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Sample records for valuation methods deferred

  1. 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...

  2. 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.

  3. 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...

  4. 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

  5. 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

  6. 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...

  7. 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.

  8. 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...

  9. 75 FR 22813 - Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred Because of...

    Science.gov (United States)

    2010-04-30

    ...] Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred Because of Reactive Test... availability of a document entitled ``Guidance for Industry: Requalification Method for Reentry of Blood Donors... document entitled ``Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred...

  10. Deferred tax analysis and impact on firm's economic efficiency ratios

    Directory of Open Access Journals (Sweden)

    Hana Bohušová

    2005-01-01

    Full Text Available Category of deferred income tax is a complex topic including the whole accounting system and the income tax. Calculation method can be time-consuming and demanding a high quality system of analytical evidence and a system of valuation and demanding the high level of accountants' knowledge. The aim in the theoretical level was to analyze process of calculation and recording of deferred tax. Importance of recording of deferred tax and the impact on financial analysis ratios was analyzed. Fourteen business entities were examined. Deferred tax recording is a legal way to reduce retained earnings a to protect of its careless alocation.

  11. 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

  12. Equity of cadastral valuation and simplified methods

    Directory of Open Access Journals (Sweden)

    Gianni Guerrieri

    2014-12-01

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

  13. 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...

  14. 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.

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

    NARCIS (Netherlands)

    Tempelmans Plat, H.; Verhaegh, M.

    2000-01-01

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

  16. 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.

  17. Validation of a spectrophotometer-based method for estimating daily sperm production and deferent duct transit.

    Science.gov (United States)

    Froman, D P; Rhoads, D D

    2012-10-01

    The objectives of the present work were 3-fold. First, a new method for estimating daily sperm production was validated. This method, in turn, was used to evaluate testis output as well as deferent duct throughput. Next, this analytical approach was evaluated in 2 experiments. The first experiment compared left and right reproductive tracts within roosters. The second experiment compared reproductive tract throughput in roosters from low and high sperm mobility lines. Standard curves were constructed from which unknown concentrations of sperm cells and sperm nuclei could be predicted from observed absorbance. In each case, the independent variable was based upon hemacytometer counts, and absorbance was a linear function of concentration. Reproductive tracts were excised, semen recovered from each duct, and the extragonadal sperm reserve determined by multiplying volume by sperm cell concentration. Testicular sperm nuclei were procured by homogenization of a whole testis, overlaying a 20-mL volume of homogenate upon 15% (wt/vol) Accudenz (Accurate Chemical and Scientific Corporation, Westbury, NY), and then washing nuclei by centrifugation through the Accudenz layer. Daily sperm production was determined by dividing the predicted number of sperm nuclei within the homogenate by 4.5 d (i.e., the time sperm with elongated nuclei spend within the testis). Sperm transit through the deferent duct was estimated by dividing the extragonadal reserve by daily sperm production. Neither the efficiency of sperm production (sperm per gram of testicular parenchyma per day) nor deferent duct transit differed between left and right reproductive tracts (P > 0.05). Whereas efficiency of sperm production did not differ (P > 0.05) between low and high sperm mobility lines, deferent duct transit differed between lines (P < 0.001). On average, this process required 2.2 and 1.0 d for low and high lines, respectively. In summary, we developed and then tested a method for quantifying male

  18. 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.

  19. 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...

  20. High-order multi-implicit spectral deferred correction methods for problems of reactive flow

    International Nuclear Information System (INIS)

    Bourlioux, Anne; Layton, Anita T.; Minion, Michael L.

    2003-01-01

    Models for reacting flow are typically based on advection-diffusion-reaction (A-D-R) partial differential equations. Many practical cases correspond to situations where the relevant time scales associated with each of the three sub-processes can be widely different, leading to disparate time-step requirements for robust and accurate time-integration. In particular, interesting regimes in combustion correspond to systems in which diffusion and reaction are much faster processes than advection. The numerical strategy introduced in this paper is a general procedure to account for this time-scale disparity. The proposed methods are high-order multi-implicit generalizations of spectral deferred correction methods (MISDC methods), constructed for the temporal integration of A-D-R equations. Spectral deferred correction methods compute a high-order approximation to the solution of a differential equation by using a simple, low-order numerical method to solve a series of correction equations, each of which increases the order of accuracy of the approximation. The key feature of MISDC methods is their flexibility in handling several sub-processes implicitly but independently, while avoiding the splitting errors present in traditional operator-splitting methods and also allowing for different time steps for each process. The stability, accuracy, and efficiency of MISDC methods are first analyzed using a linear model problem and the results are compared to semi-implicit spectral deferred correction methods. Furthermore, numerical tests on simplified reacting flows demonstrate the expected convergence rates for MISDC methods of orders three, four, and five. The gain in efficiency by independently controlling the sub-process time steps is illustrated for nonlinear problems, where reaction and diffusion are much stiffer than advection. Although the paper focuses on this specific time-scales ordering, the generalization to any ordering combination is straightforward

  1. 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.

  2. Method of valuation of water field capacity

    International Nuclear Information System (INIS)

    Dancette, C.; Maertens, C.

    1973-01-01

    A method allowing the obtention of an approximation of field capacity, with only the determination of water retention at pF=3, is described. In alluvial soils, the accuracy of this method appears sufficient to satisfy the current needs in agriculture problems [fr

  3. Brief considerations on business valuation methods

    Directory of Open Access Journals (Sweden)

    Julio César Riascos Hermoza

    2017-11-01

    Full Text Available Nowadays, determining the value of a business has gained significant importance in academic and business fields, as the understanding of the value of an organization has become a key tool for the management and marketing of a business. Accordingly, numerous methods have been developed in order to perform these kinds of practices. In this article, the most used and current methods in processes of business evaluation are revised, observing their strengths and weaknesses, with the aim of comparing them and determining that the discounted cash flow methods are the most adequate procedures to perform this type of analysis.

  4. Share Valuation Using the Comparative Method

    Directory of Open Access Journals (Sweden)

    Jana Marková

    2016-12-01

    Full Text Available The comparative method is one of the methods of assessment of equity securities in theory and practice. The practical application of the comparative method is arranged in MS Decree No. 492/2004 Coll. on the establishment of the universal value of property and in Act No. 431/2002 Coll. on accounting, as amended by later regulations. According to this method, internal (general, real value is derived from information on specific prices or values of shares of similar companies. The comparative method can be applied without serious problems only provided that the differences between the companies are small; otherwise, its use has been problematic. To find a comparable public limited company on a mature capital market, where the number of traded comparable companies is high, is not a problem. It is very difficult for a small market such as Slovakia’s stock market. This paper discusses the application of comparative methods to the non-standard Slovak capital market.

  5. 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.

  6. 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.

  7. Conservative multi-implicit integral deferred correction methods with adaptive mesh refinement

    International Nuclear Information System (INIS)

    Layton, A.T.

    2004-01-01

    In most models of reacting gas dynamics, the characteristic time scales of chemical reactions are much shorter than the hydrodynamic and diffusive time scales, rendering the reaction part of the model equations stiff. Moreover, nonlinear forcings may introduce into the solutions sharp gradients or shocks, the robust behavior and correct propagation of which require the use of specialized spatial discretization procedures. This study presents high-order conservative methods for the temporal integration of model equations of reacting flows. By means of a method of lines discretization on the flux difference form of the equations, these methods compute approximations to the cell-averaged or finite-volume solution. The temporal discretization is based on a multi-implicit generalization of integral deferred correction methods. The advection term is integrated explicitly, and the diffusion and reaction terms are treated implicitly but independently, with the splitting errors present in traditional operator splitting methods reduced via the integral deferred correction procedure. To reduce computational cost, time steps used to integrate processes with widely-differing time scales may differ in size. (author)

  8. 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.

  9. Donating blood for research: a potential method for enhancing customer satisfaction of permanently deferred blood donors.

    Science.gov (United States)

    Waller, Daniel; Thijsen, Amanda; Garradd, Allira; Hayman, Jane; Smith, Geoff

    2017-01-01

    Each year, a large number of individuals in Australia are deferred from donating blood. A deferral may have a negative impact on donor satisfaction and subsequent word-of-mouth communication. The Australian Red Cross Blood Service (the Blood Service) is, therefore, investigating options for managing service interactions with deferred donors to maintain positive relationships. While public research institutes in Australia have established independent research donor registries, other countries provide programmes allowing deferred donors to donate blood for research via blood collection agencies. This study examined attitudes towards donating blood for research use in a sample of permanently deferred Australian donors. Donors permanently deferred because of a risk of variant Creutzfeldt-Jakob disease (n=449) completed a postal survey that examined attitudes towards research donation. The majority of participants were interested in donating blood for research (96%), and joining a registry of research donors (93%). Participants preferred to donate for transfusion or clinical research, and were willing to travel large distances. Results indicated that positive attitudes towards the Blood Service would be extended if the opportunity to donate blood was provided. These findings indicate a desire for continued engagement with the Blood Service despite deferral. Donating blood for research is a potential way of maintaining positive relationships with permanently deferred donors which also benefits the health research community. Through maintaining positive relationships with deferred donors, positive word-of-mouth activity can be stimulated. Further work is needed to determine the feasibility of implementing research donation through the Blood Service in Australia.

  10. 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...

  11. 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.

  12. 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.

  13. 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...

  14. 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...

  15. 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 ...

  16. 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...

  17. 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 ...

  18. How parents and practitioners experience research without prior consent (deferred consent) for emergency research involving children with life threatening conditions: a mixed method study.

    Science.gov (United States)

    Woolfall, Kerry; Frith, Lucy; Gamble, Carrol; Gilbert, Ruth; Mok, Quen; Young, Bridget

    2015-09-18

    Alternatives to prospective informed consent to enable children with life-threatening conditions to be entered into trials of emergency treatments are needed. Across Europe, a process called deferred consent has been developed as an alternative. Little is known about the views and experiences of those with first-hand experience of this controversial consent process. To inform how consent is sought for future paediatric critical care trials, we explored the views and experiences of parents and practitioners involved in the CATheter infections in CHildren (CATCH) trial, which allowed for deferred consent in certain circumstances. Mixed method survey, interview and focus group study. 275 parents completed a questionnaire; 20 families participated in an interview (18 mothers, 5 fathers). 17 CATCH practitioners participated in one of four focus groups (10 nurses, 3 doctors and 4 clinical trial unit staff). 12 UK children's hospitals. Some parents were momentarily shocked or angered to discover that their child had or could have been entered into CATCH without their prior consent. Although these feelings resolved after the reasons why consent needed to be deferred were explained and that the CATCH interventions were already used in clinical care. Prior to seeking deferred consent for the first few times, CATCH practitioners were apprehensive, although their feelings abated with experience of talking to parents about CATCH. Parents reported that their decisions about their child's participation in the trial had been voluntary. However, mistiming the deferred consent discussion had caused distress for some. Practitioners and parents supported the use of deferred consent in CATCH and in future trials of interventions already used in clinical care. Our study provides evidence to support the use of deferred consent in paediatric emergency medicine; it also indicates the crucial importance of practitioner communication and appropriate timing of deferred consent discussions

  19. How parents and practitioners experience research without prior consent (deferred consent) for emergency research involving children with life threatening conditions: a mixed method study

    Science.gov (United States)

    Woolfall, Kerry; Frith, Lucy; Gamble, Carrol; Gilbert, Ruth; Mok, Quen; Young, Bridget

    2015-01-01

    Objective Alternatives to prospective informed consent to enable children with life-threatening conditions to be entered into trials of emergency treatments are needed. Across Europe, a process called deferred consent has been developed as an alternative. Little is known about the views and experiences of those with first-hand experience of this controversial consent process. To inform how consent is sought for future paediatric critical care trials, we explored the views and experiences of parents and practitioners involved in the CATheter infections in CHildren (CATCH) trial, which allowed for deferred consent in certain circumstances. Design Mixed method survey, interview and focus group study. Participants 275 parents completed a questionnaire; 20 families participated in an interview (18 mothers, 5 fathers). 17 CATCH practitioners participated in one of four focus groups (10 nurses, 3 doctors and 4 clinical trial unit staff). Setting 12 UK children's hospitals. Results Some parents were momentarily shocked or angered to discover that their child had or could have been entered into CATCH without their prior consent. Although these feelings resolved after the reasons why consent needed to be deferred were explained and that the CATCH interventions were already used in clinical care. Prior to seeking deferred consent for the first few times, CATCH practitioners were apprehensive, although their feelings abated with experience of talking to parents about CATCH. Parents reported that their decisions about their child's participation in the trial had been voluntary. However, mistiming the deferred consent discussion had caused distress for some. Practitioners and parents supported the use of deferred consent in CATCH and in future trials of interventions already used in clinical care. Conclusions Our study provides evidence to support the use of deferred consent in paediatric emergency medicine; it also indicates the crucial importance of practitioner communication

  20. A comparison of high-order explicit Runge–Kutta, extrapolation, and deferred correction methods in serial and parallel

    KAUST Repository

    Ketcheson, David I.

    2014-06-13

    We compare the three main types of high-order one-step initial value solvers: extrapolation, spectral deferred correction, and embedded Runge–Kutta pairs. We consider orders four through twelve, including both serial and parallel implementations. We cast extrapolation and deferred correction methods as fixed-order Runge–Kutta methods, providing a natural framework for the comparison. The stability and accuracy properties of the methods are analyzed by theoretical measures, and these are compared with the results of numerical tests. In serial, the eighth-order pair of Prince and Dormand (DOP8) is most efficient. But other high-order methods can be more efficient than DOP8 when implemented in parallel. This is demonstrated by comparing a parallelized version of the wellknown ODEX code with the (serial) DOP853 code. For an N-body problem with N = 400, the experimental extrapolation code is as fast as the tuned Runge–Kutta pair at loose tolerances, and is up to two times as fast at tight tolerances.

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

    Science.gov (United States)

    Li, Shugang; Yu, Zhaoxu

    2017-01-01

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

  2. Indication of Importance of Including Soil Microbial Characteristics into Biotope Valuation Method.

    Czech Academy of Sciences Publication Activity Database

    Trögl, J.; Pavlorková, Jana; Packová, P.; Seják, J.; Kuráň, P.; Kuráň, J.; Popelka, J.; Pacina, J.

    2016-01-01

    Roč. 8, č. 3 (2016), č. článku 253. ISSN 2071-1050 Institutional support: RVO:67985858 Keywords : biotope assessment * biotope valuation method * soil microbial communities Subject RIV: DJ - Water Pollution ; Quality Impact factor: 1.789, year: 2016

  3. Research on the Applicable Method of Valuation of Pure Electric Used vehicles

    Science.gov (United States)

    Cai, yun; Tan, zhengping; Wang, yidong; Mao, pan

    2018-03-01

    With the rapid growth in the ownership of pure electric vehicles, the research on the valuation of used electric vehicles has become the key to the development of the pure electric used vehicle market. The paper analyzed the application of the three value assessment methods, current market price method, capitalized earning method and replacement cost method, in pure electric used vehicles, and draws a conclusion that the replacement cost method is more suitable for pure electric used car. At the same time, the article also conducted a parametric correction exploration research, aiming at the characteristics of pure electric vehicles and replacement cost of the constituent factors. Through the analysis of the applicability parameters of physical devaluation, functional devaluation and economic devaluation, the revised replacement cost method can be used for the valuation of purely used electric vehicles for private use.

  4. 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.

  5. 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

  6. Economic Valuation Methods: The Perception of the Accountants of the Hydroeletric Power Sector in Brazil

    OpenAIRE

    Aracéli Cristina de S. Ferreira; Hélio Arthur Irigaray

    2015-01-01

    The aim of the present study was to verify how accountants perceive the electric power companies in Brazil, regarding the use of economic valuation methods for measuring environmental impacts on hydroelectric power generation. These methods would be used in the internalisation of impacts in compliance with accounting theory criteria of recognition, measurement and disclosure of relevant economic activities. This is an exploratory study based on the conclusion regarding the collected data from...

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

    International Nuclear Information System (INIS)

    Hakala, S.; Wilson, B.

    1999-01-01

    Transparency and certainty are essential qualities for an acceptable and trusted valuation method. Based on the evaluation of the expert judgement method developed in the Delphi I study both of these criteria may be only partially accomplished by such a method. As for the technical procedure the method is well documented and transparency is good. Argumentation of the judgements, however, should be increased. The quality of the valuation indexes is explicitly available, but their certainty is very low for most interventions. The opinions of the experts differ much from each other. How much this depends on different values and how much on differences in knowledge etc. is impossible to assess. Also, how much the technique used and the statistical handling of the expert answers may have impacted the eventual scores of different interventions is difficult to assess. However, application of the expert judgement by means of the Delphi-technique to LCA valuation is a new idea, and, consequently, the method is still very much under development, far from maturity. This should be taken into account when considering the results out of the evaluation of the case study, which was the third of the kind in Europe

  8. 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...

  9. 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.

  10. 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.

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

    Directory of Open Access Journals (Sweden)

    Kovacs Imola

    2010-12-01

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

  12. 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....

  13. Calculation Aspects of the European Rebalanced Basket Option using Monte Carlo Methods: Valuation

    Directory of Open Access Journals (Sweden)

    CJ van der Merwe

    2012-06-01

    Full Text Available Extra premiums can be charged to a client to guarantee a minimum payout of a contract on a portfolio that gets rebalanced on a regular basis back to fixed proportions. The valuation of this premium can be changed to that of the pricing of a European put option with underlying rebalanced portfolio. This article finds the most efficient estimators for the value of this path-dependant multi-asset put option using different Monte Carlo methods. With the help of a refined method, computing time of the value decreased significantly. Furthermore, Variance Reduction Techniques and Quasi-Monte Carlo methods delivered more accurate and faster converging estimates as well.

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

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

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

  15. VALUATIONS OF CURRENT METHODS OF RELIGIOUS SLAUGHTER IN ITALY

    Directory of Open Access Journals (Sweden)

    B. Catanese

    2009-09-01

    Full Text Available The aim of this study is to estimate the scale of practices of religious slaughter and to evaluate current methods practiced in Italy. Three different approaches have been used to obtain data. Stunning before sticking is performed in 5,9% of small ruminants slaughtered according to Halal ritual. Hypothesis of violation of Dlgs 333/98 are discussed in the light of an improvement of religious slaughter practices in Italy.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1999-07-01

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

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

    International Nuclear Information System (INIS)

    Virtanen, Y.; Torkkeli, S.

    1999-01-01

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

  18. 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.

