WorldWideScience

Sample records for valuation procedures radio

  1. Valuation procedure for supra-regional siting of nuclear power plants

    International Nuclear Information System (INIS)

    Volwahsen, A.

    1977-01-01

    The entwinement of area planning and power policies is explained and conceivable effects of the selection of site for nuclear power stations on the regional economic and social structure as well as the housing development are discussed. A research project and its purposes are presented here, the project having been initiated in order to examine the siting concepts emerging from the discussion of deverging interests, and in order to elaborate a variety of concrete requirements to be made with regard to site examination and site selection. Large-scole valuation indicators and procedures are expected to lead to solutions acceptable for all parties concerned. (HP) 891 HP [de

  2. 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.

  3. 77 FR 72237 - Policies To Promote Rural Radio Service and To Streamline Allotment and Assignment Procedures

    Science.gov (United States)

    2012-12-05

    ...) (section 307(b)) for new AM construction permits, as well as new FM allotments, in already well- served... petitioners argued that the new procedures ``ignore current marketplace realities,'' causing radio stations to..., whether ``potential services,'' such as vacant FM allotments or granted but unbuilt construction permits...

  4. 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

  5. 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...

  6. 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...

  7. Function Modelling Of The Market And Assessing The Degree Of Similarity Between Real Properties - Dependent Or Independent Procedures In The Process Of Office Property Valuation

    Directory of Open Access Journals (Sweden)

    Barańska Anna

    2015-09-01

    Full Text Available Referring to the developed and presented in previous publications (e.g. Barańska 2011 two-stage algorithm for real estate valuation, this article addresses the problem of the relationship between the two stages of the algorithm. An essential part of the first stage is the multi-dimensional function modelling of the real estate market. As a result of selecting the model best fitted to the market data, in which the dependent variable is always the price of a real property, a set of market attributes is obtained, which in this model are considered to be price-determining. In the second stage, from the collection of real estate which served as a database in the process of estimating model parameters, the selected objects are those which are most similar to the one subject to valuation and form the basis for predicting the final value of the property being valued. Assessing the degree of similarity between real properties can be carried out based on the full spectrum of real estate attributes that potentially affect their value and which it is possible to gather information about, or only on the basis of those attributes which were considered to be price-determining in function modelling. It can also be performed by various methods. This article has examined the effect of various approaches on the final value of the property obtained using the two-stage prediction. In order fulfill the study aim precisely as possible, the results of each calculation step of the algorithm have been investigated in detail. Each of them points to the independence of the two procedures.

  8. 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...

  9. 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

  10. ASSESSING GOING CONCERN ASSUMPTION BY USING RATING VALUATION MODELS BASED UPON ANALYTICAL PROCEDURES IN CASE OF FINANCIAL INVESTMENT COMPANIES

    OpenAIRE

    Tatiana Danescu; Ovidiu Spatacean; Paula Nistor; Andrea Cristina Danescu

    2010-01-01

    Designing and performing analytical procedures aimed to assess the rating of theFinancial Investment Companies are essential activities both in the phase of planning a financialaudit mission and in the phase of issuing conclusions regarding the suitability of using by themanagement and other persons responsible for governance of going concern, as the basis forpreparation and disclosure of financial statements. The paper aims to examine the usefulness ofrecognized models used in the practice o...

  11. Model for the Value of a Business, Some Optimisation Problems in its Operating Procedures and the Valuation of its Debt

    OpenAIRE

    M.Z. Apabhai; N.I. Georgikopoulos; D. Hasnip; R.K.D. Jamie; M. Kim

    1999-01-01

    In this paper we present a model for the value of a firm based on observable variables and parameters: the annual turnover, the expenses, interest rates. This value is the solution of a parabolic partial differential equation. We show how the value of the company depends on its legal status such as its liability (i.e. whether it is a Limited Company or a sole trader/partnership). We give examples of how the operating procedures can be optimised (e.g. whether the firm should close down, reloca...

  12. 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.

  13. 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...

  14. 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)…

  15. 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...

  16. 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

  17. VALUATION METHODS- LITERATURE REVIEW

    OpenAIRE

    Dorisz Talas

    2015-01-01

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

  18. Valuation relationships under growth

    OpenAIRE

    Benavides Franco, Julián

    2003-01-01

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

  19. 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....

  20. Industry Valuation Driven Earnings Management

    NARCIS (Netherlands)

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

    2007-01-01

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

  1. Valuation 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

  2. Pension plan asset valuation

    OpenAIRE

    Owadally, M. I; Haberman, S.

    2001-01-01

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

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

    Science.gov (United States)

    Reilly, Robert F

    2012-01-01

    degree of marketability; and The degree of variation in the range of value indications. Valuation analysts value health care intangible assets for a number of reasons. In addition to regulatory compliance reasons, these reasons include various transaction, taxation, financing, litigation, accounting, bankruptcy, and planning purposes. The valuation analyst should consider all generally accepted intangible asset valuation approaches, methods, and procedures. Many valuation analysts are more familiar with market approach and income approach valuation methods. However, there are numerous instances when cost approach valuation methods are also applicable to the health care intangible asset valuation. This discussion summarized the analyst's procedures and considerations with regard to the cost approach. The cost approach is often applicable to the valuation of intangible assets in the health care industry. However, the cost approach is only applicable if the valuation analyst (1) appropriately considers all of the cost components and (2) appropriately identifies and quantifies all obsolescence allowances. Regardless of the health care intangible asset or the reason for the valuation, the analyst should be familiar with all generally accepted valuation approaches and methods. And, the valuation analyst should have a clear, convincing, and cogent rationale for (1) accepting each approach and method applied and (2) rejecting each approach and method not applied. That way, the valuation analyst will best achieve the purpose and objective of the health care intangible asset valuation.

  4. 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

  5. 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.

  6. 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

  7. 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...

  8. 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.

  9. A new mask to prevent environmental contamination during radio aerosol mouth-piece inhalation procedures

    International Nuclear Information System (INIS)

    Braga, Francisco Jose Hossri Nogueira.

    1994-01-01

    Environmental contamination is frequent during labelled aerosol mouth-piece inhalation procedures. Previous personnel data showed that in 18/18 situations air background activity has increased after inhalation and this may create serious routine and economical problems. We have tested a new adherent mask made of 3 M's TEGADERM in sixty 99 m Tc-DTPA inhalation studies and the results indicates that the use of such a mask may eliminate the problem of environmental contamination. The device is useful but not entirely efficient in cases when good skin adherence cannot be obtained. 48 refs, 10 figs, 2 tabs

  10. Random access procedures and radio access network (RAN) overload control in standard and advanced long-term evolution (LTE and LTE-A) networks

    DEFF Research Database (Denmark)

    Kiilerich Pratas, Nuno; Thomsen, Henning; Popovski, Petar

    2015-01-01

    In this chapter, we describe and discuss the current LTE random access procedure and the Radio Access Network Load Control solution within LTE/LTE-A. We provide an overview of the several considered load control solutions and give a detailed description of the standardized Extended Access Class B...

  11. 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.

  12. 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...

  13. 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.

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. A model for the value of a business, some optimization problems in its operating procedures and the valuation of its debt

    Science.gov (United States)

    1997-12-01

    In this paper we present a model for the value of a firm based on observable variables and parameters: the annual turnover, the expenses, interest rates. This value is the solution of a parabolic partial differential equation. We show how the value of the company depends on its legal status such as its liability (that is, whether it is a Limited Company or a sole trader/partnership). We give examples of how the operating procedures can be optimized (for example, whether the firm should close down, relocate etc.). Finally, we show how the model can be used to value the debt issued by the firm.

  19. 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)

  20. 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...

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

    OpenAIRE

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

    2006-01-01

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

  2. 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.

  3. Study on ease of handling automobile secondary controls. Part 1. Procedure to seek numbers on radio station selecting buttons; Radio, eakon nado no sosasei. 1. Radio senkyoku button no shikibetsu

    Energy Technology Data Exchange (ETDEWEB)

    Ikemura, S [Meijo University, Nagoya (Japan); Noda, K [Ryowa Sheet Metal Processing Co. Ltd., Aichi (Japan); Nozaki, H

    1997-10-01

    Times to recognize the numbers on the radio station selecting buttons about horizontal straight 6 layout were measured using electro-oculogram. There are two kinds of basic pattern to seek numbers. One is that recognition times of both end numbers are shorter than those of central numbers. The other is that recognition times of all numbers are nearly same. How the subjects seek the numbers was studied using the amount of information and entropy. 6 refs., 8 figs., 5 tabs.

  4. 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...

  5. 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.

  6. 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...

  7. 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...

  8. 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.

  9. 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...

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

    International Nuclear Information System (INIS)

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

    2014-01-01

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

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

    Science.gov (United States)

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

    2014-08-01

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

  12. Valuation of international oil- and gas companies

    International Nuclear Information System (INIS)

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

    2002-01-01

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

  13. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

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

  14. THE FARMLAND VALUATION REVISITED

    Directory of Open Access Journals (Sweden)

    Xin Li

    2016-04-01

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

  15. Valuation of ecological resources

    Energy Technology Data Exchange (ETDEWEB)

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

    1995-04-01

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

  16. EANM procedure guideline for radio-immunotherapy for B-cell lymphoma with 90Y-radiolabelled ibritumomab tiuxetan (Zevalin)

    International Nuclear Information System (INIS)

    Tennvall, Jan; Fischer, Manfred; Brans, Boudewijn; Bischof Delaloye, Angelika; Bombardieri, Emilio; Bodei, Lisa; Giammarile, Francesco; Lassmann, Michael; Oyen, Wim

    2007-01-01

    In January 2004, EMEA approved 90 Y-radiolabelled ibritumomab tiuxetan, Zevalin, in Europe for the treatment of adult patients with rituximab-relapsed or -refractory CD20+ follicular B-cell non-Hodgkin's lymphoma. The number of European nuclear medicine departments using Zevalin is continuously increasing, since the therapy is often considered successful. The Therapy, Oncology and Dosimetry Committees have worked together in order to define some EANM guidelines on the use of Zevalin, paying particular attention to the problems related to nuclear medicine. The purpose of this guideline is to assist the nuclear medicine physician in treating and managing patients who may be candidates for radio-immunotherapy. The guideline also stresses the need for close collaboration with the physician(s) treating the patient for the underlying disease. (orig.)

  17. 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.

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

    NARCIS (Netherlands)

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

    2016-01-01

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

  19. 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...

  20. 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...

  1. 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...

  2. Procedure to measure real time latency using software defined radio in a W-band fiber-wireless link

    DEFF Research Database (Denmark)

    Rico-Martínez, Mónica; Morales, Alvaro; Mehmeri, Victor

    2017-01-01

    Reducing latency is a major challenge for current telecommunications systems. 5G networks are envisioned to achieve end-to-end latencies below 1 ms, thus enabling the Internet of Things (IoT) evolution and new applications such as Tactile Internet. In this article, we present a new procedure...

  3. Radio astronomy

    Energy Technology Data Exchange (ETDEWEB)

    Nagnibeda, V.G.

    1981-01-01

    The history of radio astronomical observations at the Astronomical Observatory of Leningrad State University is reviewed. Various facilities are described, and methods and instruments used are discussed. Some results are summarized for radio observations of the sun, including observations of local sources of solar radio emission, the absolute solar radio flux, and radio emission from filaments and prominences.

  4. 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.

  5. 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.

  6. 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.)

  7. 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

  8. 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

  9. 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...

  10. 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.

  11. 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...

  12. 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...

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

    International Nuclear Information System (INIS)

    Markandya, A.

    1994-01-01

    Report deals with nine specific environmental impacts, namely: crops, forests, biodiversity, noise, water, visibility, land degradation, materials and health. The final Chapter looks at question of nuclear risk and how the valuation procedure should take account of such risk. In each case the relevant European literature is summarized, and its relevance to the valuation of a number of the fuel cycles discussed. At this stage the fuel cycles being considered are those related to coal and nuclear power, although the extension of the valuation to gas, oil and other fossil fuels has been carried out and has not involved much further work on the economic side. An extension of the results to these fuels as well as to other fuel cycles (including hydro and PHV) will be considered at a later stage. The object is to arrive at a methodology that can be used, as well as recommending a particular set of values or estimates where possible. Although the survey of the literature is primarily European, it is important to draw not just on the European experience but on all studies of relevance and, in recommending particular methodologies or values, that is what has been done. Part III concludes the report with a summary of what has been recommended and what gaps there are that still need to be filled. It also acts as a summary of the overall report. The report is couched in non-technical language as far as possible, but some use of technical terms is unavoidable. Indeed several have already been employed without formally being defined. However, non-technical definitions are given in the main body of the report and, where there are sections that are particularly addressed at other economists, they have been included in Annexes to the chapters

  14. [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.

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

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

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

  16. 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

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

    Directory of Open Access Journals (Sweden)

    Gani I.F.

    2017-08-01

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

  18. Radio stars

    International Nuclear Information System (INIS)

    Hjellming, R.M.

    1976-01-01

    Any discussion of the radio emission from stars should begin by emphasizing certain unique problems. First of all, one must clarify a semantic confusion introduced into radio astronomy in the late 1950's when most new radio sources were described as radio stars. All of these early 'radio stars' were eventually identified with other galactic and extra-galactic objects. The study of true radio stars, where the radio emission is produced in the atmosphere of a star, began only in the 1960's. Most of the work on the subject has, in fact, been carried out in only the last few years. Because the real information about radio stars is quite new, it is not surprising that major aspects of the subject are not at all understood. For this reason this paper is organized mainly around three questions: what is the available observational information; what physical processes seem to be involved; and what working hypotheses look potentially fruitful. (Auth.)

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

    CERN Document Server

    Grbac, Zorana; Scherer, Matthias; Zagst, Rudi

    2016-01-01

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

  20. Timing effects in health valuations.

    Science.gov (United States)

    Leiter, Andrea M; Pruckner, Gerald J

    2014-06-01

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

  1. 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)

  2. 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...

  3. 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

  4. 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.

  5. 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...

  6. 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...

  7. Radio stars

    International Nuclear Information System (INIS)

    Hjellming, R.M.; Gibson, D.M.

    1985-01-01

    Studies of stellar radio emission became an important field of research in the 1970's and have now expanded to become a major area of radio astronomy with the advent of new instruments such as the Very Large Array in New Mexico and transcontinental telescope arrays. This volume contains papers from the workshop on stellar continuum radio astronomy held in Boulder, Colorado, and is the first book on the rapidly expanding field of radio emission from stars and stellar systems. Subjects covered include the observational and theoretical aspects of stellar winds from both hot and cool stars, radio flares from active double star systems and red dwarf stars, bipolar flows from star-forming regions, and the radio emission from X-ray binaries. (orig.)

