Background： Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if man...Background： Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if managed and harvested properly, could produce sustained economic benefits. In recent years, however, over half of the myrtle site areas was destroyed, due to inappropriate management and excessive harvesting practices. Thus, coming up with a practical harvesting approach along with identifying those factors damaging the sites, seems to be very crucial. Methods： In our investigation, we calculated the conservation value per hectare of myrtle in the Dooreh forest area in Lorestan Province. Using the Contingent Valuation （CV） and Double Bounded Dichotomous Choice （DBDC） methods, we determined the willingness to pay （VVTP） for myrtle conservation. The VVTP was estimated with a Iogit model for which indices were obtained based on a maximum precision criterion. Results： The results showed that 86.67 per cent of people were willing to pay for the conservation of these myrtle sites. Average monthly WTP per family was calculated as $0.79. The annual conservation value in terms of WTP for the preservation of the myrtle sites in Dooreh was estimated as $102,525. Among the variables of the model presented, education had a positive impact, while the amount proposed for payment and family size had a negative impact on the WTP. Conclusions： Our estimate of the value of myrtle conservation should provide justification for policy makers and decision making bodies of natural resources to implement policies in order to conserve the natural sites of this species more effectively.展开更多
World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (C...World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (CVM), which is an evaluation instrument on the basis of tourists′ attitude and preference, to measure the recreational value of Jiuzhaigou, one of the World Natural Heritage sites in China, and analyzes the biases in the survey. The results show that: 1) In 2009, Jiuzhaigou′s recreational value was 3.46×108 yuan (RMB), and the per capita Willingness to Pay (WTP) was 137.31 yuan by CVM. Compared with the results of other methods, this result is significantly low. 2) Among the factors that influence Jiuzhaigou tourists′ WTP, psychological perception factors have the greatest effect while demographic and socio-economic characteristics have a small effect on WTP. 3) The virtuality in CVM creates biases both from CVM itself and in the procedures that CVM was implemented. The former includes hypothetical bias, information bias, protest response bias, and strategic bias; and the latter includes the questionnaire design, population and sample definition, sampling and data processing. The paper analyses those biases and illustrates their potential in-fluences on the accuracy of CVM measurement. 4) Although there are various defects in CVM measurement, it is still an effective valuation method.展开更多
The contingent valuation method （CVM） is one of the main methods for evaluating non-market values of resources. It originated in the United States and was introduced into China during the 1980s and 1990s. However, a...The contingent valuation method （CVM） is one of the main methods for evaluating non-market values of resources. It originated in the United States and was introduced into China during the 1980s and 1990s. However, application of CVM in China is highly controversial based on three primary aspects： （I） the appropriate guidelines for CVM; （2） the elicitation techniques for willingness to pay （WTP）; and （3） reliability and validity testing of CVM. The major objectives of this paper are to i^eview the recem devel- opments pertaining to guidelines, elicitation techniques, and reliability and validity testing for application of CVM, and to summa- rize the limitations of and measures for improving application of CVM in China. The applicability of CVM in China is discussed to enhance the future development of CVM in China.展开更多
The In most contingent valuation (CV) studies, WTP (Willingness to pay) and WTA (Willingness to accept) were often used separately, so protesting or no response or even babbling answers are increasing, and the debate ...The In most contingent valuation (CV) studies, WTP (Willingness to pay) and WTA (Willingness to accept) were often used separately, so protesting or no response or even babbling answers are increasing, and the debate persists over the reliability of CV in economic policy analysis. In order to improve the reliability of CV, WTP and WTA is used syn-chronously to estimate the restoration cost of Maqu grassland ecosystem. Data were partly from questionnaire survey, and partly from interviews and authorities. Before conclusions were derived, we assumed these data that came from interviews and authorities were right. The main result is: If we assumed that the degraded grassland of Maqu needs 10 years to be restored, and divided the restoring period into two stages, then the restoration cost was 0.85 × 108 RMB per year in former 4 years, 0.022 × 108 RMB per year in latter 6 years. The total cost of Maqu grassland restoration was 3.62 × 108 RMB. For all the costs of restoration, WTA occupied 94% and WTP only occupied 6%, suggesting that local grassland degradation was mainly caused by overgrazing and that the overloading livestock must be eliminated in order to achieve restoration successfully. Our research also showed that combining WTP and WTA in contingent valuation is very useful in estimating the cost of environmental improvement projects. Of course, whether these results are right or not, further researches are needed in the future, especially for the actual number of livestock in Maqu grassland.展开更多