  19. Making Deferred Taxes Relevant

    NARCIS (Netherlands)

    Brouwer, Arjan; Naarding, Ewout

    2018-01-01

    We analyse the conceptual problems in current accounting for deferred taxes and provide solutions derived from the literature in order to make International Financial Reporting Standards (IFRS) deferred tax numbers value-relevant. In our view, the empirical results concerning the value relevance of

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

    Science.gov (United States)

    Chintantya, Dea; Maryono

    2018-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Chintantya Dea

    2018-01-01

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

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

    OpenAIRE

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

    2002-01-01

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

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    M Sameti

    2012-06-01

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

  5. A fast numerical method for the valuation of American lookback put options

    Science.gov (United States)

    Song, Haiming; Zhang, Qi; Zhang, Ran

    2015-10-01

    A fast and efficient numerical method is proposed and analyzed for the valuation of American lookback options. American lookback option pricing problem is essentially a two-dimensional unbounded nonlinear parabolic problem. We reformulate it into a two-dimensional parabolic linear complementary problem (LCP) on an unbounded domain. The numeraire transformation and domain truncation technique are employed to convert the two-dimensional unbounded LCP into a one-dimensional bounded one. Furthermore, the variational inequality (VI) form corresponding to the one-dimensional bounded LCP is obtained skillfully by some discussions. The resulting bounded VI is discretized by a finite element method. Meanwhile, the stability of the semi-discrete solution and the symmetric positive definiteness of the full-discrete matrix are established for the bounded VI. The discretized VI related to options is solved by a projection and contraction method. Numerical experiments are conducted to test the performance of the proposed method.

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

    International Nuclear Information System (INIS)

    Lee, Chul-Yong; Heo, Hyejin

    2016-01-01

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

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

    NARCIS (Netherlands)

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

    2014-01-01

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

  8. 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.

  9. 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.

  10. 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)

  11. Non-monetary valuation using Multi-Criteria Decision Analysis: Sensitivity of additive aggregation methods to scaling and compensation assumptions

    Science.gov (United States)

    Analytical methods for Multi-Criteria Decision Analysis (MCDA) support the non-monetary valuation of ecosystem services for environmental decision making. Many published case studies transform ecosystem service outcomes into a common metric and aggregate the outcomes to set land ...

  12. Valuation of international oil- and gas companies

    International Nuclear Information System (INIS)

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

    2002-01-01

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

  13. 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...

  14. Valuation of wind power distributed generation by using Longstaff–Schwartz option pricing method

    International Nuclear Information System (INIS)

    Díaz, Guzmán; Moreno, Blanca; Coto, José; Gómez-Aleixandre, Javier

    2015-01-01

    Highlights: • We analyze the economic value of wind power distributed generation (DG) projects. • Unlike NPV, RO approach accounts for the flexibility for decision-making. • We adapt Longstaff–Schwartz (LS) option pricing to multivariate wind power setting. • LS finds optimal times for DG investment under revenue uncertainty and decaying costs. • We find this method best suited for valuating DG projects of expected low revenue. - Abstract: In the context of decaying capital cost and uncertain revenues, prospective valuation of a wind power distributed generation (DG) project is difficult. The conventional net present value (NPV) presents a static picture that does not account for the value of waiting for better market conditions to proceed with a DG investment. On the contrary, real options (RO) analysis does account for the managerial flexibility to switch between options over the investment horizon. In this paper we argue that the value of a DG wind-based project can be revisited by means of Longstaff–Schwartz method, originally intended for the evaluation of American financial options. The adaption of this method to the wind power DG setting provides a means for (i) efficiently dealing with the several stochastic processes involved (spot electricity prices and possibly various wind speed processes) avoiding the curse of dimensionality, (ii) accounting for the decaying capital cost of DG, and (iii) solving the perfect foresight problem presented by Monte Carlo conventional simulations. We present in this paper the procedure to follow when applying the method to the wind power DG setting. Particularly, we discuss the standardization of the wind speed and spot price processes, and the advantages of building a state space model that includes all the correlated processes by adequately transforming Box–Jenkins and Ornstein–Uhlenbeck models. Also we discuss the representation of the capital cost forecast by means of learning curves. On the whole, we

  15. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  16. 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.

  17. 26 CFR 1.412(c)(2)-1 - Valuation of plan assets; reasonable actuarial valuation methods.

    Science.gov (United States)

    2010-04-01

    ...) produce a “smoothing” effect. Thus, investment performance, including appreciation or depreciation in the... including appreciation and depreciation experienced by the plan during that period. However, the method... all additions to the plan assets since that date, excluding appreciation in the fair market value of...

  18. Landscape Valuation of Environmental Amenities throughoutthe Application of Direct and Indirect Methods

    Directory of Open Access Journals (Sweden)

    Luís Loures

    2015-01-01

    Full Text Available Landscape design, construction and management should no longer be the result of superficial approaches based exclusively on designers’ and planners’ ideas. This research starts with the assumption that the aesthetic component constitutes an essential attribute for better understanding and evaluating landscapes. This study analyzes the aesthetic quality and economic valuation of the Lower Guadiana river landscape, through the application of direct and indirect landscape evaluation methods. In order to gauge not only experts’ opinion, it is supported by the application of public participation techniques about the opinion and perceptions of the site visitors/users. The present research considered the analysis of six landscape subunits regarding landscape quality, fragility and visual absorption capacity. The obtained results showed that there are significant differences between the perceptions of the general public and experts’ analysis. Touristic Complexes and Golf Courses had high visual quality, while Agricultural and Production Areas had high visual fragility. Moreover, the performed analysis made clear that the combined use of landscape assessment methods is suited to this type of study, since it enables quantifying the value of existence, management and maintenance of a particular environmental assets and/or services.

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

    Science.gov (United States)

    Shalhevet, S.; Haruvy, N.

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

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

    Science.gov (United States)

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

    2017-01-30

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

  1. Calculation of Credit Valuation Adjustment Based on Least Square Monte Carlo Methods

    Directory of Open Access Journals (Sweden)

    Qian Liu

    2015-01-01

    Full Text Available Counterparty credit risk has become one of the highest-profile risks facing participants in the financial markets. Despite this, relatively little is known about how counterparty credit risk is actually priced mathematically. We examine this issue using interest rate swaps. This largely traded financial product allows us to well identify the risk profiles of both institutions and their counterparties. Concretely, Hull-White model for rate and mean-reverting model for default intensity have proven to be in correspondence with the reality and to be well suited for financial institutions. Besides, we find that least square Monte Carlo method is quite efficient in the calculation of credit valuation adjustment (CVA, for short as it avoids the redundant step to generate inner scenarios. As a result, it accelerates the convergence speed of the CVA estimators. In the second part, we propose a new method to calculate bilateral CVA to avoid double counting in the existing bibliographies, where several copula functions are adopted to describe the dependence of two first to default times.

  2. Economic Valuation Methods: The Perception of the Accountants of the Hydroeletric Power Sector in Brazil

    Directory of Open Access Journals (Sweden)

    Aracéli Cristina de S. Ferreira

    2015-12-01

    Full Text Available The aim of the present study was to verify how accountants perceive the electric power companies in Brazil, regarding the use of economic valuation methods for measuring environmental impacts on hydroelectric power generation. These methods would be used in the internalisation of impacts in compliance with accounting theory criteria of recognition, measurement and disclosure of relevant economic activities. This is an exploratory study based on the conclusion regarding the collected data from a questionnaire answered by accountants, who worked in the electric power sector and were members of the Brazilian Electric Power Sector Accountants Association (ABRACONEE. The research showed that 74% of respondents were accountants or accounting analysts, 92% of them believed that companies should account for (internalise environmental impacts caused by their activities, and 75% of them believed that this task should be based on detailed and specific norms determining what should be done and when and how to do it. Despite their high level of accounting knowledge and complete familiarity with the changes determined by the Brazilian Securities Commission, respondents adopted a conservative stance in relation to the use of estimated values or those obtained in hypothetical markets. The study revealed the existence of a vast field of research that has yet to be explored by accounting in the field of environmental accounting, especially in terms of both measurement and recognition of environmental impacts caused by diverse economic activities

  3. Reporting Deferred Gifts: CASE-NACUBO Guidelines Ensure Consistency.

    Science.gov (United States)

    Ridenour, James F.; Munger, Peter L.

    1983-01-01

    Three methods for reporting the value of a deferred gift are described: the tax method, net realizable value, and fair market value. Three major categories of deferred gifts are identified: pooled income funds, charitable remainder trusts, and charitable gift annuities. (MLW)

  4. 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.

  5. Methods in Symbolic Computation and p-Adic Valuations of Polynomials

    Science.gov (United States)

    Guan, Xiao

    Symbolic computation has widely appear in many mathematical fields such as combinatorics, number theory and stochastic processes. The techniques created in the area of experimental mathematics provide us efficient ways of symbolic computing and verification of complicated relations. Part I consists of three problems. The first one focuses on a unimodal sequence derived from a quartic integral. Many of its properties are explored with the help of hypergeometric representations and automatic proofs. The second problem tackles the generating function of the reciprocal of Catalan number. It springs from the closed form given by Mathematica. Furthermore, three methods in special functions are used to justify this result. The third issue addresses the closed form solutions for the moments of products of generalized elliptic integrals , which combines the experimental mathematics and classical analysis. Part II concentrates on the p-adic valuations of polynomials from the perspective of trees. For a given polynomial f( n) indexed in positive integers, the package developed in Mathematica will create certain tree structure following a couple of rules. The evolution of such trees are studied both rigorously and experimentally from the view of field extension, nonparametric statistics and random matrix.

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

    Directory of Open Access Journals (Sweden)

    Olexandr Kravchenko

    2007-03-01

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

  7. 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)

  8. 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...

  9. 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

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

    Science.gov (United States)

    Shaw, W Douglass; Wlodarz, Marta

    2013-09-01

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

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

    International Nuclear Information System (INIS)

    Kim, Young Sik

    2008-02-01

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

  12. Technical development and economic valuation of new cooling methods for planar solid oxide fuel cells (SOFC)

    International Nuclear Information System (INIS)

    Thom, F.

    2002-02-01

    A great potential exists for the use of the solid oxide fuel cell technology based on the planar cell design concept. Besides its application as power provider there is a need to supply process heat in the temperature range of 200 to 1200 C for commercial and industrial decentralized facilities. The present study is concerned with the technical development and economic valuation of plant concepts of new fuel cell cooling methods. They can be considered as an alternative to the normal convective cell cooling with air. Besides experimental studies on the natural gas reforming with the SOFC special attention is paid to the process analysis of the power plant carried out with the simulating program PROII. The 200 kWe SOFC is linked with peripheral components such as prereformer, heat exchangers, compressors etc. Developed program subroutine serve to calculate the electrical power output of the fuel cell, the investment costs and the costs of electricity. The study shows clearly that a radiative cell cooling device on basis of an external arranged vaporizer has economic benefits in comparison with the normal air cooling. In this case the possibility is given to run the fuel cell with completely prereformed natural gas. When the internal methane reforming is carried out in excess of the electrochemical demand for hydrogen and carbon monoxide respectively a further cost reduction potential is given. The produced synthesis gas can be used in alternative to the production of power in a gas turbine to supply process steam in the temperature range of 200 to 1200 C. Sensitivity analyses show that a successive use of optimization potentials (e.g. anode structure and operating parameters of the SOFC) leads to a further reduction of the costs of electricity. In the best case the achieved costs of 12 to 13 Pf/kWh are in a range achieved by CHP plants based on engines. (orig.) [de

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

    Directory of Open Access Journals (Sweden)

    S. Akhtar

    2017-09-01

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

  14. Strong Stability Preserving Property of the Deferred Correction Time Discretization

    National Research Council Canada - National Science Library

    Liu, Yuan; Shu, Chi-Wang; Zhang, Mengping

    2007-01-01

    In this paper, we study the strong stability preserving "SSP" property of a class of deferred correction time discretization methods, for solving the method-of-lines schemes approximating hyperbolic...

  15. 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

  16. 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...

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

    Science.gov (United States)

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

    2013-08-01

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

  18. Valuation of investment projects by an international oil company: a new proof of a straightforward, rigorous method

    International Nuclear Information System (INIS)

    Pierru, A.; Babusiaux, D.

    2009-02-01

    The problem studied is that of valuing investment projects of an international oil company subject to tax schemes that vary from one country to another. The existing disparities in the tax treatment of interest paid can lead the firm to seek an optimal allocation of its debt capacity among the various projects. In this context, the generalized ATWACC (After-Tax Weighted Average Cost of Capital) method presents numerous advantages over standard methods and is particularly well suited to the valuation of oil-field development projects where debt financing differs from the amount that would correspond to the debt ratio targeted by the firm at the corporate scale. In this paper, we discuss adapting the generalized ATWACC method to the specificities of the oil industry and offer new proof of its validity, based on a model that maximizes, under constraints, the firm's equity value. (authors)

  19. 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...

  20. 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

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

    Science.gov (United States)

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

    2018-03-01

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

  2. 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

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

    Science.gov (United States)

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

    2014-06-01

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

  4. Valuation of energy enterprises

    International Nuclear Information System (INIS)

    Kjaerland, Frode

    2005-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Silvana Karina de Melo Travassos

    2018-02-01

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

  6. Mixed-Precision Spectral Deferred Correction: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Grout, Ray W. S.

    2015-09-02

    Convergence of spectral deferred correction (SDC), where low-order time integration methods are used to construct higher-order methods through iterative refinement, can be accelerated in terms of computational effort by using mixed-precision methods. Using ideas from multi-level SDC (in turn based on FAS multigrid ideas), some of the SDC correction sweeps can use function values computed in reduced precision without adversely impacting the accuracy of the final solution. This is particularly beneficial for the performance of combustion solvers such as S3D [6] which require double precision accuracy but are performance limited by the cost of data motion.

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

    OpenAIRE

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

    2008-01-01

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

  8. 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...

  9. Complex stimulation of peripheral nerve regeneration after deferred neurorrhaphy

    Directory of Open Access Journals (Sweden)

    Ivanov A.N.

    2017-09-01

    Full Text Available The aim is to study the complex stimulation effect including skin autotransplantation and electrical stimulation of the sciatic nerve on microcircular, electrophysiological and morphological changes after deferred neurorrhaphy in rats. Material and methods. The experiment was performed in 50 albino rats divided into control, comparative and experimental groups. In the experimental group, on the background of deferred neurorrhaphy, skin autotransplantation and electrical stimulation of the sciatic nerve had been carried out. In the comparative group only deferred neurorrhaphy was performed. Research methods included laser doppler flowmetry, electroneuromyography and morphological analysis of the operated nerve. Results. Complex stimulation including skin autotransplantation and direct action of electrical pulses on the sciatic nerve after its deferred neurorrhaphy causes restoration of bloodstream in the operated limb, promotes intensification of restoration of nerve fibers. Conclusion. Intensification of sciatic nerve regeneration after deferred neurorrhaphy in rats under the influence of complex stimulation including full-thickness skin graft autotransplantation and direct action of electrical pulses substantiates experimentally appropriateness of clinical testing of the given method for treatment of patients with peripheral nerve injuries.

  10. 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.

  11. The Adjusted Net Asset Valuation Method – Connecting the dots between Theory and Practice

    Directory of Open Access Journals (Sweden)

    Silvia Ghiță-Mitrescu

    2016-01-01

    The goal of this paper is to present the theoretical background of this method as well as itspractical application. We will first analyze the main theoretical issues regarding the correctionsthat need to be performed in order to transform the book value of assets and liabilities to theirmarket value, afterwards proceeding to an example on how this method is applied to the balancesheet of a company. Finally, we will conclude on the importance of the method for a company’sevaluation process.

  12. 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.

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

    Science.gov (United States)

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

    2015-12-01

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

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

    Science.gov (United States)

    Markantonis, V.; Bithas, K.

    2009-04-01

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

  15. 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...

  16. 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)…

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

    NARCIS (Netherlands)

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

    2004-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Shemelis Kebede Hundie

    2016-12-01

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

  19. Energy valuation methods for biofuels in South Florida: Introduction to life cycle assessment and emergy approaches

    Energy Technology Data Exchange (ETDEWEB)

    Treese II, J. Van [Southwest Florida Research and Education Center, Immokalee, FL (United States); Hanlon, Edward A. [Southwest Florida Research and Education Center, Immokalee, FL (United States); Amponsah, Nana [Intelligentsia International, LaBelle, FL (United States); Izursa, Jose -Luis [Intelligentsia International, LaBelle, FL (United States); Capece, John C. [Univ. of Florida, Gainesville, FL (United States)

    2013-03-01

    Here, recent changes in the United States requiring the use of ethanol in gasoline for most vehicular transportation have created discussion about important issues, such as shifting the use of certain plants from food production to energy supply, related federal subsidies, effects on soil, water and atmosphere resources, tradeoffs between food production and energy production, speculation about biofuels as a possible means for energy security, potential reduction of greenhouse gas (GHG) emissions or development and expansion of biofuels industry. A sustainable approach to biofuel production requires understanding inputs (i.e., energy required to carry out a process, both natural and anthropogenic) and outputs (i.e., energy produced by that process) and cover the entire process, as well as environmental considerations that can be overlooked in a more traditional approach. This publication gives an overview of two methods for evaluating energy transformations in biofuels production: (1) Life Cycle Assessment (LCA) and (2) Emergy Assessment (EA). The LCA approach involves measurements affecting greenhouse gases (GHG), which can be linked to the energy considerations used in the EA. Although these two methods have their basis in energy or GHG evaluations, their approaches can lead to a reliable judgment regarding a biofuel process. Using these two methods can ensure that the energy components are well understood and can help to evaluate the economic environmental component of a biofuel process. In turn, using these two evaluative tools will allow for decisions about biofuel processes that favor sustainability

  20. Materials and methods appendix for valuation of ecosystem services of green infrastructure in Oslo

    OpenAIRE

    Barton, David Nicholas; Vågnes Traaholt, Nora; Blumentrath, Stefan

    2015-01-01

    The material in this report constitutes a Methods and Materials appendix for two reports dis-seminating the results to a wider audience in English and Norwegian. We recommend that readers start with one of the cited reports below, using the appendix as a companion report to look up specifics: Barton, D.N. , N. Vågnes Traaholt, S. Blumentrath (2015) Naturen i Oslo verdt milliarder. Verd-setting av urbane økosystem-tjenester fra grønn infrastruktur. NINA Report 1113. Barton, D.N., E. Stan...

  1. 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.

  2. Economic Valuation on Change of Tourism Quality in Rawapening, Indonesia: An Application of Random Utility Method

    Science.gov (United States)

    Subanti, S.; Irawan, B. R. M. B.; Sasongko, G.; Hakim, A. R.

    2017-04-01

    This study aims to determine the profit (loss) earned economic actors tourism activities if the condition or quality of tourism in Rawapening be improved (deteriorated). Change condition or quality can be seen by traveling expenses, natural environment, Japanese cultural performances, and traditional markets. The method used to measure changes in the economic benefits or economic loss with a random utility approach. The study was found that travel cost, natural environment, Japanese cultural performances, and traditional markets have significant factors about respondent preferences to choose the change of tourism condition. The value of compensation received by visitors as a result of changes in conditions improved by 2,932 billion, while the change in the condition worsens by 2,628 billion. Recommendation of this study is the local government should consider environmental factors in the formulation of tourism development in Rawapening.