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

    DEFF Research Database (Denmark)

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

    2012-01-01

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

  9. 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...

  10. 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.

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Paweł Mielcarz

    2007-06-01

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

  13. 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...

  14. 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...

  15. 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.

  16. 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

  17. 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.

  18. 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...

  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. 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.

  1. 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..

  2. Equity of cadastral valuation and simplified methods

    Directory of Open Access Journals (Sweden)

    Gianni Guerrieri

    2014-12-01

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

  3. 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. 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.

  6. Solar Radio

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Scientists monitor the structure of the solar corona, the outer most regions of the Sun's atmosphere, using radio waves (100?s of MHz to 10?s of GHz). Variations in...

  7. Radio astronomy

    International Nuclear Information System (INIS)

    Parijskij, Y.N.; Gossachinskij, I.V.; Zuckerman, B.; Khersonsky, V.K.; Pustilnik, S.; Robinson, B.J.

    1976-01-01

    A critical review of major developments and discoveries in the field of radioastronomy during the period 1973-1975 is presented. The report is presented under the following headings:(1) Continuum radiation from the Galaxy; (2) Neutral hydrogen, 21 cm (galactic and extragalactic) and recombination lines; (3) Radioastronomy investigations of interstellar molecules; (4) Extragalactic radio astronomy and (6) Development in radio astronomy instruments. (B.R.H.)

  8. 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...

  9. NV energy electricity storage valuation :

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-06-01

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

  10. Radio astronomy

    CERN Document Server

    Alder, Berni

    1975-01-01

    Methods in Computational Physics, Volume 14: Radio Astronomy is devoted to the role of the digital computer both as a control device and as a calculator in addressing problems related to galactic radio noise. This volume contains four chapters and begins with a technical description of the hardware and the special data-handling problems of using radioheliography, with an emphasis on a selection of observational results obtained with the Culgoora radioheliograph and their significance to solar physics and to astrophysics in general. The subsequent chapter examines interstellar dispersion, i

  11. 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.

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

    Science.gov (United States)

    Çağdaş, V.; Kara, A.; van Oosterom, P.; Lemmen, C.; Işıkdağ, Ü.; Kathmann, R.; Stubkjær, E.

    2016-10-01

    A fiscal registry or database is supposed to record geometric, legal, physical, economic, and environmental characteristics in relation to property units, which are subject to immovable property valuation and taxation. Apart from procedural standards, there is no internationally accepted data standard that defines the semantics of fiscal databases. The ISO 19152:2012 Land Administration Domain Model (LADM), as an international land administration standard focuses on legal requirements, but considers out of scope specifications of external information systems including valuation and taxation databases. However, it provides a formalism which allows for an extension that responds to the fiscal requirements. This paper introduces an initial version of a LADM - Fiscal Extension Module for the specification of databases used in immovable property valuation and taxation. The extension module is designed to facilitate all stages of immovable property taxation, namely the identification of properties and taxpayers, assessment of properties through single or mass appraisal procedures, automatic generation of sales statistics, and the management of tax collection, dealing with arrears and appeals. It is expected that the initial version will be refined through further activities held by a possible joint working group under FIG Commission 7 (Cadastre and Land Management) and FIG Commission 9 (Valuation and the Management of Real Estate) in collaboration with other relevant international bodies.

  13. 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.

  14. 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 ...

  15. 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.

  16. 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.

  17. Procedure for 40K isotope separation from beam of potassium atoms using optical orientation of atoms and radio-frequency excitation of target isotope

    International Nuclear Information System (INIS)

    Nikitin, A.I.; Velichko, A.M.; Vnukov, A.V.; Mal'tsev, K.K.; Nabiev, Sh.Sh.

    1999-01-01

    The procedure for potassium isotope separation, which is liable to reduce of the prise of the product as compared with the up-to-date prise of the 40 K isotope obtained by means of electromagnetic procedure for isotope separation, is proposed. The scheme assumes the increasing flow of the wanted isotope at the sacrifice of the increasing intensity of atomic beam and the increase of the selectivity of need isotope atoms at the sacrifice of the the reduction in the square of collector profile. The objective is achieved that provide of polarized state of the potassium atoms is produced by optic orientation with circular-polarized light [ru

  18. 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...

  19. 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...

  20. 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...

  1. 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 ...

  2. Stated Preference Methods for Valuation of Forest Attributes

    Science.gov (United States)

    Thomas P. Holmes; Kevin J. Boyle

    2003-01-01

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

  3. 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.

  4. 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...

  5. 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...

  6. Propagation engineering in radio links design

    CERN Document Server

    Ghasemi, Abdollah; Ghasemi, Farshid

    2013-01-01

    Propagation Engineering in Radio Link Design covers the basic principles of radiowaves propagation in a practical manner.  This fundamental understanding enables the readers to design radio links efficiently. This book elaborates on new achievements as well as recently developed propagation models.  This is in addition to a comprehensive overview of fundamentals of propagation in various scenarios. It examines theoretical calculations, approaches and applied procedures needed for radio links design. The authors study and analysis of the main propagation phenomena and its mechanisms based on the recommendations of International Telecommunications Union, (ITU). The book has been organized in 9 chapters and examines the role of antennas and passive reflectors in radio services, propagation mechanisms related to radar, satellite, short distance, broadcasting and trans-horizon radio links, with two chapters devoted to radio noise and main  parameters of radio link design. The book presents some 278 illustration...

  7. The Radio JOVE Project - Shoestring Radio Astronomy

    Science.gov (United States)

    Thieman, J.; Flagg, R.; Greenman, W.; Higgins, C.; Reyes, F.; Sky, J.

    2010-01-01

    Radio JOVE is an education and outreach project intended to give students and other interested individuals hands-on experience in learning radio astronomy. They can do this through building a radio telescope from a relatively inexpensive kit that includes the parts for a receiver and an antenna as well as software for a computer chart recorder emulator (Radio Skypipe) and other reference materials

  8. 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...

  9. 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 ...

  10. 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.

  11. 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

  12. 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

  13. 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.

  14. 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.

  15. 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...

  16. 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.

  17. 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.

  18. 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...

  19. 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...

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

    Energy Technology Data Exchange (ETDEWEB)

    Strand, J.; Taraldset, A.

    1991-01-01

    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.

  1. 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.

  2. Space Telecommunications Radio System STRS Cognitive Radio

    Science.gov (United States)

    Briones, Janette C.; Handler, Louis M.

    2013-01-01

    Radios today are evolving from awareness toward cognition. A software defined radio (SDR) provides the most capability for integrating autonomic decision making ability and allows the incremental evolution toward a cognitive radio. This cognitive radio technology will impact NASA space communications in areas such as spectrum utilization, interoperability, network operations, and radio resource management over a wide range of operating conditions. NASAs cognitive radio will build upon the infrastructure being developed by Space Telecommunication Radio System (STRS) SDR technology. This paper explores the feasibility of inserting cognitive capabilities in the NASA STRS architecture and the interfaces between the cognitive engine and the STRS radio. The STRS architecture defines methods that can inform the cognitive engine about the radio environment so that the cognitive engine can learn autonomously from experience, and take appropriate actions to adapt the radio operating characteristics and optimize performance.

  3. [Ecosystem services valuation of Qinghai Lake].

    Science.gov (United States)

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

    2015-10-01

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

  4. 25 CFR 225.21 - Negotiation procedures.

    Science.gov (United States)

    2010-04-01

    ... setting forth the duration of the minerals agreement; (3) A statement providing indemnification to the... accounting and mineral valuation procedures; (8) Provisions establishing operating and management procedures... refusal by the Indian mineral owner in the event of a proposed assignment; (10) Bond requirements; (11...

  5. The radio universe

    International Nuclear Information System (INIS)

    Worvill, R.

    1977-01-01

    Elementary description of the development of radioastronomy, radio waves from the sun and planets, the use of radio telescopes and the detection of nebulae, supernova, radio galaxies and quasars is presented. A brief glossary of terms is included. (UK)

  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. 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.

  8. 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.

  9. 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.

  10. 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.

  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. 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...

  14. 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)

  15. 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.

  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. 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...

  18. 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.

  19. 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.

  20. 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

  1. 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...

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

    African Journals Online (AJOL)

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

  3. 19 CFR 10.18 - Valuation of assembled articles.

    Science.gov (United States)

    2010-04-01

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

  4. 48 CFR 211.274-3 - Policy for valuation.

    Science.gov (United States)

    2010-10-01

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

  5. Towards an International Data Standard for Immovable Property Valuation

    NARCIS (Netherlands)

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

    2017-01-01

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

  6. 36 CFR 254.42 - Valuation of tracts.

    Science.gov (United States)

    2010-07-01

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

  7. 26 CFR 20.2031-4 - Valuation of notes.

    Science.gov (United States)

    2010-04-01

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

  8. 26 CFR 25.2512-4 - Valuation of notes.

    Science.gov (United States)

    2010-04-01

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

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

    International Nuclear Information System (INIS)

    Martin, D.E.

    2008-01-01

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

  10. Valuation of inventories in systems with product recovery

    NARCIS (Netherlands)

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

    2003-01-01

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

  11. 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...

  12. 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

  13. 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...

  14. GARCH Option Valuation: Theory and Evidence

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat

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

  15. 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...

  16. 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

  17. 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.

  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. 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

  20. Consistent Valuation across Curves Using Pricing Kernels

    Directory of Open Access Journals (Sweden)

    Andrea Macrina

    2018-03-01

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

  1. Valuation of switchable tariff for wind energy

    International Nuclear Information System (INIS)

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

    2006-01-01

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

  2. Valuating the Investment Efficiency of Distribution Companies

    Directory of Open Access Journals (Sweden)

    M. Karajica

    2007-01-01

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

  3. Prospect theory in the valuation of health.

    Science.gov (United States)

    Moffett, Maurice L; Suarez-Almazor, Maria E

    2005-08-01

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

  4. 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

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

    NARCIS (Netherlands)

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

    2015-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2002-07-01

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

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

    Science.gov (United States)

    Beja, Edsel L., Jr.

    2012-01-01

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

  8. Impact of cognitive radio on radio astronomy

    NARCIS (Netherlands)

    Bentum, Marinus Jan; Boonstra, A.J.; Baan, W.A.

    2010-01-01

    The introduction of new communication techniques requires an increase in the efficiency of spectrum usage. Cognitive radio is one of the new techniques that fosters spectrum efficiency by using unoccupied frequency spectrum for communications. However, cognitive radio will increase the transmission

  9. 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.

  10. 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

  11. 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

  12. Fast Radio Bursts

    Indian Academy of Sciences (India)

    Akshaya Rane

    2017-09-12

    ) which were first discovered a decade ago. Following an introduction to radio transients in general, including pulsars and rotating radio transients, we discuss the discovery of FRBs. We then discuss FRB follow-up ...

  13. La radio digital

    Directory of Open Access Journals (Sweden)

    Carlos Eduardo Cortés S.

    2015-01-01

    Full Text Available La radio digital es un producto de la llamada convergencia digital. Las nuevas tecnologías interconectadas permiten la aparición de nuevos modos de audiencia y la implementación de herramientas versátiles. Habla del problema de los estándares, de la radio satelital, la radio digital terrestre, las radios internacionales, la interactividad.

  14. 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...

  15. 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...

  16. Commercial Radio as Communication.

    Science.gov (United States)

    Rothenbuhler, Eric W.

    1996-01-01

    Compares the day-to-day work routines of commercial radio with the principles of a theoretical communication model. Illuminates peculiarities of the conduct of communication by commercial radio. Discusses the application of theoretical models to the evaluation of practicing institutions. Offers assessments of commercial radio deriving from…

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

    Science.gov (United States)

    Wang, Hua; He, Jie

    2018-03-15

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

  18. 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.

  19. Ham radio for dummies

    CERN Document Server

    Silver, H Ward

    2013-01-01

    An ideal first step for learning about ham radio Beyond operating wirelessly, today's ham radio operators can transmit data and pictures; use the Internet, laser, and microwave transmitters; and travel to places high and low to make contact. This hands-on beginner guide reflects the operational and technical changes to amateur radio over the past decade and provides you with updated licensing requirements and information, changes in digital communication (such as the Internet, social media, and GPS), and how to use e-mail via radio. Addresses the critical use of ham radio for replacing downe

  20. 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

  1. 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.

  2. 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 ...

  3. 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...

  4. 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 ...

  5. 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 ...

  6. 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 ...

  7. Radiography of Spanish Radio

    Directory of Open Access Journals (Sweden)

    Dra. Emma Rodero Antón

    2007-01-01

    Full Text Available In its eighty years of existence, radio has been always characterized to adapt to the social, cultural and technological transformations. Thus it has been until this moment. Nevertheless, some years ago, the authors and professionals of this medium have been detecting a stagnation that affects to its structure. At a time in continuous technological evolution, radio demands a deep transformation. For that reason, from the conviction of which the future radio, public and commercial, will necessarily have to renew itself, in this paper we establish ten problems and their possible solutions to the radio crisis in order to draw an x-ray of radio in Spain. Radio has future, but it is necessary to work actively by it. That the radio continues being part of sound of our life, it will depend on the work of all: companies, advertisers, professionals, students, investigators and listeners.

  8. 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...

  9. 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...

  10. 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.

  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. 47 CFR 13.209 - Examination procedures.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Examination procedures. 13.209 Section 13.209 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL COMMERCIAL RADIO OPERATORS Examination System § 13.209 Examination procedures. (a) Each examination for a commercial radio operator license must be administered at a...

  13. 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.

  14. 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.

  15. 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

  16. 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

  17. Senior radio listeners

    DEFF Research Database (Denmark)

    Blaakilde, Anne Leonora

    Radiobroadcasting and the hardware materialization of radio have during the 20th century changed significantly, which means that senior radio listeners have travelled along with this evolution from large, impressive radio furnitures to DAB and small, wireless, mobile devices, and from grave...... and solemn radio voices to lightharted, laughing and chatting speakers. Senior radio listerners have experienced the development and refinements of technique, content and genres. It is now expected of all media users that they are capable of crossing media, combining, juggling and jumping between various...... media platforms, not the least when listening to radio. The elder generation is no exception from this. Recently, for instance, the Danish public broadcast DR has carried out an exodus of programmes targeted for the senior segment. These programmes are removed from regular FM and sent to DAB receivers...

