UK : implications of current trends in practice and liability

    OpenAIRE

    Crosby, Neil; Lavers, Anthony; Foster , Henry

    1997-01-01

    This paper is the second of two papers which aim to examine the major legal liability implications of changes to the commercial property loan valuation process caused by the recession in the UK property market and to make recommendations to valuers and their professional institutions to improve the quality of the process and the result. The objectives of this paper are to address a number of the practical implications of changes to the loan valuation process within the context of legal liabil...

  8. In search of the "lost capital". A theory for valuation, investment decisions, performance measurement

    OpenAIRE

    Magni, Carlo Alberto

    2007-01-01

    This paper presents a theoretical framework for valuation, investment decisions, and performance measurement based on a nonstandard theory of residual income. It is derived from the notion of "unrecovered" capital, which is here named "lost" capital because it represents the capital foregone by the investors. Its theoretical strength and meaningfulness is shown by deriving it from four main perspectives: financial, microeconomic, axiomatic, accounting. Implications for asset valuation, cap...

  9. 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.

  10. 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...

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

    OpenAIRE

    Fachelli, S.; Montolio, D.

    2015-01-01

    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 a...

  12. Discussion of "Using accounting information for consumption planning and equity valuation"

    DEFF Research Database (Denmark)

    Christensen, Peter Ove

    2007-01-01

    This paper discusses Yee (2007), who investigates the role of accounting information for consumption planning and equity valuation. Higher earnings quality increases investor welfare and ex ante stock prices as well as the weight on earnings in valuation equations based on both cash flows...... and earnings. The former is due to improved consumption smoothing through more informed production choices, while the latter is due to the impact on the relative information content of current cash flows versus earnings about future cash flows....

  13. Efficient trawl avoidance by mesopelagic fishes causes large underestimation of their biomass

    KAUST Repository

    Kaartvedt, Stein

    2012-06-07

    Mesopelagic fishes occur in all the world’s oceans, but their abundance and consequently their ecological significance remains uncertain. The current global estimate based on net sampling prior to 1980 suggests a global abundance of one gigatonne (109 t) wet weight. Here we report novel evidence of efficient avoidance of such sampling by the most common myctophid fish in the Northern Atlantic, i.e. Benthosema glaciale. We reason that similar avoidance of nets may explain consistently higher acoustic abundance estimates of mesopelagic fish from different parts of the world’s oceans. It appears that mesopelagic fish abundance may be underestimated by one order of magnitude, suggesting that the role of mesopelagic fish in the oceans might need to be revised.

  14. Systematic underestimation of the age of samples with saturating exponential behaviour and inhomogeneous dose distribution

    International Nuclear Information System (INIS)

    Brennan, B.J.

    2000-01-01

    In luminescence and ESR studies, a systematic underestimate of the (average) equivalent dose, and thus also the age, of a sample can occur when there is significant variation of the natural dose within the sample and some regions approach saturation. This is demonstrated explicitly for a material that exhibits a single-saturating-exponential growth of signal with dose. The result is valid for any geometry (e.g. a plain layer, spherical grain, etc.) and some illustrative cases are modelled, with the age bias exceeding 10% in extreme cases. If the dose distribution within the sample can be modelled accurately, it is possible to correct for the bias in the estimates of equivalent dose estimate and age. While quantifying the effect would be more difficult, similar systematic biases in dose and age estimates are likely in other situations more complex than the one modelled

  15. Maximum rates of climate change are systematically underestimated in the geological record.

    Science.gov (United States)

    Kemp, David B; Eichenseer, Kilian; Kiessling, Wolfgang

    2015-11-10

    Recently observed rates of environmental change are typically much higher than those inferred for the geological past. At the same time, the magnitudes of ancient changes were often substantially greater than those established in recent history. The most pertinent disparity, however, between recent and geological rates is the timespan over which the rates are measured, which typically differ by several orders of magnitude. Here we show that rates of marked temperature changes inferred from proxy data in Earth history scale with measurement timespan as an approximate power law across nearly six orders of magnitude (10(2) to >10(7) years). This scaling reveals how climate signals measured in the geological record alias transient variability, even during the most pronounced climatic perturbations of the Phanerozoic. Our findings indicate that the true attainable pace of climate change on timescales of greatest societal relevance is underestimated in geological archives.

  16. Low modeled ozone production suggests underestimation of precursor emissions (especially NOx in Europe

    Directory of Open Access Journals (Sweden)

    E. Oikonomakis

    2018-02-01

    Full Text Available High surface ozone concentrations, which usually occur when photochemical ozone production takes place, pose a great risk to human health and vegetation. Air quality models are often used by policy makers as tools for the development of ozone mitigation strategies. However, the modeled ozone production is often not or not enough evaluated in many ozone modeling studies. The focus of this work is to evaluate the modeled ozone production in Europe indirectly, with the use of the ozone–temperature correlation for the summer of 2010 and to analyze its sensitivity to precursor emissions and meteorology by using the regional air quality model, the Comprehensive Air Quality Model with Extensions (CAMx. The results show that the model significantly underestimates the observed high afternoon surface ozone mixing ratios (≥  60 ppb by 10–20 ppb and overestimates the lower ones (<  40 ppb by 5–15 ppb, resulting in a misleading good agreement with the observations for average ozone. The model also underestimates the ozone–temperature regression slope by about a factor of 2 for most of the measurement stations. To investigate the impact of emissions, four scenarios were tested: (i increased volatile organic compound (VOC emissions by a factor of 1.5 and 2 for the anthropogenic and biogenic VOC emissions, respectively, (ii increased nitrogen oxide (NOx emissions by a factor of 2, (iii a combination of the first two scenarios and (iv increased traffic-only NOx emissions by a factor of 4. For southern, eastern, and central (except the Benelux area Europe, doubling NOx emissions seems to be the most efficient scenario to reduce the underestimation of the observed high ozone mixing ratios without significant degradation of the model performance for the lower ozone mixing ratios. The model performance for ozone–temperature correlation is also better when NOx emissions are doubled. In the Benelux area, however, the third scenario

  17. Underestimating nearby nature: affective forecasting errors obscure the happy path to sustainability.

    Science.gov (United States)

    Nisbet, Elizabeth K; Zelenski, John M

    2011-09-01

    Modern lifestyles disconnect people from nature, and this may have adverse consequences for the well-being of both humans and the environment. In two experiments, we found that although outdoor walks in nearby nature made participants much happier than indoor walks did, participants made affective forecasting errors, such that they systematically underestimated nature's hedonic benefit. The pleasant moods experienced on outdoor nature walks facilitated a subjective sense of connection with nature, a construct strongly linked with concern for the environment and environmentally sustainable behavior. To the extent that affective forecasts determine choices, our findings suggest that people fail to maximize their time in nearby nature and thus miss opportunities to increase their happiness and relatedness to nature. Our findings suggest a happy path to sustainability, whereby contact with nature fosters individual happiness and environmentally responsible behavior.