Background:This article investigates the Least-Squares Monte Carlo Method by using different polynomial basis in American Asian Options pricing.The standard approach in the option pricing literature is to choose the b...Background:This article investigates the Least-Squares Monte Carlo Method by using different polynomial basis in American Asian Options pricing.The standard approach in the option pricing literature is to choose the basis arbitrarily.By comparing four different polynomial basis we show that the choice of basis interferes in the option's price.Methods:We assess Least-Squares Method performance in pricing four different American Asian Options by using four polynomial basis:Power,Laguerre,Legendre and Hermite A.To every American Asian Option priced,three sets of parameters are used in order to evaluate it properly.Results:We show that the choice of the basis interferes in the option's price by showing that one of them converges to the option's value faster than any other by using fewer simulated paths.In the case of an Amerasian call option,for example,we find that the preferable polynomial basis is Hermite A.For an Amerasian put option,the Power polynomial basis is recommended.Such empirical outcome is theoretically unpredictable,since in principle all basis can be indistinctly used when pricing the derivative.Conclusion:In this article The Least-Squares Monte Carlo Method performance is assessed in pricing four different types of American Asian Options by using four different polynomial basis through three different sets of parameters.Our results suggest that one polynomial basis is best suited to perform the method when pricing an American Asian option.Theoretically all basis can be indistinctly used when pricing the derivative.However,our results does not confirm these.We find that when pricing an American Asian put option,Power A is better than the other basis we have studied here whereas when pricing an American Asian call,Hermite A is better.展开更多
The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restor...The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restoration of city structures affected by carbon monoxide. These benefits are expressed in monetary units by using the CVM （Contingent Valuation Method）. The maintenance of the urban environment often entails excessive costs paid by the people through taxation. A city free of aesthetic pollution results in an increase in tourism. A portion of taxation paid by the citizens is allocated to cleaning the city. An increase in tourism provides the government with additional revenue through VAT （Value Added Taxes）. The main findings show that in a large proportion, 28% of the interviewees are willing to pay, but those that are willing to pay significant amounts tend to prefer mild interventions to the buildings, while those （42%） that agree with minimal to null amount demand radical intervention. The latter group, also, considers any contribution of theirs to restoration as unfair, judging that this expenditure should be covered exclusively by the State. Last but not least, from a sociopsychological point of view, this attitude could be attributed to extreme personalities which tend to prefer more holistic and direct solutions （i.e., no mixed strategy involving people and the State is acceptable by interviewees who considered themselves as having no further obligations after regular tax-paying）; as a result, they think that the State is exclusively responsible to resolve the situation.展开更多
Based on modem financial markets becoming more and more perfect, in company stock, bonds, represented by the investment banking has permeated all aspects of life. Business valuation is the core of value management.How...Based on modem financial markets becoming more and more perfect, in company stock, bonds, represented by the investment banking has permeated all aspects of life. Business valuation is the core of value management.However, companies in different stages of development have a certain stage characteristics, and therefore from the features and characteristics of the different stages of business valuation methods and the factors that affect the value of different businesses created to start, can provide investors assess the business value of new ideas.展开更多
The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM （Contingent Valuation Method）. The first survey was conducted...The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM （Contingent Valuation Method）. The first survey was conducted for the ruins of ancient ＂Diolkos＂ located in Isthmus of Corinth, Greece using a sample of 200 soldiers. The second survey was conducted for the ancient theater of Lefkada, using a sample of 100 tourists mad locals. The results have been analyzed with Logit model regression. The findings show that willingness to pay （or participate） is strongly affected by opportunity cost and awareness of the site＇s history. Further, income level and education level play a critical role in developing volunteering activity.展开更多