  18. Economic Valuation of Mangrove Restoration in Indonesia

    Directory of Open Access Journals (Sweden)

    Djoko Suprapto

    2015-12-01

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

  19. The Econometric Procedures of Specific Transaction Identification

    Directory of Open Access Journals (Sweden)

    Doszyń Mariusz

    2017-06-01

    Full Text Available The paper presents the econometric procedures of identifying specific transactions, in which atypical conditions or attributes may occur. These procedures are based on studentized and predictive residuals of the accordingly specified econometric models. The dependent variable is a unit transactional price, and explanatory variables are both the real properties’ attributes and accordingly defined artificial binary variables. The utility of the proposed method has been verified by means of a real market data base. The proposed procedures can be helpful during the property valuation process, making it possible to reject real properties that are specific (both from the point of view of the transaction conditions and the properties’ attributes and, consequently, to select an appropriate set of similar attributes that are essential for the valuation process.

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

    Science.gov (United States)

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

    2010-06-01

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

  2. 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.

  3. 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.

  4. 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.

  5. Ionosphere and Radio Communication

    Indian Academy of Sciences (India)

    The upperionosphere is used for radio communication and navigationas it reflects long, medium, as well as short radio waves. Sincesolar radiation is the main cause of the existence of ionosphere,any variation in the radiations can affect the entireradio communication system. This article attempts to brieflyintroduce the ...

  6. Writing for Radio.

    Science.gov (United States)

    Tupper, Marianna S.

    1995-01-01

    Describes a 24-hour commercial radio station simulation class project for eighth-grade language arts. Students wrote their own scripts, chose music and were disc jockeys on their own music and talk shows, and prepared news and traffic reports. Guest speakers from actual commercial radio came in to discuss issues such as advertising, censorship,…

  7. Valuing commercial radio licences

    NARCIS (Netherlands)

    Kerste, M.; Poort, J.; van Eijk, N.

    2015-01-01

    Within the EU regulatory framework, licensees for commercial radio broadcasting may be charged a fee to ensure optimal allocation of scarce resources but not to maximize public revenues. While radio licence renewal occurs in many EU countries, an objective, model-based approach for setting licence

  8. The Radio Jove Project

    Science.gov (United States)

    Thieman, J. R.

    2010-01-01

    The Radio love Project is a hands-on education and outreach project in which students, or any other interested individuals or groups build a radio telescope from a kit, operate the radio telescope, transmit the resulting signals through the internet if desired, analyze the results, and share the results with others through archives or general discussions among the observers. Radio love is intended to provide an introduction to radio astronomy for the observer. The equipment allows the user to observe radio signals from Jupiter, the Sun, the galaxy, and Earth-based radiation both natural and man-made. The project was started through a NASA Director's Discretionary Fund grant more than ten years ago. it has continued to be carried out through the dedicated efforts of a group of mainly volunteers. Dearly 1500 kits have been distributed throughout the world. Participation can also be done without building a kit. Pre-built kits are available. Users can also monitor remote radio telescopes through the internet using free downloadable software available through the radiosky.com website. There have been many stories of prize-winning projects, inspirational results, collaborative efforts, etc. We continue to build the community of observers and are always open to new thoughts about how to inspire the observers to still greater involvement in the science and technology associated with Radio Jove.

  9. Boom Booom Net Radio

    DEFF Research Database (Denmark)

    Grimshaw, Mark Nicholas; Yong, Louisa; Dobie, Ian

    1999-01-01

    of an existing Internet radio station; Boom Booom Net Radio. Whilst necessity dictates some use of technology-related terminology, wherever possible we have endeavoured to keep such jargon to a minimum and to either explain it in the text or to provide further explanation in the appended glossary....

  10. 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...

  11. 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...

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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 ...

  2. 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

  3. 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...

  4. 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...

  5. 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.

  6. 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.

  7. 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...

  8. 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.

  9. 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.

  10. Quantitative valuation placed by children and teenagers on participation in two hypothetical research scenarios.

    Science.gov (United States)

    Funnell, Dan; Fertleman, Caroline; Carrey, Liz; Brierley, Joe

    2012-11-01

    For paediatric medicine to advance, research must be conducted specifically with children. Concern about poor recruitment has led to debate about payments to child research participants. Although concerns about undue influence by such 'compensation' have been expressed, it is useful to determine whether children can relate the time and inconvenience associated with participation to the value of payment offered. This study explores children's ability to determine fair remuneration for research participation, and reviews payments to children participating in research. Forty children were interviewed before outpatient visits at two London Hospitals: Great Ormond Street Children's Hospital and the Whittington Hospital District General Hospital. Children were asked to value their involvement in two hypothetical research scenarios - the first an 'additional blood sample', the second also involving daily oral oil capsules taken for a fortnight before further venesection. Background knowledge about familiarity with money, and experience with hospitalisation was assessed. The mean valuation of involvement in the second scenario (£13.18) was higher than in the first (£2.84) (pfair valuation for participation in medical research. The monetary sums are influenced by the time and inconvenience involved in the research, and by the extent of recent experience with hospital procedures. The authors review current ethical thinking regarding payments to child research participants and suggest that a fair wage model might be an ethically acceptable way to increase participation of children in research.

  11. Unlocking radio broadcasts

    DEFF Research Database (Denmark)

    Skov, Mette; Lykke, Marianne

    2012-01-01

    This poster reports the preliminary results of a user study uncovering the information seeking behaviour of humanities scholars dedicated to radio research. The study is part of an interdisciplinary research project on radio culture and auditory resources. The purpose of the study is to inform...... the design of information architecture and interaction design of a research infrastructure that will enable future radio and audio based research. Results from a questionnaire survey on humanities scholars‟ research interest and information needs, preferred access points, and indexing levels are reported....... Finally, a flexible metadata schema is suggested, that includes both general metadata and highly media and research project specific metadata....

  12. Radio y elecciones

    Directory of Open Access Journals (Sweden)

    Alma Rosa Alva de la Selva

    2000-01-01

    Full Text Available En este trabajo se analiza el comportamiento de la radio en México ante la contienda electoral de julio de 2000. Se examina el papel de la radio como espacio para la discusión política, así como el tratamiento informativo que hizo del tema. Asimismo, se analiza la posible repercusión de factores de reciente surgimiento en el panorama radiofónico para un manejo más autónomo de la información política en la radio

  13. Social cognitive radio networks

    CERN Document Server

    Chen, Xu

    2015-01-01

    This brief presents research results on social cognitive radio networks, a transformational and innovative networking paradigm that promotes the nexus between social interactions and cognitive radio networks. Along with a review of the research literature, the text examines the key motivation and challenges of social cognitive radio network design. Three socially inspired distributed spectrum sharing mechanisms are introduced: adaptive channel recommendation mechanism, imitation-based social spectrum sharing mechanism, and evolutionarily stable spectrum access mechanism. The brief concludes with a discussion of future research directions which ascertains that exploiting social interactions for distributed spectrum sharing will advance the state-of-the-art of cognitive radio network design, spur a new line of thinking for future wireless networks, and enable novel wireless service and applications.

  14. NOAA Weather Radio

    Science.gov (United States)

    del tiempo incluido. Si eres quieres ser avisado de las advertencias y relojes de día o de noche, un Weather Radio relojes son independientes o basadas en el Condado (parroquia basados en Luisiana), aunque

  15. The digital sport radio.

    Directory of Open Access Journals (Sweden)

    Hilario José ROMERO BEJARANO

    2014-07-01

    Full Text Available Radio has been immersed in recent years in a phase of technological integration and business of multimedia, as well as diversification of systems and channels for broadcasting. In addition, Internet has been consolidated as the platform of digital radio that more has evolved as a result of its continued expansion. However, the merger radio-Internet must be understood as a new form of communication, and not solely as a new complementary medium. In this context, it is of great interest to analyze that transformations in the way of reception, contents, languages, programs and schedules, has brought with it for the radio that integration. To this end is taken as main reference the sports areas, a key aspect and broadly representative of the current broadcasting landscape.

  16. Music, radio and mediatization

    DEFF Research Database (Denmark)

    Michelsen, Morten; Krogh, Mads

    2016-01-01

    of mediatization where media as such seem to be ascribed agency. Instead, we consider historical accounts of music–radio in order to address the complex nonlinearity of concrete processes of mediatization as they take place in the multiple meetings between a decentred notion of radio and musical life.......Mediatization has become a key concept for understanding the relations between media and other cultural and social fields. Contributing to the discussions related to the concept of mediatization, this article discusses how practices of radio and music(al life) influence each other. We follow Deacon......’s and Stanyer’s advice to supplement the concept of mediatization with ‘a series of additional concepts at lower levels of abstraction’ and suggest, in this respect, the notion of heterogeneous milieus of music–radio. Hereby, we turn away from the all-encompassing perspectives related to the concept...

  17. ITSY Handheld Software Radio

    National Research Council Canada - National Science Library

    Bose, Vanu

    2001-01-01

    .... A handheld software radio platform would enable the construction of devices that could inter-operate with multiple legacy systems, download new waveforms and be used to construct adhoc networks...

  18. Structure in radio galaxies

    International Nuclear Information System (INIS)

    Breugel, W. van.

    1980-01-01

    It is shown that radio jets are a rather common phenomenon in radio galaxies. Jets can be disguised as trails in head-tail sources, bridges in double sources or simply remain undetected because of lack of resolution and sensitivity. It is natural to associate these jets with the channels which had previously been suggested to supply energy to the extended radio lobes. The observations of optical emission suggest that a continuous non-thermal spectrum extending from 10 9 to 10 15 Hz is a common property of jets. Because significant amounts of interstellar matter are also observed in each of the galaxies surveyed it seems that models for jets which involve an interaction with this medium may be most appropriate. New information about the overall structure of extended radio sources has been obtained from the detailed multifrequency study with the WSRT. (Auth.)

  19. 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...

  20. 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...

  1. Wireless radio a history

    CERN Document Server

    Coe, Lewis

    2006-01-01

    ""Informative...recommended""--Choice; ""interesting...a good read...well worth reading""--Contact Magazine. This history first looks at Marconi's wireless communications system and then explores its many applications, including marine radio, cellular telephones, police and military uses, television and radar. Radio collecting is also discussed, and brief biographies are provided for the major figures in the development and use of the wireless.

  2. ¿Radios ciudadanas?

    OpenAIRE

    López Vigil, José Ignacio

    1998-01-01

    Educativas, sindicales, populares, comunitarias, libres, rebeldes, participativas, alternativas, alterativas, han sido las denominaciones de la radio cuando su proyecto está al servicio de la gente. Palabras apropiadas y nobles -dice elautor-pero devaluadas, a las que ahora se agrega la radio ciudadana, para relievarla como ejercicio depoder y espacio de verdadera participación de la genteenla vida de su nación.

  3. Option Valuation with Conditional Heteroskedasticity and Non-Normality

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Elkamhi, Redouane; Feunou, Bruno

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

  4. Option valuation with the simplified component GARCH model

    DEFF Research Database (Denmark)

    Dziubinski, Matt P.

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

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

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

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

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

    Science.gov (United States)

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

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

    NARCIS (Netherlands)

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

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    A. B. Untanov

    2017-01-01

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

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

    African Journals Online (AJOL)

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

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

    Science.gov (United States)

    Gayeski, Diane

    2001-01-01

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

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

    Science.gov (United States)

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

    2010-10-20

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

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

    Science.gov (United States)

    Matsuura, Jeffrey H.

    2004-01-01

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

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

    NARCIS (Netherlands)

    Francke, M.

    2010-01-01

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

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

    NARCIS (Netherlands)

    Tempelmans Plat, H.; Verhaegh, M.

    2000-01-01

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

  15. Preference uncertainty in nonmarket valuation: a fuzzy approach

    NARCIS (Netherlands)

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

    2001-01-01

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

  16. Embalse nuclear power plant and heavy water valuation

    International Nuclear Information System (INIS)

    Martin, Daniel E.

    2008-01-01

    The author describes the nuclear power plant characteristics, the building work, the heavy water valuation criteria and the reasons why he considers that any capital good can be valued by the cash-flow method. The Embalse nuclear power plant replacement value is of U$S 1.593.538.000. (author) [es

  17. 26 CFR 1.471-2 - Valuation of inventories.

    Science.gov (United States)

    2010-04-01

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

  18. Identifying the warm glow effect in contingent valuation

    NARCIS (Netherlands)

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

    2003-01-01

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

  19. Directional heterogeneity in WTP models for environmental valuation

    NARCIS (Netherlands)

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

    2012-01-01

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

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

    Science.gov (United States)

    Luehrman, T A

    1997-01-01

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

  1. 7 CFR 3015.53 - Valuation of donated services.

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    2014-07-01

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

  3. 17 CFR 210.12-09 - Valuation and qualifying accounts.

    Science.gov (United States)

    2010-04-01

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

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

    DEFF Research Database (Denmark)

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

    2011-01-01

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

  5. Essays on valuation and risk management for insurers

    NARCIS (Netherlands)

    Plat, H.J.

    2011-01-01

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

  6. 31 CFR 223.9 - Valuation of assets and liabilities.

    Science.gov (United States)

    2010-07-01

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

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

    African Journals Online (AJOL)

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

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

    OpenAIRE

    A. B. Untanov

    2017-01-01

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

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

    NARCIS (Netherlands)

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

    2006-01-01

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

  10. Classics in radio astronomy

    CERN Document Server

    Sullivan, Woodruff Turner

    1982-01-01

    Radio techniques were the nrst to lead astronomy away from the quiescent and limited Universe revealed by traditional observations at optical wave­ lengths. In the earliest days of radio astronomy, a handful of radio physicists and engineers made one startling discovery after another as they opened up the radio sky. With this collection of classic papers and the extensive intro­ ductory material, the reader can experience these exciting discoveries, as well as understand the developing techniques and follow the motivations which prompted the various lines of inquiry. For instance he or she will follow in detail the several attempts to detect radio waves from the sun at the turn of the century; the unravelling by Jansky of a "steady hiss type static"; the incredible story of Reber who built a 9 meter dish in his backyard in 1937 and then mapped the Milky Way; the vital discoveries by Hey and colleagues of radio bursts from the Sun and of a discrete source in the constellation of Cygnus; the development of re...

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

    Science.gov (United States)

    Meder, M; Farin, E

    2011-08-01

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

  12. Solar radio observations and interpretations

    International Nuclear Information System (INIS)

    Rosenberg, H.