  3. Probabilistic numerical methods for high-dimensional stochastic control and valuation problems on electricity markets

    International Nuclear Information System (INIS)

    Langrene, Nicolas

    2014-01-01

    This thesis deals with the numerical solution of general stochastic control problems, with notable applications for electricity markets. We first propose a structural model for the price of electricity, allowing for price spikes well above the marginal fuel price under strained market conditions. This model allows to price and partially hedge electricity derivatives, using fuel forwards as hedging instruments. Then, we propose an algorithm, which combines Monte-Carlo simulations with local basis regressions, to solve general optimal switching problems. A comprehensive rate of convergence of the method is provided. Moreover, we manage to make the algorithm parsimonious in memory (and hence suitable for high dimensional problems) by generalizing to this framework a memory reduction method that avoids the storage of the sample paths. We illustrate this on the problem of investments in new power plants (our structural power price model allowing the new plants to impact the price of electricity). Finally, we study more general stochastic control problems (the control can be continuous and impact the drift and volatility of the state process), the solutions of which belong to the class of fully nonlinear Hamilton-Jacobi-Bellman equations, and can be handled via constrained Backward Stochastic Differential Equations, for which we develop a backward algorithm based on control randomization and parametric optimizations. A rate of convergence between the constraPned BSDE and its discrete version is provided, as well as an estimate of the optimal control. This algorithm is then applied to the problem of super replication of options under uncertain volatilities (and correlations). (author)

  4. Development of valuation method for location planning and dimensioning of hydrogen plants

    International Nuclear Information System (INIS)

    Guenther, Thomas

    2014-01-01

    Common decisions for locations of production plants are based on criteria such as availability of commodities, energy, infrastructure and costs related with these. Sizing of product capacities depends on other things such as production quantities to be sold and profits to be obtained. The condition is an permanent availability of the required energy. For concepts of using surplus renewable energies especially wind energy for hydrogen production common methods are only partly suitable. Thus in this work an evaluation methodology was developed which integrated duration and amount of available energy for decisions of locations and dimensioning of the plant. Initially the hydrogen plant is modularised and segmented to the sub processed energy supply, water supply, water electrolyses, cooling, storing and compression for transport. After the specification of technological and economical parameters, the material and energy streams as well as the costs are calculated for every individual plant. Based on the given conditions, the configuration of plant and also the investigation of site-specific production costs is done. By variation of technology and costs parameters, feasibility studies and different operating scenarios can be demonstrated. The application of this evaluation methodology is demonstrated by case studies. A hydrogen plant situated at an industry park serves as a reference plant for the continuous operation with grid energy. Using a wind energy propelled hydrogen plant as an example, the effects of amount and duration of the usable energy are shown. Based on predefined hydrogen prices, the correlation between optimal plant capacity and plant utilization is described and the difference between the predefined price and the operation costs is calculated. This difference can be used to finance the wind farm operation. The results serves among others for the development of optimal operation concepts and also for first cost estimations, prior to a detailed plant

  5. 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.

  6. 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.

  7. 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...

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

    OpenAIRE

    MacMillan, Douglas C.; Duff, Elizabeth I.

    1998-01-01

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

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

    Czech Academy of Sciences Publication Activity Database

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

    2017-01-01

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

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

    OpenAIRE

    Dittmann, Ingolf; Maug, Ernst; Kemper, Johannes

    2004-01-01

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

  11. 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.

  12. 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 ...

  13. How to avoid deferred-compensation troubles.

    Science.gov (United States)

    Freeman, Todd I

    2005-06-01

    Executive compensation packages have long included stock options and deferred compensation plans in order to compete for talent. Last year, Congress passed a law in response to the Enron debacle, in which executives were perceived to be protecting their deferred compensation at the expense of employees, creditors, and investors. The new law is designed to protect companies and their shareholders from being raided by the very executives that guided the company to financial ruin. Physicians who are part owners of medical practices need to know about the changes in the law regarding deferred compensation and how to avoid costly tax penalties. This article discusses how the changes affect medical practices as well as steps physician-owned clinics can take to avoid the risk of penalty, such as freezing deferred compensation and creating a new deferred compensation plan.

  14. 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

  15. 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

  16. 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

  17. Pulsed feedback defers cellular differentiation.

    Directory of Open Access Journals (Sweden)

    Joe H Levine

    2012-01-01

    Full Text Available Environmental signals induce diverse cellular differentiation programs. In certain systems, cells defer differentiation for extended time periods after the signal appears, proliferating through multiple rounds of cell division before committing to a new fate. How can cells set a deferral time much longer than the cell cycle? Here we study Bacillus subtilis cells that respond to sudden nutrient limitation with multiple rounds of growth and division before differentiating into spores. A well-characterized genetic circuit controls the concentration and phosphorylation of the master regulator Spo0A, which rises to a critical concentration to initiate sporulation. However, it remains unclear how this circuit enables cells to defer sporulation for multiple cell cycles. Using quantitative time-lapse fluorescence microscopy of Spo0A dynamics in individual cells, we observed pulses of Spo0A phosphorylation at a characteristic cell cycle phase. Pulse amplitudes grew systematically and cell-autonomously over multiple cell cycles leading up to sporulation. This pulse growth required a key positive feedback loop involving the sporulation kinases, without which the deferral of sporulation became ultrasensitive to kinase expression. Thus, deferral is controlled by a pulsed positive feedback loop in which kinase expression is activated by pulses of Spo0A phosphorylation. This pulsed positive feedback architecture provides a more robust mechanism for setting deferral times than constitutive kinase expression. Finally, using mathematical modeling, we show how pulsing and time delays together enable "polyphasic" positive feedback, in which different parts of a feedback loop are active at different times. Polyphasic feedback can enable more accurate tuning of long deferral times. Together, these results suggest that Bacillus subtilis uses a pulsed positive feedback loop to implement a "timer" that operates over timescales much longer than a cell cycle.

  18. 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

  19. Do qualitative methods validate choice experiment-results? A case study on the economic valuation of peatland restoration in Central Kalimantan, Indonesia

    Energy Technology Data Exchange (ETDEWEB)

    Schaafsma, M.; Van Beukering, P.J.H.; Davies, O.; Oskolokaite, I.

    2009-05-15

    This study explores the benefits of combining independent results of qualitative focus group discussions (FGD) with a quantitative choice experiment (CE) in a developing country context. The assessment addresses the compensation needed by local communities in Central Kalimantan to cooperate in peatland restoration programs by using a CE combined with a series of FGD to validate and explain the CE-results. The main conclusion of this study is that a combination of qualitative and quantitative methods is necessary to assess the economic value of ecological services in monetary terms and to better understand the underlying attitudes and motives that drive these outcomes. The FGD not only cross-validate results of the CE, but also help to interpret the differences in preferences of respondents arising from environmental awareness and ecosystem characteristics. The FGD confirms that the CE results provide accurate information for ecosystem valuation. Additional to the advantages of FGD listed in the literature, this study finds that FGD provide the possibility to identify the specific terms and conditions on which respondents will accept land-use change scenarios. The results show that FGD may help to address problems regarding the effects of distribution of costs and benefits over time that neo-classical economic theory poses for the interpretation of economic valuation results in the demand it puts on the rationality of trade-offs and the required calculations.

  20. Deferred correction approach on generic transport equation

    International Nuclear Information System (INIS)

    Shah, I.A.; Ali, M.

    2004-01-01

    In this study, a two dimensional Steady Convection-Diffusion was solved, using Deferred correction approach, and results were compared with standard spatial discretization schemes. Numerical investigations were carried out based on the velocity and flow direction, for various diffusivity coefficients covering a range from diffusive to convective flows. The results show that the Deferred Ted Correction Approach gives more accurate and stable results in relation to UDS and CDs discretization of convective terms. Deferred Correction Approach caters for the wiggles for convective flows in case of central difference discretization of the equation and also caters for the dissipative error generated by the first order upwind discretization of convective fluxes. (author)

  1. 34 CFR 682.210 - Deferment.

    Science.gov (United States)

    2010-07-01

    ... provide information, including an example, on the impact of capitalization of accrued, unpaid interest on... applicable, the post-deferment grace period expire, a borrower resumes any delinquency status that existed...

  2. 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

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

    Directory of Open Access Journals (Sweden)

    Neda Amiri

    2015-11-01

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

  4. Deferred Personal Life Decisions of Women Physicians.

    Science.gov (United States)

    Bering, Jamie; Pflibsen, Lacey; Eno, Cassie; Radhakrishnan, Priya

    2018-05-01

    Inadequate work-life balance can have significant implications regarding individual performance, retention, and on the future of the workforce in medicine. The purpose of this study was to determine whether women physicians defer personal life decisions in pursuit of their medical career. We conducted a survey study of women physicians ages 20-80 from various medical specialties using a combination of social media platforms and women physicians' professional listservs with 801 survey responses collected from May through November 2015. The primary endpoint was whether women physicians deferred personal life decisions in pursuit of their medical career. Secondary outcomes include types of decisions deferred and correlations with age, hours worked per week, specialty, number of children, and career satisfaction. Respondents were categorized into deferred and nondeferred groups. Personal decision deferments were reported by 64% of respondents. Of these, 86% reported waiting to have children and 22% reported waiting to get married. Finally, while 85% of women in the nondeferment group would choose medicine again as a career, only 71% of women in the deferment group would do so (p job satisfaction, and insurance/administrative burden. The results of this survey have significant implications on the future of the workforce in medicine. Overall, our analysis shows that 64% of women physicians defer important life decisions in pursuit of their medical career. With an increase in the number of women physicians entering the workforce, lack of support and deferred personal decisions have a potential negative impact on individual performance and retention. Employers must consider the economic impact and potential workforce shortages that may develop if these issues are not addressed.

  5. Judicial Deference Allows European Consensus to Emerge

    DEFF Research Database (Denmark)

    Dothan, Shai

    2018-01-01

    jurisdiction. But the ECHR sometimes defers to countries, even if their policies fall short of the standard accepted by most of the countries in Europe. This deference is accomplished by using the so-called "margin of appreciation" doctrine. Naturally, emerging consensus and margin of appreciation are often......, the paper demonstrates that a correct application of the margin of appreciation doctrine actually helps emerging consensus reach optimal results, by giving countries an incentive to make their policies independently....

  6. 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...

  7. Revisionist integral deferred correction with adaptive step-size control

    KAUST Repository

    Christlieb, Andrew

    2015-03-27

    © 2015 Mathematical Sciences Publishers. Adaptive step-size control is a critical feature for the robust and efficient numerical solution of initial-value problems in ordinary differential equations. In this paper, we show that adaptive step-size control can be incorporated within a family of parallel time integrators known as revisionist integral deferred correction (RIDC) methods. The RIDC framework allows for various strategies to implement stepsize control, and we report results from exploring a few of them.

  8. 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...

  9. 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.

  10. 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

  11. 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...

  12. EL MÉTODO DE DIFERENCIAS FINITAS EN EVALUACIÓN DE OPCIONES REALES THE FINITE DIFFERENCE METHOD IN REAL OPTIONS VALUATION

    Directory of Open Access Journals (Sweden)

    Sebastián Otero G

    2008-06-01

    representa su capacidad de incorporar en el análisis el valor de la flexibilidad operativa del proyecto.In the past few years, real options, an extension of financial derivatives, have arisen as an alternative to traditional valuation methods, such as net present value (NPV. The key attribute of real options is that they take into consideration the uncertainty and flexibility involved in investment valuation. This article provides an overview of the finite difference method, by presenting an application to the real options valuation. The empirical section of the article, which makes use of the implicit finite difference method (IFD, analyzes the options of waiting, abandoning, contracting, expanding and switching, by valuing all the options involved and their possible combinations. The results are compared with those of the NPV method and the binomial tree with a logarithmic transformation (BTLT. Both methods (IFD and BTLT yield similar results, being both greater than those provided by the NPV. This difference comes to no surprise as it represents the value of the flexibility associated to an investment opportunity.

  13. 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...

  14. 17 CFR 256.190 - Accumulated deferred income taxes.

    Science.gov (United States)

    2010-04-01

    .... proprietary capital ... (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 4. Deferred Debits § 256.190 Accumulated deferred income taxes. (a...

  15. 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

  16. 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

  17. 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

  18. 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...

  19. Valuation and creative accounting

    Directory of Open Access Journals (Sweden)

    Maria Madalina VOINEA

    2014-06-01

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

  20. 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.

  1. 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...

  2. 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.

  3. [Acceptance and understandability of various methods of health valuations for the chronically ill: willingness to pay, visual analogue scale and rating scale].

    Science.gov (United States)

    Meder, M; Farin, E

    2009-11-01

    Health valuations are one way of measuring patient preferences with respect to the results of their treatment. The study examines three different methods of health valuations--willingness to pay (WTP), visual analogue scale (VAS), and a rating question for evaluating the subjective significance. The goal is to test the understandability and acceptance of these methods for implementation in questionnaires. In various rehabilitation centres, a total of six focus groups were conducted with 5-9 patients each with a mean age of 57.1 years. The illnesses considered were chronic-ischaemic heart disease, chronic back pain, and breast cancer. Patients filled out a questionnaire that was then discussed in the group. In addition to the quantitative evaluation of the data in the questionnaire, a qualitative analysis of the contents of the group discussion protocols was made. We have results from a total of 42 patients. 14.6% of the patients had "great difficulties" understanding the WTP or rated it as "completely incomprehensible"; this value was 7.3% for VAS and 0% for the rating scale. With respect to acceptance, 31.0% of the patients indicated that they were "not really" or "not at all" willing to answer such a WTP question in a questionnaire; this was 6.6% for the VAS, and again 0% for the rating scale. The qualitative analysis provided an indication as to why some patients view the WTP question in particular in a negative light. Many difficulties in understanding it were related to the formulation of the question and the structure of the questionnaire. However, the patients' statements also made it apparent that the hypothetical nature of the WTP questionnaire was not always recognised. The most frequent reason for the lack of acceptance of the WTP was the patients' fear of negative financial consequences of their responses. With respect to understandability and acceptance, VAS questions appear to be better suited for reflecting patient preferences than WTP questions. The

  4. 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.

  5. Deferred Tax Assests and Bank Regulatory Capital

    NARCIS (Netherlands)

    Gallemore, J.

    2012-01-01

    Abstract: In this study, I examine three issues: (1) whether the probability of bank failure is increasing in the proportion of regulatory capital composed of deferred tax assets (DTA), (2) whether market participants incorporate the increased failure risk associated with the DTA component of

  6. 26 CFR 31.3306(r)(2)-1 - Treatment of amounts deferred under certain nonqualified deferred compensation plans.

    Science.gov (United States)

    2010-04-01

    ... nonqualified deferred compensation plans. 31.3306(r)(2)-1 Section 31.3306(r)(2)-1 Internal Revenue INTERNAL..., Internal Revenue Code of 1954) § 31.3306(r)(2)-1 Treatment of amounts deferred under certain nonqualified deferred compensation plans. (a) In general. Section 3306(r)(2) provides a special timing rule for the tax...

  7. Deferred Tax Assets and Deferred Tax Expense Against Tax Planning Profit Management

    Directory of Open Access Journals (Sweden)

    Warsono

    2017-09-01

    Full Text Available The purpose of this study is to examine the probability of earnings management performed by Property and Real Estate companies listed in Indonesia Stock Exchange (BEI in the period 2011-2015. How to do the management to influence the accounting numbers can be either profit management through deferred tax assets, deferred tax expense and tax planning in the financial statements. This paper examines the effect of deferred tax assets deferred tax burden, and tax planning to earnings management conducted by the company. Data of the research is to use secondary data from company financial statements that were downloaded from the official website of Indonesia Stock Exchange. Using sampling technique is performed by purposive sampling. The study population is the Property and Real Estate companies listed in Indonesia Stock Exchange in the period 2011-2015. The study take sample as many as 34 companies Property and Real Estate in the Stock Exchange in 2011-2015. Hypothesis testing uses multiple regressions with SPSS software version 22. The result shows that the Deferred Tax Assets positive and significant effect on earnings management; while deferred tax expense and tax planning significant negative effect on earnings management.

  8. 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...

  9. 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...

  10. Deferred versus conventional stent implantation in patients with ST-segment elevation myocardial infarction (DANAMI 3-DEFER)

    DEFF Research Database (Denmark)

    Kelbæk, Henning; Høfsten, Dan Eik; Køber, Lars

    2016-01-01

    to assess the clinical outcomes of deferred stent implantation versus standard PCI in patients with STEMI. METHODS: We did this open-label, randomised controlled trial at four primary PCI centres in Denmark. Eligible patients (aged >18 years) had acute onset symptoms lasting 12 h or less, and ST......-segment elevation of 0·1 mV or more in at least two or more contiguous electrocardiographic leads or newly developed left bundle branch block. Patients were randomly assigned (1:1), via an electronic web-based system with permuted block sizes of two to six, to receive either standard primary PCI with immediate...

  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. 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

  13. Is justice deferred, justice denied? Not necessarily

    OpenAIRE

    Ryder, N.; Palmer, A.

    2016-01-01

    At long last, the Serious Fraud Office has received a major boost in its prosecution of bribery. Serious Fraud Office v Standard Bank PLC is a landmark case because it is not only the first case where the SFO has looked to prosecute a commercial organisation for failure to prevent bribery under Bribery Act 2010, but the first occasion where it has sought to enter a Deferred Prosecution Agreement under Crime and Courts Act 2013.

  14. 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...

  15. [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

  16. Monetising the provision of informal long-term care by elderly people: estimates for European out-of-home caregivers based on the well-being valuation method.

    Science.gov (United States)

    Schneider, Ulrike; Kleindienst, Julia

    2016-09-01

    Providing informal care can be both a burden and a source of satisfaction. To understand the welfare effect on caregivers, we need an estimate of the 'shadow value' of informal care, an imputed value for the non-market activity. We use data from the 2006-2007 Survey of Health Ageing and Retirement in Europe which offers the needed details on 29,471 individuals in Austria, Belgium, the Czech Republic, Denmark, France, Germany, Italy, the Netherlands, Poland, Spain, Sweden and Switzerland. Of these, 9768 are unpaid non-co-resident caregivers. To estimate net costs, we follow the subjective well-being valuation method, modelling respondents' life satisfaction as a product of informal care provision, income and personal characteristics, then expressing the relation between satisfaction and care as a monetary amount. We estimate a positive net effect of providing mode rate amounts of informal care, equivalent to €93 for an hour of care/week provided by a caregiver at the median income. The net effect appears to turn negative for greater high care burdens (over 30 hours/week). Interestingly, the effects of differences in care situation are at least an order of magnitude larger. We find that carers providing personal care are significantly more satisfied than those primarily giving help with housework, a difference equivalent to €811 a year at the median income. The article makes two unique contributions to knowledge. The first is its quantifying a net benefit to moderately time-intensive out-of-home caregivers. The second is its clear demonstration of the importance of heterogeneity of care burden on different subgroups. Care-giving context and specific activities matter greatly, pointing to the need for further work on targeting interventions at those caregivers most in need of them. © 2015 John Wiley & Sons Ltd.

