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Sample records for non-use valuation survey

  1. 75 FR 54647 - Revision of Information Collection; Non-Use Valuation Survey, Klamath Basin; Correction and...

    Science.gov (United States)

    2010-09-08

    ... comments to the Department of the Interior; Office of Policy Analysis, Attention: Don Bieniewicz, Mail Stop... valuation survey that is designed to determine the potential benefits of dam removal that may accrue to... Time per Response: The base for this survey is 10,885 households. The households will be divided into...

  2. 75 FR 17428 - Notice of Proposed New Information Collection for Focus Groups for Non-use Valuation Survey...

    Science.gov (United States)

    2010-04-06

    ... Valuation Survey it is developing. The Klamath River Basin provides essential habitat for several fish.... An interagency economics team consisting of representatives from DOI agencies including the Fish and... 31, 2010. Benjamin Simon, Acting Economics Staff Director, Office of Policy Analysis. [FR Doc. 2010...

  3. 76 FR 9046 - Non-Use Valuation Survey, Klamath Basin; Thirty-Day Notice Requesting Additional Public Comments

    Science.gov (United States)

    2011-02-16

    ... send a copy of your comments to the Department of the Interior; Office of Policy Analysis, Attention.... The pilot test was approved by OMB on December 14, 2010. However, the Agency received additional... base for this survey is 10,400 households. The households will be divided into two mailing groups, at a...

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

    DEFF Research Database (Denmark)

    Bonnichsen, Ole; Olsen, Søren Bøye

    2016-01-01

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

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

    Science.gov (United States)

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

    2000-01-01

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

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

    Science.gov (United States)

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

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

    DEFF Research Database (Denmark)

    Grammatikopoulou, Ioanna; Olsen, Søren Bøye

    2013-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Maria Bonaventura Forleo

    2015-06-01

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

  9. 75 FR 52964 - Revision of Information Collection; Non-Use Valuation Survey, Klamath Basin

    Science.gov (United States)

    2010-08-30

    ... on or before September 29, 2010. FOR FURTHER INFORMATION CONTACT: Benjamin Simon, Economics Staff... the utility company PacifiCorp signed an agreement in principle (AIP) to remove four hydroelectric... control number. Dated: August 25, 2010. Benjamin M. Simon, Economics Staff Director, Office of Policy...

  10. Survey Mode Effects on Valuation of Environmental Goods

    Directory of Open Access Journals (Sweden)

    Jason Bell

    2011-04-01

    Full Text Available This article evaluates the effect of the choice of survey recruitment mode on the value of water quality in lakes, rivers, and streams. Four different modes are compared: bringing respondents to one central location after phone recruitment, mall intercepts in two states, national phone-mail survey, and an Internet survey with a national, probability-based panel. The modes differ in terms of the representativeness of the samples, non-response rates, sample selection effects, and consistency of responses. The article also shows that the estimated value of water quality can differ substantially depending on the survey mode. The national Internet panel has the most desirable properties with respect to performance on the four important survey dimensions of interest.

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

    International Nuclear Information System (INIS)

    Takahashi, Reiko; Nakagome, Yoshihiro

    2004-01-01

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

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

    International Nuclear Information System (INIS)

    Sun, Chuanwang; Zhu, Xiting

    2014-01-01

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

  13. Associations between adolescent seatbelt non-use, normative perceptions and screen media exposure: results from a national US survey.

    Science.gov (United States)

    Dunlop, Sally M; Romer, Daniel

    2010-10-01

    Failure to use seatbelts in motor vehicles is a major source of youth injuries, and previous research has noted the widespread non-use of seatbelts in popular media. To explore whether increased exposure to entertainment screen media was associated with inflated normative perceptions regarding seatbelt non-use, and to determine any associations between normative perceptions and seatbelt non-use. A nationally representative telephone survey of school-aged American adolescents (14-17 years, n=915) measuring: screen media exposure; normative perceptions with reference to friends' disapproval of non-use, and prevalence of non-use among friends, school peers and peers; and self-reported seatbelt non-use. Using structural equation modelling, analyses indicate that, after demographic and individual characteristics relevant to screen media exposure and seatbelt non-use had been controlled for, frequent exposure to entertainment media was associated with positive normative perceptions about seatbelt non-use for boys, but not for girls. Normative perceptions related to friends' and school peers' seatbelt use were associated with seatbelt non-use for both boys and girls. Attempts to increase adolescent seatbelt use could include public communication campaigns to alter normative perceptions. Broadcasting these campaigns in conjunction with the media that under-represent seatbelt use may be a successful strategy for reducing the influence of such media on male adolescents.

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  15. Cost and performance tradeoffs between mail and internet survey modes in a nonmarket valuation study

    Science.gov (United States)

    Robert M. Campbell; Tyron Venn; Nathaniel M. Anderson

    2018-01-01

    Using the results of a choice modeling survey, internet, mail-only and mixed internet and mail survey modes were examined with regards to their cost-effectiveness, representativeness, and willingness to pay (WTP). The topical focus of the study was biomass energy generation preferences of the residents of Montana, Colorado and Arizona, USA. Compared to the mail and...

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

    OpenAIRE

    Nunes, Paulo A.L.D.

    2002-01-01

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

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

    Science.gov (United States)

    Damigos, Dimitris; Menegaki, Maria; Kaliampakos, Dimitris

    2016-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Chang-Seob Kim

    2013-10-01

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

  19. 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...

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

    Directory of Open Access Journals (Sweden)

    Rehnberg Clas

    2005-12-01

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

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

    Science.gov (United States)

    Markantonis, V.; Bithas, K.

    2009-04-01

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

  2. Survey data on factors affecting negotiation of professional fees between Estate Valuers and their clients when the mortgage is financed by bank loan: A case study of mortgage valuations in Ikeja, Lagos State, Nigeria

    Directory of Open Access Journals (Sweden)

    Chukwuemeka O. Iroham

    2017-06-01

    Full Text Available In this article, two sets of questionnaires were administered to professionals and clients (commercial banks on their willingness to negotiate the professional fees charged by the Estate Valuers assuming that the mortgage in valuation was financed by bank loan. A range of fees options were provided. Other factors such as the business environment and mortgage valuation can influence the negotiated fees when the data obtained from the survey data is analyzed.

  3. Survey data on factors affecting negotiation of professional fees between Estate Valuers and their clients when the mortgage is financed by bank loan: A case study of mortgage valuations in Ikeja, Lagos State, Nigeria.

    Science.gov (United States)

    Iroham, Chukwuemeka O; Okagbue, Hilary I; Ogunkoya, Olalekan A; Owolabi, James D

    2017-06-01

    In this article, two sets of questionnaires were administered to professionals and clients (commercial banks) on their willingness to negotiate the professional fees charged by the Estate Valuers assuming that the mortgage in valuation was financed by bank loan. A range of fees options were provided. Other factors such as the business environment and mortgage valuation can influence the negotiated fees when the data obtained from the survey data is analyzed.

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

    International Nuclear Information System (INIS)

    Lee, Sang Hun; Kang, Hyun Gook

    2015-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-05-15

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

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

    Science.gov (United States)

    John Loomis; Armando Gonzalez-Caban; Joseph Champ

    2011-01-01

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

  7. 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...

  8. Rational valuations

    Directory of Open Access Journals (Sweden)

    Georg Spielthenner

    2007-01-01

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

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

    Science.gov (United States)

    Loomis, John B.

    1996-02-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2011-02-15

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

  11. 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.

  12. 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...

  13. 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)…

  14. Equity valuation : Under Armour

    OpenAIRE

    Vicente, António Rafael Mendes

    2016-01-01

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

  15. Non-use Economic Values for Little-Known Aquatic Species at Risk: Comparing Choice Experiment Results from Surveys Focused on Species, Guilds, and Ecosystems

    Science.gov (United States)

    Rudd, Murray A.; Andres, Sheri; Kilfoil, Mary

    2016-09-01

    Accounting for non-market economic values of biological diversity is important to fully assess the benefits of environmental policies and regulations. This study used three choice experiments (species-, guild-, and ecosystem-based surveys) in parallel to quantify non-use values for little-known aquatic species at risk in southern Ontario. Mean willingness-to-pay (WTP) ranged from 9.45 to 21.41 per listing status increment under Canada's Species at Risk Act for both named and unnamed little-known species. Given the broad range of valuable ecosystem services likely to accrue to residents from substantial increases in water quality and the rehabilitation of coastal wetlands, the difference in WTP between species- and ecosystem-based surveys seemed implausibly small. It appeared that naming species—the `iconization' of species in two of the three surveys—had an important effect on WTP. The results suggest that reasonable annual household-level WTP values for little-known aquatic species may be 10 to 25 per species or 10 to 20 per listing status increment. The results highlighted the utility of using parallel surveys to triangulate on non-use economic values for little-known species at risk.

  16. 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...

  17. 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 ...

  18. 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....

  19. 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

  20. 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.

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

    Science.gov (United States)

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

    2017-01-01

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

  2. Pension plan asset valuation

    OpenAIRE

    Owadally, M. I; Haberman, S.

    2001-01-01

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

  3. Towards a common standard - a reporting checklist for web-based stated preference valuation surveys and a critique for mode surveys

    DEFF Research Database (Denmark)

    Menegaki, Angeliki, N.; Olsen, Søren Bøye; Tsagarakis, Konstantinos P.

    2016-01-01

    . The checklist is developed based on the bulk of knowledge gained so far with web-based surveys. This knowledge is compiled based on an extensive review of relevant literature dated from 2001 to beginning of 2015 in the Scopus database. Somewhat surprisingly, relatively few papers are concerned with survey mode...