    1976-01-01

    The recent solar radio observations related to flares are reviewed for the frequency range of a few kilohertz to several gigahertz. The analysis of the radio data leads to boundary conditions on the acceleration processes which are responsible for the fast particles which cause radio emission. The role and cause of plasma turbulence at the plasma-frequency and at much lower frequencies is discussed in relation to the acceleration processes and the radio emission mechanisms for the various radio bursts. (author)

  13. Emergency procedures

    International Nuclear Information System (INIS)

    Abd Nasir Ibrahim; Azali Muhammad; Ab Razak Hamzah; Abd Aziz Mohamed; Mohammad Pauzi Ismail

    2004-01-01

    The following subjects are discussed - Emergency Procedures: emergency equipment, emergency procedures; emergency procedure involving X-Ray equipment; emergency procedure involving radioactive sources

  14. 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

  15. Intangible asset valuation, damages, and transfer price analyses in the health care industry.

    Science.gov (United States)

    Reilly, Robert F

    2010-01-01

    Most health care industry participants own and operate intangible assets. These intangible assets can be industry-specific (e.g., patient charts and records, certificates of need, professional and other licenses), or they can be general commercial intangible assets (e.g., trademarks, systems and procedures, an assembled workforce). Many industry participants have valued their intangible assets for financial accounting or other purposes. This article summarizes the intangible assets that are common to health care industry participants. This article describes the different types of intangible asset analyses (including valuation, transfer price, damages estimates, etc.), and explains the many different transaction, accounting, taxation, regulatory, litigation, and other reasons why industry participants may wish to value (or otherwise analyze) health care intangible assets.

  16. Valuation of active blind spot detection systems by younger and older adults.

    Science.gov (United States)

    Souders, Dustin J; Best, Ryan; Charness, Neil

    2017-09-01

    Due to their disproportional representation in fatal crashes, younger and older drivers both stand to benefit from in-vehicle safety technologies, yet little is known about how they value such technologies, or their willingness to adopt them. The current study investigated older (aged 65 and greater; N=49) and younger (ages 18-23; N=40) adults' valuation of a blind spot monitor and asked if self-reported visual difficulties while driving predicted the amount participants were willing to pay for a particular system (BMW's Active Blind Spot Detection System) that was demonstrated using a short video. Large and small anchor values ($250 and $500, respectively) were used as between subjects manipulations to examine the effects of initial valuation, and participants proceeded through a short staircase procedure that offered them either the free installation of the system on their current vehicle or a monetary prize ($25-$950) that changed in value according to which option they had selected in the previous step of the staircase procedure. Willingness to use other advanced driver assistance systems (lane-departure warning, automatic lane centering, emergency braking, adaptive cruise control, and self-parking systems) was also analyzed, additionally controlling for prior familiarity of those systems. Results showed that increased age was associated with a higher valuation for the Active Blind Spot Detection System in both the large and small anchor value conditions controlling for income, gender, and technology self-efficacy. Older adults valued blind spot detection about twice as much ($762) as younger adults ($383) in the large anchor condition, though both groups' values were in the range for the current cost of an aftermarket system. Similarly, age was the most robust positive predictor of willingness to adopt other driving technologies, along with system familiarity. Difficulties with driving-related visual factors also positively predicting acceptance levels for

  17. Tools of radio astronomy

    CERN Document Server

    Wilson, Thomas L; Hüttemeister, Susanne

    2013-01-01

    This 6th edition of “Tools of Radio Astronomy”, the most used introductory text in radio astronomy, has been revised to reflect the current state of this important branch of astronomy. This includes the use of satellites, low radio frequencies, the millimeter/sub-mm universe, the Cosmic Microwave Background and the increased importance of mm/sub-mm dust emission. Several derivations and presentations of technical aspects of radio astronomy and receivers, such as receiver noise, the Hertz dipole and  beam forming have been updated, expanded, re-worked or complemented by alternative derivations. These reflect advances in technology. The wider bandwidths of the Jansky-VLA and long wave arrays such as LOFAR and mm/sub-mm arrays such as ALMA required an expansion of the discussion of interferometers and aperture synthesis. Developments in data reduction algorithms have been included. As a result of the large amount of data collected in the past 20 years, the discussion of solar system radio astronomy, dust em...

  18. Investigation of radio frequency heating of dental implants made of titanium in 1.5 tesla and 3.0 tesla magnetic resonance procedure. Measurement of the temperature by using tissue-equivalent phantom

    International Nuclear Information System (INIS)

    Ideta, Takahiro; Yamazaki, Masaru; Kudou, Sadahiro; Higashida, Mitsuji; Nakazawa, Masami; Mori, Shintarou; Kaneda, Takashi

    2013-01-01

    Titanium (Ti) implants are increasingly being used for dental parts. There is no problem with the attraction of a static magnetic field for Ti in magnetic resonance imaging (MRI), since Ti is paramagnetic. However, there is a risk of radio frequency (RF) heat generation within Ti. 3.0 T-MRI scanners are becoming increasingly common. The specific absorption rate (SAR) of 3.0 T-MRI is quadruple that of SAR compared with 1.5 T-MRI due to its being proportional to the square of the strength of a static magnetic field. The effect of heat generation in 3.0 T-MRI can thus be greater than in 1.5 T-MRI. So, using 1.5 T and 3.0 T-MRI scanners, we measured the temperature of several Ti implants using the same scanning parameters during MRI scanning. Our measurements showed the rise in temperature of the Ti implants to be a maximum of 0.4degC. In this study, however, Ti in a human mouth was not directly measured, so we need to attempt to perform MRI carefully on patients with Ti implants. (author)

  19. 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.

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

    Science.gov (United States)

    Villa, Ferdinando; Ceroni, Marta; Krivov, Sergey

    2007-06-01

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

  1. 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

  2. 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.

  3. Galactic radio astronomy

    CERN Document Server

    Sofue, Yoshiaki

    2017-01-01

    This book is a concise primer on galactic radio astronomy for undergraduate and graduate students, and provides wide coverage of galactic astronomy and astrophysics such as the physics of interstellar matter and the dynamics and structure of the Milky Way Galaxy and galaxies. Radio astronomy and its technological development have led to significant progress in galactic astronomy and contributed to understanding interstellar matter and galactic structures. The book begins with the fundamental physics of radio-wave radiation, i.e., black body radiation, thermal emission, synchrotron radiation, and HI and molecular line emissions. The author then gives overviews of ingredients of galactic physics, including interstellar matter such as the neutral (HI), molecular hydrogen, and ionized gases, as well as magnetic fields in galaxies. In addition, more advanced topics relevant to the Galaxy and galaxies are also contained here: star formation, supernova remnants, the Galactic Center and black holes, galactic dynamics...

  4. Radio structure in quasars

    International Nuclear Information System (INIS)

    Barthel, P.D.

    1984-01-01

    In this thesis, observational attention is given to the extended extragalactic radio sources associated with quasars. The isolated compact radio sources, often identified with quasars, are only included in the discussions. Three aspects of the radio structure in quasars and their cosmic evolution are considered: a study of the parsec scale morphology in quasar cores, in relation to the extended morphologies; an investigation of possible epoch dependent hotspot properties as well as a more detailed investigation of this fine scale structure; a VLA project was carried out to obtain morphological information on scales of 0.5 arcsec on high redshift quasars and to investigate possible epoch dependent morphological properties. MERLIN observations at 0.1 arcsec resolution to supplement the VLA data were initiated. (Auth.)

  5. Observational constraints on the cosmological evolution of extragalactic radio sources

    International Nuclear Information System (INIS)

    Perryman, M.A.C.

    1979-11-01

    The thesis discusses statistical studies of the remote radio sources, taking into account the various parameters for such sources, based on data from the various Cambridge Catalogues. Some of the sources have optical counterparts which yield distances from their redshifts. Combining optical and radio observations, an attempt is made to investigate whether large-scale evolution of galaxies occurs as one looks backwards in time to early epochs. Special attention is paid to ensuring that the optical identifications of the selected radio sources are sound and that the selection procedures do not distort the inferences obtained. (U.K.)

  6. (Radio)active participation

    CERN Multimedia

    Anaïs Schaeffer

    2014-01-01

    This year, for the first time, CERN hosted the Rencontres internationales lycéennes de la radioprotection: a three-day event in which some 200 students from 16 schools in France and elsewhere came together to discuss the topic of radiation protection and to deepen their understanding of the field.   Participants of the Rencontres internationales lycéennes de la radioprotection 2014. Each year since 2008, the Centre d’étude sur l’évaluation de la protection dans le domaine nucléaire français (CEPN, the French centre for studies of the evaluation of nuclear protection) and the Institut de radioprotection et de sûreté nucléaire français (IRSN, the French institute for radiation protection and nuclear safety), in partnership with various other bodies*, have been organising radiation protection workshops. Aimed at students between the ages of 15 and 18 from France and beyo...

  7. Radio Emission from Supernovae

    International Nuclear Information System (INIS)

    Weiler, Kurt W.; Panagia, Nino; Sramek, Richard A.; Van Dyk, Schuyler D.; Williams, Christopher L.; Stockdale, Christopher J.; Kelley, Matthew T.

    2009-01-01

    Study of radio supernovae over the past 27 years includes more than three dozen detected objects and more than 150 upper limits. From this work it is possible to identify classes of radio properties, demonstrate conformance to and deviations from existing models, estimate the density and structure of the circumstellar material and, by inference, the evolution of the presupernova stellar wind, and reveal the last stages of stellar evolution before explosion. It is also possible to detect ionized hydrogen along the line of sight, to demonstrate binary properties of the presupernova stellar system, and to detect dumpiness of the circumstellar material.

  8. Radio emission from Jupiter

    International Nuclear Information System (INIS)

    Velusamy, T.

    1976-01-01

    The basic features of the different radio emissions from the planet Jupiter are reviewed. These radio emissions characterized into three types as thermal, decimetric and decametric, are discussed. The coherent emission mechanism for the origin of the decametric bursts and the acceleration mechanism for relativistic electrons in the decimetric radiation have not been properly understood. The emissions are much related to the magnetic field of Jupiter. The system III rotation period for Jupiter has been calculated as 092 55 m 29.74 S. (A.K.)

  9. ¿Radios Comunitarias?

    OpenAIRE

    José Ignacio López Vigil

    2015-01-01

    Varias han sido las denominaciones dadas a la radio cuando su proyecto está al servicio de la gente. Palabras apropiadas pero devaluadas al decir del autor, a las que ahora se suma otras radios ciudadanas. Ciudadana para relievarla como ejercicio de poder y espacio de verdadera participación de la gente en la vida de su nación. Ciudadanos son los que piensan con cabeza propia y pesan en la opinión pública. Presenta una sinopsis de la historia de éstas desde 1974. Señala que la competencia obl...

  10. Option Valuation with Observable Volatility and Jump Dynamics

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunou, Bruno; Jeon, Yoontae

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

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

    DEFF Research Database (Denmark)

    Pettersson, Kim; Sørensen, Ole

    2016-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-11-15

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

  13. Transactive Systems Simulation and Valuation Platform Trial Analysis

    International Nuclear Information System (INIS)

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

    2017-01-01

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

  14. Transactive Systems Simulation and Valuation Platform Trial Analysis

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-04-01

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

  15. Spectrum management and radio resource management considering cognitive radio systems

    NARCIS (Netherlands)

    Haartsen, J.C.; Wieweg, Lasse; Huschke, Jörg

    2005-01-01

    International fora and some national administrations define a cognitive radio (CR) as a pioneering radio communication system that would be capable of altering and adapting its transmitter and receiver parameters based on communication and the exchange of information with related detectable radio

  16. 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.

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

    OpenAIRE

    Yingcong Lan; Neng Wang; Jinqiang Yang

    2011-01-01

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

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

    OpenAIRE

    Michael Hanemann; John Loomis; Barbara Kanninen

    1991-01-01

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

  19. 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 ...

  20. The Impact of International Diversification on the Corporate Valuation

    OpenAIRE

    Jakubenko Alena Anatol'evna

    2014-01-01

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

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

    Science.gov (United States)

    Rutherford, Marcella M

    2010-03-01

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

  2. 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.

  3. 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...

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

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

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

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

    OpenAIRE

    Karine Nyborg

    1996-01-01

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

  6. The equity premium in finance and valuation textbooks

    OpenAIRE

    Fernandez, Pablo

    2008-01-01

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

  7. 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...

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

    OpenAIRE

    Aksoy, Lerzan

    2008-01-01

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

  9. Valuation of Biochemical and Microbiological Indicators in Soil Quality Assessment

    OpenAIRE

    Peruzzi, Elisabetta

    2017-01-01

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

  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. Monetary Valuation of Natural Forest Habitats in Protected Areas

    Czech Academy of Sciences Publication Activity Database

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

    2017-01-01

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

  12. The ecosystem services valuation tool and its future developments

    OpenAIRE

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

    2014-01-01

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

  13. 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...

  14. 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-...

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

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-06-01

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

  16. Accounting valuation development of specific assets

    Directory of Open Access Journals (Sweden)

    I.V. Zhigley

    2017-12-01

    Full Text Available The current issues of accounting estimate development are considered. The necessity of the development of accounting estimate in the context of the non-institutional theory principles based on the selection of a number of reasons is grounded. The reasons for deterioration of accounting reputation as a separate socio-economic institute in the context of developing the methodology for specific assets accounting are discovered. The system of normative regulation of accounting estimate of enterprise non-current assets in the case of diminishing their usefulness is analyzed. The procedure for determining and accounting for the depreciation of assets in accordance with IFRS 36 «Depreciation of Assets» is developed. The features of the joint use of the concept of «value in use» and «fair value» in the accounting system are disclosed. The procedure for determining the value of compensation depending on the degree of specificity of assets is developed. The necessity to clarify the features that indicate the possibility of diminishing the usefulness of specific assets (termination or pre-term termination of the contract for the use of a specific asset is grounded.

  17. The ecological rationality of state-dependent valuation.

    Science.gov (United States)

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

    2012-01-01

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

  18. 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)

  19. 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)

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

    Directory of Open Access Journals (Sweden)

    Maja Petrač

    2013-12-01

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

  1. Landslides geotechnical analysis. Qualitative assessment by valuation factors

    Science.gov (United States)

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

    2012-04-01

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

  2. Compact radio sources

    International Nuclear Information System (INIS)

    Altschuler, D.R.

    1975-01-01

    Eighty-seven compact radio sources were monitored between 1971 and 1974 with the National Radio Astronomy Observatory interferometer. Both flux density and polarization were measured at intervals of about one month at wavelengths of 3.7 and 11.1 cms. Forty-four sources showed definite variability in their total and/or polarized flux density. The variations in polarization were of a shorter time scale than the corresponding flux density variations. Some of the qualitative features of an expanding source model were observed. The data suggest that some form of injection of relativistic electrons is taking place. The absence of significant depolarization in the variable sources indicates that only a small fraction of the mass of the radio outburst is in the form of non-relativistic plasma. Some of the objects observed belong to the BL-Lacertal class. It is shown that this class is very inhomogeneous in its radio properties. For the violently variable BL-Lacertal type objects the spectrum, flux variations and polarization data strongly suggest that these are very young objects

  3. Valuing commercial radio licences

    NARCIS (Netherlands)

    Kerste, M.; Poort, J.; van Eijk, N.