  18. Does verbatim sentence recall underestimate the language competence of near-native speakers?

    Directory of Open Access Journals (Sweden)

    Judith eSchweppe

    2015-02-01

    Full Text Available Verbatim sentence recall is widely used to test the language competence of native and non-native speakers since it involves comprehension and production of connected speech. However, we assume that, to maintain surface information, sentence recall relies particularly on attentional resources, which differentially affects native and non-native speakers. Since even in near-natives language processing is less automatized than in native speakers, processing a sentence in a foreign language plus retaining its surface may result in a cognitive overload. We contrasted sentence recall performance of German native speakers with that of highly proficient non-natives. Non-natives recalled the sentences significantly poorer than the natives, but performed equally well on a cloze test. This implies that sentence recall underestimates the language competence of good non-native speakers in mixed groups with native speakers. The findings also suggest that theories of sentence recall need to consider both its linguistic and its attentional aspects.

  19. Terrestrial pesticide exposure of amphibians: an underestimated cause of global decline?

    Science.gov (United States)

    Brühl, Carsten A; Schmidt, Thomas; Pieper, Silvia; Alscher, Annika

    2013-01-01

    Amphibians, a class of animals in global decline, are present in agricultural landscapes characterized by agrochemical inputs. Effects of pesticides on terrestrial life stages of amphibians such as juvenile and adult frogs, toads and newts are little understood and a specific risk assessment for pesticide exposure, mandatory for other vertebrate groups, is currently not conducted. We studied the effects of seven pesticide products on juvenile European common frogs (Rana temporaria) in an agricultural overspray scenario. Mortality ranged from 100% after one hour to 40% after seven days at the recommended label rate of currently registered products. The demonstrated toxicity is alarming and a large-scale negative effect of terrestrial pesticide exposure on amphibian populations seems likely. Terrestrial pesticide exposure might be underestimated as a driver of their decline calling for more attention in conservation efforts and the risk assessment procedures in place do not protect this vanishing animal group.

  20. Confounding environmental colour and distribution shape leads to underestimation of population extinction risk.

    Directory of Open Access Journals (Sweden)

    Mike S Fowler

    Full Text Available The colour of environmental variability influences the size of population fluctuations when filtered through density dependent dynamics, driving extinction risk through dynamical resonance. Slow fluctuations (low frequencies dominate in red environments, rapid fluctuations (high frequencies in blue environments and white environments are purely random (no frequencies dominate. Two methods are commonly employed to generate the coloured spatial and/or temporal stochastic (environmental series used in combination with population (dynamical feedback models: autoregressive [AR(1] and sinusoidal (1/f models. We show that changing environmental colour from white to red with 1/f models, and from white to red or blue with AR(1 models, generates coloured environmental series that are not normally distributed at finite time-scales, potentially confounding comparison with normally distributed white noise models. Increasing variability of sample Skewness and Kurtosis and decreasing mean Kurtosis of these series alter the frequency distribution shape of the realised values of the coloured stochastic processes. These changes in distribution shape alter patterns in the probability of single and series of extreme conditions. We show that the reduced extinction risk for undercompensating (slow growing populations in red environments previously predicted with traditional 1/f methods is an artefact of changes in the distribution shapes of the environmental series. This is demonstrated by comparison with coloured series controlled to be normally distributed using spectral mimicry. Changes in the distribution shape that arise using traditional methods lead to underestimation of extinction risk in normally distributed, red 1/f environments. AR(1 methods also underestimate extinction risks in traditionally generated red environments. This work synthesises previous results and provides further insight into the processes driving extinction risk in model populations. We

  1. Modeling microelectrode biosensors: free-flow calibration can substantially underestimate tissue concentrations.

    Science.gov (United States)

    Newton, Adam J H; Wall, Mark J; Richardson, Magnus J E

    2017-03-01

    Microelectrode amperometric biosensors are widely used to measure concentrations of analytes in solution and tissue including acetylcholine, adenosine, glucose, and glutamate. A great deal of experimental and modeling effort has been directed at quantifying the response of the biosensors themselves; however, the influence that the macroscopic tissue environment has on biosensor response has not been subjected to the same level of scrutiny. Here we identify an important issue in the way microelectrode biosensors are calibrated that is likely to have led to underestimations of analyte tissue concentrations. Concentration in tissue is typically determined by comparing the biosensor signal to that measured in free-flow calibration conditions. In a free-flow environment the concentration of the analyte at the outer surface of the biosensor can be considered constant. However, in tissue the analyte reaches the biosensor surface by diffusion through the extracellular space. Because the enzymes in the biosensor break down the analyte, a density gradient is set up resulting in a significantly lower concentration of analyte near the biosensor surface. This effect is compounded by the diminished volume fraction (porosity) and reduction in the diffusion coefficient due to obstructions (tortuosity) in tissue. We demonstrate this effect through modeling and experimentally verify our predictions in diffusive environments. NEW & NOTEWORTHY Microelectrode biosensors are typically calibrated in a free-flow environment where the concentrations at the biosensor surface are constant. However, when in tissue, the analyte reaches the biosensor via diffusion and so analyte breakdown by the biosensor results in a concentration gradient and consequently a lower concentration around the biosensor. This effect means that naive free-flow calibration will underestimate tissue concentration. We develop mathematical models to better quantify the discrepancy between the calibration and tissue

  2. Radiographic Underestimation of In Vivo Cup Coverage Provided by Total Hip Arthroplasty for Dysplasia.

    Science.gov (United States)

    Nie, Yong; Wang, HaoYang; Huang, ZeYu; Shen, Bin; Kraus, Virginia Byers; Zhou, Zongke

    2018-01-01

    The accuracy of using 2-dimensional anteroposterior pelvic radiography to assess acetabular cup coverage among patients with developmental dysplasia of the hip after total hip arthroplasty (THA) remains unclear in retrospective clinical studies. A group of 20 patients with developmental dysplasia of the hip (20 hips) underwent cementless THA. During surgery but after acetabular reconstruction, bone wax was pressed onto the uncovered surface of the acetabular cup. A surface model of the bone wax was generated with 3-dimensional scanning. The percentage of the acetabular cup that was covered by intact host acetabular bone in vivo was calculated with modeling software. Acetabular cup coverage also was determined from a postoperative supine anteroposterior pelvic radiograph. The height of the hip center (distance from the center of the femoral head perpendicular to the inter-teardrop line) also was determined from radiographs. Radiographic cup coverage was a mean of 6.93% (SD, 2.47%) lower than in vivo cup coverage for these 20 patients with developmental dysplasia of the hip (Pcup coverage (Pearson r=0.761, Pcup (P=.001) but not the position of the hip center (high vs normal) was significantly associated with the difference between radiographic and in vivo cup coverage. Two-dimensional radiographically determined cup coverage conservatively reflects in vivo cup coverage and remains an important index (taking 7% underestimation errors and the effect of greater underestimation of larger cup size into account) for assessing the stability of the cup and monitoring for adequate ingrowth of bone. [Orthopedics. 2018; 41(1):e46-e51.]. Copyright 2017, SLACK Incorporated.