  4. South African mine valuation

    Energy Technology Data Exchange (ETDEWEB)

    Storrar, C D

    1977-01-01

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

  5. 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

  6. Method of Banks Valuation

    OpenAIRE

    Eva Horvátová

    2010-01-01

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

  7. The valuative tree

    CERN Document Server

    Favre, Charles

    2004-01-01

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

  8. 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.

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. [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

  15. 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...

  16. 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...

  17. 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)

  18. 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...

  19. 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...

  20. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2011-02-15

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

  2. 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.

  3. 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

  4. Valuation of medical resource units collected in health economic studies.

    Science.gov (United States)

    Copley-Merriman, C; Lair, T J

    1994-01-01

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

  5. 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...

  6. 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...

  7. 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...

  8. 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

  9. 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

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

    Science.gov (United States)

    Grammatikopoulou, Ioanna; Olsen, Søren Bøye

    2013-11-30

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

  11. 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...

  12. 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.

  13. 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.

  14. 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....

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. 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.

  20. 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

  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. 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.

  8. 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...

  9. 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...

  10. 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...

  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. 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

  13. 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

  14. 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...

  15. 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...

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

    Science.gov (United States)

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

  17. 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)

  18. 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...

  19. 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...

  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. 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.

  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. 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

  7. 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.

  8. 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.

  9. 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...

  10. 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...

  11. 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.

  12. 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

  13. 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

  14. 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.

  15. 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...

  16. 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.

  17. 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.

  18. 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..

  19. 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...

  20. 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

  1. 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 ...

  2. 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.

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

    Science.gov (United States)

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

    2010-01-01

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

  4. 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...

  5. 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

  6. 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.

  7. Estimating the value of non-use benefits from small changes in the provision of ecosystem services.

    Science.gov (United States)

    Dutton, Adam; Edwards-Jones, Gareth; Macdonald, David W

    2010-12-01

    The unit of trade in ecosystem services is usually the use of a proportion of the parcels of land associated with a given service. Valuing small changes in the provision of an ecosystem service presents obstacles, particularly when the service provides non-use benefits, as is the case with conservation of most plants and animals. Quantifying non-use values requires stated-preference valuations. Stated-preference valuations can provide estimates of the public's willingness to pay for a broad conservation goal. Nevertheless, stated-preference valuations can be expensive and do not produce consistent measures for varying levels of provision of a service. Additionally, the unit of trade, land use, is not always linearly related to the level of ecosystem services the land might provide. To overcome these obstacles, we developed a method to estimate the value of a marginal change in the provision of a non-use ecosystem service--in this case conservation of plants or animals associated with a given land-cover type. Our method serves as a tool for calculating transferable valuations of small changes in the provision of ecosystem services relative to the existing provision. Valuation is achieved through stated-preference investigations, calculation of a unit value for a parcel of land, and the weighting of this parcel by its ability to provide the desired ecosystem service and its effect on the ability of the surrounding land parcels to provide the desired service. We used the water vole (Arvicola terrestris) as a case study to illustrate the method. The average present value of a meter of water vole habitat was estimated at UK £ 12, but the marginal value of a meter (based on our methods) could range between £ 0 and £ 40 or more. © 2010 Society for Conservation Biology.

  8. 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.

  9. 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.

  10. 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 ...

  11. 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.

  12. 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.

  13. 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...

  14. 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...

  15. 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...

  16. 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 ...

  17. 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.

  18. 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...

  19. 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.

  20. 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...

  1. 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...

  2. 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)

  3. 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.

  4. 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)

  5. Reconsidering the use of rankings in the valuation of health states: a model for estimating cardinal values from ordinal data

    Directory of Open Access Journals (Sweden)

    Salomon Joshua A

    2003-12-01

    Full Text Available Abstract Background In survey studies on health-state valuations, ordinal ranking exercises often are used as precursors to other elicitation methods such as the time trade-off (TTO or standard gamble, but the ranking data have not been used in deriving cardinal valuations. This study reconsiders the role of ordinal ranks in valuing health and introduces a new approach to estimate interval-scaled valuations based on aggregate ranking data. Methods Analyses were undertaken on data from a previously published general population survey study in the United Kingdom that included rankings and TTO values for hypothetical states described using the EQ-5D classification system. The EQ-5D includes five domains (mobility, self-care, usual activities, pain/discomfort and anxiety/depression with three possible levels on each. Rank data were analysed using a random utility model, operationalized through conditional logit regression. In the statistical model, probabilities of observed rankings were related to the latent utilities of different health states, modeled as a linear function of EQ-5D domain scores, as in previously reported EQ-5D valuation functions. Predicted valuations based on the conditional logit model were compared to observed TTO values for the 42 states in the study and to predictions based on a model estimated directly from the TTO values. Models were evaluated using the intraclass correlation coefficient (ICC between predictions and mean observations, and the root mean squared error of predictions at the individual level. Results Agreement between predicted valuations from the rank model and observed TTO values was very high, with an ICC of 0.97, only marginally lower than for predictions based on the model estimated directly from TTO values (ICC = 0.99. Individual-level errors were also comparable in the two models, with root mean squared errors of 0.503 and 0.496 for the rank-based and TTO-based predictions, respectively. Conclusions

  6. Seafood Eco-label Valuation

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This survey assessed the potential price premiums that consumers are willing to pay for tuna that is harvested from stocks with known abundance, known by-catch...

  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. 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...

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. 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.

  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.

    1991-12-31

    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.

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

    International Nuclear Information System (INIS)

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

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    S. Fachelli

    2015-09-01

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

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

    Science.gov (United States)

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

    1997-01-01

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

  3. 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

  4. Relative level of occurrence of the principal heuristics in Nigeria property valuation

    Directory of Open Access Journals (Sweden)

    Iroham C.O.,

    2013-06-01

    Full Text Available The neglect of the other principal heuristics namely avaialability, representative and positivity in real estate behaviourial property research as against the exclusive focus on anchoring and adjustment heuristics invariably results to a lopsided research. This work studied the four principal heuristics in property behaviourial property valutaion in a bid to discovering its relative level of occurrence. The study adopted a cross-sectional questionnaire survey approach of 159 of the 270 Head Offices of Estate Surveying and Valuation firms in Lagos Metropolis, while 29 and 30 questionnaire were distributed to the Head Offices of the entire Estate Surveying and Valuation Firms in Abuja and Port-Harcourt respectively. The data gotten was analyzed with the aid of Statistical Package for the Social Sciences first using frequency distributions/means and the data so analyzed was further analyzed using maximum and minimum values, means/standard deviations and ultimately ranking of such means. The result revealed that respondents use the various principal heuristics in this decreasing order of magnitude: availability heuristics (26.77%, anchoring and adjustment heuristics (18.62%; representative heuristics (15.63% and least of all positivity heuristics (10.41%. The authors thereby opined that emphasis be placed more on availability heuristics research particularly as usage of heuristcis (anchoring and adjustment has been seen to influence valuation inconsistency/accuracy

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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...

  11. 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...

  12. 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...

  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 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...

  16. 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.

  17. 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.

  18. 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

  19. 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.

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

    Science.gov (United States)

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

    1993-06-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-02-01

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

  2. Implementing GIS in real estate price prediction and mass valuation: the case study of Nicosia District

    Science.gov (United States)

    Yiorkas, Charalambos; Dimopoulos, Thomas

    2017-09-01

    When the European Commission, International Monetary Fund and European Central Bank arrived in Cyprus to assist for a sustainable solution on the crisis on the banking sector, one of the first things they ordered was a New General Valuation (a mass appraisal that would revalue all properties in Cyprus as on 1st of January 2013), that it would be used for taxation purposes. The above indicates the importance of property mass appraising tools. This task was successfully conducted by the Department of Lands and Surveys. Authors aim to move a step further and implement the use of GIS and GWR techniques to improve the results of the New General Valuation. On a sample of comparative evidences for flats in Nicosia District, GIS was used to measure the impact of spatial attributes on real estate prices and to construct a prediction model in terms of spatially estimating apartment values. In addition to the structural property characteristics, some spatial attributes (landmarks) were also analysed to assess their contribution on the prices of the apartments, including the Central Business District (CBD), schools and universities, as well as the major city roads and the restricted zone that divides the country into two parts; the occupied by Turkish area and the Greek area. The values of the spatial attributes, or locational characteristics, were determined by employing GIS, considering an established model of multicriteria analysis. The price prediction model was analysed using the OLS method and calibrated based on the GWR method. The results of the statistic process indicate an accuracy of 81.34%, showing better performance than the mass valuation system applied by the Department of Land and Surveys in Cyprus with accuracy of 66.76%. This approach suggests that GIS systems are fundamentally important in mass valuation procedures in order to identify the spatial pattern of the attributes, provided that the database is comprised by a sufficient number of comparable

  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. 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 ...

  5. 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...

  6. 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...

  7. 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

  8. 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...

  9. 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...

  10. 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. ...

  11. 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

  12. 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

  13. 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

  14. 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...

  15. 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

  16. 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...

  17. 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...

  18. 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

  19. 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.

  20. 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.

  1. 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)

  2. 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. 

  3. 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.