The Contingent Valuation Method is used to evaluate individual preferences for a change concerning a public non-market resource or property. The objective is to build a nonparametric forecasting model of an individual...The Contingent Valuation Method is used to evaluate individual preferences for a change concerning a public non-market resource or property. The objective is to build a nonparametric forecasting model of an individual＇s Willingness To Pay according to geographical location. Within this framework, an estimator （of type Nadaraya-Watson） is proposed for the regression of the variable related to geolocation. The specific characteristics of the location variable lead us to a more general regression model than the traditional models. Results are established for convergence of our estimator.展开更多
In engineering construction, reasonable determination of engineering cost and effective control of engineering cost are the key contents of project management and the important support of project decision-making. The ...In engineering construction, reasonable determination of engineering cost and effective control of engineering cost are the key contents of project management and the important support of project decision-making. The valuation method refers to the method and calculation process for calculating and determining the project cost according to the corresponding specifications and standards. At present, there are two valuation methods in the international and domestic engineering cost circles: bill of quantities valuation and quota valuation. However, the bill of quantities pricing model currently implemented in our country is not very perfect, and there are many problems. Only by effectively improving the pricing model of the bill of quantities can the advantages of the pricing model of the bill of quantities be fully exerted. This paper analyzes its pricing method. It is formulated in accordance with the general goal of China's construction cost management reform and in line with the principles of national macro-control and market competition to form prices. In the light of the problems existing in the implementation, especially the problems generally reflected in the work of clearing up the overdue project funds, and the lack of basis in the aspects of the adjustment, payment and settlement of the project price during the project implementation stage. Now our country is in the period of economic transformation, the market economy system is gradually improving, the market competition is fierce, the original budget quota pricing model can no longer meet the current demand.展开更多
Due to the need of the progress of the project, the erection of scaffolding directly affects the construction time of the project, the quality of the project, the project cost and personnel safety. The cost of scaffol...Due to the need of the progress of the project, the erection of scaffolding directly affects the construction time of the project, the quality of the project, the project cost and personnel safety. The cost of scaffolding is about 3% of the cost of the main building. However, there are few systematic studies on the valuation method of scaffolding engineering. This article examines the scaffolding segmentation and calculation rules, by comparing the scaffold material, daily consumption and the quota and the lease of the cost, the subcontract labor efficiency and cost differences in actual construction process, the applicability of the inspection in actual construction process, and puts forward constructive Suggestions for scaffolding construction of valuation methods.展开更多
[Objective] This study was to analyze the personal Willingness to Pay （WI-P） on the non-use value of Dianchi lake wetland and the influential factors. [Method] Questionnaire was designed according to the Contingent ...[Objective] This study was to analyze the personal Willingness to Pay （WI-P） on the non-use value of Dianchi lake wetland and the influential factors. [Method] Questionnaire was designed according to the Contingent Valuation Method （CVM） to investigate people of different occupations at different ages, based on which the evaluation on non-use value of Dianchi lake wetland was carried out. And the relationship between WTP and social characteristics were analyzed by using non- parametric estimation. [Result] The average WTP on Dianchi lake wetland is 150.03- 217.66 yuan per person every year, and the total WTP is 626-909 million yuan ev- ery year. Age, education and residence of the respondents have remarkable influ- ence on the VVTP. The influence of education level and residence on option value is significant; bequest value is significantly correlated with age; while there is no significant relationship between existence value and social characteristics. [Conclusion] The evaluation on the non-use value of Dianchi lake wetland is important for the scientific development and utilization of wetland resources.展开更多
The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six repre...The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six representative cities in China based on face-to-face contingent valuation interviews(n=3936)from March 7,2019 to September 30,2019.The results reveal that the WTP varied from CNY 455 to 763 in 2019(USD 66-111),corresponding to a VSL range of CNY 3.79-6.36 million(USD 549395-921940).The VSL in China in 2019 is estimated to be CNY 4.76 million(USD 689659).The statistics indicate that monthly expenditure levels,environmental concerns,risk attitudes,and assumed market acceptance,which have seldom been dis‐cussed in previous studies,significantly impact WTP and VSL.These findings will serve as a reference for ana‐lyzing mortality risk reduction benefits in future research and for policymaking.展开更多
