Search results for " valuation"
showing 10 items of 88 documents
The relationship between environmental values and income in a transition economy: surface water quality in Latvia
2002
A contingent valuation study measured citizen willingness to pay (WTP) for an improvement in surface water quality in Latvia. The average respondent was willing to pay 0.7 per cent of household income for the environmental improvement, but that amount was much less than needed to finance the required investments in treatment facilities. While the income elasticity of WTP for the average resident was low (0.56), it increases as income increases, reaching 0.9 at an income level double the current average. As real incomes increase in Latvia, the demand for environmental quality by citizens can be expected to increase substantially.
Automatic research of the capitalization rate for the residential automated valuation: an experimental study in Cosenza (Italy).
2017
When a market oriented approach is not applicable because of the lack of comparable sales data (Ciuna et al. 2014a), International Valuation Standards suggest the use of the Income Approach, which has the task of simulating the market through an economic and financial scheme. The central question of this approach is due to the quantification of the capitalization rate, whereas it is generally extracted in a market segment different from that of the subject. This paper intends to propose an automated valuation model of the capitalization rate based on a real estate database built through a computerized geocoding automatic procedure, starting from the application of statistical models of mult…
Economic valuation of environmental benefits of removing pharmaceutical and personal care products from WWTP effluents by ozonation.
2013
Continuous release of pharmaceutical and personal care products (PPCPs) present in effluents from wastewater treatment plants (WWTPs) is nowadays leading to the adoption of specific measures within the framework of the Directive 2000/60/EC (Water Framework Directive). The ozonation process, normally employed for drinking water production, has also proven its potential to eliminate PPCPs from secondary effluents in spite of their low concentrations. However, there is a significant drawback related with the costs associated with its implementation. This lack of studies is especially pronounced regarding the economic valuation of the environmental benefits associated to avoid the discharge of …
Monetary valuation of salicylic acid, methylparaben and THCOOH in a Mediterranean coastal wetland through the shadow prices methodology
2018
The presence of pharmaceutical and personal care products and drugs of abuse (PPCPs) in wastewater treatment plants (WWTPs) indicates discharge of the effluent may not be suitable for the ecological balance of water ecosystems, such as wetlands. These PPCPs degrade water quality, considered as an ecosystem service (ES), provoking serious environmental impacts. Assessing the monetary value of PPCPs can be used as a proxy for environmental status of the ES of water quality (ESWQ). Considering PPCPs as non-desirable outputs of WWTPs, the shadow prices methodology has been implemented using directional distance function to measure the environmental avoided cost of removing salicylic acid (SA), …
Shadow prices of emerging pollutants in wastewater treatment plants: Quantification of environmental externalities.
2017
Conventional wastewater treatment plants (WWTPs) are designed to remove mainly the organic matter, nitrogen and phosphorus compounds and suspended solids from wastewater but are not capable of removing chemicals of human origin, such as pharmaceutical and personal care products (PPCPs). The presence of PPCPs in wastewater has environmental effects on the water bodies receiving the WWTP effluents and renders the effluent as unsuitable as a nonconventional water source. Considering PPCPs as non-desirable outputs, the shadow prices methodology has been implemented using the output distance function to measure the environmental benefits of removing five PPCPs (acetaminophen, ibuprofen, naproxen…
The contingent equilibrium during imbalanced volcano tourism demand through fee estimation: An empirical analysis of tourism in Mt. Etna
2022
Volcanic sites can be considered strategic areas for conservation and protection policies, but such policies may involve considerable costs However, not only are volcanic sites often integral to the tourism industry and, hence, of potential significant benefit to local economies in general; entrance fee income from tourists can also contribute to management and conservation costs in particular. Nevertheless, seasonal variations in tourism demand, resulting in over-and under-tourism situations, may impact on both the level of income generated as well as on the sustainability of sites Therefore, based on a case study of Mt Etna in Italy, this study considers establishing appropriate entry fee…
Estimating the environmental and resource costs of leakage in water distribution systems: A shadow price approach.
2016
Water scarcity is one of the main problems faced by many regions in the XXIst century. In this context, the need to reduce leakages from water distribution systems has gained almost universal acceptance. The concept of sustainable economic level of leakage (SELL) has been proposed to internalize the environmental and resource costs within economic level of leakage calculations. However, because these costs are not set by the market, they have not often been calculated. In this paper, the directional-distance function was used to estimate the shadow price of leakages as a proxy of their environmental and resource costs. This is a pioneering approach to the economic valuation of leakage exter…
The Risk-Relevance of Accounting Data: Evidence from the Spanish Stock Market
2006
This paper analyses the relevance of accounting fundamentals to inform about equity risk as measured by the cost of equity capital. Assuming the latter is a summary measure of how investors make decisions regarding the allocation of resources, the strength of the association between the cost of capital and the accounting-based measures of risk indicates how important these measures are for market participants when making economic decisions. To infer the cost of equity capital, we use the O'Hanlon and Steele's method, which is based on the residual income valuation model. Moreover, we use the insights from this model to provide a theoretical underpinning for the choice of the accounting vari…
Stock Earnings and Bond Yields in the US 1871 - 2016: The Story of a Changing Relationship
2018
Using historical data that spans almost 150 years, we examine whether there is a long-run equilibrium relationship between the stock's earnings and bond yields. The novelty of our econometric methodology consists in using a vector error correction model where we allow multiple structural breaks in the equilibrium relationship. The results of our analysis suggest the existence of equilibrium relationship over 1871-1929 and 1958-2017. On the two historical segments, our analysis finds that the stock's earnings yield followed the bond yield in both the short- and long-run, but not the other way around. Perhaps the most important and surprising finding of our empirical study is that, after the …
Valuing public acceptance of alternative-fuel buses using a Latent Class Tobit model: A case study in Valencia
2020
Abstract The introduction of hybrid electric technology for urban public transportation can be considered a valuable stepping stone to low-carbon mobility. Using the contingent valuation method, a sample of 427 respondents were asked about their willingness to pay for the air pollution reductions associated to a scenario of gradual introduction of hybrid electric buses in Valencia, Spain. Results show that 67% of the respondents are willing to pay extra for the adoption of this electric hybrid technology, being the mean willingness to pay € 0.33 per single bus fare. This would imply a 22% hypothetical increase in current bus fares and shows that public acceptance is critical for the success…