  4. The Subjective Well-Being Method of Valuation: An Application to General Health Status.

    Science.gov (United States)

    Brown, Timothy T

    2015-12-01

    To introduce the subjective well-being (SWB) method of valuation and provide an example by valuing health status. The SWB method allows monetary valuations to be performed in the absence of market relationships. Data are from the 1975-2010 General Social Survey. The value of health status is determined via the estimation of an implicit derivative based on a happiness equation. Two-stage least-squares was used to estimate happiness as a function of poor-to-fair health status, annual household income adjusted for household size, age, sex, race, marital status, education, year, and season. Poor-to-fair health status and annual household income are instrumented using a proxy for intelligence, a temporal version of the classic distance instrument, and the average health status of individuals who are demographically similar but geographically separated. Instrument validity is evaluated. Moving from good/excellent health to poor/fair health (1 year of lower health status) is equivalent to the loss of $41,654 of equivalized household income (2010 constant dollars) per annum, which is larger than median equivalized household income. The SWB method may be useful in making monetary valuations where fundamental market relationships are not present. © Health Research and Educational Trust.

  5. 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

  6. 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.

  7. 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…

  8. 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.

  9. 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

  10. 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

  11. 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...

  12. 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...

  13. [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.

  14. 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.

  15. Economic Valuation of Sand and Gravel in Davao del Norte, Philippines

    OpenAIRE

    Tamayo, Adrian; Tagalo, Romulo

    2016-01-01

    The study aims to quantify the economic value of the sand and gravel which is deemed as a non-renewable resource. A survey was conducted to extract the consumer surplus of the households, also construct the demand equation for the resource. With the demand equation for sand and gravel at , the consumer surplus was estimated at P8271. Using the economic valuation technique, the economic value of sand and gravel was estimated at P729,568,368. Thus, a very high value imputed on the environmenta...

  16. 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

  17. 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.

  18. 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 ...

  19. 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...

  20. 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 ...

  1. 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 ...

  2. 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 ...

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

    NARCIS (Netherlands)

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

    2015-01-01

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

  4. 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...

  5. 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...

  6. 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.

  7. 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...

  8. 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.

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

    Science.gov (United States)

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

    2017-11-01

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

  10. 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.

  11. Incorporation of Socio-Cultural Values in Damage Assessment Valuations of Contaminated Lands in the Niger Delta

    Directory of Open Access Journals (Sweden)

    Victor A. Akujuru

    2014-07-01

    Full Text Available Damages on contaminated land have been mostly assessed for developments subsisting on the land, neglecting the goods and services derived from the land which possess only socio-cultural values. This paper aims to ascertain the importance of socio-cultural values in the total economic value of contaminated land, drawing from the experience of a coastal community oil spillage in the Niger Delta. The paper examines what constitutes a valuable interest on contaminated land and how socio-cultural factors are valued in the damage assessment process. After reviewing the literature and decided cases, a questionnaire survey was conducted and a sample valuation report was analysed. It is concluded that there exists a socio-cultural interest on contaminated land which professional valuers do not reflect in damage assessment claims. It is recommended that any comprehensive damage assessment requires the incorporation of socio-cultural values in the valuations.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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...

  18. 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...

  19. Canadian valuation of EQ-5D health states: preliminary value set and considerations for future valuation studies.

    Directory of Open Access Journals (Sweden)

    Nick Bansback

    Full Text Available The EQ-5D is a preference based instrument which provides a description of a respondent's health status, and an empirically derived value for that health state often from a representative sample of the general population. It is commonly used to derive Quality Adjusted Life Year calculations (QALY in economic evaluations. However, values for health states have been found to differ between countries. The objective of this study was to develop a set of values for the EQ-5D health states for use in Canada.Values for 48 different EQ-5D health states were elicited using the Time Trade Off (TTO via a web survey in English. A random effect model was fitted to the data to estimate values for all 243 health states of the EQ-5D. Various model specifications were explored. Comparisons with EQ-5D values from the UK and US were made. Sensitivity analysis explored different transformations of values worse than dead, and exclusion criteria of subjects.The final model was estimated from the values of 1145 subjects with socio-demographics broadly representative of Canadian general population with the exception of Quebec. This yielded a good fit with observed TTO values, with an overall R2 of 0.403 and a mean absolute error of 0.044.A preference-weight algorithm for Canadian studies that include the EQ-5D is developed. The primary limitations regarded the representativeness of the final sample, given the language used (English only, the method of recruitment, and the difficulty in the task. Insights into potential issues for conducting valuation studies in countries as large and diverse as Canada are gained.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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 ...

  10. 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

  11. 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...

  12. 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...

  13. 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.

  14. 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.

  15. 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.

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    Tahzeeda Jasia

    2018-03-01

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

  18. Economic Valuation of Sufficient and Guaranteed Irrigation Water Supply for Paddy Farms of Guilan Province

    Directory of Open Access Journals (Sweden)

    Mohammad Kavoosi Kalashami

    2014-08-01

    Full Text Available Cultivation of the strategic crop of rice highly depends to the existence of sufficient and guaranteed irrigation water, and water shortage stresses have irreparable effects on yield and quality of productions. Decrease of the Sefidrud river inflow in Guilan province which is the main source of supplying irrigation water for 171 thousand hectares under rice cropping area of this province, has been challenged sufficient and guaranteed irrigation water supply in many regions of mentioned province. Hence, in present study estimating the value that paddy farmers place on sufficient and guaranteed irrigation water supply has been considered. Economic valuation of sufficient and guaranteed irrigation water supply improves water resource management policies in demand side. Requested data set were obtained on the base of a survey and are collected from 224 paddy farms in rural regions that faced with irrigation water shortages. Then, using open-ended valuation approach and estimation of Tobit model via ML and two stages Heckman approach, eliciting paddy farmers' willingness to pay for sufficient and guaranteed irrigation water supply has been accomplished. Results revealed that farmers in investigated regions willing to pay 26.49 percent more than present costs of providing irrigation water in order to have sufficient and guaranteed irrigation water.

  19. The valuation of finished products as an important risk factor in the distortion of financial statements 

    Directory of Open Access Journals (Sweden)

    Mariusz Karwowski

    2015-11-01

    Full Text Available The aim of the study was to answer the following questions: 1. Is the correct valuation of products significant from the point of view of economic risk? 2. Are there situations in Polish practice of inaccurate valuations that lead to material misstatements of financial statements? 3. Is there a risk of inaccurate cost information being used by the management of Polish companies? The review of published materials on the topic has shown that inaccuracies in the calculation of indivi-dual product costs, or overlooking the issue of idle capacity, may increase the economic risk of faulty decisions. A survey conducted among Polish companies has demonstrated that, in many cases, cost accounting does not allow for the accurate calculation of individual product costs or the cost of idle capacity. In addition, the research has highlighted the issue of idle capacity in many Polish companies that hold a significant level of inventories. All of this indicates a risk of distortion in financial statements due to the faulty valua-tion of products in the reports of those companies.

  20. 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...

  1. 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...

  2. Insensitivity to Scope in Contingent Valuation Studies

    DEFF Research Database (Denmark)

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

    2012-01-01

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

  3. 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...

  4. 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...

  5. 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 ...

  6. 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...

  7. 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

  8. 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.

  9. 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 ...

  10. 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…

  11. 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.

  12. 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…

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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...

  18. 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

  19. 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

  20. 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.

  1. 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...

  2. 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

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. 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.

  8. 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...

  9. 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

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

    Science.gov (United States)

    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

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

    Directory of Open Access Journals (Sweden)

    Banna Hasanul

    2016-03-01

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

  13. A pilot test of a new stated preference valuation method. Continuous attribute-based stated choice

    International Nuclear Information System (INIS)

    Ready, Richard; Fisher, Ann; Guignet, Dennis; Stedman, Richard; Wang, Junchao

    2006-01-01

    A new stated preference nonmarket valuation technique is developed. In an interactive computerized survey, respondents move continuous sliders to vary levels of environmental attributes. The total cost of the combination of attributes is calculated according to a preprogrammed cost function, continuously updated and displayed as respondents move the sliders. Each registered choice reveals the respondent's marginal willingness to pay for each of the attributes. The method is tested in a museum exhibit on global climate change. Two construct validity tests were conducted. Responses are sensitive to the shape of the cost function in ways that are consistent with expectations based on economic theory. Implied marginal willingness to pay values were similar to those estimated using a more traditional paired comparisons stated choice format. However, responses showed range effects that indicate potential cognitive biases. (author)

  14. 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

  15. 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.

  16. 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.

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

    International Nuclear Information System (INIS)

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

    1994-01-01

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

  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. 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...

  1. 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...

  2. 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)

  3. 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.

  4. 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.

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

    Directory of Open Access Journals (Sweden)

    Conde-López Juan

    2011-10-01

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

  6. 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...

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

    African Journals Online (AJOL)

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

  8. 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...

  9. 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.

  10. 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

  11. 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.

  12. 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...

  13. 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 ...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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.

  19. 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

  20. 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...

  1. 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...

  2. 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-...

  3. 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.

  4. 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.

  5. 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)

  6. 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)

  7. 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.

  8. 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.

  9. 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...

  10. 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, ...

  11. 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...

  12. 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 ...

  13. 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.

  14. 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.

  15. Market valuation perspectives for photovoltaic systems

    Energy Technology Data Exchange (ETDEWEB)

    Klise, Geoffrey Taylor [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2014-08-01

    Sandia National Laboratories, working with Energy Sense Finance developed the proof-ofconcept PV Valueª tool in 2011 to provide real estate appraisers a tool that can be used to develop the market value and fair market value of a solar photovoltaic system. PV Valueª moved from a proof-of-concept spreadsheet to a commercial web-based tool developed and operated exclusively by Energy Sense Finance in June 2014. This paper presents the results of a survey aimed at different user categories in order to measure how the tool is being used in the marketplace as well as elicit information that can be used to improve the tools effectiveness.

  16. Introduction and critique of using contingent valuation to measure nonuse damages

    International Nuclear Information System (INIS)

    Desvousges, W.H.