Payments for ecosystem service （PES） schemes have spread all over developing countries in the last 20 years or so. PES schemes often have high opportunity costs in terms of foregone uses of goods and services offere...Payments for ecosystem service （PES） schemes have spread all over developing countries in the last 20 years or so. PES schemes often have high opportunity costs in terms of foregone uses of goods and services offered by the environment. It is within this scope that economic evaluation of environmental goods and services plays a role. In this paper we surveyed articles and studies that report application of economic environmental valuation procedures in PES schemes. Special attention was paid to data collection and analysis, to theoretical robustness of its procedures and to the aggregation of estimated value. We also scrutinize how these estimates had been incorporated into PES schemes, in particularly in the assessment phase of these schemes. Empirical data from Brazil and other Latin American countries were used, particularly those in the Amazon Basis. Our results reveal a frequent overestimation of the values of ecosystem services calculated through the use of economic valuation methods. Values have been estimated by production function methods （opportunity cost, preventive expenditures, recovering cost or dose-response methods）. As a consequence, estimated values reflect much more willingness to accept compensation by supplier and rarely willingness to pay by consumer of these ecosystem services. Besides this distance between supply and demand, application of valuation methods did not account for problems such as uncertainty, risks, and lack of information. All these limitations have led to wrong decision-making.展开更多
Mountain ecosystem provides numerous vital ecosystem services(ESs)to the people residing within or near the mountains worldwide.The mountains provide services such as timber,fibre,fodder,fuelwood,medicine,aesthetic,re...Mountain ecosystem provides numerous vital ecosystem services(ESs)to the people residing within or near the mountains worldwide.The mountains provide services such as timber,fibre,fodder,fuelwood,medicine,aesthetic,recreation,ritual,and religion,and many other services that are vital for the maintenance of the ecosystem.The mountains of Barsoo and Tai-Suru regions in Kargil District are much familiar for their ESs supply,and the residents have utilized these services for years.The present study was focused on the provisioning ESs.We used a random sample approach for household selection and data collection regarding the pre-prepared questionnaire;the number of households was obtained from government census data.The primary ESs(identified by more than 40%of the respondents)were assessed through the direct market valuation method.The direct market valuation method produced an overwhelming value,specifically for grazing and fodder services in both regions of the study area.Results showed that grazing service was valued at 482,346.43 USD/a for Barsoo region and 1,458,099.04 USD/a for Tai-Suru region.Similarly,fodder service of Barsoo and Tai-Suru regions corresponded to values of 69,833.61 and 110,886.06 USD/a,respectively.On the other hand,food service of Barsoo and Tai-Suru regions was valued at 2601.04 and 2969.90 USD/a,respectively,and medicinal service was valued at 757.39 and 4430.94 USD/a in Barsoo and Tai-Suru regions,respectively.In addition,the regions were economically backwards,and the resident’s survival and well-being relied on the mountain ESs.Therefore,it is not possible for the residents to pay services replacement costs if the services need to replace by other means.Unfortunately,such mountain ecosystem is highly prone to climate change and other human activities that would negatively impact the ecosystem functions.Therefore,this study would be helpful for the policymakers of the region to draft any developmental plan/framework by integrating the value of ESs that would be the key to achieving sustainable development.展开更多
China’s stock market has experienced more than 20 years of development.Despite the concept of value investment has already been reflected in stock investment,many investors,especially small and medium investors,still...China’s stock market has experienced more than 20 years of development.Despite the concept of value investment has already been reflected in stock investment,many investors,especially small and medium investors,still do not pay much attention to value investment.Blindness and speculative thinking still affect investment.This paper chooses the banking industry as the analysis object and uses the relative valuation approach to evaluate the price-earnings ratio(P/E ratio),price-to-book value ratio(P/B ratio),and price-earnings to growth(PEG)of the 10 listed banks,then judges the investment value of each bank and focuses on the valuation and pricing of the banking with rapid growth.Based on this,the choice of value investment decisions is made,trying to provide a demonstration for investors to make value investment decisions.Finally,it is recommended to invest in China Merchants Bank(CMB),Minsheng Bank,Shanghai Pudong Development Bank(SPDB),Industrial and Commercial Bank of China(ICBC),HSBC Bank,and Bank of China.It is not recommended to invest in Ping An Bank,Bank of Communications,Industrial Bank,and China CITIC Bank.展开更多