  3. Global models underestimate large decadal declining and rising water storage trends relative to GRACE satellite data

    Science.gov (United States)

    Scanlon, Bridget R.; Zhang, Zizhan; Save, Himanshu; Sun, Alexander Y.; van Beek, Ludovicus P. H.; Wiese, David N.; Reedy, Robert C.; Longuevergne, Laurent; Döll, Petra; Bierkens, Marc F. P.

    2018-01-01

    Assessing reliability of global models is critical because of increasing reliance on these models to address past and projected future climate and human stresses on global water resources. Here, we evaluate model reliability based on a comprehensive comparison of decadal trends (2002–2014) in land water storage from seven global models (WGHM, PCR-GLOBWB, GLDAS NOAH, MOSAIC, VIC, CLM, and CLSM) to trends from three Gravity Recovery and Climate Experiment (GRACE) satellite solutions in 186 river basins (∼60% of global land area). Medians of modeled basin water storage trends greatly underestimate GRACE-derived large decreasing (≤−0.5 km3/y) and increasing (≥0.5 km3/y) trends. Decreasing trends from GRACE are mostly related to human use (irrigation) and climate variations, whereas increasing trends reflect climate variations. For example, in the Amazon, GRACE estimates a large increasing trend of ∼43 km3/y, whereas most models estimate decreasing trends (−71 to 11 km3/y). Land water storage trends, summed over all basins, are positive for GRACE (∼71–82 km3/y) but negative for models (−450 to −12 km3/y), contributing opposing trends to global mean sea level change. Impacts of climate forcing on decadal land water storage trends exceed those of modeled human intervention by about a factor of 2. The model-GRACE comparison highlights potential areas of future model development, particularly simulated water storage. The inability of models to capture large decadal water storage trends based on GRACE indicates that model projections of climate and human-induced water storage changes may be underestimated. PMID:29358394

  4. Confounding environmental colour and distribution shape leads to underestimation of population extinction risk.

    Science.gov (United States)

    Fowler, Mike S; Ruokolainen, Lasse

    2013-01-01

    The colour of environmental variability influences the size of population fluctuations when filtered through density dependent dynamics, driving extinction risk through dynamical resonance. Slow fluctuations (low frequencies) dominate in red environments, rapid fluctuations (high frequencies) in blue environments and white environments are purely random (no frequencies dominate). Two methods are commonly employed to generate the coloured spatial and/or temporal stochastic (environmental) series used in combination with population (dynamical feedback) models: autoregressive [AR(1)] and sinusoidal (1/f) models. We show that changing environmental colour from white to red with 1/f models, and from white to red or blue with AR(1) models, generates coloured environmental series that are not normally distributed at finite time-scales, potentially confounding comparison with normally distributed white noise models. Increasing variability of sample Skewness and Kurtosis and decreasing mean Kurtosis of these series alter the frequency distribution shape of the realised values of the coloured stochastic processes. These changes in distribution shape alter patterns in the probability of single and series of extreme conditions. We show that the reduced extinction risk for undercompensating (slow growing) populations in red environments previously predicted with traditional 1/f methods is an artefact of changes in the distribution shapes of the environmental series. This is demonstrated by comparison with coloured series controlled to be normally distributed using spectral mimicry. Changes in the distribution shape that arise using traditional methods lead to underestimation of extinction risk in normally distributed, red 1/f environments. AR(1) methods also underestimate extinction risks in traditionally generated red environments. This work synthesises previous results and provides further insight into the processes driving extinction risk in model populations. We must let

  5. How and why DNA barcodes underestimate the diversity of microbial eukaryotes.

    Directory of Open Access Journals (Sweden)

    Gwenael Piganeau

    Full Text Available BACKGROUND: Because many picoplanktonic eukaryotic species cannot currently be maintained in culture, direct sequencing of PCR-amplified 18S ribosomal gene DNA fragments from filtered sea-water has been successfully used to investigate the astounding diversity of these organisms. The recognition of many novel planktonic organisms is thus based solely on their 18S rDNA sequence. However, a species delimited by its 18S rDNA sequence might contain many cryptic species, which are highly differentiated in their protein coding sequences. PRINCIPAL FINDINGS: Here, we investigate the issue of species identification from one gene to the whole genome sequence. Using 52 whole genome DNA sequences, we estimated the global genetic divergence in protein coding genes between organisms from different lineages and compared this to their ribosomal gene sequence divergences. We show that this relationship between proteome divergence and 18S divergence is lineage dependent. Unicellular lineages have especially low 18S divergences relative to their protein sequence divergences, suggesting that 18S ribosomal genes are too conservative to assess planktonic eukaryotic diversity. We provide an explanation for this lineage dependency, which suggests that most species with large effective population sizes will show far less divergence in 18S than protein coding sequences. CONCLUSIONS: There is therefore a trade-off between using genes that are easy to amplify in all species, but which by their nature are highly conserved and underestimate the true number of species, and using genes that give a better description of the number of species, but which are more difficult to amplify. We have shown that this trade-off differs between unicellular and multicellular organisms as a likely consequence of differences in effective population sizes. We anticipate that biodiversity of microbial eukaryotic species is underestimated and that numerous "cryptic species" will become

  6. Parenting practices, parents' underestimation of daughters' risks, and alcohol and sexual behaviors of urban girls.

    Science.gov (United States)

    O'Donnell, Lydia; Stueve, Ann; Duran, Richard; Myint-U, Athi; Agronick, Gail; San Doval, Alexi; Wilson-Simmons, Renée

    2008-05-01

    In urban economically distressed communities, high rates of early sexual initiation combined with alcohol use place adolescent girls at risk for myriad negative health consequences. This article reports on the extent to which parents of young teens underestimate both the risks their daughters are exposed to and the considerable influence that they have over their children's decisions and behaviors. Surveys were conducted with more than 700 sixth-grade girls and their parents, recruited from seven New York City schools serving low-income families. Bivariate and multivariate analyses examined relationships among parents' practices and perceptions of daughters' risks, girls' reports of parenting, and outcomes of girls' alcohol use, media and peer conduct, and heterosexual romantic and social behaviors that typically precede sexual intercourse. Although only four parents thought that their daughters had used alcohol, 22% of the daughters reported drinking in the past year. Approximately 5% of parents thought that daughters had hugged and kissed a boy for a long time or had "hung out" with older boys, whereas 38% of girls reported these behaviors. Parents' underestimation of risk was correlated with lower reports of positive parenting practices by daughters. In multivariate analyses, girls' reports of parental oversight, rules, and disapproval of risk are associated with all three behavioral outcomes. Adult reports of parenting practices are associated with girls' conduct and heterosexual behaviors, but not with their alcohol use. Creating greater awareness of the early onset of risk behaviors among urban adolescent girls is important for fostering positive parenting practices, which in turn may help parents to support their daughters' healthier choices.