    2011-01-01

    Within the EU Regulatory Framework, licensees for commercial radio broadcasting may be charged a fee to ensure optimal allocation of scarce resources but not to maximize public revenues. In this paper, it is described how such a fee can be determined for the purpose of licence renewal or extension.

  4. Radio Frequency Identification

    Indian Academy of Sciences (India)

    Radio Frequency Identification (RFID) has been around sinceearly 2000. Its use has currently become commonplace as thecost of RFID tags has rapidly decreased. RFID tags have alsobecome more 'intelligent' with the incorporation of processorsand sensors in them. They are widely used now in manyinnovative ways.

  5. Nanolensed Fast Radio Bursts

    Science.gov (United States)

    Eichler, David

    2017-12-01

    It is suggested that fast radio bursts can probe gravitational lensing by clumpy dark matter objects that range in mass from 10-3 M ⊙-102 M ⊙. They may provide a more sensitive probe than observations of lensings of objects in the Magellanic Clouds, and could find or rule out clumpy dark matter with an extended mass spectrum.

  6. AMATEUR "HAM" RADIO

    Science.gov (United States)

    these cooler months. Did you know your body can cool 25 times faster in water than in air? That water code at 13 or 20 words-per-minute will no longer be required to obtain amateur radio operating be found by contacting the ARRL or using an Internet search engine to search on such topics as "

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

    OpenAIRE

    Lorenz, David Philipp

    2006-01-01

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

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

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

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

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

    OpenAIRE

    Marie Ogawa; Takashi Kubota

    1995-01-01

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

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

    OpenAIRE

    Lucie Courteau; Jennifer L. Kao; Yao Tian

    2013-01-01

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

  11. 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.

  12. Radio images of the planets

    International Nuclear Information System (INIS)

    De Pater, I.

    1990-01-01

    Observations at radio wavelengths make possible detailed studies of planetary atmospheres, magnetospheres, and surface layers. The paper addresses the question of what can be learned from interferometric radio images of planets. Results from single-element radio observations are also discussed. Observations of both the terrestrial and the giant planets are considered. 106 refs

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

    Science.gov (United States)

    Cleemput, Irina

    2010-04-01

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

  14. The importance of Radio Quiet Zone (RQZ) for radio astronomy

    Science.gov (United States)

    Umar, Roslan; Abidin, Zamri Zainal; Ibrahim, Zainol Abidin

    2013-05-01

    Most of radio observatories are located in isolated areas. Since radio sources from the universe is very weak, astronomer need to avoid radio frequency interference (RFI) from active spectrum users and radio noise produced by human made (telecommunication, mobile phone, microwave user and many more. There are many observatories around the world are surrounded by a Radio Quiet Zone (RQZ), which is it was set up using public or state laws. A Radio Quiet Zone normally consists of two areas: an exclusive area in which totally radio emissions are forbidden, with restrictions for residents and business developments, and a larger (radius up to 100 km above) coordination area where the power of radio transmission limits to threshold levels. Geographical Information System (GIS) can be used as a powerful tool in mapping large areas with varying RQZ profiles. In this paper, we report the initial testing of the usage of this system in order to identify the areas were suitable for Radio Quiet Zone. Among the important parameters used to develop the database for our GIS are population density, information on TV and telecommunication (mobile phones) transmitters, road networks (highway), and contour shielding. We will also use other information gathered from on-site RFI level measurements on selected 'best' areas generated by the GIS. The intention is to find the best site for the purpose of establishing first radio quiet zones for radio telescope in Malaysia.

  15. Introduction to international radio regulations

    Energy Technology Data Exchange (ETDEWEB)

    Radicella, S M [Abdus Salam International Centre for Theoretical Physics, Trieste (Italy)

    2003-12-15

    These lecture notes contain an overview of basic problems of the International Radio Regulations. Access to the existing information infrastructure, and to that of the future Information Society, depends critically on radio, especially in poor, remote and sparsely populated regions with under-developed telecommunication infrastructure. How the spectrum of radio frequencies is regulated has profound impact on the society, its security, prosperity, and culture. The radio regulations represent a very important framework for an adequate use of radio and should be known by all of those working in the field.

  16. Introduction to international radio regulations

    International Nuclear Information System (INIS)

    Radicella, S.M.

    2003-01-01

    These lecture notes contain an overview of basic problems of the International Radio Regulations. Access to the existing information infrastructure, and to that of the future Information Society, depends critically on radio, especially in poor, remote and sparsely populated regions with under-developed telecommunication infrastructure. How the spectrum of radio frequencies is regulated has profound impact on the society, its security, prosperity, and culture. The radio regulations represent a very important framework for an adequate use of radio and should be known by all of those working in the field

  17. Radio-capacity of ecosystems

    International Nuclear Information System (INIS)

    Kultakhmedov, Yu.; Kultakhmedova-Vyshnyakova, V.

    1997-01-01

    This paper consider a universal approach to ecosystems of different types, based on representation of their radio-capacity. The concept of ecosystem includes reproduction of components (bio-productivity) and conditions such as maintaining of environment quality. Radio-capacity in the case of radionuclide pollution appears in accumulation and redistribution of radionuclides in the ecosystem. As a result the radionuclides are redistributed and buried in soil or lake bottom sediments. Estimation models for the radio-capacity of water and terrestrial ecosystems are represented. The calculations of the radio-capacity factor of water ecosystems are performed, and the high radio-capacity of a freshwater reservoir (F=0.6-0.8) and extremely high radio-capacity of a reservoir cascade (F c =0.99) is shown material from the Dnieper's cascade reservoirs. The methods of radio-capacity estimation of agroecosystems, wood and marine ecosystems are developed. (authors)

  18. The Concept of 'Radio Music'

    DEFF Research Database (Denmark)

    Fjeldsøe, Michael

    2016-01-01

    , educational and didactic effort which would enlighten all of society. For a while it seemed that radio music was considered a genre of its own. To fulfil its function, radio music had to consider technical limitations as well as the educational level and listening modes of the new mass audience. Public radio......, as discussed by Kurt Weill and Paul Hindemith, was at first greeted with great expectations, but soon a more realistic attitude prevailed. Weill, himself a radio critic as well, composed Der Lindberghflug (1929) as a piece of ‘radio music theatre’, but then changed some of its features in order to turn...... it into a didactical play for amateurs, a so-called Lehrstück. The article will present the concept of ‘radio music’ developed within German Neue Sachlichkeit and discuss the relevance of such a concept for current research in the field of radio and music....

  19. Tools of radio astronomy

    CERN Document Server

    Wilson, Thomas L; Hüttemeister, Susanne

    2009-01-01

    The recent years have seen breathtaking progress in technology, especially in the receiver and digital technologies relevant for radio astronomy, which has at the same time advanced to shorter wavelengths. This is the updated and completely revised 5th edition of the most used introductory text in radio astronomy. It presents a unified treatment of the entire field from centimeter to sub-millimeter wavelengths. Topics covered include instruments, sensitivity considerations, observational methods and interpretations of the data recorded with both single dishes and interferometers. This text is useful to both students and experienced practicing astronomers. Besides making major updates and additions throughout the book, the authors have re-organized a number of chapters to more clearly separate basic theory from rapidly evolving practical aspects. Further, problem sets have been added at the end of each chapter.

  20. Radio telescope control

    CERN Document Server

    Schraml, J

    1972-01-01

    An on-line computer control process developed for the 100-m radio telescope of the Max-Planck-Institut fur Radioastronomie in Bonn is described. The instrument is the largest fully steerable antenna in the world. Its operation started on May 31st 1972. It is controlled by a Ferranti Argus 500 on-line computer. The first part of the paper deals with the process itself, the radio telescope and its operation, and the demands resulting for the control program. The second part briefly describes the computer and its hardware. The final part introduces the architecture of the executive program in general, which has been tailored to meet the demands of the process and the hardware. The communication between the observer and the system, the format of data on magnetic tape and an on-line reduction of position measurements are considered. (0 refs).

  1. Die radio in Afrika

    Directory of Open Access Journals (Sweden)

    S. de Villiers

    1966-03-01

    Full Text Available Omvang van radio-uitsendings in en na Afrika. — Redes vir die versnelde tempo van uitbreiding. — Radio as die geskikste massa-kommunikasiemiddel vir Afrika. — Faktore wat die verspreiding bemoeilik. — Skouspelagtige toename in luistertalle.Toe Plinius, wat in die jaar 79 oorlede is, in sy „Historia Naturalis” verklaar het dat daar altyd iets nuuts uit Afrika afkomstig is, kon hy nouliks voorsien het dat die „iets" negentien eeue later in die lug sou setel wat hierdie reuse-vasteland oorspan — ’n Babelse spraakverwarring en ’n ongekende, verbete woorde-oorlog in die etergolwe, onder meer daarop bereken om die harte en hoofde van derduisendes te verower.

  2. NOAA Weather Radio

    Science.gov (United States)

    cosas afectan la recepción de señas de la radio. Por ejemplo, las extensiones grandes de agua de sal receptor con una antena interior de calidad buena, o conectarlo a una antena externa. Generalmente los Programación Español Listado de estación Explicacion de SAME Coverage Station Listing County Listing

  3. Radio Frequency Interference Mitigation

    Science.gov (United States)

    An, T.; Chen, X.; Mohan, P.; Lao, B. Q.

    2017-09-01

    The observational facilities of radio astronomy keep constant upgrades and developments to achieve better capabilities including increasing the time of the data recording and frequency resolutions, and increasing the receiving and recording bandwidth. However in contrast, only a limited spectrum resource has been allocated to radio astronomy by the International Telecommunication Union, resulting in that the radio observational instrumentations are inevitably exposed to undesirable radio frequency interference (RFI) signals which originate mainly from the terrestrial human activity and are becoming stronger with time. RFIs degrade the quality of data and even lead to invalid data. The impact of RFIs on scientific outcome becomes more and more serious. In this article, the requirement for RFI mitigation is motivated, and the RFI characteristics, mitigation techniques, and strategies are reviewed. The mitigation strategies adopted at some representative observatories, telescopes, and arrays are also introduced. The advantages and shortcomings of the four classes of RFI mitigation strategies are discussed and presented, applicable at the connected causal stages: preventive, pre-detection, pre-correlation, and post-correlation. The proper identification and flagging of RFI is the key to the reduction of data loss and improvement in data quality, and is also the ultimate goal of developing RFI mitigation technique. This can be achieved through a strategy involving a combination of the discussed techniques in stages. The recent advances in the high speed digital signal processing and high performance computing allow for performing RFI excision of the large data volumes generated from large telescopes or arrays in both real time and offline modes, aiding the proposed strategy.

  4. AIDS radio triggers.

    Science.gov (United States)

    Elias, A M

    1991-07-01

    In April 1991, the Ethnic Communities' Council of NSW was granted funding under the Community AIDS Prevention and Education Program through the Department of Community Services and Health, to produce a series of 6x50 second AIDS radio triggers with a 10-second tag line for further information. The triggers are designed to disseminate culturally-sensitive information about HIV/AIDS in English, Italian, Greek, Spanish, Khmer, Turkish, Macedonian, Serbo-Croatian, Arabic, Cantonese, and Vietnamese, with the goal of increasing awareness and decreasing the degree of misinformation about HIV/AIDS among people of non-English-speaking backgrounds through radio and sound. The 6 triggers cover the denial that AIDS exists in the community, beliefs that words and feelings do not protect one from catching HIV, encouraging friends to be compassionate, compassion within the family, AIDS information for a young audience, and the provision of accurate and honest information on HIV/AIDS. The triggers are slated to be completed by the end of July 1991 and will be broadcast on all possible community, ethnic, and commercial radio networks across Australia. They will be available upon request in composite form with an information kit for use by health care professionals and community workers.

  5. Stuck in Time: Negative Income Shock Constricts the Temporal Window of Valuation Spanning the Future and the Past.

    Directory of Open Access Journals (Sweden)

    Warren K Bickel

    Full Text Available Insufficient resources are associated with negative consequences including decreased valuation of future reinforcers. To determine if these effects result from scarcity, we examined the consequences of acute, abrupt changes in resource availability on delay discounting-the subjective devaluation of rewards as delay to receipt increases. In the current study, 599 individuals recruited from Amazon Mechanical Turk read a narrative of a sudden change (positive, neutral, or negative to one's hypothetical future income and completed a delay discounting task examining future and past monetary gains and losses. The effects of the explicit zero procedure, a framing manipulation, was also examined. Negative income shock significantly increased discounting rates for gains and loses occurring both in the future and the past. Positive income windfalls significantly decreased discounting to a lesser extent. The framing procedure significantly reduced discounting under all conditions. Negative income shocks may result in short-term choices.

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

    Index Scriptorium Estoniae

    Sander, Priit, 1973-

    2007-01-01

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

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

    NARCIS (Netherlands)

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

    2012-01-01

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

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

    NARCIS (Netherlands)

    Jiggins, J.; Röling, N.

    1999-01-01

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

  9. 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...

  10. 7 CFR 3015.55 - Valuation of donated equipment, buildings, and land.

    Science.gov (United States)

    2010-01-01

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

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

    NARCIS (Netherlands)

    Vincent Gruis; Pim Klamer; Cok Bakker

    2017-01-01

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

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

    NARCIS (Netherlands)

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

    2017-01-01

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

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

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    Thomas P. Holmes; Kevin J. Boyle

    2005-01-01

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

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

    NARCIS (Netherlands)

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

    2018-01-01

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

  16. 26 CFR 301.7517-1 - Furnishing on request of statement explaining estate or gift valuation.

    Science.gov (United States)

    2010-04-01

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

  17. Évaluation des télécentres communautaires

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

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

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

    Directory of Open Access Journals (Sweden)

    Sheng Fan

    2014-01-01

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

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

    Science.gov (United States)

    Karen E. Allen; Rebecca Moore

    2016-01-01

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

  20. Control Variates for Monte Carlo Valuation of American Options

    DEFF Research Database (Denmark)

    Rasmussen, Nicki S.

    2005-01-01

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

  1. A primer on counterparty valuation adjustments in South Africa

    Directory of Open Access Journals (Sweden)

    Gary Wayne van Vuuren

    2014-11-01

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

  2. 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.

  3. 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.

  4. Environmental Valuation of Conserving the Setiu Wetland in Malaysia

    DEFF Research Database (Denmark)

    Hassan, Suziana Binti

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

  5. Valuation of climate change mitigation co-benefits

    DEFF Research Database (Denmark)

    Bakhtiari, Fatemeh

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

  6. Towards a listed real estate investment valuation model

    Directory of Open Access Journals (Sweden)

    Douw Gert Brand Boshoff

    2013-09-01

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

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

    OpenAIRE

    Farstadvoll, Haakon Simonsen

    2017-01-01

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

  8. Best Practices in Applying Multiples for Valuation Purposes

    DEFF Research Database (Denmark)

    Plenborg, Thomas; Pimentel, René Coppe

    2016-01-01

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

  9. Issues in the valuation of travel time savings

    DEFF Research Database (Denmark)

    Gissel, Stine

    1998-01-01

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

  10. 26 CFR 25.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

    Science.gov (United States)

    2010-04-01

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

  11. 26 CFR 1.642(c)-6 - Valuation of a remainder interest in property transferred to a pooled income fund.