    1993-01-01

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

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

    Science.gov (United States)

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

    2013-01-01

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

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

    Science.gov (United States)

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

    2015-10-01

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

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

    Science.gov (United States)

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

    2009-02-01

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

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

    Science.gov (United States)

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

    2014-09-01

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

  1. Economic valuation of mangrove ecosystem: empirical studies in Timbulsloko Village, Sayung, Demak, Indonesia

    Science.gov (United States)

    Perdana, T. A.; Suprijanto, J.; Pribadi, R.; Collet, C. R.; Bailly, D.

    2018-03-01

    Ecosystem resilience is the capacity of ecosystems to tolerate disorders without collapsing into different circumstances qualitatively controlled by a different set of processes. A robust ecosystem is one that can withstand shocks and rebuild itself when necessary. This study aims to identify the value of use-based economy and non-use value of current economy; calculating the total economic value of mangrove resources; and provide suggestions and recommendations based on observations in Timbulsloko, Sayung, Demak. The method used is economic valuation with total economic value technique. The sampling technique used non-probability and purposive sampling method. The results showed that the direct use value of mangroves was utilized by fisherman, fish pond farmers, branjang catchers, oystercatchers, trap makers, shop owner, grilled fish makers and shrimp chip makers. Indirect use value was derived from function as the breakwater, beach belt and hybrid engineering. Existing value was not less than 10 % of the direct use value. The total economic value was Rp. 6,361,430,639/year or about Rp. 202,335,580.1/ha/year. It is need to improve the community awareness to mangrove ecosystem and to the role of breakwater in order to reduce risk disaster and to develop an ecotourism in the area.

  2. 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

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

    Science.gov (United States)

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

    2017-03-01

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

  4. 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

  5. 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

  6. 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

  7. 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...

  8. 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...

  9. 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

  10. 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

  11. 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...

  12. 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...

  13. 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

  14. 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...

  15. 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.

  16. 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.

  17. 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...

  18. 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...

  19. 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.

  20. 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.

  1. 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.

  2. 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....

  3. 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.

  4. 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 ...

  5. 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...

  6. 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....

  7. 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...

  8. 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...

  9. 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.

  10. 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...

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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

  19. 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.

  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. 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

  1. 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

  2. 2D Versus 3D: The Relevance of the Mode of Presentation for the Economic Valuation of an Alpine Landscape

    Directory of Open Access Journals (Sweden)

    Michael Getzner

    2016-06-01

    Full Text Available In order to value the transformation of landscapes from an economic perspective, survey respondents are usually presented with pictures of various landscapes with the aim to visualize differences in their appearance. The current paper presents a classroom experiment ascertaining differences, and potential advantages and disadvantages, of 2D versus 3D (stereoscopic presentations of landscape changes. The landscape to be valued was a traditional Alpine pasture in the Austrian Alps as a prominent example of natural and cultural heritage (traditional economy and specific ecology. Two alternative scenarios included, on the one hand, changes in agricultural uses, leading to natural afforestation (reforestation and decay of existing infrastructure (e.g., hiking trails. On the other hand, significantly extended tourism infrastructure (e.g., new attractions for visitors was presented. Two groups were presented manipulated pictures (2D/non-stereoscopic, and 3D (stereoscopic presentations with 3D glasses, respectively. Both groups were then asked for their perception of landscape changes. It turns out that significant differences between the two groups could be detected in terms of the frequency of vacations at Alpine pastures. For instance, respondents in the 3D stereoscopic group stated a significantly higher frequency of trips. However, on the other hand, they did not state a significantly different willingness-to-pay to prevent landscape changes disadvantageous in terms of sustainability. The study results thus suggest that the mode of presentation may affect the valuation of landscape changes depending on the valuation instrument.

  3. Valuation of provisional and cultural services of a Ramsar site: A preliminary study on Rudrasagar lake, India

    Directory of Open Access Journals (Sweden)

    Moitree Taran

    2017-01-01

    Full Text Available Rudrasagar lake, a Ramsar site in India offers a variety of ecosystem services. The contribution of Rudrasagar lake to the society has not been estimated so far. The preliminary study aims to provide an economic valuation of the provisional and cultural services of the Rudrasagar lake. Official records of revenue collected by the Tourism Department of Tripura and a socio- economic survey was the source of information used in the economic valuation of the lake. The main provisional services provided by the lake are food (aquatic plants and fishes, fuel wood and timber whereas, the cultural services provided were boat raiding and tourism due to its historical importance. The provisioning and cultural services provided by the Rudrasagar lake are 40810 US$ and 33929.33 US$ per year respectively during the period of 2010-2015. The main threats to the wetland identified are increasing silt loads due to deforestation, expansion of agricultural land and land conversion due to population pressure. To alleviate the anthropogenic stress on the lake, better monitoring, planning and management are essential. By proper conservation and management it will be possible to enjoy the provisional and cultural services of the lake in a sustainable way.

  4. Socioeconomic inequalities in the non-use of dental care in Europe

    Science.gov (United States)

    2014-01-01

    Introduction Oral health is an important component of people’s general health status. Many studies have shown that socioeconomic status is an important determinant of access to health services. In the present study, we explored the inequality and socioeconomic factors associated with people’s non-use of dental care across Europe. Methods We obtained data from the European Union Statistics on Income and Living Conditions survey conducted by Eurostat in 2007. These cross-sectional data were collected from people aged 16 years and older in 24 European countries, except those living in long-term care facilities. The variable of interest was the prevalence of non-use of dental care while needed. We used the direct method of standardisation by age and sex to eliminate confounders in the data. Socioeconomic inequalities in the non-use of dental care were measured through differences in prevalence, the relative concentration index (RCI), and the relative index of inequality (RII). We compared the results among countries and conducted standard and multilevel logistic regression analyses to examine the socioeconomic factors associated with the non-use of dental care while needed. Results The results revealed significant socio-economic inequalities in the non-use of dental care across Europe, the magnitudes of which depended on the measure of inequality used. For example, inequalities in the prevalence of non-use among education levels according to the RCI ranged from 0.005 (in the United Kingdom) to −0.271 (Denmark) for men and from −0.009 (Poland) to 0.176 (Spain) for women, whereas the RII results ranged from 1.21 (Poland) to 11.50 (Slovakia) for men and from 1.62 (Poland) to 4.70 (Belgium) for women. Furthermore, the level-2 variance (random effects) was significantly different from zero, indicating the presence of heterogeneity in the probability of the non-use of needed dental care at the country level. Conclusion Overall, our study revealed considerable

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

    Science.gov (United States)

    Morrison, I.; Berenter, J. S.

    2017-12-01

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

  6. 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

  7. 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

  8. 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...

  9. 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.

  10. 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.

  11. Non-use of Library Services by Students in a UK Academic Library

    Directory of Open Access Journals (Sweden)

    Lisa Toner

    2008-06-01

    Full Text Available Objective – This study examined low or non-use of the library at St. Martin’s College, UK and determined the possible reasons for this. Additionally, this study investigated the other sources of information non-users were accessing. The results were then fed into the library’s future strategic planning cycle. Methods – Using data from the TALIS management system, a postal survey was distributed to students who registered as low or non-users. Non-users were considered a hard-to-reach target group, and a further classroom-based survey was administered.Results – The findings showed that students in part-time and distance learning courses were the largest group of non-users. Other factors influencing non-use included the purchase of books, use of the Internet, and a lack of awareness of services available.Conclusions – The library service needs to target non-traditional student groups, particularly those taught off-campus, with innovative induction techniques. This survey highlighted the need to embed information skills teaching into the curriculum and a recent restructure of the department has enabled this to happen with a more focused approach to academic liaisonship.

  12. 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

  13. 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)

  14. 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.

  15. 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.

  16. 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

  17. 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...

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

    Directory of Open Access Journals (Sweden)

    J. M. Núñez Tabales

    2017-03-01

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

  19. 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....

  20. 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.

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

    Science.gov (United States)

    Marella, Giuliano; Raga, Roberto

    2014-07-01

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

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

    International Nuclear Information System (INIS)

    Yoo, Seung-Hoon; Kwak, So-Yoon

    2009-01-01

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

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

    Science.gov (United States)

    Storm, Hugo; Heckelei, Thomas; Heidecke, Claudia

    2011-10-01

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

  4. The economic valuation on atmospheric improvement benefit by nuclear power generation

    Energy Technology Data Exchange (ETDEWEB)

    Kwak, S. J.; Yoo, S. H.; Han, S. Y.; Do, G. W.; Lee, J. S. [Korea Univ., Seoul (Korea)

    2000-12-01

    The major contents are as follows : To begin with, major air pollutants' emissions and emission reduction facilities in industrial sectors including a power generation were investigated and the future prospect was suggested. Environmental effects by attributes of air pollutions were summarized through a extensive literature survey. And the concept of benefit-cost based upon social costs and economic values of generation was established to estimate atmospheric improvement benefits by using a nuclear power. As a result of investigating many valuation methodologies that can estimate economic values of environmental improvement, we adopted MAUA(multi-attribute utility assessment) as a research method and estimated environmental costs by air pollutant and by power generating source. Also, we presented foreign case studies related to social costs in power generating sector and horizontally compared study's results home and abroad. Then, we set up four scenarios based on total generation that the 5th long-term power resources planning forecasted and calculated economic values of atmospheric improvement benefits among scenarios. Further, we suggested the results incorporating uncertainty of estimation parameters. Finally, we suggested a rational ground to move toward environment-friendly energy consumption and proposed a plan for the national energy policy against the green age in the 21th century. 147 refs., 45 figs., 103 tabs. (Author)

  5. A Valuation of the Restoration of Hwangnyongsa Temple in South Korea

    Directory of Open Access Journals (Sweden)

    Ju-Hee Kim

    2018-01-01

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

  6. Just value of the Tactebel energy: an valuation from the main models of pricing asset

    Directory of Open Access Journals (Sweden)

    Renato Campos

    2010-01-01

    Full Text Available This study aimed to determine the current fair value of Tractebel Energia, from the main asset pricing models. The company was taken as the object due to its stable growth and the ease of obtaining data, since it is located in the city of Florianopolis. Nevertheless, the volatility in its shares has been priced aroused interest. Therefore, this study intended to provide subsidy for the decision making of investors regarding the purchase or sale of company stock. For this, the theoretical treat on the concept of asset valuation and the main models available, emphasizing their applications and limitations, which are: assessment book on, discounted dividend model and discounted cash flow. Regarding the methodological aspect, the research fits into exploratory, descriptive, highly quantitative field study and case. Moreover, it was made use of desk research, literature, interview and program Economática. Thus, the analysis of data initially sought to raise the assumptions demanded by each of the models surveyed ad apply them. The results were then compared and adjusted so that there is consistency. He was later adopted an arithmetic mean to assign a fair value to the company. From this average was defined as an acceptance range, depending on the variability of results and uncertainty in the estimates.