  7. An Approach for Calculating Land Valuation by Using Inspire Data Models

    Science.gov (United States)

    Aydinoglu, A. C.; Bovkir, R.

    2017-11-01

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

  8. Incorporating economic valuation into fire prevention planning and management in Southern European countries

    Directory of Open Access Journals (Sweden)

    Elsa Varela

    2015-08-01

    Full Text Available Aim of study: This article describes and analyzes the links between the fire-based scientific knowledge, the social perception of fire prevention and forest fires and the economic valuation requirements to assess social preferences for fire prevention measures. Area of study: Southern European countries. Material and Methods: For that purpose, we develop a critical revision of the existing literature on economic valuation of social preferences for fire risk reduction and fire prevention in terms of its links with fire science and social perceptions and the applicability of these results in fire management policies. Research highlights: The assessment of social preferences for fire related issues is challenging due to the difficulty of setting sound valuation scenarios that can simultaneously be relevant for the respondents and derive conclusions useful for fire management. Most of the revised studies set up valuation scenarios focused on the final management outcome e.g. number of burnt hectares, what is easier for the respondents to evaluate but weakens the scientific relationship with fire management, making difficult reaching conclusions for sound management advice. A more recent set of valuation studies has been developed where risk perception of homeowners is further assessed as a key variable determining their preferences in valuation scenarios. These studies are relevant for mangers setting fire prevention programs in wildland urban interface areas as understanding the factors that may promote or hinder the enrolment of these homeowners in fire prevention activities may have direct implication in addressing communication programs to promote fire prevention management.

  9. Land valuation and marginalization processes in cultural landscapes - a comparative study of valuation systems related to natural and semi-natural areas

    DEFF Research Database (Denmark)

    Christensen, Andreas Aagaard; Svenningsen, Stig Roar; Brandt, Jesper

    2012-01-01

    awareness that the behavior of rural landscape managers reflect culture, and that cultural valuation systems need to be included in research addressing such themes as sustainability and multifunctionality which is often difficult to regulate effectively and depend directly on local decision behavior. Two......, their preferences for different areas and their valuation procedures related to landscape and land cover. The maps developed with the interviewees were compared with maps delineating the 205 Natura-2000 habitat areas in the nature park which were designated by the Danish Nature Agency in 2006. Results...

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

    Directory of Open Access Journals (Sweden)

    Mina Sadiqui

    2014-12-01

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

  11. Methods of Economic Valuation of The Health Risks Associated with Nanomaterials

    Science.gov (United States)

    Shalhevet, S.; Haruvy, N.

    The worldwide market for nanomaterials is growing rapidly, but relatively little is still known about the potential risks associated with these materials. The potential health hazards associated with exposure to nanomaterials may lead in the future to increased health costs as well as increased economic costs to the companies involved, as has happened in the past in the case of asbestos. Therefore, it is important to make an initial estimate of the potential costs associated with these health hazards, and to prepare ahead with appropriate health insurance for individuals and financial insurance for companies. While several studies have examined the environmental and health hazards of different nanomaterials by performing life cycle impact assessments, so far these studies have concentrated on the cost of production, and did not estimate the economic impact of the health hazards. This paper discusses methods of evaluating the economic impact of potential health hazards on the public. The proposed method is based on using life cycle impact assessment studies of nanomaterials to estimate the DALYs (Disability Adjusted Life Years) associated with the increased probability of these health hazards. The economic valuation of DALY's can be carried out based on the income lost and the costs of medical treatment. The total expected increase in cost depends on the increase in the statistical probability of each disease.

  12. 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.

  13. Problems of valuation and organization in energy markets

    International Nuclear Information System (INIS)

    Porchet, A.

    2008-01-01

    In the past thirty years, the electricity industry has experienced significant structural changes in its organization all over the world. Traditionally centralized and organized in monopolies, at least locally, and often publicly owned, the activities of electricity production and retail have moved towards a market-based organization. Nowadays, a significant number of countries host electricity wholesale markets where producers and retailers exchange electricity to satisfy the demand of end consumers. These markets are not strictly national and the volume of cross-border exchanges is increasing. The question of the organization of these markets is crucial with regards to the direct consequences in cases of failure (we refer for example to the California crisis or the Enron scandal in 2001). The whole set of energy markets has been transformed in a broader context of demand growth, threat of exhaustion of fossil energies, environmental awareness and political tensions for the access to natural resources. Beside an oil market under pressure, the gas and coal markets have seen their volumes increasing. The ratification of the Kyoto protocol and the enforcement of a greenhouse gases reduction policy have lead to the creation of markets for emissions permits and stimulated the use of renewable and nuclear energies and biofuels. The increasing exposure of the world economy to energy prices incited the financial markets to develop new commodity risk management products (energy, agriculturals, metals). These are price risk and also volume risk management products, in order to hedge the risk of fluctuating demand. These are also derivatives or insurance products against weather risk. This PhD dissertation keeps within this context. It is composed of four chapters that are independent of each other. The first chapter concerns the valuation of physical assets such as thermal power plants. This Real Option valuation method is based on a utility indifference analysis and

  14. Economic Valuation of Urban Trees: Ribnjak Park Case Study, Zagreb

    Directory of Open Access Journals (Sweden)

    Karlo Beljan

    2015-06-01

    Full Text Available Background and Purpose: Population growth, urbanisation and technological development are creating a growing need for urban forests and parks, which are becoming green oases for recreation and relaxation. Apart from the sociological and economic components, urban forest valuation is presented through tourism, the market value of main and secondary forest products, and the growing value of real estate in the vicinity of green areas. Environmental economics explores the optimal ratio between the costs and the benefits received from the investment in the environment. The aim of this research is monetary valuation of urban trees. Materials and Methods: A Danish model for tree value determination was applied in Ribnjak Park as a case study. The model is based on tree growing costs and the present value. It is limited by the subjective aesthetic tree value estimation, but it is used in Europe because of its practicality. Individual tree value estimation is used because of the tree damage from vehicles or new residential buildings. The method is suitable for individual trees or groups of trees, but it is not appropriate for forest stands. Twenty random selected trees from nine different tree species have been analysed in the park. Diameter at breast height, tree height, expected age, aesthetic value and location were recorded for each tree. Furthermore, ecological, social and health tree values were taken into account separately with the calculation of points. Results: According to the evaluation, the average monetary value of one tree in Ribnjak Park is 542 EUR. The average diameter at breast height is 57.86 cm with the average age of 96.14 years. Plane trees have the highest value in comparison to other sampled species. Conclusions: Tree values vary depending on age, dimension or aesthetic values. The disadvantage of this method is in the estimation of very old tree value and in high involvement of personal estimation, which creates an opportunity

  15. Theoretical and practical analysis of the conceptions of asset valuation by methods of historical cost and fair value

    OpenAIRE

    Paliulienė, Lina

    2012-01-01

    The article analyzes the asset valuation methods of historical cost and fair value, which both are applied in accounting theory and practice. Advantages and shortcomings of both methods are revealed herein. The opinions of different authors on which method of asset valuation should be chosen by the enterprises are analyzed. Main aim of asset valuation at historical cost is to evaluate the asset by including any main expenses related to purchase and manufacturing of such asset. Fair value may ...