    Science.gov (United States)

    2010-04-01

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

  12. 49 CFR 220.49 - Radio communication used in shoving, backing or pushing movements.

    Science.gov (United States)

    2010-10-01

    ... pushing movements. 220.49 Section 220.49 Transportation Other Regulations Relating to Transportation... Wireless Communication Procedures § 220.49 Radio communication used in shoving, backing or pushing movements. When radio communication is used in connection with the shoving, backing or pushing of a train...

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

    Directory of Open Access Journals (Sweden)

    DRAPIKOVSKYI O. I.

    2015-12-01

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

  14. 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...

  15. Flexible Adaptation in Cognitive Radios

    CERN Document Server

    Li, Shujun

    2013-01-01

    This book provides an introduction to software-defined radio and cognitive radio, along with methodologies for applying knowledge representation, semantic web, logic reasoning and artificial intelligence to cognitive radio, enabling autonomous adaptation and flexible signaling. Readers from the wireless communications and software-defined radio communities will use this book as a reference to extend software-defined radio to cognitive radio, using the semantic technology described. Readers with a background in semantic web and artificial intelligence will find in this book the application of semantic web and artificial intelligence technologies to wireless communications. For readers in networks and network management, this book presents a new approach to enable interoperability, collaborative optimization and flexible adaptation of network components. Provides a comprehensive ontology covering the core concepts of wireless communications using a formal language; Presents the technical realization of using a ...

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

    Science.gov (United States)

    Koonsman, G S

    2001-01-01

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

  17. The properties of radio ellipticals

    International Nuclear Information System (INIS)

    Sparks, W.B.; Disney, M.J.; Rodgers, A.W.

    1984-01-01

    Optical and additional radio data are presented for the bright galaxies of the Disney and Wall survey (1977 Mon. Not. R. Astron. Soc. 179, 235). These data form the basis of a statistical comparison of the properties of radio elliptical galaxies to radio-quiet ellipticals. The correlations may be explained by the depth of the gravitational potential well in which the galaxy resides governing the circumstances under which an elliptical galaxy rids itself of internally produced gas. (author)

  18. Central radio sources

    International Nuclear Information System (INIS)

    Phinney, E.S.

    1985-01-01

    The compact radio sources in the nuclei of most active galaxies lie closer to their centers of activity than any other region accessible to observation, excepting only the broad emission line region. They provide uniquely strong evidence for bulk motion of matter at relativistic velocities, encouraging the belief that the activity originates in a gravitational potential well whose escape velocity is of the order of the speed of light. The observational facts are reviewed as well as several theoretical pictures of them. Those places where systematic observations could help to distinguish the true theoretical picture from the many competing forgeries are emphasized. 76 references

  19. 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.

  20. Radio Frequency Anechoic Chamber Facility

    Data.gov (United States)

    Federal Laboratory Consortium — FUNCTION: Supports the design, manufacture, and test of antenna systems. The facility is also used as an electromagnetic compatibility/radio frequency interference...

  1. The Hartebeeshoek Radio Astronomy Observatory

    International Nuclear Information System (INIS)

    Nicolson, G.D.

    1986-01-01

    This article briefly discusses the questions, problems and study fields of the modern astronomer. Radioastronomy has made important contributions to the study of the evolution of stars and has given much information on the birth of stars while at the other extreme, studies of neutron stars and the radio emission from the remnants of supernova explosions have given further insight into the death of individual stars. Radio astronomical studies have learned astronomers much about the structure of the Milky way and some twenty years ago, in a search for new radio galaxies, quasars were discovered. Radioastronomy research in South Africa is carried out at the Hartebeesthoek Radio Astronomy Observatory

  2. Valuation of the impacts from road traffic fuels

    Energy Technology Data Exchange (ETDEWEB)

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

    1995-12-31

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

  3. Contextual and social influences on valuation and choice.

    Science.gov (United States)

    Engelmann, Jan B; Hein, Grit

    2013-01-01

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

  4. Real estate valuation in the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Božić Branko S.

    2014-01-01

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

  5. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1997-07-01

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

  7. 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)

  8. 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.

  9. 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

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

    Directory of Open Access Journals (Sweden)

    Luis M. Abadie

    2014-05-01

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

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

    International Nuclear Information System (INIS)

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

    1997-07-01

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

  12. 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

  13. Snake mortality associated with late season radio-transmitter implantation

    Science.gov (United States)

    D. Craig Rudolph; Shirley J. Burgdorf; Richard R. Schaefer; Richard N. Conner; Robert T. Zappalorth

    1998-01-01

    Radio-telemetry is an increasingly used procedure to obtain data on the biology of free-living snakes (Reinert 1992, 1994). In Texas and Louisiana we have been using the surgical technique of Weatherhead and Anderka (1984) to implant transmitters in timber rattlesnakes (Crotalus horridus) and Louisiana pine snakes (Pituophis melanoleucus...

  14. Dramatugi Penyiar Radio

    Directory of Open Access Journals (Sweden)

    Hastika Yanti Nora

    2009-07-01

    Full Text Available Dramaturgy is the work of Erving Goffman. He wrote "Presentation of Self in Everyday Life" in '1959. Following the theatrical analogy, Goffman spoke of a front stage and back stage. The front stage is that part of the performance that generally functions in rather fixed and general ways to define the situation for those who observed the performance. The back stage is situation where facts suppressed in the front or various kinds of informal actions may appear. A back stage is usually adjacent to the front stage, but it also cut off from it. Everyone in this world have to run his role in their everyday life. It also a radio announcer. As an actor, they have to be a nice and friendy person when they perform to make air personality, that is  a good  impression, from their audience. But before their perform in the front stage, there so much to do to prepare in the backstage. The front and back stage is radio announcer dramaturgy.

  15. Tuning in to pavement radio

    NARCIS (Netherlands)

    Ellis, S.

    1989-01-01

    This article describes a phenomenon known all over Africa, for which there is no really satisfactory term in English but which is summed up in the French term 'radio trottoir', literally 'pavement radio'. It may be defined as the popular and unofficial discussion of current affairs in Africa,

  16. Wide Field Radio Transient Surveys

    Science.gov (United States)

    Bower, Geoffrey

    2011-04-01

    The time domain of the radio wavelength sky has been only sparsely explored. Nevertheless, serendipitous discovery and results from limited surveys indicate that there is much to be found on timescales from nanoseconds to years and at wavelengths from meters to millimeters. These observations have revealed unexpected phenomena such as rotating radio transients and coherent pulses from brown dwarfs. Additionally, archival studies have revealed an unknown class of radio transients without radio, optical, or high-energy hosts. The new generation of centimeter-wave radio telescopes such as the Allen Telescope Array (ATA) will exploit wide fields of view and flexible digital signal processing to systematically explore radio transient parameter space, as well as lay the scientific and technical foundation for the Square Kilometer Array. Known unknowns that will be the target of future transient surveys include orphan gamma-ray burst afterglows, radio supernovae, tidally-disrupted stars, flare stars, and magnetars. While probing the variable sky, these surveys will also provide unprecedented information on the static radio sky. I will present results from three large ATA surveys (the Fly's Eye survey, the ATA Twenty CM Survey (ATATS), and the Pi GHz Survey (PiGSS)) and several small ATA transient searches. Finally, I will discuss the landscape and opportunities for future instruments at centimeter wavelengths.

  17. CONSTRAINING RADIO EMISSION FROM MAGNETARS

    Energy Technology Data Exchange (ETDEWEB)

    Lazarus, P.; Kaspi, V. M.; Dib, R. [Department of Physics, Rutherford Physics Building, McGill University, 3600 University Street, Montreal, Quebec H3A 2T8 (Canada); Champion, D. J. [Max-Planck-Institut fuer Radioastronomie, Auf dem Huegel 69, 53121 Bonn (Germany); Hessels, J. W. T., E-mail: plazar@physics.mcgill.ca [Netherlands Institute for Radio Astronomy (ASTRON), Postbus 2, 7990 AA Dwingeloo (Netherlands)

    2012-01-10

    We report on radio observations of five magnetars and two magnetar candidates carried out at 1950 MHz with the Green Bank Telescope in 2006-2007. The data from these observations were searched for periodic emission and bright single pulses. Also, monitoring observations of magnetar 4U 0142+61 following its 2006 X-ray bursts were obtained. No radio emission was detected for any of our targets. The non-detections allow us to place luminosity upper limits of L{sub 1950} {approx}< 1.60 mJy kpc{sup 2} for periodic emission and L{sub 1950,single} {approx}< 7.6 Jy kpc{sup 2} for single pulse emission. These are the most stringent limits yet for the magnetars observed. The resulting luminosity upper limits together with previous results are discussed, as is the importance of further radio observations of radio-loud and radio-quiet magnetars.

  18. Radio observations of symbiotic stars

    Energy Technology Data Exchange (ETDEWEB)

    Wright, A E [Commonwealth Scientific and Industrial Research Organization, Epping (Australia). Div. of Radiophysics; Allen, D A

    1978-09-01

    A search for 2-cm continuum emission from 91 symbiotic stars has been undertaken using the Parkes radio telescope. Nine sources have been detected, four of which are reported for the first time. The radio spectral indices are mostly about + 0.6; these are interpreted in terms of mass loss. In two stars a portion of the radio spectrum has an index of zero, and for one of these stars (RX Puppis) this is plausibly a manifestation of the cessation of symbiotic activity that occurred about two decades ago. There is an extraordinarily good correlation between the detectability at 2cm and the presence of circumstellar dust, but not between the radio and optical domains. The importance of continued radio monitoring of HM Sagittae over the next few years is stressed.

  19. RUSSIAN AND FOREIGN PRACTICE OF VALUATING MUNICIPAL REAL ESTATE

    Directory of Open Access Journals (Sweden)

    Oleg V. Likhomanov

    2017-09-01

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

  20. Radio opaque gloves

    International Nuclear Information System (INIS)

    Whittaker, A.V.; Whittaker, R.E. Jr.; Goldstrom, R.A.; Shipko, F.J.

    1975-01-01

    Radiation shielding garments and accessories, such as radio-opaque gloves for surgeons, shielding against the harmful x-ray radiation in a fluoroscopic zone, are advantageously different from garments for shielding from other medical uses of x-rays. Such garments are provided with zones of differing opacity, whereby desired sensitivity and ''feel'' through the glove material is retained. One feature is the provision of an ''opacity gradient'' across the glove cross section with opacity being relatively low at the fingertip area (lesser shield-thickness), but relatively high at the less nonprehensile hand zones, such as the palm. Glove fabrication techniques for achieving such an opacity gradient are described. (U.S.)

  1. MUSIC RADIO-JOURNALISM

    Directory of Open Access Journals (Sweden)

    Dubovtceva Ludmila I.

    2014-04-01

    Full Text Available The article is based on years of practical experience, the author highlights the main radio genres in which music correspondent, music reviewer, music commentator, and music leading and a disc jockey work. Theoretical principles of their creative activities are analyzed in common journalistic genres, such as interview, reportage, talk show, live broadcast, radiofilm, as well as specialized genres like concert on demand and music competition. Journalist’ speech is seen as a logical element, the incoming with music in art-structural relationships. However, it does not become the predominant sound layer and aims to harmonious correlation or local penetration into music opus. In addition, important links in music journalism are defined the auxiliary "offscreen" editor's job and keeping the original sound archive. The author cites a number of own work examples on the air.

  2. Radio-adaptive response

    International Nuclear Information System (INIS)

    Ikushima, T.

    1992-01-01

    Knowledge about cellular events in mammalian cells exposed to low doses of ionizing radiation is meager. Recent works showed that human lymphocytes become resistant to radiation-induced chromosomal damage after exposure to low doses of ionizing radiation. Experimental evidence for radio-adaptive response (RAR) in cultured mammalian cells was obtained. Exposure to very low doses of gamma-rays or tritium beta-rays make cells less susceptible to the induction of micronuclei and sister chromatid exchanges by subsequent higher doses. Many important characteristics of the novel response suggest that RAR is a stress response resulting in the enhanced repair of chromosomal DNA damage in cell under restricted conditions. Experiments are still in progress in order to elucidate the molecular basis for RAR processes. (author). 13 refs.; 2 figs., 1 tab

  3. Implementing Software Defined Radio

    CERN Document Server

    Grayver, Eugene

    2013-01-01

    Software Defined Radio makes wireless communications easier, more efficient, and more reliable. This book bridges the gap between academic research and practical implementation. When beginning a project, practicing engineers, technical managers, and graduate students can save countless hours by considering the concepts presented in these pages. The author covers the myriad options and trade-offs available when selecting an appropriate hardware architecture. As demonstrated here, the choice between hardware- and software-centric architecture can mean the difference between meeting an aggressive schedule and bogging down in endless design iterations. Because of the author’s experience overseeing dozens of failed and successful developments, he is able to present many real-life examples. Some of the key concepts covered are: Choosing the right architecture for the market – laboratory, military, or commercial Hardware platforms – FPGAs, GPPs, specialized and hybrid devices Standardization efforts to ens...

  4. Radio-adaptive response

    International Nuclear Information System (INIS)

    Ikushima, Takaji

    1991-01-01

    An adaptive response to radiation stress was found in cultured Chinese hamster V79 cells, as a suppressed induction of micronuclei (MNs) and sister chromatid exchanges (SCEs) in the cells conditioned by very low doses. The important characteristics of the novel chromosomal response, called radio-adaptive response (RAR), that have newly emerged in this study are: 1) Low doses of beta-rays from tritiated water (HTO) as well as tritiated thymidine can cause the RAR. 2) Thermal neutrons, a high LET radiation, can not act as tritium beta-rays or gamma-rays. 3) The RAR expression is suppressed by an inhibition of protein synthesis. 4) Several proteins are newly synthesized concurrently with the RAR expression after adapting doses, viewed by two-dimensional electrophoresis of cellular proteins. These results suggest that the RAR is an adaptive chromosomal DNA repair induced by very low doses of low LET radiations under restricted conditions, accompanying the inducible specific gene expression. (author)

  5. A turbulent radio jet

    International Nuclear Information System (INIS)

    Kahn, F.D.