Economic valuation of ecosystems is increasingly being recognized as an important exercise to inform sustainable utilization and conservation of natural assets. It helps in planning and establishing fair profit margin...Economic valuation of ecosystems is increasingly being recognized as an important exercise to inform sustainable utilization and conservation of natural assets. It helps in planning and establishing fair profit margins that accrue either directly or indirectly from the consumptive and non-consumptive uses of ecosystem goods and services. This paper is based on a study which estimated the economic values of tourist hunting blocks (HBs) in Tanzania using the Analytic Multicriteria Valuation Method (AMUVAM). The study used a sample size of 12 out of 24 vacant hunting blocks which were to be auctioned to potential hunting companies in December 2022. The economic values of HBs were estimated using the time horizon of 10 years (the mean tenure for winning company). The results show that the economic values ranged from USD 6,215,588 to USD 653,470,695 per hunting block and the Existence Value (EV) constituted about 19% of the Total Economic Value (TEV). EV ranged from USD 632,210 to USD 125,147,285. The study underscores the need for decisions to allocate ecosystems, such as HBs, to both direct and indirect uses, to be guided by a though understanding of their values. We further recommend building the capacity of staff charged with the role of managing and allocating uses of these ecosystems to enable them undertake economic valuation of ecosystems using both simple and more robust analytical tools, such as the GIS, relational databases, and worldwide websites based tools, like InVEST (Integrated Valuation of Environmental Services and Tradeoffs), ARIES (Artificial Intelligence for Ecosystem Services), and Co$ting Nature.展开更多
The preservation/restoration of natural environment is usually entailing high cost mostly paid by citizens through taxes.The effect of these taxes is double. The direct effect is the obvious additional income for the ...The preservation/restoration of natural environment is usually entailing high cost mostly paid by citizens through taxes.The effect of these taxes is double. The direct effect is the obvious additional income for the State, and the indirect effect is anadditional income for the citizen, due to increasing tourism. Since the evaluation of this good cannot be in market terms, authorsapply a modified CVM （Contingent Valuation Method）, which is part of Experimental Economics, in order to find out the order ofconcern that people have about natural environment. Authors also, try to investigate their WTP （Willingness To Pay） for supportingactivities for preservation/restoration of three lakes in Northern Greece, in particular, lake of Ioannina, lake of Florina and lake ofKastoria. For the purpose of this research, authors use parametric and non-parametric approaches, as well as Linear Regression andLogic Models.展开更多
The“social contract”is the most famous philosophical text of Zac Jacques Roussos,which was to influence the intellectual and political movement of the 18th century.By publishing the“social contract”or“Civil Law P...The“social contract”is the most famous philosophical text of Zac Jacques Roussos,which was to influence the intellectual and political movement of the 18th century.By publishing the“social contract”or“Civil Law Principles”in 1762,Rousseau,presenting his theory of the state and seeking the foundation of civil society,attempts to expose the conditions of a stable and just state by putting freedom as a precondition for law and the common good must be lawful.A central place in its political theory is the concept of general will,which is in the general interest(otherwise the common good)and on which the idea of a favored constitutional state is based.We estimate approximately the size of the external economy by the method of the Contingent Valuation Method(CVM).The Contingent Valuation Method(CVM)is a survey-based technique,frequently used in Experimental Economics,especially useful for the valuation of non-market resources/goods/services,and cultural heritage objects(of aesthetic,historic,scientific,or social value),such as conservation of monumental remains and preservation of the physical and anthropogenic environment.展开更多
文摘Background： Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if managed and harvested properly, could produce sustained economic benefits. In recent years, however, over half of the myrtle site areas was destroyed, due to inappropriate management and excessive harvesting practices. Thus, coming up with a practical harvesting approach along with identifying those factors damaging the sites, seems to be very crucial. Methods： In our investigation, we calculated the conservation value per hectare of myrtle in the Dooreh forest area in Lorestan Province. Using the Contingent Valuation （CV） and Double Bounded Dichotomous Choice （DBDC） methods, we determined the willingness to pay （VVTP） for myrtle conservation. The VVTP was estimated with a Iogit model for which indices were obtained based on a maximum precision criterion. Results： The results showed that 86.67 per cent of people were willing to pay for the conservation of these myrtle sites. Average monthly WTP per family was calculated as $0.79. The annual conservation value in terms of WTP for the preservation of the myrtle sites in Dooreh was estimated as $102,525. Among the variables of the model presented, education had a positive impact, while the amount proposed for payment and family size had a negative impact on the WTP. Conclusions： Our estimate of the value of myrtle conservation should provide justification for policy makers and decision making bodies of natural resources to implement policies in order to conserve the natural sites of this species more effectively.