  7. Implications of a valuation study for ecological and social indicators associated with Everglades restoration.

    Science.gov (United States)

    Seeteram, Nadia A; Engel, Victor; Mozumder, Pallab

    2018-06-15

    The Everglades of south Florida, although degraded, imparts vital ecosystem benefits, including contributions to high quality drinking water supplies and habitat for a number of threatened and endangered species. Restoration of the Everglades can improve the provision of these benefits but also may impose tradeoffs with competing societal demands. This study focuses on understanding public preferences for Everglades restoration and estimating the willingness to pay (WTP) values for restored ecosystem services (ES) through the implementation of a discrete choice experiment (DCE). We collected data from 2302 respondents from the general public from an online survey designed to elicit WTP values for selected ecological and social attributes associated with Everglades restoration scenarios. We compare the findings to results from earlier studies (Milon et al., 1999; Milon and Scrogin, 2005), which also estimated WTP values among Floridians for Everglades restoration. For some attributes, WTP for Everglades restoration appears to have slightly increased while for others WTP appears to have decreased. We estimated statewide aggregate WTP values for components of species population restoration up to $2B over 10 years. Several factors impeded a direct comparison of current and historical WTP values, including time elapsed, different samples and sampling methods- which may have implications for integrating ecosystem service valuation studies into water management decisions. Copyright © 2018 Elsevier B.V. All rights reserved.

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

    Science.gov (United States)

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

    2018-02-01

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

  9. A Total Economic Valuation of Wetland Ecosystem Services: An Evidence from Jagadishpur Ramsar Site, Nepal

    Directory of Open Access Journals (Sweden)

    Sony Baral

    2016-01-01

    Full Text Available Wetlands are the most productive ecosystem and provide wide arrays of wetland ecosystems (goods and services to the local communities in particular and global communities in general. However, management of the wetland often does not remain priority and recognized as the unproductive waste land mainly due to poor realization of the economic value of the wetlands. Taking this into account, the study estimated the total economic value of the Jagadishpur Reservoir taking into account direct, indirect, and nonuse value. The study prioritized six major values of the reservoir which include wetland goods consumption, tourism, irrigation, carbon sequestration, biodiversity conservation, and conservation for future use (existence and option value. The study used market and nonmarket based valuation techniques to estimate total economic value of the reservoir. Household survey, focus group discussions, and interaction with the tourism entrepreneurs and district stakeholders were carried out to collect information. The study estimated the total annual economic value of the reservoir as NRs 94.5 million, where option/existence value remains main contributor followed by direct use value such as wetland goods and tourism and indirect use value, for example, carbon sequestration, biodiversity conservation, and irrigation. The study reveals that the local communities gave high importance to the future use value and are willing to make investment for conservation and restoration of reservoir given its conservation significance.

  10. A Total Economic Valuation of Wetland Ecosystem Services: An Evidence from Jagadishpur Ramsar Site, Nepal.

    Science.gov (United States)

    Baral, Sony; Basnyat, Bijendra; Khanal, Rajendra; Gauli, Kalyan

    Wetlands are the most productive ecosystem and provide wide arrays of wetland ecosystems (goods and services) to the local communities in particular and global communities in general. However, management of the wetland often does not remain priority and recognized as the unproductive waste land mainly due to poor realization of the economic value of the wetlands. Taking this into account, the study estimated the total economic value of the Jagadishpur Reservoir taking into account direct, indirect, and nonuse value. The study prioritized six major values of the reservoir which include wetland goods consumption, tourism, irrigation, carbon sequestration, biodiversity conservation, and conservation for future use (existence and option value). The study used market and nonmarket based valuation techniques to estimate total economic value of the reservoir. Household survey, focus group discussions, and interaction with the tourism entrepreneurs and district stakeholders were carried out to collect information. The study estimated the total annual economic value of the reservoir as NRs 94.5 million, where option/existence value remains main contributor followed by direct use value such as wetland goods and tourism and indirect use value, for example, carbon sequestration, biodiversity conservation, and irrigation. The study reveals that the local communities gave high importance to the future use value and are willing to make investment for conservation and restoration of reservoir given its conservation significance.

  11. The economic valuation on atmospheric improvement benefit by nuclear power generation

    Energy Technology Data Exchange (ETDEWEB)

    Kwak, S J; Yoo, S H; Han, S Y; Do, G W; Lee, J S [Korea Univ., Seoul (Korea)

    2000-12-01

    The major contents are as follows : To begin with, major air pollutants' emissions and emission reduction facilities in industrial sectors including a power generation were investigated and the future prospect was suggested. Environmental effects by attributes of air pollutions were summarized through a extensive literature survey. And the concept of benefit-cost based upon social costs and economic values of generation was established to estimate atmospheric improvement benefits by using a nuclear power. As a result of investigating many valuation methodologies that can estimate economic values of environmental improvement, we adopted MAUA(multi-attribute utility assessment) as a research method and estimated environmental costs by air pollutant and by power generating source. Also, we presented foreign case studies related to social costs in power generating sector and horizontally compared study's results home and abroad. Then, we set up four scenarios based on total generation that the 5th long-term power resources planning forecasted and calculated economic values of atmospheric improvement benefits among scenarios. Further, we suggested the results incorporating uncertainty of estimation parameters. Finally, we suggested a rational ground to move toward environment-friendly energy consumption and proposed a plan for the national energy policy against the green age in the 21th century. 147 refs., 45 figs., 103 tabs. (Author)

  12. 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

  13. 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.

  14. 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.

  15. 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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2010-01-15

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

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  18. 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)

  19. 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

  20. 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.

  1. 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

  2. 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 ...

  3. 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

  4. 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.

  5. 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.

  6. 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...

  7. 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...

  8. 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.

  9. 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.

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

    Science.gov (United States)

    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.

  11. 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...

  12. 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...

  13. 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.

  14. 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 ...

  15. 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...

  16. 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...

  17. 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.

  18. 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...

  19. 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....

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

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan H.

    2002-07-28

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

  1. 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.

  2. 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.

  3. Designing for psychological change: individuals' reward and cost valuations in weight management.

    Science.gov (United States)

    Hsu, Anne; Blandford, Ann

    2014-06-26

    Knowledge of the psychological constructs that underlie behavior offers valuable design opportunities for persuasive systems. We use the decision theory, which describes how behavior is underpinned by reward-cost valuations, as a framework for investigating such psychological constructs to deliver design objectives for weight management technologies. We applied a decision theory-based analysis in the domain of weight management to understand the rewards and costs that surround individuals' weight management behaviors, with the aim of uncovering design opportunities for weight management technologies. We conducted qualitative interviews with 15 participants who were or had been trying to lose weight. Thematic analysis was used to extract themes that covered the rewards and costs surrounding weight management behaviors. We supplemented our qualitative study with a quantitative survey of 100 respondents investigating the extent to which they agreed with statements reflecting themes from the qualitative study. The primary obstacles to weight management were the rewards associated with unhealthy choices, such as the pleasures of unhealthy foods and unrestricted consumption in social situations, and the significant efforts required to change habits, plan, and exercise. Psychological constructs that supported positive weight management included feeling good after making healthy choices, being good to oneself, experiencing healthy yet still delicious foods, and receiving social support and encouraging messages (although opinions about encouraging messages was mixed). A rewards-costs driven enquiry revealed a wide range of psychological constructs that contribute to discouraging and supporting weight management. The constructs extracted from our qualitative study were verified by our quantitative survey, in which the majority of respondents also reported similar thoughts and feelings. This understanding of the rewards and costs surrounding weight management offers a range

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

    International Nuclear Information System (INIS)

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

    2017-01-01

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

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

    Science.gov (United States)

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

    2018-07-15

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

  6. 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...

  7. 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.

  8. 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

  9. 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

  10. 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 ...

  11. 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.

  12. 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...

  13. 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...

  14. 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.

  15. [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.