  17. 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.

  18. 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 ...

  19. 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.

  20. 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...

  1. 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...

  2. 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

  3. What Infant Memory Tells Us about Infantile Amnesia: Long-Term Recall and Deferred Imitation.

    Science.gov (United States)

    Meltzoff, Andrew N.

    1995-01-01

    Long-term recall memory was assessed in 14- and 16 month-olds using a nonverbal method requiring subjects to reenact a past event from memory. The results demonstrated significant deferred imitation after delays of two and four months, and that the toddlers retained and imitated multiple acts. (MDM)

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

    Science.gov (United States)

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

    2015-01-01

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

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

    Science.gov (United States)

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

    2014-01-01

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

  6. 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.

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 25 CFR 152.35 - Deferred payment sales.

    Science.gov (United States)

    2010-04-01

    ... desire, a sale may be made or approved on the deferred payment plan. The terms of the sale will be... 25 Indians 1 2010-04-01 2010-04-01 false Deferred payment sales. 152.35 Section 152.35 Indians..., CERTIFICATES OF COMPETENCY, REMOVAL OF RESTRICTIONS, AND SALE OF CERTAIN INDIAN LANDS Mortgages and Deeds of...

  13. Myocardial Damage in Patients With Deferred Stenting After STEMI

    DEFF Research Database (Denmark)

    Lønborg, Jacob; Engstrøm, Thomas; Ahtarovski, Kiril Aleksov

    2017-01-01

    BACKGROUND: Although some studies found improved coronary flow and myocardial salvage when stent implantation was deferred, the DANAMI-3-DEFER (Third DANish Study of Optimal Acute Treatment of Patients With ST-elevation Myocardial Infarction) did not show any improvement in clinical outcome in pa...

  14. NAMA 80/20 DEFERRED PAYMENT INITIATIVE PARTICIPATION FORM

    OpenAIRE

    2012-01-01

    Brochure detailing the Deferred Payment Initiative key features and information on how to apply for the initiative: "NAMA has launched a Deferred Payment Initiative (the ‘Initiative’) on a pilot basis. The Initiative is aimed at potential owner-occupiers who are interested in purchasing residential property but are concerned at the risk of further price declines."

  15. Deferment cutting in Appalachian hardwoods: the what, whys, and hows

    Science.gov (United States)

    H. Clay Smith; Gary W. Miller

    1991-01-01

    Deferment cutting is a regeneration practice that resembles a seed-tree or shelterwood cutting. The difference is that residual trees are not cut when the reproduction becomes established. Instead, residual trees are left until new reproduction matures to sawtimber size, and another regeneration cut is the silvicultural objective. Hence, with deferment cutting specific...

  16. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method

    Directory of Open Access Journals (Sweden)

    Mustafa KIRLI

    2005-01-01

    Full Text Available Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Value Driver Model and Economic Profit Method.Second approach does not consider the cash flows after explicit forecast period and suggests Liquidation Value Method and Relative Valuation Method.In the applications of corporate valuation,continuing value accounts for anywhere from 50 percent to 125 percent of total company value,therefore these models and methods separetely must be analysed and their results must be evaluated.

  17. Minimum radwaste system to support commercial operation-what equipment can be deferred

    International Nuclear Information System (INIS)

    Marshall, R.W.; Tafazzoli, M.M.

    1984-01-01

    Because of cash flow problems being experienced by utilities as nuclear power stations approach completion, areas of the plant for which the completion of the construction effort could be deferred past commercial operation should be reviewed. The radwaste treatment systems are prime candidates for such a deferral because of the availability, either temporary or permanent, of alternative treatment methods for the waste streams expected to be produced. In order to identify the radwaste equipment, components and associated hardware in the radwaste building which could be deferred past commercial operation, a study was performed by Impell Corporation to evaluate the existing radwaste treatment system and determine the minimum system necessary to support commercial operation of a typical BWR. The study identified the minimum-installed radwaste treatment system which, in combination with portable temporary equipment, would accommodate the waste types and quantities likely to be produced in the first few years of operation. In addition, the minimum-installed system had to be licensable and excessive radiation exposures should not be incurred during the construction of the deferred portions of the system after commercial operation. From this study, it was concluded that a significant quantity of radwaste processing equipment and the associated piping, valves and instrumentation could be deferred. The estimated savings, in construction manhours (excluding field distributables) alone, was over 102,000 M-H

  18. Are groups more likely to defer choice than their members?

    Directory of Open Access Journals (Sweden)

    Chris M. White

    2011-04-01

    Full Text Available When faced with a choice, people can normally select no option, i.e., defer choice. Previous research has investigated when and why individuals defer choice, but has almost never looked at these questions when groups of people make choices. Separate reasons predict that groups may be equally likely, more likely, or less likely than individuals to defer choice. We re-analyzed some previously published data and conducted a new experiment to address this question. We found that small groups of people tended to defer choice more often than their members would. Assuming that the groups used a plurality rule but gave additional weight to individual preferences to defer choice allowed the groups' responses to be predicted quite well. We discuss several possible explanations of these findings.

  19. 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.

  20. 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...

  1. 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.

  2. 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.

  3. 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.

  4. Los métodos de valoración económica del medio ambiente: conceptos preliminares / Economic valuation methods of the environment: preliminary concepts

    OpenAIRE

    Castiblanco Rozo, Carmenza

    2003-01-01

    En el capítulo se plantea la importancia de la valoración económica en el diseño de política ambiental; se presentan las herramientas conceptuales básicas, que provee la economía neoclásica, para estudiar los métodos de valoración económica de bienes y servicios ambientales y se plantean los alcances y limitaciones de cada una de las técnicas. / Abstract.The chapter discusses the importance of economic valuation in the design of environmental policy, presents the basic conceptual tools, which...

  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. 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.

  7. 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...

  8. 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...

  9. 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...

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

    Science.gov (United States)

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

    2007-10-01

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

  11. 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...

  12. Analysis of Deferred Taxes in the Business Environment in Serbia

    Directory of Open Access Journals (Sweden)

    Savka VUČKOVIĆ-MILUTINOVIĆ

    2013-06-01

    Full Text Available Flow-through model of income tax reporting in general purpose financial statements had a long history of use in Serbia. It was only in 2004 (and 2003 for banks, when the implementation of deferred taxes model started. It was inevitable, because IAS/IFRS became mandatory basis for preparing financial statements. In this paper we examine quality of deferred taxes disclosures in the financial statements of companies in Serbia. We also documented the most common temporary differences that arise in measuring accounting and taxable income and in that way we identified the major sources of deferred tax. We analyzed the materiality of deferred taxes and their effect on company´s performance in Serbia.

  13. Qualitative evaluation of a deferred consent process in paediatric emergency research: a PREDICT study

    OpenAIRE

    Furyk, Jeremy; McBain-Rigg, Kristin; Watt, Kerrianne; Emeto, Theophilus I; Franklin, Richard C; Franklin, Donna; Schibler, Andreas; Dalziel, Stuart R; Babl, Franz E; Wilson, Catherine; Phillips, Natalie; Ray, Robin

    2017-01-01

    Background A challenge of conducting research in critically ill children is that the therapeutic window for the intervention may be too short to seek informed consent prior to enrolment. In specific circumstances, most international ethical guidelines allow for children to be enrolled in research with informed consent obtained later, termed deferred consent (DC) or retrospective consent. There is a paucity of data on the attitudes of parents to this method of enrolment in paediatric emergency...

  14. Overstory cohort survival in an Appalachian hardwood deferment cutting: 35-year results

    Science.gov (United States)

    John P. Brown; Melissa A. Thomas-Van Gundy; Thomas M. Schuler

    2018-01-01

    Deferment cutting is a two-aged regeneration method in which the majority of the stand is harvested and a dispersed component of overstory trees—approximately 15–20% of the basal area – is retained for at least onehalf rotation and up one full rotation for reasons other than regeneration. Careful consideration of residual trees, in both characteristics and harvesting,...

  15. 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.)

  16. 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.

  17. 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

  18. 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

  19. CORPORATE VALUATION USING TWO-DIMENSIONAL MONTE CARLO SIMULATION

    Directory of Open Access Journals (Sweden)

    Toth Reka

    2010-12-01

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

  20. 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.

  1. 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

  2. From patient deference towards negotiated and precarious informality: An Eliasian analysis of English general practitioners' understandings of changing patient relations

    NARCIS (Netherlands)

    Brown, P.R.; Elston, M.A.; Gabe, J.

    2015-01-01

    This article contributes to sociological debates about trends in the power and status of medical professionals, focussing on claims that deferent patient relations are giving way to a more challenging consumerism. Analysing data from a mixed methods study involving general practitioners in England,

  3. 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.

  4. 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.

  5. 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...

  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. 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

  8. 76 FR 39105 - Notice of Request for Comments on Proposed Deferred Maintenance and Repairs Standards

    Science.gov (United States)

    2011-07-05

    ... FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD Notice of Request for Comments on Proposed Deferred Maintenance and Repairs Standards AGENCY: Federal Accounting Standards Advisory Board. ACTION: Notice. Board... Accounting Standards Advisory Board (FASAB) is requesting comments on the Exposure Draft, Deferred...

  9. 26 CFR 1.615-3 - Election to defer pre-1970 exploration expenditures.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Natural Resources § 1.615-3 Election to defer pre... section 1231 (except coal or iron ore to which section 631(c) applies), the deferred exploration...

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

    International Nuclear Information System (INIS)

    Markandya, A.

    1994-01-01

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

  11. 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.

  12. 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.

  13. 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...

  14. 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.

  15. 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)

  16. 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...

  17. Deferred Imitation and Social Communication in Speaking and Nonspeaking Children with Autism

    Science.gov (United States)

    Strid, Karin; Heimann, Mikael; Gillberg, Christopher; Smith, Lars; Tjus, Tomas

    2013-01-01

    Deferred imitation and early social communication skills were compared among speaking and nonspeaking children with autism and children developing typically. Overall, the children with autism showed a lower frequency on measures of deferred imitation and social communication compared with typically developing children. Deferred imitation was…

  18. 18 CFR 367.2550 - Account 255, Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ..., Accumulated deferred investment tax credits. 367.2550 Section 367.2550 Conservation of Power and Water... 255, Accumulated deferred investment tax credits. This account must be credited with all investment tax credits deferred by companies that have elected to follow deferral accounting, partial or full...

  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. Contribution to the experimental survey of the nuclear isomerism. Application of the deferred coincidences method to research and to the survey of metastable states of short period; Contribution a l'etude experimentale de l'isomerie nucleaire. Application de la methode des coincidences differees a la recherche et a l'etude d'etats metastables de periode courte

    Energy Technology Data Exchange (ETDEWEB)

    Ballini, R [Commissariat a l' Energie Atomique, Saclay (France). Centre d' Etudes Nucleaires

    1953-06-15

    Various methods of the physics brought many informations on the nuclear elements which one can arrange some ponderable quantities, what is the case of the steady elements and some, unsteady elements, as most of natural radioelements. On the other hand, elements of shorter life duration, and notably those that are carried to an excited state, are more badly known, and one can get information to their consideration that by the mediator of the properties of the transitions that they undergo, when they give birth has best-known nuclear cash: among these transitions represent the isomeric transitions. The goal of this work is the survey of the isomeric transitions from metastable states of short period, included in the domain of the microsecond to some milliseconds. The method of the deferred coincidences has been put to the point and applied in this goal while using the advantages of the selectors to several channels, under two main aspects where the device to several channels was either a selector of time, either a selector of amplitudes. This method served to study the working of Geiger-Muller counter and to measure with precision the period of {sup 181}Ta{sup *} in of the varied experimental conditions. The adopted value is 17,2 {+-}0,2 {mu}s. This work also found an immediate practical application to the setting in evidence of very weak quantities of hafnium in zirconium, of which it constitutes a tenacious and difficult impurity to analyze by the ordinary ways. (M.B.) [French] Les diverses methodes de la physique ont apporte de nombreux renseignements sur les especes nucleaires dont on peut disposer en quantites ponderables, ce qui est le cas des especes stables et de certaines especes instables, comme la plupart des radioelements naturels. Par contre, les noyaux de duree de vie plus courte, et notamment ceux qui sont portes a un etat excite, sont plus mal connus, et on ne peut obtenir de renseignements a leur egard que par l'intermediaire des proprietes des

  1. 26 CFR 1.616-2 - Election to defer.

    Science.gov (United States)

    2010-04-01

    ... Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Natural Resources § 1.616-2 Election to defer. (a) General rule. In lieu of... exchange of a capital asset or property treated under section 1231 (except coal or iron ore to which...

  2. 48 CFR 32.607-2 - Deferment of collection.

    Science.gov (United States)

    2010-10-01

    ... financially weak contractors, balancing the need for Government security against loss and undue hardship on... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Deferment of collection. 32.607-2 Section 32.607-2 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION...

  3. 47 CFR 32.4341 - Net deferred tax liability adjustments.

    Science.gov (United States)

    2010-10-01

    ... income tax charges and credits pertaining to Account 32.4361, Deferred tax regulatory adjustments—net. (b... be recorded in Account 4361 as required by paragraph (a) of this section. (3) The tax effects of... UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32...

  4. 13 CFR 120.1717 - Seller's Pool Loan deferments.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Seller's Pool Loan deferments. 120.1717 Section 120.1717 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Establishment of SBA Secondary Market Guarantee Program for First Lien Position 504 Loan Pools § 120.1717 Seller...

  5. Impairment of Goodwill and Deferred Taxes under IFRS

    NARCIS (Netherlands)

    Detzen, D.; Stork-Wersborg, T.; Zulch, H.

    2016-01-01

    This article discusses the effect of deferred tax liabilities (DTLs) on an impairment test of goodwill. While IAS 12.66 acknowledges that DTLs arising in a business combination influence the amount of goodwill an entity recognises, International Financial Reporting Standards are silent on the

  6. 17 CFR 256.255 - Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ... investment tax credits. 256.255 Section 256.255 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... investment tax credits. (a) This account shall be credited and account 411.5, Investment tax credit, debited with investment tax credits deferred by companies which do not apply such credits as a reduction of the...

  7. 26 CFR 1.174-4 - Treatment as deferred expenses.

    Science.gov (United States)

    2010-04-01

    ... which are not chargeable to property of a character subject to an allowance for depreciation or... taxpayer first realizes benefits from the expenditures. The length of the period shall be selected by the... showing to the contrary, the taxpayer will be deemed to have begun to realize benefits from the deferred...

  8. 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.

  9. Etiology of anemia of blood donor candidates deferred by hematologic screening

    Directory of Open Access Journals (Sweden)

    Michel Alves da Silva

    2012-01-01

    Full Text Available OBJECTIVE: Iron deficiency is the most common cause of anemia and one of the main factors in the clinical deferral of blood donors. This fact prompted the current study that aimed to determine the prevalence and etiology of anemia in blood donor candidates and to evaluate the hematological screening technique used for the exclusion of these donors. METHODS: This was a prospective study that compared two groups (Anemic and Non-anemic. Initially screening for anemia was performed by manually measuring hemoglobin (Bioclin® Kit; the results were subsequently compared with an automated screening method (Coulter T-890. The etiology was investigated by hemoglobin electrophoresis in alkaline and acid pH, Hb A2 dosage and measurement of the ferritin concentration by immunoagglutination. Differences and associations of interest were analyzed using the Yates and McNemar's Chi-square tests and the Fisher, Mann-Whitney, Wilcoxon and Kruskal-Wallis tests. RESULTS: The deferral rate due to anemia was 4.2%; iron deficiency was identified in 37.5% and beta thalassemia in 9.3% of the excluded candidates. There was a significant discrepancy between the two techniques used to measure hemoglobin with 38.1% of initially deferred donors presenting normal hemoglobin levels by the automated method. CONCLUSION: The results show a high rate of blood donors being deferred for anemia and confirm that iron deficiency is the most prevalent cause. The discrepancies found by comparing screening methods suggest that hemoglobin and hematocrit levels should be confirmed before deferring a donor due to anemia; this may increase supplies in blood banks.

  10. 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-...

  11. Attribute-Based Methods

    Science.gov (United States)

    Thomas P. Holmes; Wiktor L. Adamowicz

    2003-01-01

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

  12. What Infant Memory Tells Us about Infantile Amnesia: Long-Term Recall and Deferred Imitation

    OpenAIRE

    Meltzoff, Andrew N.

    1995-01-01

    Long-term recall memory was assessed using a nonverbal method requiring subjects to reenact a past event from memory (deferred imitation). A large sample of infants (N = 192), evenly divided between 14- and 16-months old, was tested across two experiments. A delay of 2 months was used in Experiment 1 and a delay of 4 months in Experiment 2. In both experiments two treatment groups were used, In one treatment group, motor practice (immediate imitation) was allowed before the delay was imposed;...

  13. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method)

    OpenAIRE

    Mustafa KIRLI

    2005-01-01

    Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Valu...

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

    Science.gov (United States)

    Meder, M; Farin, E

    2011-08-01

    average than for the total sample and lies between 21.2 and 44.1%. The health dimensions examined are assessed quite differently by the patients. The most significant factor of influence is the HRQOL. In the subgroup of patients with a higher level of education, the predictive strength of the variables examined is considerably higher in comparison with the total sample. Since the health valuations can be predicted to a limited extent only using other data arising during routine care, it is necessary to implement special methods for compiling health valuations. © Georg Thieme Verlag KG Stuttgart · New York.

  15. 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.

  16. 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...

  17. 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...

  18. 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...

  19. 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.

  20. Fundmental Analysis for Stock Price Valuation by Using Price Earnings Ratio Method (Study at Mining Companies Listed on Indonesian Stock Exchange Year 2011-2013)

    OpenAIRE

    Wahyuningtyas, Rovi; Suhadak,; Hidayat, Raden Rustam

    2015-01-01

    The research was conducted based on the misprice on the investment of stock. The misprice of investment on stock can be reduced with evaluate the reasonable of stock price by using fundamental analysis. The fundamental analysis that used in this research is Price Earnings Ratio (PER) method. The PER method aim to know the reasonableness of stock price with compare the intrinsic value of stock and the stock market price. The research is descriptive quantitative method. The research takes the s...