基金Under the auspices of Sino-British Fellowship by the British Academy (No. SG-47266)National Natural Science Foundation of China (No. 40371030)
文摘World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (CVM), which is an evaluation instrument on the basis of tourists′ attitude and preference, to measure the recreational value of Jiuzhaigou, one of the World Natural Heritage sites in China, and analyzes the biases in the survey. The results show that: 1) In 2009, Jiuzhaigou′s recreational value was 3.46×108 yuan (RMB), and the per capita Willingness to Pay (WTP) was 137.31 yuan by CVM. Compared with the results of other methods, this result is significantly low. 2) Among the factors that influence Jiuzhaigou tourists′ WTP, psychological perception factors have the greatest effect while demographic and socio-economic characteristics have a small effect on WTP. 3) The virtuality in CVM creates biases both from CVM itself and in the procedures that CVM was implemented. The former includes hypothetical bias, information bias, protest response bias, and strategic bias; and the latter includes the questionnaire design, population and sample definition, sampling and data processing. The paper analyses those biases and illustrates their potential in-fluences on the accuracy of CVM measurement. 4) Although there are various defects in CVM measurement, it is still an effective valuation method.
基金supported by the One Hundred Talents Program of the Chinese Academy of Sciences, the National Natural Science Foundation of China (No. 40971278)the "Western Light" Project of the Chinese Academy of Sciences, and the Key Project of the Chinese Academy of Sciences (No. KZZD-EW-04-05)
文摘The contingent valuation method （CVM） is one of the main methods for evaluating non-market values of resources. It originated in the United States and was introduced into China during the 1980s and 1990s. However, application of CVM in China is highly controversial based on three primary aspects： （I） the appropriate guidelines for CVM; （2） the elicitation techniques for willingness to pay （WTP）; and （3） reliability and validity testing of CVM. The major objectives of this paper are to i^eview the recem devel- opments pertaining to guidelines, elicitation techniques, and reliability and validity testing for application of CVM, and to summa- rize the limitations of and measures for improving application of CVM in China. The applicability of CVM in China is discussed to enhance the future development of CVM in China.
文摘The In most contingent valuation (CV) studies, WTP (Willingness to pay) and WTA (Willingness to accept) were often used separately, so protesting or no response or even babbling answers are increasing, and the debate persists over the reliability of CV in economic policy analysis. In order to improve the reliability of CV, WTP and WTA is used syn-chronously to estimate the restoration cost of Maqu grassland ecosystem. Data were partly from questionnaire survey, and partly from interviews and authorities. Before conclusions were derived, we assumed these data that came from interviews and authorities were right. The main result is: If we assumed that the degraded grassland of Maqu needs 10 years to be restored, and divided the restoring period into two stages, then the restoration cost was 0.85 × 108 RMB per year in former 4 years, 0.022 × 108 RMB per year in latter 6 years. The total cost of Maqu grassland restoration was 3.62 × 108 RMB. For all the costs of restoration, WTA occupied 94% and WTP only occupied 6%, suggesting that local grassland degradation was mainly caused by overgrazing and that the overloading livestock must be eliminated in order to achieve restoration successfully. Our research also showed that combining WTP and WTA in contingent valuation is very useful in estimating the cost of environmental improvement projects. Of course, whether these results are right or not, further researches are needed in the future, especially for the actual number of livestock in Maqu grassland.