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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

  1. Ecosystem services valuation to support decisionmaking on public lands—A case study of the San Pedro River watershed, Arizona

    Science.gov (United States)

    Bagstad, Kenneth J.; Semmens, Darius; Winthrop, Rob; Jaworksi, Delilah; Larson, Joel

    2012-01-01

    This report details the findings of the Bureau of Land Management–U.S. Geological Survey Ecosystem Services Valuation Pilot Study. This project evaluated alternative methods and tools that quantify and value ecosystem services, and it assessed the tools’ readiness for use in the Bureau of Land Management decisionmaking process. We tested these tools on the San Pedro River watershed in northern Sonora, Mexico, and southeast Arizona. The study area includes the San Pedro Riparian National Conservation Area (managed by the Bureau of Land Management), which has been a focal point for conservation activities and scientific research in recent decades. We applied past site-specific primary valuation studies, value transfer, the Wildlife Habitat Benefits Estimation Toolkit, and the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST) and Artificial Intelligence for Ecosystem Services (ARIES) models to value locally important ecosystem services for the San Pedro River watershed—water, carbon, biodiversity, and cultural values. We tested these approaches on a series of scenarios to evaluate ecosystem service changes and the ability of the tools to accommodate scenarios. A suite of additional tools were either at too early a stage of development to run, were proprietary, or were place-specific tools inappropriate for application to the San Pedro River watershed. We described the strengths and weaknesses of these additional ecosystem service tools against a series of evaluative criteria related to their usefulness for Bureau of Land Management decisionmaking. Using these tools, we quantified gains or losses of ecosystem services under three categories of scenarios: urban growth, mesquite management, and water augmentation. These results quantify tradeoffs and could be useful for decisionmaking within Bureau of Land Management district or field offices. Results are accompanied by a relatively high level of uncertainty associated with model outputs, valuation

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

    Science.gov (United States)

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

    2012-08-15

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

  3. Revisiting Ecosystem Services: Assessment and Valuation as Starting Points for Environmental Politics

    Directory of Open Access Journals (Sweden)

    Adam Jadhav

    2017-09-01

    Full Text Available The paradigm of ecosystem services (ES and the methods of monetary valuation have become boundary objects, spanning disciplines and earning particular purchase in policy circles. However, the notion of ES and ES valuation have also been subjected to multiple critiques, ranging from their varying precision to the potential for neoliberalization of nature. This paper does not attempt to refute such critiques but rather revisits the potentials of the ES paradigm and the specific method of benefit transfer valuation for their utility as a form of environmental politics and sustainability practice. We find they have particular relevance in contexts where “data” are not readily available or are not legible to policy makers as well as where the imperative of “development” remains ideological. We argue for ES assessment and, specifically, rapid ES valuation as a first-pass tactic to inform evaluation of potentially environmentally degrading projects or environmental management. We demonstrate this using a simple benefit transfer analysis to offer an initial evaluation of (wet landscape ES in a lightly touched estuary in Karnataka, India, where a state-backed proposal to develop an industrial shipping port is gathering steam. While we recognize and do not categorically reject critiques of the ES paradigm, we nonetheless argue for valuation as a starting point for politics that highlight and make visible ES benefits and users implicated by “development” and other kinds of environmental change.

  4. Valuation of Urban Commercial Properties in Nigeria for Secured Lending: Issues and Developments

    Directory of Open Access Journals (Sweden)

    Namnso Bassey Udoekanem

    2018-01-01

    Full Text Available Valuation for secured lending is required when an interest in real property is used as security for a loan. The outcome of such valuation will help the lending institution to achieve commercial prudence in lending as well as avoid taking undue risk. This paper examines the issues and developments in the valuation of urban commercial properties in Nigeria for secured lending purposes. It argues that due to the volatile nature of the Nigerian economy, coupled with the linkage between the economy and commercial property markets, the maximum amount of loan to be granted by lenders in the country using interest in commercial property as collateral should be based on the Mortgage Lending Value (MLV and not the Market Value (MV of the property, although the market value should also be reported in the valuation. A case study is used to demonstrate the valuation. It further contends that since the inputs for determining the MLV of a commercial property must be derived from long-term trends in the property and financial markets, it is more stable than MV when used to determine the maximum amount of mortgage loan to be granted by a lender. It concludes that the stability of the MLV makes it more reliable than the MV in achieving commercial prudence in mortgage lending as it fits into the long-term nature of mortgage loan repayment.

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

    Directory of Open Access Journals (Sweden)

    Adela DEACONU

    2014-11-01

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

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

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

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

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

    Science.gov (United States)

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

  8. Stock market speculation: Spontaneous symmetry breaking of economic valuation

    Science.gov (United States)

    Sornette, Didier

    2000-09-01

    Firm foundation theory estimates a security's firm fundamental value based on four determinants: expected growth rate, expected dividend payout, the market interest rate and the degree of risk. In contrast, other views of decision-making in the stock market, using alternatives such as human psychology and behavior, bounded rationality, agent-based modeling and evolutionary game theory, expound that speculative and crowd behavior of investors may play a major role in shaping market prices. Here, we propose that the two views refer to two classes of companies connected through a "phase transition". Our theory is based on (1) the identification of the fundamental parity symmetry of prices (p→-p), which results from the relative direction of payment flux compared to commodity flux and (2) the observation that a company's risk-adjusted growth rate discounted by the market interest rate behaves as a control parameter for the observable price. We find a critical value of this control parameter at which a spontaneous symmetry-breaking of prices occurs, leading to a spontaneous valuation in absence of earnings, similarly to the emergence of a spontaneous magnetization in Ising models in absence of a magnetic field. The low growth rate phase is described by the firm foundation theory while the large growth rate phase is the regime of speculation and crowd behavior. In practice, while large "finite-time horizon" effects round off the predicted singularities, our symmetry-breaking speculation theory accounts for the apparent over-pricing and the high volatility of fast growing companies on the stock markets.

  9. WEATHER DERIVATIVES: THE MOST COMMON PRICING AND VALUATION METHODS

    Directory of Open Access Journals (Sweden)

    Botos Horia Mircea

    2013-07-01

    Full Text Available In recent years , weather derivatives have become a common tool in risk management for many sectors. This has its roots in that there is no unique way to determine de value and price solutions that would be generally approved by market-participants, like in the case of the Black-Scholes formula for options on non-dividend-paying stocks is the source for a constant debate between academics and practitioners. One look for fair and truly correct prices, while the others search every-day applicable solutions. To be honest... this is somehow like alchemy. This paper has as purpose the examination of statistical characteristics of weather data, data clearing and filling techniques. The study will be referring to temperatures because that is the best analyzed phenomenon, being the most common. This was also heavily influenced by energy companies and energetic interests, because the degree days were of interest ever before weather derivatives were put for sale. Main ideas are explaining what ways of pricing and valuation are, put into perspective for this financial instrument, taking into consideration that the Black-Scholes Model is not suitable. Also here, we will present the pros and cons that we found for each method. The methods are: the Burn analysis, the index value simulation method (IVSM, the daily simulation method (DSM.On the hole, this paper wants to shed light the weather derivatives pricing methods a mix of insurance pricing and standard financial models. At the end we will prospect the discounting problem, by means of the Consumption based Capital Asset Pricing Model (CCAPM.

  10. 26 CFR 20.6324B-1 - Special lien for additional estate tax attributable to farm, etc., valuation.

    Science.gov (United States)

    2010-04-01

    ... attributable to farm, etc., valuation. 20.6324B-1 Section 20.6324B-1 Internal Revenue INTERNAL REVENUE SERVICE... attributable to farm, etc., valuation. (a) General rule. In the case of an estate of a decedent dying after December 31, 1976, which includes any interest in qualified real property, if the executor elects to value...

  11. Scenario realism and welfare estimates in choice experiments - a non-market valuation study on the European water framework directive

    DEFF Research Database (Denmark)

    Kataria, Mitesh; Bateman, I.; Christensen, Tove

    2012-01-01

    of a water body. This information is provided prior to the valuation questions and the corresponding beliefs in the provided information are also elicited before valuation. The second type of information concerns the proposed improvements in the environmental status of the water body. We find that average...

  12. Nouvel outil d'évaluation pour apprécier la qualité de la recherche ...

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

    25 avr. 2016 ... Cette évaluation, qui comporte trois phases, a pour but de définir et de ... Pour ce faire, on a analysé des outils et des démarches d'évaluation de l'excellence ... The Research Quality Plus (RQ+) Assessment Instrument (texte ...

  13. Congruence or Discrepancy? Comparing Patients' Health Valuations and Physicians' Treatment Goals for Rehabilitation for Patients with Chronic Conditions

    Science.gov (United States)

    Nagl, Michaela; Farin, Erik

    2012-01-01

    The aim of this study was to test the congruence of patients' health valuations and physicians' treatment goals for the rehabilitation of chronically ill patients. In addition, patient characteristics associated with greater or less congruence were to be determined. In a questionnaire study, patients' health valuations and physicians' goals were…

  14. The effects of lead time and visual aids in TTO valuation: a study of the EQ-VT framework

    NARCIS (Netherlands)

    N. Luo (Nan); M. Li (Minghui); E.A. Stolk (Elly); N. Devlin (Nancy)

    2013-01-01

    markdownabstract__Abstract__ __Background__ The effect of lead time in time trade-off (TTO) valuation is not well understood. The purpose of this study was to investigate the effects on health-state valuation of the length of lead time and the way the lead-time TTO task is displayed visually.

  15. Guide en matière d'évaluation à l'intention des instances qui ...

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

    Les évaluations sont un élément clé de la recherche pour le développement, puisqu'elles ... Comprendre le rôle des instances qui commandent des évaluations ... Avec l'aide du CRDI, l'Instituto de la Salud, Medio Ambiente, Economia y ...

  16. AN INITIAL DESIGN OF ISO 19152:2012 LADM BASED VALUATION AND TAXATION DATA MODEL

    DEFF Research Database (Denmark)

    Cagdas, Volkan; Kara, A.; van Oosterom, P.