  16. Mergers & Acquisitions in the Food Business: How did the 2002 and 2008/2009 Economic Crises Impact Corporate Valuation?

    Directory of Open Access Journals (Sweden)

    Francis Declerck

    2016-07-01

    The EV/EBITDA provides results with smaller spread than EV/ Sales and EV/net profit. The present research shows that valuations of dairy companies are quite close to the average valuations in the food business. But valuations of wines and spirits companies are a lot higher than other food business companies. Transaction market multiples at food subsector level provide more accurate tools to the stakeholders of M&A in order to avoid over-payment and financial distress.

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

    OpenAIRE

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

    2016-01-01

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

  18. Co-occurrence of viruses and mosquitoes at the vectors' optimal climate range: An underestimated risk to temperate regions?

    Science.gov (United States)

    Blagrove, Marcus S C; Caminade, Cyril; Waldmann, Elisabeth; Sutton, Elizabeth R; Wardeh, Maya; Baylis, Matthew

    2017-06-01

    Mosquito-borne viruses have been estimated to cause over 100 million cases of human disease annually. Many methodologies have been developed to help identify areas most at risk from transmission of these viruses. However, generally, these methodologies focus predominantly on the effects of climate on either the vectors or the pathogens they spread, and do not consider the dynamic interaction between the optimal conditions for both vector and virus. Here, we use a new approach that considers the complex interplay between the optimal temperature for virus transmission, and the optimal climate for the mosquito vectors. Using published geolocated data we identified temperature and rainfall ranges in which a number of mosquito vectors have been observed to co-occur with West Nile virus, dengue virus or chikungunya virus. We then investigated whether the optimal climate for co-occurrence of vector and virus varies between "warmer" and "cooler" adapted vectors for the same virus. We found that different mosquito vectors co-occur with the same virus at different temperatures, despite significant overlap in vector temperature ranges. Specifically, we found that co-occurrence correlates with the optimal climatic conditions for the respective vector; cooler-adapted mosquitoes tend to co-occur with the same virus in cooler conditions than their warmer-adapted counterparts. We conclude that mosquitoes appear to be most able to transmit virus in the mosquitoes' optimal climate range, and hypothesise that this may be due to proportionally over-extended vector longevity, and other increased fitness attributes, within this optimal range. These results suggest that the threat posed by vector-competent mosquito species indigenous to temperate regions may have been underestimated, whilst the threat arising from invasive tropical vectors moving to cooler temperate regions may be overestimated.

  19. Low modeled ozone production suggests underestimation of precursor emissions (especially NOx) in Europe

    Science.gov (United States)

    Oikonomakis, Emmanouil; Aksoyoglu, Sebnem; Ciarelli, Giancarlo; Baltensperger, Urs; Prévôt, André Stephan Henry

    2018-02-01

    High surface ozone concentrations, which usually occur when photochemical ozone production takes place, pose a great risk to human health and vegetation. Air quality models are often used by policy makers as tools for the development of ozone mitigation strategies. However, the modeled ozone production is often not or not enough evaluated in many ozone modeling studies. The focus of this work is to evaluate the modeled ozone production in Europe indirectly, with the use of the ozone-temperature correlation for the summer of 2010 and to analyze its sensitivity to precursor emissions and meteorology by using the regional air quality model, the Comprehensive Air Quality Model with Extensions (CAMx). The results show that the model significantly underestimates the observed high afternoon surface ozone mixing ratios (≥ 60 ppb) by 10-20 ppb and overestimates the lower ones (degradation of the model performance for the lower ozone mixing ratios. The model performance for ozone-temperature correlation is also better when NOx emissions are doubled. In the Benelux area, however, the third scenario (where both NOx and VOC emissions are increased) leads to a better model performance. Although increasing only the traffic NOx emissions by a factor of 4 gave very similar results to the doubling of all NOx emissions, the first scenario is more consistent with the uncertainties reported by other studies than the latter, suggesting that high uncertainties in NOx emissions might originate mainly from the road-transport sector rather than from other sectors. The impact of meteorology was examined with three sensitivity tests: (i) increased surface temperature by 4 °C, (ii) reduced wind speed by 50 % and (iii) doubled wind speed. The first two scenarios led to a consistent increase in all surface ozone mixing ratios, thus improving the model performance for the high ozone values but significantly degrading it for the low ozone values, while the third scenario had exactly the

  20. 26 CFR 25.2512-6 - Valuation of certain life insurance and annuity contracts; valuation of shares in an open-end...

    Science.gov (United States)

    2010-04-01

    ... annuity. The value of the gift is the cost of the contract. Example (2). An annuitant purchased from a... Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) ESTATE AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-6 Valuation of certain life insurance and annuity...

  1. Valuation of European Call Option via Inverse Fourier Transform

    Directory of Open Access Journals (Sweden)

    Rubenis Oskars

    2017-12-01

    Full Text Available Very few models allow expressing European call option price in closed form. Out of them, the famous Black- Scholes approach sets strong constraints - innovations should be normally distributed and independent. Availability of a corresponding characteristic function of log returns of underlying asset in analytical form allows pricing European call option by application of inverse Fourier transform. Characteristic function corresponds to Normal Inverse Gaussian (NIG probability density function. NIG distribution is obtained based on assumption that time series of log returns follows APARCH process. Thus, volatility clustering and leptokurtic nature of log returns are taken into account. The Fast Fourier transform based on trapezoidal quadrature is numerically unstable if a standard cumulative probability function is used. To solve the problem, a dampened cumulative probability is introduced. As a computation tool Matlab framework is chosen because it contains many effective vectorization tools that greatly enhance code readability and maintenance. The characteristic function of Normal Inverse Gaussian distribution is taken and exercised with the chosen set of parameters. Finally, the call price dependence on strike price is obtained and rendered in XY plot. Valuation of European call option with analytical form of characteristic function allows further developing models with higher accuracy, as well as developing models for some exotic options.

  2. [Ecological regulation services of Hainan Island ecosystem and their valuation].