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

    Directory of Open Access Journals (Sweden)

    Nibedita Mukherjee

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

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

    Science.gov (United States)

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

    2014-01-01

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

  3. Health consequences of the US Deferred Action for Childhood Arrivals (DACA) immigration programme: a quasi-experimental study

    OpenAIRE

    Atheendar S Venkataramani, DrMD; Sachin J Shah, MD; Rourke O'Brien, PhD; Ichiro Kawachi, ProfPhD; Alexander C Tsai, MD

    2017-01-01

    Summary: Background: The effects of changes in immigration policy on health outcomes among undocumented immigrants are not well known. We aimed to examine the physical and mental health effects of the Deferred Action for Childhood Arrivals (DACA) programme, a 2012 US immigration policy that provided renewable work permits and freedom from deportation for a large number of undocumented immigrants. Methods: We did a retrospective, quasi-experimental study using nationally representative, repea...

  4. 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.

  5. Preschool children's proto-episodic memory assessed by deferred imitation.

    Science.gov (United States)

    Burns, Patrick; Russell, Charlotte; Russell, James

    2015-01-01

    In two experiments, both employing deferred imitation, we studied the developmental origins of episodic memory in two- to three-year-old children by adopting a "minimalist" view of episodic memory based on its What-When-Where ("WWW": spatiotemporal plus semantic) content. We argued that the temporal element within spatiotemporal should be the order/simultaneity of the event elements, but that it is not clear whether the spatial content should be egocentric or allocentric. We also argued that episodic recollection should be configural (tending towards all-or-nothing recall of the WWW elements). Our first deferred imitation experiment, using a two-dimensional (2D) display, produced superior-to-chance performance after 2.5 years but no evidence of configural memory. Moreover, performance did not differ from that on a What-What-What control task. Our second deferred imitation study required the children to reproduce actions on an object in a room, thereby affording layout-based spatial cues. In this case, not only was there superior-to-chance performance after 2.5 years but memory was also configural at both ages. We discuss the importance of allocentric spatial cues in episodic recall in early proto-episodic memory and reflect on the possible role of hippocampal development in this process.

  6. 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.

  7. 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...

  8. 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...

  9. 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.

  10. An Application of the Real Options Method to the Valuation of a License to Operate 3G Mobile Phone Service in Brazil.

    Directory of Open Access Journals (Sweden)

    Rafael Stille

    2010-10-01

    Full Text Available We analyze the contributions of the real option method to the decision making process in the telecommunications industry. We study the case of a public auction purchase of the license to operate a 3G mobile phone system in Brazil. The results indicate that the embedded flexibilities increase the value of the project by 64% in relative to the discounted cash flow method, which could justify the high premiums paid by the winning firms, which are incompatible with the value obtained from traditional methods of analysis. This suggests that the real options approach used, which can be easily replicated and is fairly intuitive, can be a useful tool to support the decision making process of these firms.

  11. 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...

  12. 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

  13. 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.

  14. 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...

  15. Contingent valuation of environmental goods - Closure of Barsebaeck

    International Nuclear Information System (INIS)

    Jordal-Joergensen, J.

    1995-01-01

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

  16. The Transmutation of Deference in Medicine: An Ethico-Legal Perspective.

    Science.gov (United States)

    Devaney, Sarah; Holm, Søren

    2018-05-01

    This article critically considers the question of whether an increase in legal recognition of patient autonomy culminating in the decision of the Supreme Court in Montgomery v Lanarkshire Health Board in 2015 has led to the death of deference to doctors, not only within the courts and healthcare regulatory arenas in England and Wales but also in the consulting room and the health care system more broadly. We argue that deference has not been eradicated, but that the types of deference paid to doctors and to the medical profession have changed. In addition, whilst traditionally deference was extended towards the medical profession, increasing instances of deference being shown to other parties in the healthcare setting can be identified, allowing wider debate or recognition of the complexity of understandings, interests and aims of all those involved. Finally, we note instances in which deference to the medical profession has become more hidden.

  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. ACCOUNTING – TAXATION REPORT IN TERMS OF DEFERRED TAXES ON ASSETS REVALUATION

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2014-12-01

    Full Text Available There has always been and will be a relationship between accounting and taxation, and the ongoing discussions are related to intensity, interrelation and generation of reciprocal effects. Profit is the "wealth" achieved by the economic entity, the share of shareholders after paying the income tax, where applicable, which makes the profit have a major influence on the method of determination and thus of the accounting treatment incurred by the income tax depending on the accounting cultures in dispute for supremacy, namely the European accounting culture and the Anglo-Saxon accounting culture. As the users of information in the financial statements seek to assess the performance and profitability of the company in general and, academically, the income tax is the only element raising debates on the relationship between accounting and taxation, we deemed it useful to conduct a study on the accounting – taxation report in terms of deferred taxes related to assets revaluation. The record of deferred tax amount for each type of temporary difference results in elimination of tax effects from accounting, with the aim of revealing the real earnings of the economic entity and not its fiscal side, all of which is a step in disconnecting the taxation accounting

  20. Immune control of HIV-1 infection after therapy interruption: immediate versus deferred antiretroviral therapy

    Directory of Open Access Journals (Sweden)

    Bernaschi Massimo

    2009-10-01

    Full Text Available Abstract Background The optimal stage for initiating antiretroviral therapies in HIV-1 bearing patients is still a matter of debate. Methods We present computer simulations of HIV-1 infection aimed at identifying the pro et contra of immediate as compared to deferred Highly Active Antiretroviral Therapy (HAART. Results Our simulations highlight that a prompt specific CD8+ cytotoxic T lymphocytes response is detected when therapy is delayed. Compared to very early initiation of HAART, in deferred treated patients CD8+ T cells manage to mediate the decline of viremia in a shorter time and, at interruption of therapy, the virus experiences a stronger immune pressure. We also observe, however, that the immunological effects of the therapy fade with time in both therapeutic regimens. Thus, within one year from discontinuation, viral burden recovers to the value at which it would level off in the absence of therapy. In summary, simulations show that immediate therapy does not prolong the disease-free period and does not confer a survival benefit when compared to treatment started during the chronic infection phase. Conclusion Our conclusion is that, since there is no therapy to date that guarantees life-long protection, deferral of therapy should be preferred in order to minimize the risk of adverse effects, the occurrence of drug resistances and the costs of treatment.

  1. 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.

  2. 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.

  3. 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

  4. 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 ...

  5. Log-Concavity Properties of Minkowski Valuations

    OpenAIRE

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

    2014-01-01

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

  6. Development of valuation method for location planning and dimensioning of hydrogen plants; Entwicklung einer Bewertungsmethodik zur Standortplanung und Dimensionierung von Wasserstoffanlagen

    Energy Technology Data Exchange (ETDEWEB)

    Guenther, Thomas

    2014-02-04

    Common decisions for locations of production plants are based on criteria such as availability of commodities, energy, infrastructure and costs related with these. Sizing of product capacities depends on other things such as production quantities to be sold and profits to be obtained. The condition is an permanent availability of the required energy. For concepts of using surplus renewable energies especially wind energy for hydrogen production common methods are only partly suitable. Thus in this work an evaluation methodology was developed which integrated duration and amount of available energy for decisions of locations and dimensioning of the plant. Initially the hydrogen plant is modularised and segmented to the sub processed energy supply, water supply, water electrolyses, cooling, storing and compression for transport. After the specification of technological and economical parameters, the material and energy streams as well as the costs are calculated for every individual plant. Based on the given conditions, the configuration of plant and also the investigation of site-specific production costs is done. By variation of technology and costs parameters, feasibility studies and different operating scenarios can be demonstrated. The application of this evaluation methodology is demonstrated by case studies. A hydrogen plant situated at an industry park serves as a reference plant for the continuous operation with grid energy. Using a wind energy propelled hydrogen plant as an example, the effects of amount and duration of the usable energy are shown. Based on predefined hydrogen prices, the correlation between optimal plant capacity and plant utilization is described and the difference between the predefined price and the operation costs is calculated. This difference can be used to finance the wind farm operation. The results serves among others for the development of optimal operation concepts and also for first cost estimations, prior to a detailed plant

  7. DEFERRED TAXES GENERATED BY THE CAPITALIZED INTERESTS IN THE AMOUNT

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2015-08-01

    Full Text Available According to the General Framework for preparing and presenting the financial statements elaborated by IASB, the utility of information is provided by attributes (qualitative features, such as: intelligibility, relevance, credibility and comparability. For being credible, the financial information shall be erroneous, shall not be biased or deforming the patrimony, and one of the elements representing and defining the information credibility is the prudency. Thus, the prudential accounting treatments affect, on the one hand, the accounting information relevance and credibility, and on the other hand, equally, both the producers as well as the users of the financial information, due to the economic consequences which are generated. From this perspective and considering that the implied economic agents are not neutral in terms of their option concerning the neutral accounting practices, prudent or aggressive, we opined that it is useful to conduct a study aiming the relevance of the accounting information related to the deferred taxes generated by the capitalized interests in the amount of the fix assets, recognizing the value of these taxes having as result the compliance with the principle of prudency within the accountancy. In this context, compared to the dominant accounting systems, respectively the continental system and the Anglo- Saxon system, within which the accounting information is characterized as legal, respectively addressed to the external users, especially to the investors, the conducted study aimed the following directions: the main differences between the provisions of the national, European, Anglo-Saxon accounting regulations and those of the international referential related to the prudency; the occurrence and evolution of the deferred taxes generated by the capitalized interests in the amount of the fix assets; informational benefits of the accounting prudency concerning the reflection of the deferred taxes established by the

  8. 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.

  9. Dynamic Matching Markets and the Deferred Acceptance Mechanism

    DEFF Research Database (Denmark)

    Kennes, John; Monte, Daniel; Tumennasan, Norovsambuu

    In many dynamic matching markets, priorities depend on previous allocations. In such environments, agents on the proposing side can manipulate the period-by-period deferred acceptance (DA) mechanism. We show that the fraction of agents with incentives to manipulate the DA mechanism approaches zero...... as the market size increases. In addition, we provide a novel al- gorithm to calculate the percentage of markets that can be manipulated. Based on randomly generated data, we find that the DA becomes approximately non-manipulable when the schools capacity reaches 20. Our theoretical and simulation results...... together justify the implementation of the period-by-period DA mechanism in dynamic markets....

  10. 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.

  11. 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)

  12. Lobatto-Milstein Numerical Method in Application of Uncertainty Investment of Solar Power Projects

    Directory of Open Access Journals (Sweden)

    Mahmoud A. Eissa

    2017-01-01

    Full Text Available Recently, there has been a growing interest in the production of electricity from renewable energy sources (RES. The RES investment is characterized by uncertainty, which is long-term, costly and depends on feed-in tariff and support schemes. In this paper, we address the real option valuation (ROV of a solar power plant investment. The real option framework is investigated. This framework considers the renewable certificate price and, further, the cost of delay between establishing and operating the solar power plant. The optimal time of launching the project and assessing the value of the deferred option are discussed. The new three-stage numerical methods are constructed, the Lobatto3C-Milstein (L3CM methods. The numerical methods are integrated with the concept of Black–Scholes option pricing theory and applied in option valuation for solar energy investment with uncertainty. The numerical results of the L3CM, finite difference and Monte Carlo methods are compared to show the efficiency of our methods. Our dataset refers to the Arab Republic of Egypt.

  13. 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.

  14. 26 CFR 1.453-4 - Sale of real property involving deferred periodic payments.

    Science.gov (United States)

    2010-04-01

    ..., for the purpose of determining whether a sale is on the installment plan, be included as a part of the... 26 Internal Revenue 6 2010-04-01 2010-04-01 false Sale of real property involving deferred... Included § 1.453-4 Sale of real property involving deferred periodic payments. (a) In general. Sales of...

  15. 47 CFR 1.104 - Preserving the right of review; deferred consideration of application for review.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Preserving the right of review; deferred... Actions Taken by the Commission and Pursuant to Delegated Authority; Effective Dates and Finality Dates of Actions § 1.104 Preserving the right of review; deferred consideration of application for review. (a) The...

  16. 48 CFR 9904.415 - Accounting for the cost of deferred compensation.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Accounting for the cost of deferred compensation. 9904.415 Section 9904.415 Federal Acquisition Regulations System COST ACCOUNTING... AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.415 Accounting for the cost of deferred...

  17. Survival after primary and deferred cystectomy for stage T1 transitional cell carcinoma of the bladder

    Directory of Open Access Journals (Sweden)

    Bedeir Ali-El-Dein

    2011-01-01

    Conclusions: Cancer-specific survival is statistically comparable for primary and deferred cystectomy in T1 bladder cancer, although there is a non-significant difference in favor of primary cystectomy. In the deferred cystectomy group, the number of TURBTs beyond three is associated with lower survival. Conservative treatment should be adopted for most cases in this category.

  18. 18 CFR 367.4101 - Account 410.1, Provision for deferred income taxes, operating income.

    Science.gov (United States)

    2010-04-01

    ..., FEDERAL POWER ACT AND NATURAL GAS ACT Income Statement Chart of Accounts Service Company Operating Income § 367.4101 Account 410.1, Provision for deferred income taxes, operating income. This account must..., Provision for deferred income taxes, operating income. 367.4101 Section 367.4101 Conservation of Power and...

  19. Concurrent non-deferred reference counting on the Microgrid: first experiences

    NARCIS (Netherlands)

    Herhut, S.; Joslin, C.; Scholz, S.-B.; Poss, R.; Grelck, C.

    2011-01-01

    We present a first evaluation of our novel approach for non- deferred reference counting on the Microgrid many-core architecture. Non-deferred reference counting is a fundamental building block of im- plicit heap management of functional array languages in general and Sin- gle Assignment C in

  20. 17 CFR 256.411 - Provision for deferred income taxes-credit.

    Science.gov (United States)

    2010-04-01

    ... taxes-credit. 256.411 Section 256.411 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... deferred income taxes—credit. This account shall be credited and Accumulated Deferred Income Taxes debited with an amount equal to the portion of taxes on income payable for the year which is attributable to a...

  1. Practical differences in business valuation using the market value, value in use and the value for price negotiations

    OpenAIRE

    Vlček, Michal

    2010-01-01

    This thesis aims to explain the basic characteristics of valuation method in practice use. The first chapter is about basic character of each method of valuation and factors which influence its applicability. The second chapter mentions estimation of market value/appraisal, includes affecting factors. Then, the third and fourth parts aim to comparing these appraisals (market. vs. price bargaining, subjective and objective, complex appraisal) and price formation for price bargaining in the Cze...

  2. 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.

  3. 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.

  4. 18 CFR 367.4112 - Account 411.2, Provision for deferred income taxes-Credit, other income and deductions.

    Science.gov (United States)

    2010-04-01

    ..., Provision for deferred income taxes-Credit, other income and deductions. 367.4112 Section 367.4112... deferred taxes and deferrals of taxes, credit, that relate to other income and deductions. ... Accounts Service Company Operating Income § 367.4112 Account 411.2, Provision for deferred income taxes...

  5. 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.

  6. 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.

  7. 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 ...

  8. 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.

  9. 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.

  10. 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...

  11. 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...

  12. 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 ...

  13. 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.

  14. Monetary valuation in Life Cycle Assessment

    DEFF Research Database (Denmark)

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

    2015-01-01

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

  15. Techniques Applied for Accounting of Revenues with Deferred Payments

    Directory of Open Access Journals (Sweden)

    Traian Cristin Nicolae

    2016-01-01

    Full Text Available In accounting of the entities it is not always clear difference between income and gains. Gainsarising from transactions that are associated with the operations that are not ordinary and thatcan sometimes be significant. For example, the headquarters of a company in wich it operates canbe sold later to realize a profit from the sale. An investment company can own because they cangenerate revenue through sales. When properties are sold, the resulting gain will be included in thetotal turnover. Such a society will include properties held in current assets category. Normally,other business records and property and property held any gain from their sale will be reflected inan account that is not part of the turnover. The paper describes specific aspects of accounting ofrevenues from sales with deferred payments.

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

    Science.gov (United States)

    Schori, Maayan

    2011-01-01

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

  17. Memory and representation in young children with Down syndrome: Exploring deferred imitation and object permanence.

    Science.gov (United States)

    Rast, Mechthild; Meltzoff, Andrew N

    1995-01-01

    Deferred imitation and object permanence (OP) were tested in 48 young children with Down syndrome (DS), ranging from 20 to 43 months of age. Deferred imitation and high-level OP (invisible displacements) have long been held to be synchronous developments during sensory-motor "Stage 6" (18-24 months of age in unimpaired children). The results of the current study demonstrate deferred imitation in young children with DS, showing they can learn novel behaviors from observation and retain multiple models in memory. This is the first demonstration of deferred imitation in young children with DS. The average OP level passed in this sample was A-not-B, a task passed at 8-12 months of age in normally developing infants. Analyses showed that individual children who failed high-level OP (invisible displacements) could still perform deferred imitation. This indicates that deferred imitation and OP invisible displacements are not synchronous developments in children with DS. This asynchrony is compatible with new data from unimpaired children suggesting that deferred imitation and high-level OP entail separate and distinctive kinds of memory and representation.

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

    International Nuclear Information System (INIS)

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

    2015-06-01

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

  19. Taxable and Tax-deferred Investing with the Limited Use of Losses

    DEFF Research Database (Denmark)

    Fischer, Marcel; Gallmeyer, Michael

    2017-01-01

    We study the impact of the different tax treatment of capital gains and losses on the optimal location of assets in taxable and tax-deferred accounts. The classical result of Black (1980) and Tepper (1981) suggests that investors should follow a strict pecking order asset location rule and hold...... those assets that are subject to the highest tax rate preferentially in tax-deferred accounts. We show that with the different tax treatment of realized gains and losses, only tax-efficient equity mutual funds are optimally held in taxable accounts, whereas mutual funds with average tax......-(in)efficiency are preferentially held in tax-deferred accounts....

  20. Cold water inlet in solar tanks - valuation

    DEFF Research Database (Denmark)

    Andersen, Elsa

    1999-01-01

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

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

    DEFF Research Database (Denmark)

    Dalsgaard, Steffen

    2016-01-01

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

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

    African Journals Online (AJOL)

    Osondu

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

  3. The regulation of asset valuation in Germany

    NARCIS (Netherlands)

    Detzen, D.; Hoffman, S.

    2013-01-01

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

  4. Economic valuation of biodiversity: A comparative study

    NARCIS (Netherlands)

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

    2008-01-01

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

  5. Topics in Finance Part IV--Valuation

    Science.gov (United States)

    Laux, Judy

    2010-01-01

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

  6. Consumer valuation of health attributes in food

    DEFF Research Database (Denmark)

    Smed, Sinne; Hansen, Lars Gårn

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

  7. Ellipsoids and matrix-valued valuations

    OpenAIRE

    Ludwig, Monika

    2003-01-01

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

  8. Customs Valuation Reform in the Philippines

    OpenAIRE

    Clarete, Ramon L.

    2004-01-01

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

  9. 30 CFR 281.29 - Royalty valuation.

    Science.gov (United States)

    2010-07-01

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

  10. Market-based approaches to tree valuation

    Science.gov (United States)

    Geoffrey H. Donovan; David T. Butry

    2008-01-01

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

  11. 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.