    1983-01-01

    A relativistic plasma flow can explain many of the observations on the one-sided jets, which are associated with radio sources that show superluminal motions in their cores. The pressure from the ambient medium will communicate across the jet in a relatively short distance, typically 30 kpc. The friction between the jet and the external medium then makes the flow go turbulent. As a result the jet dissipates energy and will be brought to rest within a few hundred kpc, if it does not strike an obstacle before. The mean flow in the jet is strongly sheared and stretches the lines of force of any magnetic field frozen into the plasma. The dominant field direction, as seen from the rest frame of the plasma, is therefore parallel to the length of the jet. Polarization measurements have shown that this is in fact the case. (author)

  6. AGONIZAN RADIOS MINERAS

    Directory of Open Access Journals (Sweden)

    Raquel Salinas

    2015-01-01

    Full Text Available Se ofrece un amplio análisis sobre la industria electoral, recordando que un candidato a presidente es "un producto para la venta". Se Desmenuzan las estrategias utilizadas en el plebiscito chileno,las elecciones norteamericanas con el NO a BUSH. El Mercadeo Social es una nueva metodología utilizada en proyectos de desarrollo a nivel de campo por ello se hace un esclarecimiento y clarifica el vínculo con la comunicación. Se agrega temas como: Los modelos de recepción de mensajes cuyos marcos conceptuales y metodologías aún no se han adaptado al potencial de esta línea de trabajo.Se analiza la agonía de las radios mineras en Bolivia en la que 42 años de historia y heroísmo se desmoronan.

  7. Radio-isotopic tracers

    International Nuclear Information System (INIS)

    Wolfangel, R.G.

    1976-01-01

    The invention concerns the dispersions that may be used for preparing radio-isotopic tracers, technetium labelled dispersions, processes for preparing these dispersions and their use as tracers. Technetium 99m sulphur colloids are utilized as scintillation tracers to give a picture of the reticulo-endothelial system, particularly the liver and spleen. A dispersion is provided which only requires the addition of a radioactive nuclide to form a radioactively labelled dispersion that can be injected as a tracer. It is formed of a colloid of tin sulphur dispersed in an aqueous buffer solution. Such a reagent has the advantage of being safe and reliable and is easier to use. The colloid can be prepared more quickly since additions of several different reagents are avoided. There is no need to heat up and no sulphuretted hydrogen, which is a toxic gas, is used [fr

  8. Radio frequency picosecond phototube

    International Nuclear Information System (INIS)

    Margaryan, A.; Carlini, R.; Ent, R.; Grigoryan, N.; Gyunashyan, K.; Hashimoto, O.; Hovater, K.; Ispiryan, M.; Knyazyan, S.; Kross, B.; Majewski, S.; Marikyan, G.; Mkrtchyan, M.; Parlakyan, L.; Popov, V.; Tang, L.; Vardanyan, H.; Yan, C.; Zhamkochyan, S.; Zorn, C.

    2006-01-01

    We propose a photon detector for recording low-level and ultra-fast optical signals, based on radio frequency (RF) analysis of low-energy photoelectrons (PEs). By using currently developed 500 MHz RF deflector, it is possible to scan circularly and detect single PEs, amplified in multi-channel plates (MCPs). The operation of the tube is investigated by means of thermionic electron source. It is demonstrated that the signals generated in the MCP can be processed event by event; by using available nanosecond electronics and that time resolution better than 20 ps can be achieved. Timing characteristics of the Cherenkov detector with RF phototube in a 'head-on' geometry is investigated by means of Monte Carlo simulation

  9. Radio frequency picosecond phototube

    Energy Technology Data Exchange (ETDEWEB)

    Margaryan, A. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia)]. E-mail: mat@mail.yerphi.am; Carlini, R. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Ent, R. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Grigoryan, N. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Gyunashyan, K. [Yerevan State University of Architecture and Construction, Yerevan (Armenia); Hashimoto, O. [Tohoku University, Sendai 98-77 (Japan); Hovater, K. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Ispiryan, M. [University of Houston, 4800 Calhoun Rd, Houston TX 77204 (United States); Knyazyan, S. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Kross, B. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Majewski, S. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Marikyan, G. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Mkrtchyan, M. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Parlakyan, L. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Popov, V. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Tang, L. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Vardanyan, H. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Yan, C. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States); Zhamkochyan, S. [Yerevan Physics Institute, 2 Alikhanian Brothers Street, Yerevan 375036 (Armenia); Zorn, C. [Thomas Jefferson National Accelerator Facility, Newport News VA 23606 (United States)

    2006-10-15

    We propose a photon detector for recording low-level and ultra-fast optical signals, based on radio frequency (RF) analysis of low-energy photoelectrons (PEs). By using currently developed 500 MHz RF deflector, it is possible to scan circularly and detect single PEs, amplified in multi-channel plates (MCPs). The operation of the tube is investigated by means of thermionic electron source. It is demonstrated that the signals generated in the MCP can be processed event by event; by using available nanosecond electronics and that time resolution better than 20 ps can be achieved. Timing characteristics of the Cherenkov detector with RF phototube in a 'head-on' geometry is investigated by means of Monte Carlo simulation.

  10. Radio propagation measurement and channel modelling

    CERN Document Server

    Salous, Sana

    2013-01-01

    While there are numerous books describing modern wireless communication systems that contain overviews of radio propagation and radio channel modelling, there are none that contain detailed information on the design, implementation and calibration of radio channel measurement equipment, the planning of experiments and the in depth analysis of measured data. The book would begin with an explanation of the fundamentals of radio wave propagation and progress through a series of topics, including the measurement of radio channel characteristics, radio channel sounders, measurement strategies

  11. Magnetospheric radio sounding

    International Nuclear Information System (INIS)

    Ondoh, Tadanori; Nakamura, Yoshikatsu; Koseki, Teruo; Watanabe, Sigeaki; Murakami, Toshimitsu

    1977-01-01

    Radio sounding of the plasmapause from a geostationary satellite has been investigated to observe time variations of the plasmapause structure and effects of the plasma convection. In the equatorial plane, the plasmapause is located, on the average, at 4 R sub(E) (R sub(E); Earth radius), and the plasma density drops outwards from 10 2 -10 3 /cm 3 to 1-10/cm 3 in the plasmapause width of about 600 km. Plasmagrams showing a relation between the virtual range and sounding frequencies are computed by ray tracing of LF-VLF waves transmitted from a geostationary satellite, using model distributions of the electron density in the vicinity of the plasmapause. The general features of the plasmagrams are similar to the topside ionograms. The plasmagram has no penetration frequency such as f 0 F 2 , but the virtual range of the plasmagram increases rapidly with frequency above 100 kHz, since the distance between a satellite and wave reflection point increases rapidly with increasing the electron density inside the plasmapause. The plasmapause sounder on a geostationary satellite has been designed by taking account of an average propagation distance of 2 x 2.6 R sub(E) between a satellite (6.6 R sub(E)) and the plasmapause (4.0 R sub(E)), background noise, range resolution, power consumption, and receiver S/N of 10 dB. The 13-bit Barker coded pulses of baud length of 0.5 msec should be transmitted in direction parallel to the orbital plane at frequencies for 10 kHz-2MHz in a pulse interval of 0.5 sec. The transmitter peak power of 70 watts and 700 watts are required respectively in geomagnetically quiet and disturbed (strong nonthermal continuum emissions) conditions for a 400 meter cylindrical dipole of 1.2 cm diameter on the geostationary satellite. This technique will open new area of radio sounding in the magnetosphere. (auth.)

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

    DEFF Research Database (Denmark)

    Branzei, Simina

    2015-01-01

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

  13. 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.

  14. A Radio Astronomy Science Education Partnership - GAVRT and Radio JOVE

    Science.gov (United States)

    Higgins, C. A.; Thieman, J. R.; Bunnell, K.; Soholt, G.

    2009-12-01

    The planet Jupiter provides an excellent subject to educate, engage, and inspire students and teachers to learn science. The Goldstone Apple-Valley Radio Telescope (GAVRT) program (http://www.lewiscenter.org/gavrt) and The Radio JOVE project (http://radiojove.gsfc.nasa.gov) each have a long history of allowing students and teachers to interact with scientists and real radio telescopes. The upcoming Juno mission to Jupiter (2011 launch) allows both GAVRT and Radio JOVE to combine efforts and engage with the NASA Juno mission, thus increasing the excitement and learning potential for teachers, students, and the general public. Teachers can attend workshops for training to operate a 34-meter radio telescope and/or build their own simple radio telescope, both of which can be used directly in the classroom. We will overview some classroom activities and highlight some teacher-student experiences. In addition, we will update our efforts on greater Web-based control of the radio telescopes, as well as highlight our upcoming workshops to allow better access for teachers in different parts of the Country.

  15. Studies and researches regarding the urban policies impact on land valuation

    Directory of Open Access Journals (Sweden)

    Daniela Barbu

    2013-08-01

    Full Text Available The authors develop a concept paper on the economic valuation of land. They detail the basic principles corroborated with the direct factors that modify the mathematical parameters and also the impact of construction on the land. Starting from the principles of Darin Drabkin, the authors develop, within the concept of a market economy, an urban land sale procedure by optimizing the control of land instruments. This study asks about the expected consequences of increasing the tax rate on the land component of real estate while reducing the rate at which the improvement is taxed. The first part briefly presents the consequences that land taxes are expected to produce given our theoretical understanding of land markets. These conclusions are blind to the planning and the institutional context of the development process. The consequences of moving from a general property tax to a land value tax in the Toronto and Ottawa regions are assessed by interviewing developers, planners and municipal finance officers. The conclusions summarise the main concerns that would be raised by moving toward land value taxation in the context of a growth management strategy that would make cities more compact.

  16. South African Radio League Introduction to Amateur Radio: A study guide for the Radio Amateur Examination

    CSIR Research Space (South Africa)

    Burger, Chris

    2016-01-01

    Full Text Available ) .............................................................................. 15 1.12 The Radio Amateurs’ Examination .......................................................................... 15 1.13 Restrictions on the Use of an Amateur Radio Station .............................................. 16 Chapter 2: Operating... ............................................................................................. 116 14.1 Theory of Operation ............................................................................................... 116 14.2 Turns Ratio...

  17. Radio Astronomy Explorer /RAE/. I - Observations of terrestrial radio noise.

    Science.gov (United States)

    Herman, J. R.; Caruso, J. A.; Stone, R. G.

    1973-01-01

    Radio Astronomy Explorer (RAE) I data are analyzed to establish characteristics of HF terrestrial radio noise at an altitude of about 6000 km. Time and frequency variations in amplitude of the observed noise well above cosmic noise background are explained on the basis of temporal and spatial variations in ionospheric critical frequency coupled with those in noise source distributions. It is shown that terrestrial radio noise regularly breaks through the ionosphere and reaches RAE with magnitudes 15 dB and more above cosmic noise background, on frequencies above the F-layer critical frequency.

  18. A matrix problem over a discrete valuation ring

    International Nuclear Information System (INIS)

    Zavadskii, A G; Revitskaya, U S

    1999-01-01

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

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

    International Nuclear Information System (INIS)

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

    2008-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Camilo eLibedinsky

    2011-10-01

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

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

    Science.gov (United States)

    Hahn, A D

    1998-12-01

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

  2. The development of risk acceptance and moral valuation

    International Nuclear Information System (INIS)

    Sjoeberg, L.; Torell, G.

    1991-12-01

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

  3. Valuation of Non-Market Ecosystem Services of Forests

    DEFF Research Database (Denmark)

    Taye, Fitalew Agimass

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

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

    Directory of Open Access Journals (Sweden)

    J. M. Núñez Tabales

    2017-03-01

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

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

    DEFF Research Database (Denmark)

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

    2010-01-01

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

  6. The development of risk acceptance and moral valuation

    Energy Technology Data Exchange (ETDEWEB)

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

    1991-12-01

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

  7. 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

  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. 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

  10. 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.

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

    Science.gov (United States)

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

    2008-03-15

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

  12. 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

  13. Quantization Procedures

    International Nuclear Information System (INIS)

    Cabrera, J. A.; Martin, R.

    1976-01-01

    We present in this work a review of the conventional quantization procedure, the proposed by I.E. Segal and a new quantization procedure similar to this one for use in non linear problems. We apply this quantization procedures to different potentials and we obtain the appropriate equations of motion. It is shown that for the linear case the three procedures exposed are equivalent but for the non linear cases we obtain different equations of motion and different energy spectra. (Author) 16 refs

  14. X rays from radio binaries

    International Nuclear Information System (INIS)

    Apparao, K.M.V.

    1977-01-01

    Reference is made to the radio binary systems CC Cas, AR Lac, β Per (Algol), β Lyr, b Per and Cyg X-1. It is stated that a thermal interpretation of the radiation from Algol requires a much larger x-ray flux than the observed value of 3.8 x 10 -11 erg/cm 2 /sec/keV in the 2 to 6 keV energy range. Observations of some non-thermal flares, together with the small size of the radio source in Algol, indicate that the radio emission is non-thermal in nature. The radio emission is interpreted as synchrotron radiation and it is suggested that the observed x-ray emission is due to inverse Compton scattering of the light of the primary star by the radio electrons. The x-ray emission from other radio binaries is also calculated using this model. The energy for the radio electrons can arise from annihilation of magnetic lines connecting the binary stars, twisted by the rotation of the stars. (U.K.)

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

    Directory of Open Access Journals (Sweden)

    Cocou Jaurès Amegnaglo

    2017-04-01

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

  16. 75 FR 10439 - Cognitive Radio Technologies and Software Defined Radios

    Science.gov (United States)

    2010-03-08

    ... petition could not through the exercise of due diligence have learned of the facts in question prior to... to a wide variety of radio services, including safety-of-life services--the Commission holds the...

  17. radio frequency based radio frequency based water level monitor

    African Journals Online (AJOL)

    eobe

    ABSTRACT. This paper elucidates a radio frequency (RF) based transmission and reception system used to remotely monitor and .... range the wireless can cover but in this prototype, it ... power supply to the system, the sensed water level is.

  18. Introduction to solar radio astronomy and radio physics

    International Nuclear Information System (INIS)

    Krueger, A.

    1979-01-01

    A systematic summary is presented of the work done during the last thirty years in the field of solar radio astronomy from the standpoint of general solar physics. Instrumental aspects, observations and theory are covered. A brief introduction is given to the matter consisting of the history of solar radio astronomy and some fundamentals of astronomy and solar physics are outlined. Some topics of the instrumental background of solar radio astronomy and the main results of observations are presented. The elements of a theoretical interpretation of solar radio observations are reported and a synthesis of both observation and theory contributing to a general picture of solar and solar-terrestrial physics is outlined. (C.F./Auth)

  19. Introduction to international radio regulations

    Energy Technology Data Exchange (ETDEWEB)

    Struzak, R

    2003-12-15

    These notes introduce the ITU Radio Regulations and related UN and WTO agreements that specify how terrestrial and satellite radio should be used in all countries over the planet. Access to the existing information infrastructure, and to that of the future Information Society, depends critically on these regulations. The paper also discusses few problems related to the use of the radio frequencies and satellite orbits. The notes are extracted from a book under preparation, in which these issues are discussed in more detail. (author)

  20. Introduction to international radio regulations

    International Nuclear Information System (INIS)

    Struzak, R.