    Science.gov (United States)

    Ouyang, Zhiyun; Zhao, Tongqian; Zhao, Jingzhu; Xiao, Han; Wang, Xiaoke

    2004-08-01

    Ecosystem services imply the natural environmental conditions on which human life relies for existence, and their effectiveness formed and sustained by ecosystem and its ecological processes. In newly research reports, they were divided into four groups, i. e., provisioning services, regulation services, cultural services, and supporting services. To assess and valuate ecosystem services is the foundation of regional environmental reserve and development. Taking Hainan Island as an example and based on the structure and processes of natural ecosystem, this paper discussed the proper methods for regulation services assessment. The ecosystems were classified into 13 types including valley rain forest, mountainous rain forest, tropical monsoon forest, mountainous coppice forest, mountainous evergreen forest, tropical coniferous forest, shrubs, plantation, timber forest, windbreak forest, mangrove, savanna, and cropland, and then, the regulation services and their economic values of Hainan Island ecosystem were assessed and evaluated by terms of water-holding, soil conservancy, nutrient cycle, C fixation, and windbreak function. The economic value of the regulation services of Hainan Island ecosystem was estimated as 2035.88 x 10(8)-2153.39 x 10(8) RMB yuan, 8 times higher to its provisioning services (wood and agricultural products) which were estimated as only 254.06 x 10(8) RMB yuan. The result implied that ecosystem regulation services played an even more important role in the sustainable development of society and economy in Hainan Island.

  3. Stock price dynamics and option valuations under volatility feedback effect

    Science.gov (United States)

    Kanniainen, Juho; Piché, Robert

    2013-02-01

    According to the volatility feedback effect, an unexpected increase in squared volatility leads to an immediate decline in the price-dividend ratio. In this paper, we consider the properties of stock price dynamics and option valuations under the volatility feedback effect by modeling the joint dynamics of stock price, dividends, and volatility in continuous time. Most importantly, our model predicts the negative effect of an increase in squared return volatility on the value of deep-in-the-money call options and, furthermore, attempts to explain the volatility puzzle. We theoretically demonstrate a mechanism by which the market price of diffusion return risk, or an equity risk-premium, affects option prices and empirically illustrate how to identify that mechanism using forward-looking information on option contracts. Our theoretical and empirical results support the relevance of the volatility feedback effect. Overall, the results indicate that the prevailing practice of ignoring the time-varying dividend yield in option pricing can lead to oversimplification of the stock market dynamics.

  4. 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

  5. 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.

  6. Increase Economic Valuation of Marine Ecotourism Spots In Small Islands

    Science.gov (United States)

    Rahakbauw, Siska D.; Teniwut, Wellem A.; Renjaan, Meiskyana R.; Hungan, Marselus

    2017-10-01

    Ecotourism is one of the fast-growing sectors especially in the developing country as a source of revenue. To get a sustainable development of ecotourism, it needs broad and comprehensive effort from central government and local government, perfect example in that regards in Indonesia is Bali and Lombok. For another area in Indonesia like Kei Islands which located in two administrative governments have a major problem to build a sustainable nature-based tourism because of the location of this area to the major cities in the country makes the travel cost is high. This situation makes the role of local community as the backbone of the growth and development of nature-based tourism is critical. By using structural equation modeling (SEM), we constructed a model to enhance local community perception on economic valuation of ecotourism spots in the area. Results showed that perceived quality as the mediation driven by the intensity of appearance on national television and the internet could increase community attachment to increase willingness to pay from the local community on ecotourism in Kei islands. Also, the result also indicated that WTP value for the local community on ecotourism in Kei Islands was 10.81 per trip, with average trip per month was 1 to 4 times.

  7. 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.

  8. 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.

  9. Panoramic radiographs underestimate extensions of the anterior loop and mandibular incisive canal

    Energy Technology Data Exchange (ETDEWEB)

    De Brito, Ana Caroline Ramos; Nejaim, Yuri; De Freitas, Deborah Queiroz [Dept. of Oral Diagnosis, Division of Oral Radiology, Piracicaba Dental School, University of Campinas, Sao Paulo (Brazil); De Oliveira Santos, Christiano [Dept. of Stomatology, Public Oral Health and Forensic Dentistry, School of Dentistry of Ribeirao Preto, University of Sao Paulo, Sao Paulo (Brazil)

    2016-09-15

    The purpose of this study was to detect the anterior loop of the mental nerve and the mandibular incisive canal in panoramic radiographs (PAN) and cone-beam computed tomography (CBCT) images, as well as to determine the anterior/mesial extension of these structures in panoramic and cross-sectional reconstructions using PAN and CBCT images. Images (both PAN and CBCT) from 90 patients were evaluated by 2 independent observers. Detection of the anterior loop and the incisive canal were compared between PAN and CBCT. The anterior/mesial extension of these structures was compared between PAN and both cross-sectional and panoramic CBCT reconstructions. In CBCT, the anterior loop and the incisive canal were observed in 7.7% and 24.4% of the hemimandibles, respectively. In PAN, the anterior loop and the incisive canal were detected in 15% and 5.5% of cases, respectively. PAN presented more difficulties in the visualization of structures. The anterior/mesial extensions ranged from 0.0 mm to 19.0 mm on CBCT. PAN underestimated the measurements by approximately 2.0 mm. CBCT appears to be a more reliable imaging modality than PAN for preoperative workups of the anterior mandible. Individual variations in the anterior/mesial extensions of the anterior loop of the mental nerve and the mandibular incisive canal mean that is not prudent to rely on a general safe zone for implant placement or bone surgery in the interforaminal region.

  10. Spatially unresolved SED fitting can underestimate galaxy masses: a solution to the missing mass problem

    Science.gov (United States)

    Sorba, Robert; Sawicki, Marcin

    2018-05-01

    We perform spatially resolved, pixel-by-pixel Spectral Energy Distribution (SED) fitting on galaxies up to z ˜ 2.5 in the Hubble eXtreme Deep Field (XDF). Comparing stellar mass estimates from spatially resolved and spatially unresolved photometry we find that unresolved masses can be systematically underestimated by factors of up to 5. The ratio of the unresolved to resolved mass measurement depends on the galaxy's specific star formation rate (sSFR): at low sSFRs the bias is small, but above sSFR ˜ 10-9.5 yr-1 the discrepancy increases rapidly such that galaxies with sSFRs ˜ 10-8 yr-1 have unresolved mass estimates of only one-half to one-fifth of the resolved value. This result indicates that stellar masses estimated from spatially unresolved data sets need to be systematically corrected, in some cases by large amounts, and we provide an analytic prescription for applying this correction. We show that correcting stellar mass measurements for this bias changes the normalization and slope of the star-forming main sequence and reduces its intrinsic width; most dramatically, correcting for the mass bias increases the stellar mass density of the Universe at high redshift and can resolve the long-standing discrepancy between the directly measured cosmic SFR density at z ≳ 1 and that inferred from stellar mass densities (`the missing mass problem').