  12. 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.

  13. 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.

  14. 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....

  15. 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.)

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

    International Nuclear Information System (INIS)

    Pringles, Rolando; Olsina, Fernando; Garcés, Francisco

    2015-01-01

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

  17. Repeat Courses of Stereotactic Radiosurgery (SRS), Deferring Whole-Brain Irradiation, for New Brain Metastases After Initial SRS

    Energy Technology Data Exchange (ETDEWEB)

    Shultz, David B.; Modlin, Leslie A.; Jayachandran, Priya; Von Eyben, Rie; Gibbs, Iris C. [Department of Radiation Oncology, Stanford University School of Medicine, Stanford, California (United States); Choi, Clara Y.H. [Department of Radiation Oncology, Stanford University School of Medicine, Stanford, California (United States); Department of Radiation Oncology, Santa Clara Valley Medical Center, San Jose, California (United States); Chang, Steven D.; Harsh, Griffith R.; Li, Gordon; Adler, John R. [Department of Neurosurgery, Stanford University School of Medicine, Stanford, California (United States); Hancock, Steven L. [Department of Radiation Oncology, Stanford University School of Medicine, Stanford, California (United States); Soltys, Scott G., E-mail: sgsoltys@stanford.edu [Department of Radiation Oncology, Stanford University School of Medicine, Stanford, California (United States)

    2015-08-01

    Purpose: To report the outcomes of repeat stereotactic radiosurgery (SRS), deferring whole-brain radiation therapy (WBRT), for distant intracranial recurrences and identify factors associated with prolonged overall survival (OS). Patients and Methods: We retrospectively identified 652 metastases in 95 patients treated with 2 or more courses of SRS for brain metastases, deferring WBRT. Cox regression analyzed factors predictive for OS. Results: Patients had a median of 2 metastases (range, 1-14) treated per course, with a median of 2 courses (range, 2-14) of SRS per patient. With a median follow-up after first SRS of 15 months (range, 3-98 months), the median OS from the time of the first and second course of SRS was 18 (95% confidence interval [CI] 15-24) and 11 months (95% CI 6-17), respectively. On multivariate analysis, histology, graded prognostic assessment score, aggregate tumor volume (but not number of metastases), and performance status correlated with OS. The 1-year cumulative incidence, with death as a competing risk, of local failure was 5% (95% CI 4-8%). Eighteen (24%) of 75 deaths were from neurologic causes. Nineteen patients (20%) eventually received WBRT. Adverse radiation events developed in 2% of SRS sites. Conclusion: Multiple courses of SRS, deferring WBRT, for distant brain metastases after initial SRS, seem to be a safe and effective approach. The graded prognostic assessment score, updated at each course, and aggregate tumor volume may help select patients in whom the deferral of WBRT might be most beneficial.

  18. 47 CFR 32.4100 - Net current deferred operating income taxes.

    Science.gov (United States)

    2010-10-01

    ... SERVICES UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4100 Net current deferred operating income taxes. (a) This account shall include the balance...

  19. 78 FR 37719 - Interim Final Determination To Defer Sanctions; California; South Coast Air Quality Management...

    Science.gov (United States)

    2013-06-24

    ... Determination To Defer Sanctions; California; South Coast Air Quality Management District AGENCY: Environmental... Quality Management District's (SCAQMD) portion of the California State Implementation Plan (SIP) published... California submitted the ``South Coast Air Quality Management District Proposed Contingency Measures for the...

  20. Deferred endoscopic urethral realignment: Role in management of traumatic posterior urethral disruption

    Directory of Open Access Journals (Sweden)

    M.A. Elgammal

    2014-06-01

    Conclusion: When early realignment is postponed for any reason, deferred endoscopic realignment is considered an adequate substitute because urethral continuity can be achieved in a group of patients without increase incidence of impotence and incontinence.

  1. Deferred Compensation for Personnel of Tax-Exempt Universities: Effective Use of Section 403(b) Plans.

    Science.gov (United States)

    Crain, John L.; And Others

    1989-01-01

    Under the Tax Reform Act of 1986 many university employees are no longer able to make tax deductible contributions to an IRA. Several alternative plans of action are discussed including tax-deferred annuities. Tax planning strategies are offered. (MLW)

  2. 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.

  3. Accounting comparability and the accuracy of peer-based valuation models

    NARCIS (Netherlands)

    Young, S.; Zeng, Y.

    2015-01-01

    We examine the link between enhanced accounting comparability and the valuation performance of pricing multiples. Using the warranted multiple method proposed by Bhojraj and Lee (2002, Journal of Accounting Research), we demonstrate how enhanced accounting comparability leads to better peer-based

  4. 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)

  5. 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)

  6. 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.

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

    Directory of Open Access Journals (Sweden)

    Arnas Palaima

    2013-08-01

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

  10. 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.

  11. 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...

  12. 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...

  13. 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

  14. 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

  15. 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)

  16. 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

  17. A Formal Valuation Framework for Emotions and Their Control.

    Science.gov (United States)

    Huys, Quentin J M; Renz, Daniel

    2017-09-15

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

  18. 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

  19. From patient deference towards negotiated and precarious informality: An Eliasian analysis of English general practitioners' understandings of changing patient relations.

    Science.gov (United States)

    Brown, Patrick; Elston, Mary Ann; Gabe, Jonathan

    2015-12-01

    This article contributes to sociological debates about trends in the power and status of medical professionals, focussing on claims that deferent patient relations are giving way to a more challenging consumerism. Analysing data from a mixed methods study involving general practitioners in England, we found some support for the idea that an apparent 'golden age' of patient deference is receding. Although not necessarily expressing nostalgia for such doctor-patient relationships, most GPs described experiencing disruptive or verbally abusive interactions at least occasionally and suggested that these were becoming more common. Younger doctors tended to rate patients as less respectful than their older colleagues but were also more likely to be egalitarian in attitude. Our data suggest that GPs, especially younger ones, tend towards a more informal yet limited engagement with their patients and with the communities in which they work. These new relations might be a basis for mutual respect between professionals and patients in the consulting room, but may also generate uncertainty and misunderstanding. Such shifts are understood through an Eliasian framework as the functional-democratisation of patient-doctor relations via civilising processes, but with this shift existing alongside decivilising tendencies involving growing social distance across broader social figurations. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

  20. 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.

  1. 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.

  2. Analyzing actual risk in malaria-deferred donors through selective serologic testing.

    Science.gov (United States)

    Nguyen, Megan L; Goff, Tami; Gibble, Joan; Steele, Whitney R; Leiby, David A

    2013-08-01

    Approximately 150,000 US blood donors are deferred annually for travel to malaria-endemic areas. However, the majority do not travel to the high-risk areas of Africa associated with transfusion-transmitted malaria (TTM) but visit low-risk areas such as Mexico. This study tests for Plasmodium infection among malaria-deferred donors, particularly those visiting Mexico. Blood donors deferred for malaria risk (travel, residence, or previous infection) provided blood samples and completed a questionnaire. Plasma was tested for Plasmodium antibodies by enzyme immunoassay (EIA); repeat-reactive (RR) samples were considered positive and tested by real-time polymerase chain reaction (PCR). Accepted donors provided background testing data. During 2005 to 2011, a total of 5610 malaria-deferred donors were tested by EIA, including 5412 travel deferrals. Overall, 88 (1.6%) were EIA RR; none were PCR positive. Forty-nine (55.7%) RR donors previously had malaria irrespective of deferral category, including 34 deferred for travel. Among 1121 travelers to Mexico, 90% visited Quintana Roo (no or very low risk), but just 2.2% visited Oaxaca/Chiapas (moderate or high risk). Only two Mexican travelers tested RR; both previously had malaria not acquired in Mexico. Travel to Mexico represents a large percentage of US donors deferred for malaria risk; however, these donors primarily visit no- or very-low-risk areas. No malaria cases acquired in Mexico were identified thereby supporting previous risk estimates. Consideration should be given to allowing blood donations from U.S. donors who travel to Quintana Roo and other low-risk areas in Mexico. A more effective approach to preventing TTM would be to defer all donors with a history of malaria, even if remote. © 2012 American Association of Blood Banks.

  3. 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

  4. A Comparative Study of Difficulties in Accounting Preparation and Judgement in Agriculture Using Fair Value and Historical Cost for Biological Assets Valuation

    OpenAIRE

    Argilés bosch, Josep M.a; Aliberch, Anna Sabata; Blandón, Josep García

    2012-01-01

    This paper presents empirical research comparing the accounting difficulties that arise from the use of two valuation methods for biological assets, fair value (FV) and historical cost (HC) accounting, in the agricultural sector. It also compares how reliable each valuation method is in the decision-making process of agents within the sector. By conducting an experiment with students, farmers, and accountants operating in the agricultural sector, we find that they have more difficulties, make...

  5. 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

  6. 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...

  7. 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 ...

  8. 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...

  9. 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...

  10. 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

  11. 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...

  12. 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...

  13. 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. ...

  14. 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

  15. Prepayment and the Valuation of Danish Mortgage-Backed Bonds

    DEFF Research Database (Denmark)

    Jakobsen, Svend

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

  16. 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....

  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. An Improved Valuation Model for Technology Companies

    Directory of Open Access Journals (Sweden)

    Ako Doffou

    2015-06-01

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

  19. Valuation of environmental problems in landfill deposition and composting - test of methodology; Verdsetting av miljoekonsekvenser av avfallsdeponering og kompostering - metodeutproeving

    Energy Technology Data Exchange (ETDEWEB)

    Leknes, Einar; Movik, Espen; Wiik, Ragnhild; Meissnes, Rudolf

    1995-08-01

    This study is aimed at the tests and design of methods for valuation of environmental problems associated with the landfill deposition of household waste. An extensive review of literature has been conducted with respect to the environmental impacts and valuation methods. Environmental impact assessment and valuation with respect to emission of greenhouse gases (GHG's), leachate and disamenity, have been performed for 4 Norwegian landfills. These differ in their approach towards waste treatment in terms of GHG-collection, briquette production and composting and also in their location in terms of proximity to residential areas and the quality of natural recipients. The study shows that the collection of methane and production of briquettes causes major reductions in the generation of GHG's, whereas composting brings significant reductions for all types of environmental impacts. (author)

  20. Valuation of environmental problems in landfill deposition and composting - test of methodology; Verdsetting av miljoekonsekvenser av avfallsdeponering og kompostering - metodeutproeving

    Energy Technology Data Exchange (ETDEWEB)

    Leknes, Einar; Movik, Espen; Wiik, Ragnhild; Meissnes, Rudolf

    1995-08-01

    This study is aimed at the tests and design of methods for valuation of environmental problems associated with the landfill deposition of household waste. An extensive review of literature has been conducted with respect to the environmental impacts and valuation methods. Environmental impact assessment and valuation with respect to emission of greenhouse gases (GHG's), leachate and disamenity, have been performed for 4 Norwegian landfills. These differ in their approach towards waste treatment in terms of GHG-collection, briquette production and composting and also in their location in terms of proximity to residential areas and the quality of natural recipients. The study shows that the collection of methane and production of briquettes causes major reductions in the generation of GHG's, whereas composting brings significant reductions for all types of environmental impacts. (author)

  1. Effect of deferred or no treatment with ursodeoxycholic acid in patients with early primary biliary cholangitis.

    Science.gov (United States)

    Tanaka, Atsushi; Hirohara, Junko; Nakano, Toshiaki; Yagi, Minami; Namisaki, Tadashi; Yoshiji, Hitoshi; Nakanuma, Yasuni; Takikawa, Hajime

    2018-02-06

    As primary biliary cholangitis (PBC) is a heterogeneous disease, we hypothesized that there is a population of patients with early PBC who do not require prompt treatment with ursodeoxycholic acid (UDCA). In this study, we analyzed data from a large-scale PBC cohort in Japan, and retrospectively investigated whether outcomes of early PBC patients were affected with prompt or deferred/no UDCA treatment. We defined early PBC as asymptomatic, serum alkaline phosphatase early PBC patients between the treatment regimens; prompt treatment group (UDCA was initiated within 1 year after diagnosis) and deferred/no treatment group (UDCA initiated >1 year after diagnosis or never initiated). Furthermore, we examined the outcomes of early PBC patients alternatively defined only with symptomatology and biochemistry. We identified 562 early PBC patients (prompt: n = 509; deferred/no treatment: n = 53). Incidence rates (per 1000 patient-years) for liver-related mortality or liver transplantation and decompensating events were 0.5 and 5.4, respectively, in the prompt treatment group, and 0 and 8.7, respectively, in the deferred/no treatment group. Multivariate analyses showed that age and bilirubin were significantly associated with developing decompensating events, whereas the prompt and deferred/no treatments were not. We obtained similar results in early PBC patients defined without histological examination. We showed that deferred/no treatment for early PBC patients did not affect the outcomes. This study provides a rationale for a future prospective, randomized study. © 2018 The Japan Society of Hepatology.

  2. The American Jobs Creation Act and its impact on deferred compensation: reassessment from a business perspective.

    Science.gov (United States)

    Johnson, David G

    2005-01-01

    The American Jobs Creation Act (AJCA), which was signed into law in October 2004, will have an impact on almost every deferred compensation program in the United States. This article argues that as companies continue to evaluate the transition alternatives under AJCA and contemplate the necessary changes to the plan program, companies also should consider simultaneously addressing broader issues surrounding nonqualified deferred compensation arrangements. These include ongoing business purpose, financial planning considerations, education of participants, corporate governance considerations and the potential implications to international assignees.

  3. Different supplents for finishing of Nellore cattle on deferred Brachiaria decumbens pasture during the dry season

    Directory of Open Access Journals (Sweden)

    Antonio Tadeu de Andrade

    2015-07-01

    Full Text Available This study evaluated the effect of four types of supplement on the finishing of Nellore cattle on deferred Brachiaria decumbens pasture during the dry season. Sixty-four castrated Nellore males with an age of approximately 34 months and initial body weight (BW ranging from 360 to 380 kg were divided into 16 animals per treatment in a completely randomized design. The treatments consisted of four types of pasture supplement: deferred Brachiaria decumbens pasture + energy protein mineral salt (SuEPM used as control; deferred Brachiaria decumbens pasture + urea + cottonseed meal (28% CP + ground corn grain (SuCo; deferred Brachiaria decumbens pasture + urea + cottonseed meal (28% CP + citrus pulp (SuCPu; deferred Brachiaria decumbens pasture + urea + cottonseed meal (28% CP + soy hull (SuSH. The pasture was deferred for 170 days and provided 3,482 kg DM/ha of forage, permitting a stocking rate of 1.56 AU/ha (DM intake of 2.25% BW and 50% pasture efficiency. The animals received the supplement ad libitum in the SuEPM treatment and as % BW in the other treatments from July to October. The animals were slaughtered at a minimum BW of 457 kg. The following variables were evaluated: final weight, weight gain during the period (WG, average daily gain (ADG, hot carcass weight (HCW, and hot carcass yield (HCY. With respect to final weight, the supplement in the SuCo, SuCPu and SuSH treatments permitted a greater supply of nutrients and the animals therefore exhibited better performance (P<0.05 compared to the SuEPM treatment (mean of 478.68 vs 412.62 kg. The same effect was observed for the other parameters studied. Analysis of WG and ADG showed that SuSH was superior to the SuCo and SuCPu treatments (P<0.05 due to the increased offer of concentrate and SuEPM was inferior to the other treatments. Higher HCW (260.05 kg and HCY (53.92% were obtained with treatment SuSH as a result of greater performance. Supplementation of cattle during the dry period on

  4. Long-term memory, forgetting, and deferred imitation in 12-month-old infants

    OpenAIRE

    Klein, Pamela J.; Meltzoff, Andrew N.

    1999-01-01

    Long-term recall memory, as indexed by deferred imitation, was assessed in 12-month-old infants. Independent groups of infants were tested after retention intervals of 3 min, 1 week and 4 weeks. Deferred imitation was assessed using the ‘observation-only’ procedure in which infants were not allowed motor practice on the tasks before the delay was imposed. Thus, the memory could not have been based on re-accessing a motor habit, because none was formed in the first place. After the delay, memo...

  5. Life Cycle Asset Allocation in the Presence of Housing and Tax-Deferred Investing

    DEFF Research Database (Denmark)

    Marekwica, Marcel; Schaefer, Alexander; Sebastian, Steffen

    2013-01-01

    , investors can deduct mortgage interest payments from taxable income, while simultaneously earning interest in tax-deferred accounts tax-free. Matching empirical evidence, our model predicts that investors with higher retirement savings choose higher loan-to-value ratios to exploit this tax arbitrage......We study the dynamic consumption-portfolio problem over the life cycle, with respect to tax-deferred investing for investors who acquire housing services by either renting or owning a home. The joint existence of these two investment vehicles creates potential for tax arbitrage. Specifically...... opportunity. However, many households could benefit from more effectively taking advantage of tax arbitrage....

  6. 18 CFR 367.4102 - Account 410.2, Provision for deferred income taxes, other income and deductions.

    Science.gov (United States)

    2010-04-01

    ... COMPANY ACT OF 2005, FEDERAL POWER ACT AND NATURAL GAS ACT Income Statement Chart of Accounts Service Company Operating Income § 367.4102 Account 410.2, Provision for deferred income taxes, other income and..., Provision for deferred income taxes, other income and deductions. 367.4102 Section 367.4102 Conservation of...

  7. 18 CFR 367.4111 - Account 411.1, Provision for deferred income taxes-Credit, operating income.

    Science.gov (United States)

    2010-04-01

    ..., Provision for deferred income taxes-Credit, operating income. 367.4111 Section 367.4111 Conservation of... Company Operating Income § 367.4111 Account 411.1, Provision for deferred income taxes—Credit, operating... taxes, credit, that relate to service company operating income. ...

  8. 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

  9. Valuation of switchable tariff for wind energy

    International Nuclear Information System (INIS)

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

    2006-01-01

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

  10. Valuating the Investment Efficiency of Distribution Companies

    Directory of Open Access Journals (Sweden)

    M. Karajica

    2007-01-01

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

  11. Prospect theory in the valuation of health.

    Science.gov (United States)

    Moffett, Maurice L; Suarez-Almazor, Maria E

    2005-08-01

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

  12. 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.

  13. 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

  14. 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…

  15. 5 CFR 847.907 - How is the monthly annuity rate used to compute the present value of the deferred annuity without...

    Science.gov (United States)

    2010-01-01

    ... compute the present value of the deferred annuity without credit for NAFI service determined? 847.907... the present value of the deferred annuity without credit for NAFI service determined? (a) The monthly annuity rate used to compute the present value of the deferred annuity under § 847.906 of this subpart for...

  16. Environmental valuation - to use or not to use? A comparative study of the United States and Europe

    International Nuclear Information System (INIS)

    Navrud, S.; Pruckner, G.J.