    2016-01-01

    standard that defines the semantics of fiscal databases. The ISO 19152:2012 Land Administration Domain Model (LADM), as an international land administration standard focuses on legal requirements, but considers out of scope specifications of external information systems including valuation and taxation...... databases. However, it provides a formalism which allows for an extension that responds to the fiscal requirements. This paper introduces an initial version of a LADM – Fiscal Extension Module for the specification of databases used in immovable property valuation and taxation. The extension module....... It is expected that the initial version will be refined through further activities held by a possible joint working group under FIG Commission 7 (Cadastre and Land Management) and FIG Commission 9 (Valuation and the Management of Real Estate) in collaboration with other relevant international bodies....

  17. Le jugement professionnel: foyer de tensions et de synergies nouvelles en évaluation scolaire

    OpenAIRE

    Laveault, Dany

    2008-01-01

    Le jugement professionnel d’évaluation intervient dans les prises de décision et il se révèle particulièrement utile lorsque les mesures de contrôle externe du risque d’erreur se sont avérées inappropriées ou insuffisantes. Il est appelé à soutenir la qualité de l’évaluation dans les trois grandes catégories d’actes professionnels: les actes logiques, psychologiques et moraux. Particulièrement en évaluation certificative, il fait l’objet de nombreuses tensions entre dispositifs de contrôle ex...

  18. Quantifying Users' Interconnectedness in Online Social Networks - An Indispensible Step for Economic Valuation

    Science.gov (United States)

    Gneiser, Martin; Heidemann, Julia; Klier, Mathias; Landherr, Andrea; Probst, Florian

    Online social networks have been gaining increasing economic importance in light of the rising number of their users. Numerous recent acquisitions priced at enormous amounts have illustrated this development and revealed the need for adequate business valuation models. The value of an online social network is largely determined by the value of its users, the relationships between these users, and the resulting network effects. Therefore, the interconnectedness of a user within the network has to be considered explicitly to get a reasonable estimate for the economic value. Established standard business valuation models, however, do not sufficiently take these aspects into account. Thus, we propose a measure based on the PageRank-algorithm to quantify users’ interconnectedness in an online social network. This is a first but indispensible step towards an adequate economic valuation of online social networks.

  19. Culture, Nature, and the Valuation of Ecosystem Services in Northern Namibia

    Directory of Open Access Journals (Sweden)

    Michael Schnegg

    2014-12-01

    Full Text Available Defining culture as shared knowledge, values, and practices, we introduce an anthropological concept of culture to the ecosystem-service debate. In doing so, we shift the focus from an analysis of culture as a residual category including recreational and aesthetic experiences to an analysis of processes that underlie the valuation of nature in general. The empirical analysis draws on ethnographic fieldwork conducted along the Okavango River in northern Namibia to demonstrate which landscape units local populations value for which service(s. Results show that subjects perceive many places as providing multiple services and that most of their valuations of ecosystem services are culturally shared. We attribute this finding to common experiences and modes of activities within the cultural groups, and to the public nature of the valuation process.

  20. The Computational Complexity of Valuation and Motivational Forces in Decision-Making Processes.

    Science.gov (United States)

    Redish, A David; Schultheiss, Nathan W; Carter, Evan C

    2016-01-01

    The concept of value is fundamental to most theories of motivation and decision making. However, value has to be measured experimentally. Different methods of measuring value produce incompatible valuation hierarchies. Taking the agent's perspective (rather than the experimenter's), we interpret the different valuation measurement methods as accessing different decision-making systems and show how these different systems depend on different information processing algorithms. This identifies the translation from these multiple decision-making systems into a single action taken by a given agent as one of the most important open questions in decision making today. We conclude by looking at how these different valuation measures accessing different decision-making systems can be used to understand and treat decision dysfunction such as in addiction.

  1. "Tell me I'm sexy…and otherwise valuable:" Body Valuation and Relationship Satisfaction.

    Science.gov (United States)

    Meltzer, Andrea L; McNulty, James K

    2014-03-01

    Although extant research demonstrates that body valuation by strangers has negative implications for women, Studies 1 and 2 demonstrate that body valuation by a committed male partner is positively associated with women's relationship satisfaction when that partner also values them for their non-physical qualities, but negatively associated with women's relationship satisfaction when that partner is not committed or does not value them for their non-physical qualities. Study 3 demonstrates that body valuation by a committed female partner is negatively associated with men's relationship satisfaction when that partner does not also value them for their non-physical qualities but unassociated with men's satisfaction otherwise. These findings join others demonstrating that fully understanding the implications of interpersonal processes requires considering the interpersonal context. (120 words).

  2. Home Garden Ecosystem Services Valuation through a Gender Lens: A Case Study in the Catalan Pyrenees

    Directory of Open Access Journals (Sweden)

    Laura Calvet-Mir

    2016-07-01

    Full Text Available Ecosystem services have become a critical issue in the environmental literature, however knowledge on whether women and men similarly value ecosystem services is still nascent. We aim at advancing the understanding of the relation between gender and environmental perceptions through the analysis of values assigned by women and men to ecosystem services supplied by home gardens in Vall Fosca (Catalan Pyrenees, north-eastern Spain. We found that women give a higher value than men to all ecosystem services. Overall, women’s valuation of the full range of ecosystem services provided by home gardens was 7.55% higher than men’s valuation. Gender socialization influences the way people interact with and value the environment, including highly managed environments such as home gardens. We argue that considering gendered differences in ecosystem services valuation may lead to policies more effective in enhancing ecosystem services provision.

  3. Monetary valuation of the social cost of CO2 emissions : A critical survey

    NARCIS (Netherlands)

    van den Bergh, J. C J M; Botzen, W. J W|info:eu-repo/dai/nl/297620584

    2015-01-01

    An expanding branch of research has estimated the potential costs of climate change, which are often expressed as the "Social Cost of Carbon" (SCC) or the costs of an additional ton of CO2 emissions. Estimates of the SCC can be used by policy makers to evaluate climate change policies and greenhouse

  4. 26 CFR 1.642(c)-6T - Valuation of a remainder interest in property transferred to a pooled income fund (temporary).

    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..., Trusts, and Beneficiaries § 1.642(c)-6T Valuation of a remainder interest in property transferred to a...) through (c). (d) Valuation. The present value of the remainder interest in property transferred to a...

  5. 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.

  6. Serious child and adolescent behaviour disorders; a valuation study by professionals, youth and parents.

    Science.gov (United States)

    Vermeulen, Karin M; Jansen, Daniëlle E M C; Buskens, Erik; Knorth, Erik J; Reijneveld, Sijmen A

    2017-06-02

    In child and youth care, quantitative estimates of the impact of serious behaviour problems have not yet been made. Such input is needed to support decision making on investments in treatment. The aim of this paper was to elicit valuations of social and conduct disorders in children and adolescents from three different perspectives: professionals, youth, and parents. We obtained valuations from 25 youth care professionals, 50 children (age 9-10) without serious behaviour problems and 36 adolescents (age 16-17) with and without serious behaviour disorders, and 46 parents with children in the aforementioned age categories. Valuations were estimated from 18 descriptions of behaviour disorders in youth aged 9 and 15 years. Descriptions included Oppositional Defiant Disorder (ODD), Conduct Disorder (CD), and Disruptive Behaviour Disorder (DBD). Comorbid conditions were Attention Deficit Hyperactivity Disorder and substance abuse. Valuations were obtained with the EuroQol questionnaire (EQ-5D-3 L) and a visual analogue scale (VAS). Valuations were generally severe; problems were by and large reported to worsen quality of life by 50% compared to being fully healthy. Professionals regarded DBD with substance abuse as most severe (VAS values 0.41 for children, and 0.43 for adolescents, i.e. less than half of normal). They rated ODD as least severe (VAS values 0.58 for children, 0.59 for adolescents). Children, adolescents and parents gave lower valuations than professionals, and had a wider range of scores, particularly at the lower end of the scale. Behaviour disorders pose a formidable burden from the perspectives of professionals as well as children, adolescents and parents. These results may support medical decision making to set priorities with regard to prevention and treatment based on perceived severity.

  7. Analysis of Interbrand, BrandZ and BAV brand valuation methodologies

    Directory of Open Access Journals (Sweden)

    Krstić Bojan

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Sarabdeen Masahina

    2012-08-01

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

  9. Option Valuation with Long-run and Short-run Volatility Components

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat

    This paper presents a new model for the valuation of European options, in which the volatility of returns consists of two components. One of these components is a long-run component, and it can be modeled as fully persistent. The other component is short-run and has a zero mean. Our model can...... be viewed as an affine version of Engle and Lee (1999), allowing for easy valuation of European options. The model substantially outperforms a benchmark single-component volatility model that is well-established in the literature, and it fits options better than a model that combines conditional...... model long-maturity and short-maturity options....

  10. Valuating the Value and Risk of International Start-up Ventures

    OpenAIRE

    Ido Kallir; Tamir Agmon

    2015-01-01

    Fair value depends on an estimate of the both cash flow and risk, which is not an easy task when valuing startup firms. We present a measurement instrument for the future risk of small and risky firms that follows the major propositions in accounting and finance. It differs from other valuation instruments in looking simultaneously at the assets and liabilities. We test the VBB as a measure for value over time by using a database of VC backed innovative companies that oridary DCF valuation fa...

  11. Individualism and the extended-self: cross-cultural differences in the valuation of authentic objects.

    Science.gov (United States)

    Gjersoe, Nathalia L; Newman, George E; Chituc, Vladimir; Hood, Bruce

    2014-01-01

    The current studies examine how valuation of authentic items varies as a function of culture. We find that U.S. respondents value authentic items associated with individual persons (a sweater or an artwork) more than Indian respondents, but that both cultures value authentic objects not associated with persons (a dinosaur bone or a moon rock) equally. These differences cannot be attributed to more general cultural differences in the value assigned to authenticity. Rather, the results support the hypothesis that individualistic cultures place a greater value on objects associated with unique persons and in so doing, offer the first evidence for how valuation of certain authentic items may vary cross-culturally.