  11. Exposure limits: the underestimation of absorbed cell phone radiation, especially in children.

    Science.gov (United States)

    Gandhi, Om P; Morgan, L Lloyd; de Salles, Alvaro Augusto; Han, Yueh-Ying; Herberman, Ronald B; Davis, Devra Lee

    2012-03-01

    The existing cell phone certification process uses a plastic model of the head called the Specific Anthropomorphic Mannequin (SAM), representing the top 10% of U.S. military recruits in 1989 and greatly underestimating the Specific Absorption Rate (SAR) for typical mobile phone users, especially children. A superior computer simulation certification process has been approved by the Federal Communications Commission (FCC) but is not employed to certify cell phones. In the United States, the FCC determines maximum allowed exposures. Many countries, especially European Union members, use the "guidelines" of International Commission on Non-Ionizing Radiation Protection (ICNIRP), a non governmental agency. Radiofrequency (RF) exposure to a head smaller than SAM will absorb a relatively higher SAR. Also, SAM uses a fluid having the average electrical properties of the head that cannot indicate differential absorption of specific brain tissue, nor absorption in children or smaller adults. The SAR for a 10-year old is up to 153% higher than the SAR for the SAM model. When electrical properties are considered, a child's head's absorption can be over two times greater, and absorption of the skull's bone marrow can be ten times greater than adults. Therefore, a new certification process is needed that incorporates different modes of use, head sizes, and tissue properties. Anatomically based models should be employed in revising safety standards for these ubiquitous modern devices and standards should be set by accountable, independent groups.

  12. Field Measurements Indicate Unexpected, Serious Underestimation of Mussel Heart Rates and Thermal Tolerance by Laboratory Studies.

    Directory of Open Access Journals (Sweden)

    Morgana Tagliarolo

    Full Text Available Attempts to predict the response of species to long-term environmental change are generally based on extrapolations from laboratory experiments that inevitably simplify the complex interacting effects that occur in the field. We recorded heart rates of two genetic lineages of the brown mussel Perna perna over a full tidal cycle in-situ at two different sites in order to evaluate the cardiac responses of the two genetic lineages present on the South African coast to temperature and the immersion/emersion cycle. "Robomussel" temperature loggers were used to monitor thermal conditions at the two sites over one year. Comparison with live animals showed that robomussels provided a good estimate of mussel body temperatures. A significant difference in estimated body temperatures was observed between the sites and the results showed that, under natural conditions, temperatures regularly approach or exceed the thermal limits of P. perna identified in the laboratory. The two P. perna lineages showed similar tidal and diel patterns of heart rate, with higher cardiac activity during daytime immersion and minimal values during daytime emersion. Comparison of the heart rates measured in the field with data previously measured in the laboratory indicates that laboratory results seriously underestimate heart rate activity, by as much as 75%, especially during immersion. Unexpectedly, field estimates of body temperatures indicated an ability to tolerate temperatures considered lethal on the basis of laboratory measurements. This suggests that the interaction of abiotic conditions in the field does not necessarily raise vulnerability to high temperatures.

  13. Earth System Models Underestimate Soil Carbon Diagnostic Times in Dry and Cold Regions.

    Science.gov (United States)

    Jing, W.; Xia, J.; Zhou, X.; Huang, K.; Huang, Y.; Jian, Z.; Jiang, L.; Xu, X.; Liang, J.; Wang, Y. P.; Luo, Y.

    2017-12-01

    Soils contain the largest organic carbon (C) reservoir in the Earth's surface and strongly modulate the terrestrial feedback to climate change. Large uncertainty exists in current Earth system models (ESMs) in simulating soil organic C (SOC) dynamics, calling for a systematic diagnosis on their performance based on observations. Here, we built a global database of SOC diagnostic time (i.e.,turnover times; τsoil) measured at 320 sites with four different approaches. We found that the estimated τsoil was comparable among approaches of 14C dating () (median with 25 and 75 percentiles), 13C shifts due to vegetation change () and the ratio of stock over flux (), but was shortest from laboratory incubation studies (). The state-of-the-art ESMs underestimated the τsoil in most biomes, even by >10 and >5 folds in cold and dry regions, respectively. Moreover,we identified clear negative dependences of τsoil on temperature and precipitation in both of the observational and modeling results. Compared with Community Land Model (version 4), the incorporation of soil vertical profile (CLM4.5) could substantially extend the τsoil of SOC. Our findings suggest the accuracy of climate-C cycle feedback in current ESMs could be enhanced by an improved understanding of SOC dynamics under the limited hydrothermal conditions.

  14. Consequences of neurologic lesions assessed by Barthel Index after Botox® injection may be underestimated

    Directory of Open Access Journals (Sweden)

    Dionyssiotis Y

    2012-10-01

    Full Text Available Y Dionyssiotis,1,2 D Kiourtidis,3 A Karvouni,3 A Kaliontzoglou,3 I Kliafas31Medical Department, Rehabilitation Center Amyntaio, General Hospital of Florina, Amyntaio, Florina, 2Physical Medicine and Rehabilitation Department, Rhodes General Hospital, Rhodes, Dodecanese, 3Neurologic Department, Rhodes General Hospital, Rhodes, Dodecanese, GreecePurpose: The aim of this study was to investigate whether the consequences of neurologic lesions are underestimated when the Barthel Index (BI is used to assess the clinical outcome of botulinum toxin injection.Patients and methods: The records for all in- and outpatients with various neurologic lesions (stroke, multiple sclerosis, spinal cord injury, traumatic brain injury, and so forth who had been referred to the authors’ departments and who had received botulinum toxin type A (Botox® for spasticity within a 4-year period (2008–2011 were examined retrospectively. BI data were collected and analyzed.Results: The BI score was found to have increased in follow-up assessments (P = 0.048. No correlation was found between the degree of spasticity and the BI score.Conclusion: The specific injection of Botox in patients with neurologic lesions was not strongly correlated with a significant functional outcome according to the BI. The results of this study suggest that clinicians need to look at other measurement scales for the assessment of significant outcomes of Botox in the rehabilitation process after neurologic lesions.Keywords: botulinum toxin type A, spasticity, stroke, multiple sclerosis

  15. Underestimating the Toxicological Challenges Associated with the Use of Herbal Medicinal Products in Developing Countries

    Directory of Open Access Journals (Sweden)

    Vidushi S. Neergheen-Bhujun

    2013-01-01

    Full Text Available Various reports suggest a high contemporaneous prevalence of herb-drug use in both developed and developing countries. The World Health Organisation indicates that 80% of the Asian and African populations rely on traditional medicine as the primary method for their health care needs. Since time immemorial and despite the beneficial and traditional roles of herbs in different communities, the toxicity and herb-drug interactions that emanate from this practice have led to severe adverse effects and fatalities. As a result of the perception that herbal medicinal products have low risk, consumers usually disregard any association between their use and any adverse reactions hence leading to underreporting of adverse reactions. This is particularly common in developing countries and has led to a paucity of scientific data regarding the toxicity and interactions of locally used traditional herbal medicine. Other factors like general lack of compositional and toxicological information of herbs and poor quality of adverse reaction case reports present hurdles which are highly underestimated by the population in the developing world. This review paper addresses these toxicological challenges and calls for natural health product regulations as well as for protocols and guidance documents on safety and toxicity testing of herbal medicinal products.