    1997-01-01

    Valuation methods have been used for five main purposes in environmental decision- making. Cost-benefit analysis (CBA) of projects, CBA of new regulations, natural resource damage assessment, environmental costing, and environmental accounting. The relatively lower importance attached to economic efficiency in environmental decision-making in most European countries compared to the U.S.A., both legally and in practice, might account for our general finding that there are very few valuation studies in Europe which have served as a decisive basis for environmental policy and regulations. However, with EU's goal to establish environmentally adjusted national accounts and to apply CBA to environmental policy and regulations, time seems ripe for an increased use of valuation techniques in Europe. 66 refs

  17. Modelling and computation in the valuation of carbon derivatives with stochastic convenience yields.

    Science.gov (United States)

    Chang, Shuhua; Wang, Xinyu

    2015-01-01

    The anthropogenic greenhouse gas (GHG) emission has risen dramatically during the last few decades, which mainstream researchers believe to be the main cause of climate change, especially the global warming. The mechanism of market-based carbon emission trading is regarded as a policy instrument to deal with global climate change. Although several empirical researches about the carbon allowance and its derivatives price have been made, theoretical results seem to be sparse. In this paper, we theoretically develop a mathematical model to price the CO2 emission allowance derivatives with stochastic convenience yields by the principle of absence of arbitrage opportunities. In the case of American options, we formulate the pricing problem to a linear parabolic variational inequality (VI) in two spatial dimensions and develop a power penalty method to solve it. Then, a fitted finite volume method is designed to solve the nonlinear partial differential equation (PDE) resulting from the power penalty method and governing the futures, European and American option valuation. Moreover, some numerical results are performed to illustrate the efficiency and usefulness of this method. We find that the stochastic convenience yield does effect the valuation of carbon emission derivatives. In addition, some sensitivity analyses are also made to examine the effects of some parameters on the valuation results.

  18. Modelling and computation in the valuation of carbon derivatives with stochastic convenience yields.

    Directory of Open Access Journals (Sweden)

    Shuhua Chang

    Full Text Available The anthropogenic greenhouse gas (GHG emission has risen dramatically during the last few decades, which mainstream researchers believe to be the main cause of climate change, especially the global warming. The mechanism of market-based carbon emission trading is regarded as a policy instrument to deal with global climate change. Although several empirical researches about the carbon allowance and its derivatives price have been made, theoretical results seem to be sparse. In this paper, we theoretically develop a mathematical model to price the CO2 emission allowance derivatives with stochastic convenience yields by the principle of absence of arbitrage opportunities. In the case of American options, we formulate the pricing problem to a linear parabolic variational inequality (VI in two spatial dimensions and develop a power penalty method to solve it. Then, a fitted finite volume method is designed to solve the nonlinear partial differential equation (PDE resulting from the power penalty method and governing the futures, European and American option valuation. Moreover, some numerical results are performed to illustrate the efficiency and usefulness of this method. We find that the stochastic convenience yield does effect the valuation of carbon emission derivatives. In addition, some sensitivity analyses are also made to examine the effects of some parameters on the valuation results.

  19. Modelling and Computation in the Valuation of Carbon Derivatives with Stochastic Convenience Yields

    Science.gov (United States)

    Chang, Shuhua; Wang, Xinyu

    2015-01-01

    The anthropogenic greenhouse gas (GHG) emission has risen dramatically during the last few decades, which mainstream researchers believe to be the main cause of climate change, especially the global warming. The mechanism of market-based carbon emission trading is regarded as a policy instrument to deal with global climate change. Although several empirical researches about the carbon allowance and its derivatives price have been made, theoretical results seem to be sparse. In this paper, we theoretically develop a mathematical model to price the CO2 emission allowance derivatives with stochastic convenience yields by the principle of absence of arbitrage opportunities. In the case of American options, we formulate the pricing problem to a linear parabolic variational inequality (VI) in two spatial dimensions and develop a power penalty method to solve it. Then, a fitted finite volume method is designed to solve the nonlinear partial differential equation (PDE) resulting from the power penalty method and governing the futures, European and American option valuation. Moreover, some numerical results are performed to illustrate the efficiency and usefulness of this method. We find that the stochastic convenience yield does effect the valuation of carbon emission derivatives. In addition, some sensitivity analyses are also made to examine the effects of some parameters on the valuation results. PMID:26010900

  20. Valoração Econômica Ambiental: um estudo analítico e teórico dos métodos e suas multi-aplicabilidades = Environmental economic valuation: an analytical and theoretical study of methods and their multi applicabilities

    Directory of Open Access Journals (Sweden)

    Pedro dos Santos Portugal Júnior

    2012-11-01

    , nowadays, acts directly in the administrative decisions of economic agents and sociey. Based on this, the present study aims at theoretically analyzing some environmental economic valuation methods, their characteristics and applications. Specifically it is intended to demonstrate the possibility of applying such methods in a multiple environmental valuation in a deeper and more comprehensive way, adding that the presentation of two new methods developed by the authors of this paper that complement the others. The approached context initially permeates the factors of production and their specific characteristics, moving later to analyze the components of the total economic value of natural resources. Then some methods of environmental economic valuation are discussed and, at the end, it is presented the possibility of applying different methods for environmental analysis in the same case. We use the deductive method and technique of literature research as a way to achieve this study’s goals, being a theoretical and exploratory researchl. The study concludes positively about the possibility of multi-applicability of methods of valuation of environmental damage as a way to make this analysis more comprehensive and complete. The results also indicated that the new methods presented allow a more detailed environmental analysis and deeper mathematical foundations. Added to this the fact that the main complication of using the system of multi-applicability would be how to determine the weighting levels of different methods used in environmental analysis. This should be done considering the specificities of environmental damage and analyzing the information available; therefore, new studies on this topic are needed.

  1. Economic valuation of water: theoretical considerations and an applications to agriculture in the zambezi basin countries

    OpenAIRE

    Agudelo Otálvaro, José Ignacio

    2001-01-01

    This work is concerned with the theoretical background and the methods most frequently used for valuing water in its different uses in general and for the sector of agriculture in particular. It highlights the importance of regarding water as an economic commodity and, consequently, of valuing it adequately. Proper valuation is an instrument-Among others-that allows an efficient allocation and conservation of the resource. Some basic concepts and definitions that economists use in order to co...

  2. Giga-Investments: Modelling the Valuation of Very Large Industrial Real Investments

    OpenAIRE

    Collan, Mikael

    2004-01-01

    In this doctoral dissertation characteristics of very large industrial real investments (VLIRI) are investigated and a special group of VLIRI is defined as giga-investments. The investment decision-making regarding to giga-investments is discussed from the points of view of discounted cash-flow based methods and real option valuation. Based on the bacground of establishing giga-investments, state-of-the-art in capital budgeting (including real options) and by applying fuzzy numbers a novel me...

  3. Extending RTA/Linux with fixed-priority scheduling with deferred preemption

    NARCIS (Netherlands)

    Bergsma, M.; Holenderski, M.J.; Bril, R.J.; Lukkien, J.J.; Petters, S.M.; Zijlstra, P.

    2009-01-01

    Fixed-Priority Scheduling with Deferred Preemption (FPDS) is a middle ground between Fixed-Priority Pre-emptive Scheduling and Fixed-Priority Non-preemptive Scheduling, and offers advantages with respect to context switch overhead and resource access control. In this paper we present our work on

  4. 27 CFR 26.104 - Deferred payment of tax-release of beer.

    Science.gov (United States)

    2010-04-01

    ...-release of beer. 26.104 Section 26.104 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND... ISLANDS Taxpayment of Liquors and Articles in Puerto Rico Beer § 26.104 Deferred payment of tax—release of beer. (a) Action by brewer. Where the brewer has furnished bond on Form 2898, and payment of the tax is...

  5. The African Union at Ten Years Old: A Dream Deferred! | Mbeki ...

    African Journals Online (AJOL)

    In his famous poem, 'Harlem', first published in 1951, the eminent African American poet, writer, thinker and activist, Langston Hughes, asked challenging questions when he wrote: What happens to a dream deferred? Does it dry up like a raisin in the sun? Or fester like a sore – And then run? Does it stink like rotten meat?

  6. Deferred Imitation in 9-Month-Olds: How Do Model and Task Characteristics Matter across Cultures?

    Science.gov (United States)

    Teiser, Johanna; Lamm, Bettina; Böning, Mirjam; Graf, Frauke; Gudi, Helene; Goertz, Claudia; Fassbender, Ina; Freitag, Claudia; Spangler, Sibylle; Teubert, Manuel; Lohaus, Arnold; Schwarzer, Gudrun; Knopf, Monika; Keller, Heidi

    2014-01-01

    Studies investigating imitation are usually conducted with adult models in Western contexts; therefore, the influence of cultural context and the model's age on infants' imitation is largely unknown. This study assessed deferred imitation in 9-month-old infants from the German middle-class ("N" = 44) and the ethnic group of Nso in rural…

  7. 14 CFR 399.44 - Treatment of deferred Federal income taxes for rate purposes.

    Science.gov (United States)

    2010-01-01

    ... TRANSPORTATION (AVIATION PROCEEDINGS) POLICY STATEMENTS STATEMENTS OF GENERAL POLICY Policies Relating to Rates and Tariffs § 399.44 Treatment of deferred Federal income taxes for rate purposes. For rate-making purposes other than the determination of subsidy under section 406(b), it is the policy of the Board that...

  8. To Defer or To Stand Up? How Offender Formidability Affects Third Party Moral Outrage

    DEFF Research Database (Denmark)

    Jensen, Niels Holm; Petersen, Michael Bang

    2011-01-01

    . Deciding whether to defer to or stand up against a formidable exploiter is a complicated decision as there is both much to lose (formidable individuals are able and prone to retaliate) and much to gain (formidable individuals pose a great future threat). An optimally designed outrage system should...

  9. Pension Accounting and Reporting with Other Comprehensive Income and Deferred Taxes: A Worksheet Approach

    Science.gov (United States)

    Jackson, Robert E.; Sneathen, L. Dwight, Jr.; Veal, Timothy R.

    2012-01-01

    This instructional tool presents pension accounting using a worksheet approach where debits equal credits for both the employer and for the plan. Transactions associated with the initiation of the plan through the end of the second year of the plan are presented, including their impact on accumulated other comprehensive income and deferred taxes.…

  10. The impact of excess choice on deferment of decisions to volunteer

    Directory of Open Access Journals (Sweden)

    Lauren S. Carroll

    2011-10-01

    Full Text Available Excess choice has previously been shown to have detrimental effects on decisions about consumer products. As the number of options increases, people are more likely to put off making an active choice (i.e., defer and show less satisfaction with any purchase actually made. We extend this line of enquiry to choosing a charitable organisation to volunteer for. The issue is important because the number of voluntary organisations is enormous and the impact of such a decision may be greater than for consumer decisions in terms of time commitment and benefits to the volunteer and society. Study 1 asked students to examine a real volunteering website and record how many organisations they considered, decision difficulty and whether or not they would like to sign up for a chosen organisation or prefer to defer a decision. Study 2 presented either a relatively small (10 or large (30 choice set of hypothetical organisations and measured deferment likelihood and decision difficulty. In both studies the more options considered, the greater the likelihood to defer. This effect was mediated by decision difficulty. This research is the first to find that detrimental effects of excess choice extend to volunteering. Implications for volunteer recruitment are discussed.

  11. California; Bay Area Air Quality Management District; Determination To Defer Sanctions

    Science.gov (United States)

    EPA is making an interim final determination to defer imposition of sanctions based on a proposed determination that CARB submitted rules on behalf of BAAQMD that satisfy part D of the Clean Air Act for areas under the jurisdiction of the BAAQMD.

  12. Deference, Denial, and Beyond: A Repertoire Approach to Mass Media and Schooling

    Science.gov (United States)

    Rymes, Betsy

    2011-01-01

    In this article, the author outlines two general research approaches, within the education world, to these mass-mediated formations: "Deference" and "Denial." Researchers who recognize the social practices that give local meaning to mass media formations and ways of speaking do not attempt to recontextualize youth media in their own social…

  13. 75 FR 25856 - Release of Exposure Draft on Definitional Changes Related to Deferred Maintenance and Repairs...

    Science.gov (United States)

    2010-05-10

    ... Property, Plant, and Equipment. The proposed Exposure Draft represents a first step toward improving... Related to Deferred Maintenance and Repairs: Amending SFFAS 6, Accounting for Property, Plant, and Equipment AGENCY: Federal Accounting Standards Advisory Board. ACTION: Notice. Board Action: Pursuant to 31...

  14. 26 CFR 1.381(c)(10)-1 - Deferred exploration and development expenditures.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Deferred exploration and development expenditures. 1.381(c)(10)-1 Section 1.381(c)(10)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.381(c)(10...

  15. 48 CFR 252.227-7027 - Deferred ordering of technical data or computer software.

    Science.gov (United States)

    2010-10-01

    ... technical data or computer software. 252.227-7027 Section 252.227-7027 Federal Acquisition Regulations... data or computer software. As prescribed at 227.7103-8(b), use the following clause: Deferred Ordering of Technical Data or Computer Software (APR 1988) In addition to technical data or computer software...

  16. 48 CFR 252.227-7026 - Deferred delivery of technical data or computer software.

    Science.gov (United States)

    2010-10-01

    ... technical data or computer software. 252.227-7026 Section 252.227-7026 Federal Acquisition Regulations... data or computer software. As prescribed at 227.7103-8(a), use the following clause: Deferred Delivery of Technical Data or Computer Software (APR 1988) The Government shall have the right to require, at...

  17. 27 CFR 26.95 - Deferred payment of tax-release of wine.

    Science.gov (United States)

    2010-04-01

    ...-release of wine. 26.95 Section 26.95 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND... ISLANDS Taxpayment of Liquors and Articles in Puerto Rico Wine § 26.95 Deferred payment of tax—release of wine. (a) Action by proprietor. Where the proprietor has furnished bond, on Form 2897, and payment of...

  18. 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...

  19. [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.

  20. 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.

  1. The Impact of Deferred Tax Assets, Discretionary Accrual, Leverage, Company Size and Tax Planning Onearnings Management Practices

    Directory of Open Access Journals (Sweden)

    Jacobus Widiatmoko

    2016-04-01

    Full Text Available The purpose of this study is to analyze and provide empirical evidence of the influence of deferred tax asset, discretionary accrual, leverage, company size, and tax planning on earnings management. Financial performance is an indicator that is required by company management to measure the effectiveness of company performance. This research used secondary data that was got from annual report published in www.idx.co.id and data from Indonesian Capital Market Directory (ICMD. Populations of the research are manufacturing companies listed on Indonesia Stock Exchange from 2011-2013. Samples were selected by using purposive sampling method. There are 208 observations that will examined by logistic regression analysis. The result shows that deferred tax asset has negative and not significant effect to the earnings management, discretionary accrual has negative and not significant effect to the earnings management, leverage has negative and significant effect to the earnings management, company size has positive and significant effect to the earnings management, tax planning has positive and not significant effect to the earnings management.Tujuan penelitian ini menganalisis bukti empiris mengenai pengaruh asset pajak tangguhan, discretionary accrual, leverage, ukuran perusahaan, dan perencanaan pajak terhadap manajemen laba. Kinerja keuangan adalah indikator untuk mengukur efektivitas perusahaan. Penelitian ini menggunakan data sekunder yang diperoleh dari www.idx.co.id serta data dari Indonesian Capital Market Directory (ICMD. Populasi penelitian ini adalah perusahaan manufaktur yang terdaftar di BEI tahun 2011-2013. Sampel dipilih dengan purposive sampling. Terdapat 208 observasi yang akan diuji dengan model analisis regresi logistik. Hasil penelitian ini menunjukkan bahwa asset pajak tangguhan memiliki pengaruh negatif dan tidak signifikan terhadap praktik manajemen laba, discretionary accrual memiliki pengaruh negatif dan tidak signifikan terhadap

  2. Qualitative evaluation of a deferred consent process in paediatric emergency research: a PREDICT study.

    Science.gov (United States)

    Furyk, Jeremy; McBain-Rigg, Kristin; Watt, Kerrianne; Emeto, Theophilus I; Franklin, Richard C; Franklin, Donna; Schibler, Andreas; Dalziel, Stuart R; Babl, Franz E; Wilson, Catherine; Phillips, Natalie; Ray, Robin

    2017-11-15

    A challenge of conducting research in critically ill children is that the therapeutic window for the intervention may be too short to seek informed consent prior to enrolment. In specific circumstances, most international ethical guidelines allow for children to be enrolled in research with informed consent obtained later, termed deferred consent (DC) or retrospective consent. There is a paucity of data on the attitudes of parents to this method of enrolment in paediatric emergency research. To explore the attitudes of parents to the concept of DC and to expand the knowledge of the limitations to informed consent and DC in these situations. Children presenting with uncomplicated febrile seizures or bronchiolitis were identified from three separate hospital emergency department databases. Parents were invited to participate in a semistructured telephone interview exploring themes of limitations of prospective informed consent, acceptability of the DC process and the most appropriate time to seek DC. Transcripts underwent inductive thematic analysis with intercoder agreement, using Nvivo 11 software. A total of 39 interviews were conducted. Participants comprehended the limitations of informed consent under emergency circumstances and were generally supportive of DC. However, they frequently confused concepts of clinical care and research, and support for participation was commonly linked to their belief of personal benefit. Participants acknowledged the requirement for alternatives to prospective informed consent in emergency research, and were supportive of the concept of DC. Our results suggest that current research practice seems to align with community expectations. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2017. All rights reserved. No commercial use is permitted unless otherwise expressly granted.

  3. Influence of the endowment effect on the valuation of goods. An experimental verification.

    Directory of Open Access Journals (Sweden)

    Magdalena Gawrońska

    2015-09-01

    Full Text Available The article refers to the issue of the endowment effect, which acts as a mechanism that influences valuation. The paper’s main aim is to verify the endowment effect phenomenon for branded, fast-moving consumer goods. The subject of this paper also includes examining whether short-term possession, generates the endowment effect. It also studies how the possibility of using a product influences the power of the examined phenomenon. In order to verify the proposed hypothesis, an economic experiment was used. Its results were analyzed with the use of descriptive statistics and econometric methods. The study demonstrated that the endowment effect determines the perception of goods and influences their valuation.