  12. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  13. Simulation-based valuation of project finance investments. Crucial aspects of power plant projects

    Energy Technology Data Exchange (ETDEWEB)

    Pietz, Matthaeus

    2010-12-15

    The liberalization of electricity markets transformed a regulated and stable market to a market with former unknown price volatility. This results in a high uncertainty which is mainly due to the, from an economic point of view, lack of storability of the commodity electricity. Thus investments in power plants are highly risky. This dissertation analyzes crucial aspects within the valuation of a power plant financed via project finance, a popular financing method for projects with high capital requirements. Starting with the development of a valuation model based on stochastic modelling of the future cash flows the focus of the analysis is on the impact of model complexity and electricity prices. (orig.)

  14. The Dark Side of Valuation: Firms with No Earnings, No History and No Comparables

    OpenAIRE

    Aswath Damodaran

    1999-01-01

    In traditional valuation models, we begin by forecasting earnings and cash flows and discount these cash flows back at an appropriate discount rate to arrive at the value of a firm or asset. This task is simpler when valuing firms with positive earnings, a long history of performance and a large number of comparable firms. In this paper, we look at valuation when one or more of these conditions does not hold. We begin by looking ways of dealing with firms with negative earnings, and note that...

  15. Renforcement des capacités d'évaluation dans le domaine des ...

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

    Les subtilités des interactions entre les technologies de l'information et de la communication (TIC) et les sociétés en développement exigent une évaluation réfléchie et systématique, axée sur l'utilité, les résultats et l'appropriation. Cette subvention permettra au projet de renforcement des capacités d'évaluation dans le ...

  16. ÉVALUATION MULTICRITÈRE D’ENTREPRISES PUBLIQUES DU RAIL

    OpenAIRE

    Mbangala, Mapapa; Colson, Gérard

    1998-01-01

    Les performances de dix entreprises publiques africaines du rail sont comparées entre elles au moyen des méthodes multicritères ELECTRE I, PROMETHEE II et JUDGES. Les 25 critères de premier niveau retenus sont regroupés d’abord en 8 familles capturant chacune un objectif de deuxième niveau. L’efficacité du service est mesurée par une fonction d’évaluation technicoéconomique regroupant les 4 premières familles. Son efficience est mesurée par une fonction d’évaluation où inter...

  17. Economic perspectives of risk distribution system asset management: principles of risk valuation of grid investments

    Energy Technology Data Exchange (ETDEWEB)

    Rud, Linda

    2010-07-01

    A main challenge of the electricity grid company is to target the right level and choice of grid investment, maintenance and renewal. The nature of grid investments poses special challenges in determining the investment cash flow, partly because a main product of the grid investment often is to improve future performance, for example in terms of increased reliability. An essential aspect of valuing grid investments is to address the value of risk. The objective of this report is to apply the insight from economic theories of risk valuation to understand fundamental aspects of the valuation of risky grid investments. (Author)

  18. Radiotherapic Valuation of Paraffin Wax for Patients with Oral Cancer

    Energy Technology Data Exchange (ETDEWEB)

    Na, Kyung Su; Seo, Seuk Jin; Lee, Je Hee; Yoo, Sook Heun [Dept. of Radiation Oncology, Seoul National University Hosdital, Seoul (Korea, Republic of)

    2011-03-15

    This study is designed to investigate radiotherapic valuation of Paraffin Wax, which is newly formed for this study and generally utilized in dentistry, and Mouth Piece and Putty impression, which are commonly used in radiotherapy, for oral cavity as a compensator. Each compensator was formed by 10 x 10 x 1 cm and measured radiation dose attenuation ratio with reference of water phantom which is made of tissue-equivalent materials. Two patients with oral cancer underwent DRR (Digitally Reconstructed Radiogrph) of Offline Review Program of Aria System and Portal vision for 5 times for each material to evaluate reproducibility by each filling materials. Moreover, MU (monitor unit) changes by dose absorption were considered in the case of inevitable implication of an filling materials in the range for radiotherapy. Radiation dose attenuation ratios were shown -0.7{approx}+3.7% for Mouth Piece, +0.21{approx}+0.39% for Paraffin Wax and -2.71{approx}-1.76% for Putty impression. Error ranges of reproducibility of positions were measured {+-}3 mm for Mouth Piece, {+-}2 mm for Paraffin Wax and {+-}2 mm for Putty impression. Difference of prescription MU from dose absorption with an filling material increased +7.8% (250 MU) in Putty impression and -0.9% (230 MU) in Paraffin Wax as converted into a percentage from the standard phantom, Water 232 MU. Dose reduction of boundary between cavity and tissue was observed for Mouth Piece. Mouth Piece also had low reproducibility of positions as it had no reflection of anatomy of oral cavity even though it was a proper material to separate Maxilla and Mandible during therapy. On the other hand, Putty impression was a suitable material to correctly re-position oral cavity as before. However, it risked normal tissues getting unnecessary over irradiation and it caused radiation dose decrease by -2.5% for 1cm volume in comparison of it of water phantom. Dose reduction in Paraffin Wax, Fat Tissue-Equivalent Material, was smaller than other

  19. Radiotherapic Valuation of Paraffin Wax for Patients with Oral Cancer

    International Nuclear Information System (INIS)

    Na, Kyung Su; Seo, Seuk Jin; Lee, Je Hee; Yoo, Sook Heun

    2011-01-01

    This study is designed to investigate radiotherapic valuation of Paraffin Wax, which is newly formed for this study and generally utilized in dentistry, and Mouth Piece and Putty impression, which are commonly used in radiotherapy, for oral cavity as a compensator. Each compensator was formed by 10 x 10 x 1 cm and measured radiation dose attenuation ratio with reference of water phantom which is made of tissue-equivalent materials. Two patients with oral cancer underwent DRR (Digitally Reconstructed Radiogrph) of Offline Review Program of Aria System and Portal vision for 5 times for each material to evaluate reproducibility by each filling materials. Moreover, MU (monitor unit) changes by dose absorption were considered in the case of inevitable implication of an filling materials in the range for radiotherapy. Radiation dose attenuation ratios were shown -0.7∼+3.7% for Mouth Piece, +0.21∼+0.39% for Paraffin Wax and -2.71∼-1.76% for Putty impression. Error ranges of reproducibility of positions were measured ±3 mm for Mouth Piece, ±2 mm for Paraffin Wax and ±2 mm for Putty impression. Difference of prescription MU from dose absorption with an filling material increased +7.8% (250 MU) in Putty impression and -0.9% (230 MU) in Paraffin Wax as converted into a percentage from the standard phantom, Water 232 MU. Dose reduction of boundary between cavity and tissue was observed for Mouth Piece. Mouth Piece also had low reproducibility of positions as it had no reflection of anatomy of oral cavity even though it was a proper material to separate Maxilla and Mandible during therapy. On the other hand, Putty impression was a suitable material to correctly re-position oral cavity as before. However, it risked normal tissues getting unnecessary over irradiation and it caused radiation dose decrease by -2.5% for 1cm volume in comparison of it of water phantom. Dose reduction in Paraffin Wax, Fat Tissue-Equivalent Material, was smaller than other impressions and

  20. Private valuation of carbon sequestration in forest plantations

    Energy Technology Data Exchange (ETDEWEB)

    Guitart, A. Bussoni [Facultad de Agronomia, Universidad de la Republica. Avda. E. Garzon, 780, CP 12.900, Montevideo (Uruguay); Rodriguez, L.C. Estraviz [Escola Superior de Agricultura ' ' Luiz de Queiroz' ' , Universidad de Sao, Paulo (Brazil)

    2010-01-15

    Approval of the Clean Development Mechanism, provided for in the Kyoto Protocol, enables countries with afforested land to trade in carbon emissions reduction certificates related to carbon dioxide equivalent quantities (CO{sub 2-e}) stored within a certain forest area. Potential CO{sub 2-e} above base line sequestration was determined for two forest sites on commercial eucalyptus plantations in northern Brazil (Bahia). Compensation values for silvicultural regimes involving rotation lengths greater than economically optimal were computed using the Faustmann formula. Mean values obtained were US$8.16 (MgCO{sub 2-e}){sup -} {sup 1} and US$7.19 (MgCO{sub 2-e}){sup -} {sup 1} for average and high site indexes, respectively. Results show that carbon supply is more cost-efficient in highly productive sites. Annuities of US$18.8 Mg C{sup -} {sup 1} and US$35.1 Mg C{sup -} {sup 1} and yearly payments of US$4.4 m{sup -} {sup 3} and US$8.2 m{sup -} {sup 3} due for each marginal cubic meter produced were computed for high and average sites, respectively. The estimated value of the tonne of carbon defines minimum values to be paid to forest owners, in order to induce a change in silvicultural management regimes. A reduction of carbon supply could be expected as a result of an increase in wood prices, although it would not respond in a regular manner. For both sites, price elasticity of supply was found to be inelastic and increased as rotation length moved further away from economically optimal: 0.24 and 0.27 for age 11 years in average- and high-productivity sites, respectively. This would be due to biomass production potential as a limiting factor; beyond a certain threshold value, an increase in price does not sustain a proportional change in carbon storage supply. The environmental service valuation model proposed might be adequate for assessing potential supply in plantation forestry, from a private landowner perspective, with an economic opportunity cost. The model is