Search results for " valuation"

THE CARMA INTEREST RATE MODEL

2014

In this paper, we present a multi-factor continuous-time autoregressive moving-average (CARMA) model for the short and forward interest rates. This model is able to present an adequate statistical description of the short and forward rate dynamics. We show that this is a tractable term structure model and provides closed-form solutions to bond prices, yields, bond option prices, and the term structure of forward rate volatility. We demonstrate the capabilities of our model by calibrating it to a panel of spot rates and the empirical volatility of forward rates simultaneously, making the model consistent with both the spot rate dynamics and forward rate volatility structure.

Environmental Benefits of Wastewater Treatment: An Economic Valuation

2009

The need of economic research into the design and implementation of policies for the efficient management of water resources has been emphasized by the European Water Framework Directive (Directive 2000/60/UE). The efficient implementation of policies to prevent the degradation and depletion of water resources requires determining their value in social and economic terms and incorporating this information into the decision-making process. A process of wastewater treatment has many associated environmental benefits. However, these benefits are often not calculated because they are not set by the market. Nevertheless, the valuation of these benefits is necessary to justify a suitable investme…

Ympäristön taloudellinen arvottaminen contingent valuation-menetelmällä : katsaus perusteisiin, ongelmiin ja ratkaisumahdollisuuksiin

1997

A convergent validity test within the payment card format using simulation techniques

2019

International audience; A convergent validity test is performed between two groups of versions of the payment card format. The first group, the classic payment card (CPC), asks respondents to report their willingness to pay (WTP) as a point from a list of amounts, and then treats each WTP response as an interval. The second group generates WTP data that may contain both single point and interval values. It includes the two-way-payment ladder (TWPL) (respondents have to tick amounts they would definitely pay and cross amounts they would definitely not pay), and point-interval payment card (PIPC) (respondents have to tick their WTP as either a point or an interval). The test is conducted usin…

Disease dispersion as a spatial interaction: The case of Flavescence Dorée

2020

International audience; Flavescence dorée is a serious and incurable vine disease transmitted by an insect vector. Focusing on its spatial diffusion and on its control with pesticides, this paper investigates the private strategies of wine producers and their socially optimal counterparts. The socially optimal regulation has to address two externalities regarding private treatment decisions: (a) the insufficient consideration of collective benefits from controlling the vector populations; (b) the failure to take into account environmental damage related to pesticide application. The probability of infection is estimated on French data from a spatial econometric specification. Three alternat…

Compensation appraisal processes for the realization of hydraulic works in an agricultural area.

2015

The present work aims to rationalize the process of the damages valuation for the construction of hydraulic works, considering the economic and evaluative aspects. The study deal with the damages in the sense of ex post and ex ante valuation for the task of environmental protection and the temporary employment. In this process are examined the technical and practical implications. The problem of the ex post compensation is proposed in the form of an income statement. The valuation of the ex ante damage, during the design of interventions of hydraulic nature, affect the taxation of the hydraulic constraint and the avoided future damages, to compensate in advance. The valuation of the indemni…

The nature and impacts of environmental spillovers on housing prices: A spatial hedonic analysis

2014

Abstract: This paper investigates the spatial dimension of the environmental effects. We use recent advances in spatial econometrics to show that hedonic equations produce estimates to be differently interpreted as implicit prices according to spatial models. In particularly, the i mplicit price of housing attribute combines a feedback effect and a propagation effect and may be interpreted in terms of local or global spillovers. We drive an empirical study in the estuary of the Loire, a rural and urban area well occupied by various natural areas and more artificialized ones. We study various spatial interaction patterns to test the robustness of our estimates and we find that spatial depend…

What do we learn from comparing hedonic scores and willingness to pay data? [O8.2]

2010

Hedonic measurements are generally conducted in a blind condition and thus evaluate consumer reactions to the sensory characteristics of the products whereas auctions are generally conducted to determine consumer valuation of extrinsic characteristics. In the last 10 years these two approaches were combined to reveal consumer preferences. Thus, tasting was introduced in the auction procedures. However, only two papers reported a comparison of these two approaches (Lange et al., 2002 with a between-subject design and Noussair et al., 2004 with a within-subject design). The aim of this paper is to present such a comparison on four data sets collected in our laboratory for different food produ…

Do Investors Care About Noise Trader Risk?

2011

International audience; The link between investor sentiment and asset valuation is at the center of a long-running debate in behavioral finance. Using a new composite sentiment indicator, we show that the conventional risk does not explain the abnormal returns of portfolios most sensitive to the sentiment factor. Our result supports the existence of a sentiment risk valued by financial markets. We also find that the firms more impacted by the sentiment risk correspond to difficult-to-arbitrage and hard-to-value stocks, e.g. small stocks, growth stocks, young stocks, unprofitable stocks, lower dividend-paying stocks, intangible stocks and high volatility stocks.

Developing a Conceptual Framework for Investigating Communication Supporting Community Resilience

2015

In crisis management, cooperation within the response network is seen as crucial. Usually, this network refers to authorities and nongovernmental organizations, such as the Red Cross. However, the authors argue that to improve societal resilience one should take a broader overview of the actors involved in crisis preparedness and mitigation, and also include the public. With this in mind, the role of communication is scrutinized and a conceptual framework developed as a starting point for further investigation into how communication may be developed to strengthen a community approach to crisis management that includes citizen groups in the broader response network. A model is presented alon…