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

    Science.gov (United States)

    John Loomis; Armando Gonzalez-Caban; Joseph Champ

    2011-01-01

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

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

    Science.gov (United States)

    Mark Morrison; Thomas C. Brown

    2009-01-01

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

  6. Taxpayer’s Perception to Tax Payment in Kind System in Support of SMEs’ Sustainability: Case of the South Korean Government’s Valuation of Unlisted Stocks

    Directory of Open Access Journals (Sweden)

    KapSoon Kim

    2017-08-01

    Full Text Available In Korea, unlisted stock shares are accepted as payment for inheritance tax. In the case of insufficient cash, a taxpayer can pay the government with listed or unlisted stocks (hereinafter referred to as “tax payment in kind”. The drawback of this tax payment system is that receiving tax paid with stocks is subject to the valuation of the government and selling the stocks to an open market requires another valuation. The results of these two valuations show considerable differences, and, therefore, the selling price in the open market is very low. This study analyzes how taxpayers recognize the differences in the valuation results of these unlisted stocks and how the differences affect the pricing for repurchasing the stocks from the open market. Results show that high valuation of unlisted stocks in tax payment in kind drives buyers to lower the purchasing price in the open market. This finding implies a problem in the government’s valuation method of unlisted stocks collected as tax.

  7. 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.

  8. 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 ...

  9. 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 ...

  10. 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 ...

  11. 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

  12. 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...

  13. 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

  14. 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.

  15. 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.

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

    Directory of Open Access Journals (Sweden)

    James A. Fraser

    2016-09-01

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

  17. Valuation and Hedging of Variable Annuities in Pension Schemes

    NARCIS (Netherlands)

    Bovenberg, A.L.; van Bilsen, S.; Laeven, R.J.A.

    2018-01-01

    This paper explores defined ambition pension schemes that provide (deferred) variable annuities. These pension schemes allocate various risks (i.e., real interest rate, expected inflation and stock market risk) to the policyholders on the basis of complete contracts. We show how these variable

  18. Role Performance and Role Valuation Among Occupational Therapy Students in Norway

    Directory of Open Access Journals (Sweden)

    Tore Bonsaksen

    2016-01-01

    Full Text Available Background: The Model of Human Occupation describes roles as providing the person with a framework around which to organize daily occupations. Role performance and role valuation in young adults may be related to gender, but there are few research studies to date to support this view. Methods: This study is a cross-sectional design using a sample of 87 occupational therapy students in Norway. We used the Role Checklist to assess the students’ performance and valuation of roles, and a variety of statistical procedures were employed in the analysis. Results: Compared to the female participants, males performed roles in the community, social, and civic life area of participation more frequently. Otherwise, male and female participants were largely equal in current role performance. For most roles, we found associations between role performance and high valuation of the respective roles. Discussion: Gender appears to be a factor of relevance for our understanding of role performance. This study suggests that occupational therapists should consider the societal as well as the personal aspects of roles. In addition, occupational therapy interventions could aim toward improving congruence between the roles clients perform and the value these roles have for them

  19. Valuation of long-term investments in energy assets under uncertainty

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-07-01

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

  20. Valuation of Long-Term Investments in Energy Assets under Uncertainty

    Directory of Open Access Journals (Sweden)

    Luis M. Abadie

    2009-09-01

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

  1. Valuation of long-term investments in energy assets under uncertainty

    International Nuclear Information System (INIS)

    Abadie, L. M.

    2009-01-01

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

  2. 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

  3. Valuation of oil and gas reserves in the Netherlands 1990-2005

    Energy Technology Data Exchange (ETDEWEB)

    Veldhuizen, E.; Graveland, C.; Van den Bergen, D.; Schenau, S.

    2009-07-01

    This report presents the methods and results of compiling physical and monetary balance sheets of oil and gas reserves in the Netherlands for the period 1990-2005. The net present value method is used to discount expected future incomes, which are based on a physical extraction scenario and an expected resource rent. The resource rent is calculated as the gross operating surplus less the user cost of capital in the industry 'extraction of crude petroleum and natural gas.' Sensitivity analyses show that monetary values are relatively insensitive to changes in the physical extraction scenario, but extremely sensitive to the use of alternative discount rates and different valuation methods.

  4. Pulmonary effects of immediate versus deferred antiretroviral therapy in HIV-positive individuals

    DEFF Research Database (Denmark)

    Kunisaki, Ken M; Niewoehner, Dennis E; Collins, Gary

    2016-01-01

    BACKGROUND: Observational data have been conflicted regarding the potential role of HIV antiretroviral therapy (ART) as a causative factor for, or protective factor against, COPD. We therefore aimed to investigate the effect of immediate versus deferred ART on decline in lung function in HIV...... Services guidelines) either immediately, or deferred until CD4 T-cell counts decreased to 350 per μL or AIDS developed. The randomisation was determined by participation in the parent START study, and was not specific to the substudy. Because of the nature of our study, site investigators and participants...... were not masked to the treatment group assignment; however, the assessors who reviewed the outcomes were masked to the treatment group. The primary outcome was the annual rate of decline in lung function, expressed as the FEV1 slope in mL/year; spirometry was done annually during follow-up for up to 5...

  5. The Effects of Deferred Action for Childhood Arrivals on the Educational Outcomes of Undocumented Students

    OpenAIRE

    Hsin, Amy; Ortega, Francesc

    2017-01-01

    Deferred Action for Childhood Arrivals (DACA) is the first large-scale immigration reform to affect undocumented immigrants in the United States in decades and offers eligible undocumented youth temporary relief from deportation and renewable work permits. While DACA has improved the economic conditions and mental health of undocumented immigrants, we do not know how DACA improves the social mobility of undocumented immigrants through its effect on educational attainment. This paper uses admi...

  6. The Effects of DACAmentation: The Impact of Deferred Action for Childhood Arrivals on Unauthorized Immigrants

    OpenAIRE

    Pope, Nolan G.

    2016-01-01

    As the largest immigration policy in 25 years, Deferred Action for Childhood Arrivals (DACA) made deportation relief and work authorization available to 1.7 million unauthorized immigrants. This paper looks at how DACA affects DACA-eligible immigrants' labor market outcomes. I use a difference-in-differences design for unauthorized immigrants near the criteria cutoffs for DACA eligibility. I find DACA increases the likelihood of working by increasing labor force participation and decreasing t...

  7. Can Authorization Reduce Poverty among Undocumented Immigrants? Evidence from the Deferred Action for Childhood Arrivals Program

    OpenAIRE

    Amuedo-Dorantes, Catalina; Antman, Francisca M.

    2016-01-01

    We explore the impact of authorization on the poverty exposure of households headed by undocumented immigrants. The identification strategy makes use of the 2012 Deferred Action for Childhood Arrivals (DACA) program, which provided a temporary work authorization and reprieve from deportation to eligible immigrants. Using a difference-in-differences approach, we compare DACA-eligible to DACA-ineligible likely unauthorized immigrants, before and after the program implementation. We find that DA...

  8. Infrastructure investment for tomorrow: A financing plan to eliminate the deferred maintenance on the nation's roads

    OpenAIRE

    Regan, Edward V.

    1994-01-01

    The author presents a long-term public investment proposal to preserve and upgrade the nation's infrastructure system, offering a unique financing plan to eliminate much of the backlog of deferred maintenance that plagues America's roads and bridges. The plan would allow states and municipalities to get out from under this burden with a one-time upgrading program, and then attain a new capacity to maintain and improve their infrastructure networks. Regan concludes that the goal of long-term i...

  9. The Response of Deferred Executive Compensation to Changes in Tax Rates

    OpenAIRE

    Aspen Gorry; Kevin A. Hassett; R. Glenn Hubbard; Aparna Mathur

    2015-01-01

    Given the increasing use of stock options in executive compensation, we examine how taxes influence the choice of compensation and document that income deferral is an important margin of adjustment in response to tax rate changes. To account for this option in the empirical analysis, we explore deferral by estimating how executives’ choice of compensation between current and deferred income depends on changes in tax policy. Our empirical results suggest a significant impact of taxes on the co...

  10. How does the possibility to defer pension payments affect the labour supply of elderly Danish workers?

    DEFF Research Database (Denmark)

    Amilon, Anna; Nielsen, Torben Heien

    2010-01-01

    This chapter investigates the effects of a recent Danish policy reform on the number of hours worked after age 65. In short, the policy reform involved the option to defer pension payments and a reduction in the official retirement age from 67 to 65. Using a quasi-experimental design, we find tha...... positions that choose to defer their pensions. The results, therefore, indicate that the reform has mainly improved the situation of an already well-off group.......This chapter investigates the effects of a recent Danish policy reform on the number of hours worked after age 65. In short, the policy reform involved the option to defer pension payments and a reduction in the official retirement age from 67 to 65. Using a quasi-experimental design, we find...... that the reform has had a small positive impact on the number of hours worked at age 65. In the longer term (from age 65 to 67) the effect disappears, probably due to the reduction in the official retirement age causing people to retire earlier. It is mainly men, the highly educated and people holding advanced...

  11. Findings concerning testis, vas deference, and epididymis in adult cases with nonpalpable testes

    Directory of Open Access Journals (Sweden)

    Coskun Sahin

    2011-12-01

    Full Text Available In this study, we aimed to state the relationship between testis, epididymis and vas deference, in adult cases with nonpalpable testis. Between January 1996 and December 2009, we evaluated 154 adult cases with nonpalpable testes. Mean age was 23 years (20-27 years. Explorations were performed by open inguinal incision, laparoscopy, and by inguinal incision and laparoscopy together on 22, 131 and 1 patient, respectively. Of all the unilateral cases, 32 were accepted as vanishing testis. In five of these cases, vas deference was ending inside the abdomen, and in the others, it was ending inside the scrotum. In the remaining 99 unilateral and 22 bilateral cases, 143 testes were found in total. Testes were found in the inguinal canal as atrophic in one case, at the right renal pedicle level with dysmorphic testis in one case, and anterior to the internal ring between the bladder and the common iliac vessels at a smaller than normal size in 119 cases. One (0.69% case did not have epididymis. While epididymis was attached to the testis only at the head and tail locations in 88 (61.53% cases, it was totally attached to the testis in 54 (37.76% cases. There is an obviously high incidence rate of testis and vas deference anomalies, where epididymis is the most frequent one. In cases with abdominal testes, this rate is highest for high localised abdominal testes.

  12. Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

    Directory of Open Access Journals (Sweden)

    Yonggu Kim

    2017-10-01

    Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

  13. [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.

  14. 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.

  15. Deferred slanted-edge analysis: a unified approach to spatial frequency response measurement on distorted images and color filter array subsets.

    Science.gov (United States)

    van den Bergh, F

    2018-03-01

    The slanted-edge method of spatial frequency response (SFR) measurement is usually applied to grayscale images under the assumption that any distortion of the expected straight edge is negligible. By decoupling the edge orientation and position estimation step from the edge spread function construction step, it is shown in this paper that the slanted-edge method can be extended to allow it to be applied to images suffering from significant geometric distortion, such as produced by equiangular fisheye lenses. This same decoupling also allows the slanted-edge method to be applied directly to Bayer-mosaicked images so that the SFR of the color filter array subsets can be measured directly without the unwanted influence of demosaicking artifacts. Numerical simulation results are presented to demonstrate the efficacy of the proposed deferred slanted-edge method in relation to existing methods.

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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 ...

  6. 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

  7. Cost effective method for valuation of impacts caused by greenhouse gases emissions for oil and gas companies; Metodo de custo-efetividade para avaliacao de impactos causados pelas emissoes de gases de efeito estufa em empresas de oleo e gas

    Energy Technology Data Exchange (ETDEWEB)

    Carneiro, Elisa Vieira [Petroleo Brasileiro S.A. (PETROBRAS), Rio de Janeiro, RJ (Brazil); Barros, Sergio Ricardo da Silveira [Universidade Federal Fluminense (LATEC/UFF), Niteroi, RJ (Brazil). Mestrado em Sistemas de Gestao

    2012-07-01

    The objective of this work is to apply the method of cost-effectiveness in economic evaluation of new investment projects, based on information about reducing greenhouse gases emissions. In the context of the commitment of companies with the Climate Change and Sustainability, this work is important and contributes to the oil and gas industry, because it integrates information on reducing emissions of greenhouse gases in negative Net Present Value (NPV) projects, helping the portfolio manager on decision making between alternative projects. In this article, examples are given of two investment projects, in which the cost effectiveness methodology is applied, considering the reduction of emission of greenhouse gases such as additional environmental benefit, or cost avoidance, in an adjusted model of the economic viability analysis of meritorious projects. (author)

  8. 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...

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. Basis for a valuation of the Polish Exclusive Economic Zone of the Baltic Sea: Rationale and quest for tools

    Directory of Open Access Journals (Sweden)

    Jan Marcin Węsławski

    2006-03-01

    Full Text Available This paper summarises current knowledge of goods and servicesin the Polish Exclusive Economic Zone of the Baltic Sea ecosystem.It reviews specific properties of the Baltic that could be usedfor economic valuation. Goods and services range from the familiarresources of fish and minerals, which were valued with the ProductivityMethod, to less obvious services provided by the ecosystem suchas biofiltration in coastal sands, valued with either the ReplacementCost or Damage Cost Avoided methods. Disservices to the marineecosystem are also considered, e.g. erosion and coastal flooding,including the costs of planned mitigating measures. This paperemphasises the importance of using valuation methods to helpmake better-educated decisions for the sustainability of theBaltic Sea.

  14. Monetary valuation with impact pathway analysis: Benefits of reducing nitrate leaching in European Catchments

    DEFF Research Database (Denmark)

    Andersen, Mikael Skou; Hansen, Morten Søes; Carstensen, Jacob

    2011-01-01

    Integrated assessment frameworks which can account comprehensively for the benefits related to water quality improvements have not yet been established. The main challenge is to link economic valuation with hydrological data in an appropriate way.We here explore the so-called ‘impact pathway...... approach’ as a novel analytical method in the area ofwater management. It can identify site- and catchment-specific benefits associated with management measures by linking economic and hydrological data through consecutive modelling stages, allowing for monetization of specific end point effects...

  15. Analysis of IP Valuation Product of LIPI IDP000040604 as Marketing Strategy for Promotion of Innovative and Inventive Activities

    Directory of Open Access Journals (Sweden)

    Syukri Yusuf Nasution

    2017-06-01

    Full Text Available Abstract. IP Valuation means the process of how to compare object patented (protected and its characteristics with the similar to gain a benefit. In this research, the product that value has been registered and certified for the patent in Indonesia with number IDP000040604. IP Valuation conducted to estimate the potential future economic benefit of this product. Qualitative and quantitative methods carry out to determine the value of IP. A qualitative method performed by in-depth analysis for Legal, Technology, Market and Finance indicators. A quantitative method conducted to determine the value of IP by using income approach with DCF method. From the qualitative analysis it shows that the product is in low risk and high opportunity quadrant, and from quantitative analysis, it shows that the NPV of the product is Rp.52.088.550,- with a royalty rate of 7% with estimated turnover about Rp.692.921.848,- for 10 years of useful economic life. Keywords: IP Valuation, future economic benefit, qualitative and quantitative methods, high opportunity, royalty rate

  16. It is out of my hands: how deferring control to God can decrease quality of life for breast cancer patients.

    Science.gov (United States)

    McLaughlin, Bryan; Yoo, Woohyun; D'Angelo, Jonathan; Tsang, Stephanie; Shaw, Bret; Shah, Dhavan; Baker, Timothy; Gustafson, David

    2013-12-01

    This paper seeks to contribute to the understanding of how and why religion affects psychosocial health outcomes. We propose a theoretical model predicting that when women with breast cancer defer control to God they will experience fewer breast cancer related concerns. Deferring control to God, however, should also reduce the likelihood that they take a proactive coping approach, which will be exacerbated by lowered breast cancer concerns. We therefore predict that this passive coping style will ultimately result in lower levels of quality of life. Data were collected as part of a randomized clinical trial funded by the National Cancer Institute. A total of 192 women with breast cancer participated in a computer-mediated social support group. Deferring control to God statements were captured by using computer-aided content analysis of discussion posts. Psychosocial outcomes were measured using longitudinal survey data. Analysis was performed using structural equation modeling. The results of our analysis largely confirm our mediation model for which we find significant model fit. As predicted, deferring control to God leads to lower levels of breast cancer concerns but also to more passive coping styles. Ultimately, deferring control to God can lead to lower levels of quality of life. Our study demonstrates how and why religious coping can lead to both positive and negative psychosocial health outcomes. Health care practitioners should encourage patients who are relying on religion to keep their end of the bargain and maintain an active coping style. Copyright © 2013 John Wiley & Sons, Ltd.

  17. A burn center paradigm to fulfill deferred consent public disclosure and community consultation requirements for emergency care research.

    Science.gov (United States)

    Blackford, Martha G; Falletta, Lynn; Andrews, David A; Reed, Michael D

    2012-09-01

    To fulfill Food and Drug Administration and Department of Health and Human Services emergency care research informed consent requirements, our burn center planned and executed a deferred consent strategy gaining Institutional Review Board (IRB) approval to proceed with the clinical study. These federal regulations dictate public disclosure and community consultation unique to acute care research. Our regional burn center developed and implemented a deferred consent public notification and community consultation paradigm appropriate for a burn study. Published accounts of deferred consent strategies focus on acute care resuscitation practices. We adapted those strategies to design and conduct a comprehensive public notification/community consultation plan to satisfy deferred consent requirements for burn center research. To implement a robust media campaign we engaged the hospital's public relations department, distributed media materials, recruited hospital staff for speaking engagements, enlisted community volunteers, and developed initiatives to inform "hard-to-reach" populations. The hospital's IRB determined we fulfilled our obligation to notify the defined community. Our communication strategy should provide a paradigm other burn centers may appropriate and adapt when planning and executing a deferred consent initiative. Copyright © 2012 Elsevier Ltd and ISBI. All rights reserved.

  18. 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...

  19. 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...

  20. Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2013-01-01

    of such financial decisions, especially in the retirement arena. They present as an example the choice to purchase a life annuity for a middle-aged person. Buyers must choose whether to purchase before retirement or at the date of retirement. The article provides some guidelines on whether or not to purchase......Individuals are often faced with financial decisions that have long-term implications for themselves and their families, but they have few sources of unbiased assistance. The authors suggest that a stochastic financial planning system, properly constructed and calibrated, can be applied to a number...... deferred life annuities, and who might most benefit from such a purchase....

  1. 78 FR 12243 - Interim Final Determination To Stay and Defer Sanctions, Placer County Air Pollution Control...

    Science.gov (United States)

    2013-02-22

    ...EPA is making an interim final determination to stay the imposition of offset sanctions and to defer the imposition of highway sanctions based on a proposed approval of a revision to the Placer County Air Pollution Control District (PCAPCD) and Feather River Air Quality Management District (FRAQMD) portion of the California State Implementation Plan (SIP) published elsewhere in this Federal Register. The SIP revision concerns two permitting rules submitted by the PCAPCD and FRAQMD, respectively: Rule 502, New Source Review, and Rule 10.1, New Source Review.

  2. 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...

  3. 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...

  4. 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 ...

  5. 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

  6. 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 ...

  7. 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…

  8. 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.

  9. 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…

  10. 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

  11. 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

  12. 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...

  13. 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

  14. 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

  15. 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.

  16. 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...

  17. 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

  18. 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...

  19. 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...

  20. 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