    2003-01-01

    These notes introduce the ITU Radio Regulations and related UN and WTO agreements that specify how terrestrial and satellite radio should be used in all countries over the planet. Access to the existing information infrastructure, and to that of the future Information Society, depends critically on these regulations. The paper also discusses few problems related to the use of the radio frequencies and satellite orbits. The notes are extracted from a book under preparation, in which these issues are discussed in more detail. (author)

  1. Magnetogasdynamics of double radio sources

    International Nuclear Information System (INIS)

    Nepveu, M.

    1979-01-01

    The magnetogasdynamical behaviour of plasmoids moving through an ambient gas is investigated numerically with a two-dimensional code, based on the SHASTA scheme. The astrophysical importance of this study lies in the observed extended extragalactic radio sources. It is assumed that plasma clouds with cylinder symmetry are ejected from the nucleus of a galaxy. Their large-scale evolution in the intergalactic medium (IGM) is followed. The gas dynamics of an ejected cloud, the magnetogasdynamics of ejected clouds, the Christiansen-Pacholczyk-Scott picture for radio galaxies and the shear layers in double radio sources are studied. (Auth.)

  2. Shoestring Budget Radio Astronomy (Abstract)

    Science.gov (United States)

    Hoot, J. E.

    2017-12-01

    (Abstract only) The commercial exploitation of microwave frequencies for cellular, WiFi, Bluetooth, HDTV, and satellite digital media transmission has brought down the cost of the components required to build an effective radio telescope to the point where, for the cost of a good eyepiece, you can construct and operate a radio telescope. This paper sets forth a family of designs for 1421 MHz telescopes. It also proposes a method by which operators of such instruments can aggregate and archive data via the Internet. With 90 or so instruments it will be possible to survey the entire radio sky for transients with a 24 hour cadence.

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

    International Nuclear Information System (INIS)

    Kirby, Natasha; Davison, Matt

    2010-01-01

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

  4. 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

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

    Science.gov (United States)

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

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

    Indian Academy of Sciences (India)

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

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

    International Nuclear Information System (INIS)

    Back, Paer-Erik; Rosen, Lars

    2006-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Entisar Kadhim Rasheed

    2016-02-01

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

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

    Science.gov (United States)

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

  10. 26 CFR 25.2512-3 - Valuation of interest in businesses.

    Science.gov (United States)

    2010-04-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2006-09-15

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

  12. 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.

  13. 76 FR 70904 - Commission Organization; Practice and Procedure; Radio Broadcast Services; and Experimental Radio...

    Science.gov (United States)

    2011-11-16

    ... international and domestic satellite systems and earth stations pursuant to part 25 of this chapter... Earth Station SES-xxxxx. International Telecommunications: Streamlined TEL-xxxxxS. Non-streamlined TEL-xxxxxNS and/or DA. Submarine Cable Landing: Streamlined SCL-xxxxxS. Non-streamlined SCL-xxxxxNS and/or...

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

    Science.gov (United States)

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

    2014-06-04

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

  15. The excess radio background and fast radio transients

    International Nuclear Information System (INIS)

    Kehayias, John; Kephart, Thomas W.; Weiler, Thomas J.

    2015-01-01

    In the last few years ARCADE 2, combined with older experiments, has detected an additional radio background, measured as a temperature and ranging in frequency from 22 MHz to 10 GHz, not accounted for by known radio sources and the cosmic microwave background. One type of source which has not been considered in the radio background is that of fast transients (those with event times much less than the observing time). We present a simple estimate, and a more detailed calculation, for the contribution of radio transients to the diffuse background. As a timely example, we estimate the contribution from the recently-discovered fast radio bursts (FRBs). Although their contribution is likely 6 or 7 orders of magnitude too small (though there are large uncertainties in FRB parameters) to account for the ARCADE 2 excess, our development is general and so can be applied to any fast transient sources, discovered or yet to be discovered. We estimate parameter values necessary for transient sources to noticeably contribute to the radio background

  16. Radio frequency integrated circuit design for cognitive radio systems

    CERN Document Server

    Fahim, Amr

    2015-01-01

    This book fills a disconnect in the literature between Cognitive Radio systems and a detailed account of the circuit implementation and architectures required to implement such systems.  Throughout the book, requirements and constraints imposed by cognitive radio systems are emphasized when discussing the circuit implementation details.  In addition, this book details several novel concepts that advance state-of-the-art cognitive radio systems.  This is a valuable reference for anybody with background in analog and radio frequency (RF) integrated circuit design, needing to learn more about integrated circuits requirements and implementation for cognitive radio systems. ·         Describes in detail cognitive radio systems, as well as the circuit implementation and architectures required to implement them; ·         Serves as an excellent reference to state-of-the-art wideband transceiver design; ·         Emphasizes practical requirements and constraints imposed by cognitive radi...

  17. A radio and optical study of Molonglo radio sources

    Science.gov (United States)

    Ishwara-Chandra, C. H.; Saikia, D. J.; McCarthy, P. J.; van Breugel, W. J. M.

    2001-05-01

    We present multi-wavelength radio observations with the Very Large Array, and narrow- and broad-band optical observations with the 2.5-m telescope at the Las Campanas Observatory, of a well-defined sample of high-luminosity Fanaroff-Riley class II radio galaxies and quasars, selected from the Molonglo Reference Catalogue 1-Jy sample. These observations were carried out as part of a programme to investigate the effects of orientation and environment on some of the observed properties of these sources. We examine the dependence of the Liu-Pooley relationship, which shows that radio lobes with flatter radio spectra are less depolarized, on size, identification and redshift, and show that it is significantly stronger for smaller sources, with the strength of the relationship being similar for both radio galaxies and quasars. In addition to Doppler effects, there appear to be intrinsic differences between the lobes on opposite sides. We discuss the asymmetry in brightness and location of the hotspots, and present estimates of the ages and velocities from matched-resolution observations in the L and C bands. Narrow- and broad-band optical images of some of these sources were made to study their environments and correlate with the symmetry parameters. An extended emission-line region is seen in a quasar, and in four of the objects possible companion galaxies are seen close to the radio axis.

  18. Application of natural resource valuation concepts for development of sustainable remediation plans for groundwater.

    Science.gov (United States)

    Connor, John A; Paquette, Shawn; McHugh, Thomas; Gie, Elaine; Hemingway, Mark; Bianchi, Gino

    2017-12-15

    This paper explores the application of natural resource assessment and valuation procedures as a tool for developing groundwater remediation strategies that achieve the objectives for health and environmental protection, in balance with considerations of economic viability and conservation of natural resources. The natural resource assessment process, as applied under U.S. and international guidelines, entails characterization of groundwater contamination in terms of the pre-existing beneficial services of the impacted resource, the loss of these services caused by the contamination, and the measures and associated costs necessary to restore or replace the lost services. Under many regulatory programs, groundwater remediation objectives assume that the impacted groundwater may be used as a primary source of drinking water in the future, even if not presently in use. In combination with a regulatory preference for removal or treatment technologies, this assumed exposure, while protective of human health, can drive the remedy selection process toward remedies that may not be protective of the groundwater resource itself or of the other natural resources (energy, materials, chemicals, etc.) that may be consumed in the remediation effort. To achieve the same health and environmental protection goals under a sustainable remediation framework, natural resource assessment methods can be applied to restore the lost services and preserve the intact services of the groundwater so as to protect both current and future users of that resource. In this paper, we provide practical guidelines for use of natural resource assessment procedures in the remedy selection process and present a case study demonstrating the use of these protocols for development of sustainable remediation strategies. Copyright © 2017 The Authors. Published by Elsevier Ltd.. All rights reserved.

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

    OpenAIRE

    Ntim, Collins G.

    2011-01-01

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

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

    OpenAIRE

    Diana COZMA IGHIAN; Cristina Silvia NISTOR

    2010-01-01

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

  1. 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.

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

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

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

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

    OpenAIRE

    Crosby, Neil; Lavers, Anthony; Foster , Henry

    1997-01-01

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

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

    OpenAIRE

    Magni, Carlo Alberto

    2007-01-01

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

  5. 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.

  6. 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...

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

    OpenAIRE

    Fachelli, S.; Montolio, D.

    2015-01-01

    This article examines the factors that influence graduate valuations of the education/training they received at university in terms of its utility or applicability in the workplace. Drawing on the 2014 survey conducted by the Agency for the Quality of the Catalan University System, among students that graduated in 2010, we test three hypotheses. The first states that graduate valuation of the training received at university in terms of its utility for the workplace is higher among those who a...

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

    DEFF Research Database (Denmark)

    Christensen, Peter Ove

    2007-01-01

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

  9. FOREWORD: Radio and Antenna Days of the Indian Ocean (RADIO 2012)

    Science.gov (United States)

    Monebhurrun, Vikass; Lesselier, Dominique

    2013-04-01

    scientists delivered keynote speeches during the conference. The two workshops consisted of both regular and invited papers. A call to extended contributions for publication as a volume in the IOP Conference Series: Materials Science and Engineering (MSE) both on-line and in print, was made. Following the call, we received thirty-three full papers and all submitted contributions were then peer-reviewed by the co-editors with considerable help from the editorial board. Following this procedure, twenty-seven of them were accepted for publication in this volume. We believe that this volume will be both an excellent source of pertinant and long-lasting scientific material in the fast evolving fields that are covered by RADIO 2012 as well as good proof of its relevance to the scientific Indian Ocean community and far beyond. Editors Vikass Monebhurrun Dominique Lesselier Editorial Board Members Subramaniam Ananthakrishnan Pavel Belov Michael Gaylard Stephen Gedney Yashwant Gupta Sheshakamal Jayaram Wout Joseph Per-Simon Kildal Dominique Lesselier Jean-Daniel Lan Sun Luk André de Lustrac Vikass Monebhurrun Russel Taylor Lok C Lew Yan Voon

  10. Radio-adaptive response

    International Nuclear Information System (INIS)

    Ikushima, T.

    1992-01-01

    An adaptive response to radiation stress was found as a suppressed induction of chromosomal damage including micronuclei and sister chromatid exchanges in cultured Chinese hamster V79 cells pre-exposed to very low doses of ionizing radiations. The mechanism underlying this novel chromosomal response, called 'radio-adaptive response (RAR)' has been studied progressively. The following results were obtained in recent experiments. 1. Low doses of β-rays from tritiated water (HTO) as well as tritium-thymidine can cause RAR. 2. Thermal neutrons, a high LET radiation, can not act as tritium β-rays or γ-rays. 3. The RAR expression is suppressed not only by the treatment with an inhibitor of protein synthesis but also by RNA synthesis inhibition. 4. Several proteins are newly synthesized concurrently with the RAR expression after the adapting doses, viewed by two-dimensional electrophoresis of cellular proteins. These results suggests that the RAR might be a cellular stress response to a signal produced preferentially by very low doses of low LET radiation under restricted conditions, accompany the inducible specific gene expression. (author)

  11. 47 CFR 80.319 - Radiotelegraph distress call and message transmission procedure.

    Science.gov (United States)

    2010-10-01

    ...) SAFETY AND SPECIAL RADIO SERVICES STATIONS IN THE MARITIME SERVICES Safety Watch Requirements and Procedures Distress, Alarm, Urgency and Safety Procedures § 80.319 Radiotelegraph distress call and message...

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

    Science.gov (United States)

    Aydinoglu, A. C.; Bovkir, R.

    2017-11-01

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

  13. 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.

  14. Beamsteerable GNSS Radio Occultation ASIC

    Data.gov (United States)

    National Aeronautics and Space Administration — We will develop an integrated RF ASIC to enable high quality radio occultation (RO) weather observations using the Global Navigations System Satellite (GNSS)...

  15. Sea Turtle Radio Telemetry Data

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Radio transmitters attached to sea turtles captured in various fishing gear enabled us to track and measure surfacing time of each turtle. Determining location of...

  16. Zero-Power Radio Device.

    Energy Technology Data Exchange (ETDEWEB)

    Brocato, Robert W. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2018-02-01

    This report describes an unpowered radio receiver capable of detecting and responding to weak signals transmit ted from comparatively long distances . This radio receiver offers key advantages over a short range zero - power radio receiver previously described in SAND2004 - 4610, A Zero - Power Radio Receiver . The device described here can be fabricated as an integrated circuit for use in portable wireless devices, as a wake - up circuit, or a s a stand - alone receiver operating in conjunction with identification decoders or other electroni cs. It builds on key sub - components developed at Sandia National Laboratories over many years. It uses surface acoustic wave (SAW) filter technology. It uses custom component design to enable the efficient use of small aperture antennas. This device uses a key component, the pyroelectric demodulator , covered by Sandia owned U.S. Patent 7397301, Pyroelectric Demodulating Detector [1] . This device is also described in Sandia owned U.S. Patent 97266446, Zero Power Receiver [2].

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

    Directory of Open Access Journals (Sweden)

    Mina Sadiqui

    2014-12-01

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

  18. On the evaluation of Web Radio

    OpenAIRE

    Field, A.N.; Hartel, Pieter H.

    2001-01-01

    We develop an evaluation method for Web radio, and perform it to see what we can be learnt about seven prominent Web radio sites. We also evaluate a commercial FM radio station for control purposes. We present a taxonomy of Web radio, and we give our observations and conclusions on this evaluation.

  19. Radio and line transmission 2

    CERN Document Server

    Roddy, Dermot

    2013-01-01

    Radio and Line Transmission, Volume 2 gives a detailed treatment of the subject as well as an introduction to additional advanced subject matter. Organized into 14 chapters, this book begins by explaining the radio wave propagation, signal frequencies, and bandwidth. Subsequent chapters describe the transmission lines and cables; the aerials; tuned and coupled circuits; bipolar transistor amplifiers; field-effect transistors and circuits; thermionic valve amplifiers; LC oscillators; the diode detectors and modulators; and the superheterodyne receiver. Other chapters explore noise and interfere

  20. Historic Radio Astronomy Working Group

    Science.gov (United States)

    2007-06-01

    This special issue of Astronomische Nachrichten contains the proceedings of a session of the Historic Radio Astronomy Working Group of the International Astronomical Union that took place during the 26th General Assembly of the IAU in Prague on 17th August 2006. In addition to the talks presented in Prague some contributions were solicited to give a more complete overview of `The Early History of European Radio Astronomy'.