  16. Underestimating the toxicological challenges associated with the use of herbal medicinal products in developing countries.

    Science.gov (United States)

    Neergheen-Bhujun, Vidushi S

    2013-01-01

    Various reports suggest a high contemporaneous prevalence of herb-drug use in both developed and developing countries. The World Health Organisation indicates that 80% of the Asian and African populations rely on traditional medicine as the primary method for their health care needs. Since time immemorial and despite the beneficial and traditional roles of herbs in different communities, the toxicity and herb-drug interactions that emanate from this practice have led to severe adverse effects and fatalities. As a result of the perception that herbal medicinal products have low risk, consumers usually disregard any association between their use and any adverse reactions hence leading to underreporting of adverse reactions. This is particularly common in developing countries and has led to a paucity of scientific data regarding the toxicity and interactions of locally used traditional herbal medicine. Other factors like general lack of compositional and toxicological information of herbs and poor quality of adverse reaction case reports present hurdles which are highly underestimated by the population in the developing world. This review paper addresses these toxicological challenges and calls for natural health product regulations as well as for protocols and guidance documents on safety and toxicity testing of herbal medicinal products.

  17. Underestimated Halogen Bonds Forming with Protein Backbone in Protein Data Bank.

    Science.gov (United States)

    Zhang, Qian; Xu, Zhijian; Shi, Jiye; Zhu, Weiliang

    2017-07-24

    Halogen bonds (XBs) are attracting increasing attention in biological systems. Protein Data Bank (PDB) archives experimentally determined XBs in biological macromolecules. However, no software for structure refinement in X-ray crystallography takes into account XBs, which might result in the weakening or even vanishing of experimentally determined XBs in PDB. In our previous study, we showed that side-chain XBs forming with protein side chains are underestimated in PDB on the basis of the phenomenon that the proportion of side-chain XBs to overall XBs decreases as structural resolution becomes lower and lower. However, whether the dominant backbone XBs forming with protein backbone are overlooked is still a mystery. Here, with the help of the ratio (R F ) of the observed XBs' frequency of occurrence to their frequency expected at random, we demonstrated that backbone XBs are largely overlooked in PDB, too. Furthermore, three cases were discovered possessing backbone XBs in high resolution structures while losing the XBs in low resolution structures. In the last two cases, even at 1.80 Å resolution, the backbone XBs were lost, manifesting the urgent need to consider XBs in the refinement process during X-ray crystallography study.

  18. Panoramic radiographs underestimate extensions of the anterior loop and mandibular incisive canal

    International Nuclear Information System (INIS)

    De Brito, Ana Caroline Ramos; Nejaim, Yuri; De Freitas, Deborah Queiroz; De Oliveira Santos, Christiano

    2016-01-01

    The purpose of this study was to detect the anterior loop of the mental nerve and the mandibular incisive canal in panoramic radiographs (PAN) and cone-beam computed tomography (CBCT) images, as well as to determine the anterior/mesial extension of these structures in panoramic and cross-sectional reconstructions using PAN and CBCT images. Images (both PAN and CBCT) from 90 patients were evaluated by 2 independent observers. Detection of the anterior loop and the incisive canal were compared between PAN and CBCT. The anterior/mesial extension of these structures was compared between PAN and both cross-sectional and panoramic CBCT reconstructions. In CBCT, the anterior loop and the incisive canal were observed in 7.7% and 24.4% of the hemimandibles, respectively. In PAN, the anterior loop and the incisive canal were detected in 15% and 5.5% of cases, respectively. PAN presented more difficulties in the visualization of structures. The anterior/mesial extensions ranged from 0.0 mm to 19.0 mm on CBCT. PAN underestimated the measurements by approximately 2.0 mm. CBCT appears to be a more reliable imaging modality than PAN for preoperative workups of the anterior mandible. Individual variations in the anterior/mesial extensions of the anterior loop of the mental nerve and the mandibular incisive canal mean that is not prudent to rely on a general safe zone for implant placement or bone surgery in the interforaminal region

  19. Mucus: An Underestimated Gut Target for Environmental Pollutants and Food Additives.

    Science.gov (United States)

    Gillois, Kévin; Lévêque, Mathilde; Théodorou, Vassilia; Robert, Hervé; Mercier-Bonin, Muriel

    2018-06-15

    Synthetic chemicals (environmental pollutants, food additives) are widely used for many industrial purposes and consumer-related applications, which implies, through manufactured products, diet, and environment, a repeated exposure of the general population with growing concern regarding health disorders. The gastrointestinal tract is the first physical and biological barrier against these compounds, and thus their first target. Mounting evidence indicates that the gut microbiota represents a major player in the toxicity of environmental pollutants and food additives; however, little is known on the toxicological relevance of the mucus/pollutant interplay, even though mucus is increasingly recognized as essential in gut homeostasis. Here, we aimed at describing how environmental pollutants (heavy metals, pesticides, and other persistent organic pollutants) and food additives (emulsifiers, nanomaterials) might interact with mucus and mucus-related microbial species; that is, “mucophilic” bacteria such as mucus degraders. This review highlights that intestinal mucus, either directly or through its crosstalk with the gut microbiota, is a key, yet underestimated gut player that must be considered for better risk assessment and management of environmental pollution.

  20. An underestimated role of precipitation frequency in regulating summer soil moisture

    International Nuclear Information System (INIS)

    Wu Chaoyang; Chen, Jing M; Pumpanen, Jukka; Cescatti, Alessandro; Marcolla, Barbara; Blanken, Peter D; Ardö, Jonas; Tang, Yanhong; Magliulo, Vincenzo; Georgiadis, Teodoro; Soegaard, Henrik; Cook, David R; Harding, Richard J

    2012-01-01

    Soil moisture induced droughts are expected to become more frequent under future global climate change. Precipitation has been previously assumed to be mainly responsible for variability in summer soil moisture. However, little is known about the impacts of precipitation frequency on summer soil moisture, either interannually or spatially. To better understand the temporal and spatial drivers of summer drought, 415 site yr measurements observed at 75 flux sites world wide were used to analyze the temporal and spatial relationships between summer soil water content (SWC) and the precipitation frequencies at various temporal scales, i.e., from half-hourly, 3, 6, 12 and 24 h measurements. Summer precipitation was found to be an indicator of interannual SWC variability with r of 0.49 (p < 0.001) for the overall dataset. However, interannual variability in summer SWC was also significantly correlated with the five precipitation frequencies and the sub-daily precipitation frequencies seemed to explain the interannual SWC variability better than the total of precipitation. Spatially, all these precipitation frequencies were better indicators of summer SWC than precipitation totals, but these better performances were only observed in non-forest ecosystems. Our results demonstrate that precipitation frequency may play an important role in regulating both interannual and spatial variations of summer SWC, which has probably been overlooked or underestimated. However, the spatial interpretation should carefully consider other factors, such as the plant functional types and soil characteristics of diverse ecoregions. (letter)