文摘Background:This article investigates the Least-Squares Monte Carlo Method by using different polynomial basis in American Asian Options pricing.The standard approach in the option pricing literature is to choose the basis arbitrarily.By comparing four different polynomial basis we show that the choice of basis interferes in the option's price.Methods:We assess Least-Squares Method performance in pricing four different American Asian Options by using four polynomial basis:Power,Laguerre,Legendre and Hermite A.To every American Asian Option priced,three sets of parameters are used in order to evaluate it properly.Results:We show that the choice of the basis interferes in the option's price by showing that one of them converges to the option's value faster than any other by using fewer simulated paths.In the case of an Amerasian call option,for example,we find that the preferable polynomial basis is Hermite A.For an Amerasian put option,the Power polynomial basis is recommended.Such empirical outcome is theoretically unpredictable,since in principle all basis can be indistinctly used when pricing the derivative.Conclusion:In this article The Least-Squares Monte Carlo Method performance is assessed in pricing four different types of American Asian Options by using four different polynomial basis through three different sets of parameters.Our results suggest that one polynomial basis is best suited to perform the method when pricing an American Asian option.Theoretically all basis can be indistinctly used when pricing the derivative.However,our results does not confirm these.We find that when pricing an American Asian put option,Power A is better than the other basis we have studied here whereas when pricing an American Asian call,Hermite A is better.
文摘The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restoration of city structures affected by carbon monoxide. These benefits are expressed in monetary units by using the CVM （Contingent Valuation Method）. The maintenance of the urban environment often entails excessive costs paid by the people through taxation. A city free of aesthetic pollution results in an increase in tourism. A portion of taxation paid by the citizens is allocated to cleaning the city. An increase in tourism provides the government with additional revenue through VAT （Value Added Taxes）. The main findings show that in a large proportion, 28% of the interviewees are willing to pay, but those that are willing to pay significant amounts tend to prefer mild interventions to the buildings, while those （42%） that agree with minimal to null amount demand radical intervention. The latter group, also, considers any contribution of theirs to restoration as unfair, judging that this expenditure should be covered exclusively by the State. Last but not least, from a sociopsychological point of view, this attitude could be attributed to extreme personalities which tend to prefer more holistic and direct solutions （i.e., no mixed strategy involving people and the State is acceptable by interviewees who considered themselves as having no further obligations after regular tax-paying）; as a result, they think that the State is exclusively responsible to resolve the situation.
文摘Based on modem financial markets becoming more and more perfect, in company stock, bonds, represented by the investment banking has permeated all aspects of life. Business valuation is the core of value management.However, companies in different stages of development have a certain stage characteristics, and therefore from the features and characteristics of the different stages of business valuation methods and the factors that affect the value of different businesses created to start, can provide investors assess the business value of new ideas.
文摘The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM （Contingent Valuation Method）. The first survey was conducted for the ruins of ancient ＂Diolkos＂ located in Isthmus of Corinth, Greece using a sample of 200 soldiers. The second survey was conducted for the ancient theater of Lefkada, using a sample of 100 tourists mad locals. The results have been analyzed with Logit model regression. The findings show that willingness to pay （or participate） is strongly affected by opportunity cost and awareness of the site＇s history. Further, income level and education level play a critical role in developing volunteering activity.
文摘The Contingent Valuation Method is used to evaluate individual preferences for a change concerning a public non-market resource or property. The objective is to build a nonparametric forecasting model of an individual＇s Willingness To Pay according to geographical location. Within this framework, an estimator （of type Nadaraya-Watson） is proposed for the regression of the variable related to geolocation. The specific characteristics of the location variable lead us to a more general regression model than the traditional models. Results are established for convergence of our estimator.
文摘In engineering construction, reasonable determination of engineering cost and effective control of engineering cost are the key contents of project management and the important support of project decision-making. The valuation method refers to the method and calculation process for calculating and determining the project cost according to the corresponding specifications and standards. At present, there are two valuation methods in the international and domestic engineering cost circles: bill of quantities valuation and quota valuation. However, the bill of quantities pricing model currently implemented in our country is not very perfect, and there are many problems. Only by effectively improving the pricing model of the bill of quantities can the advantages of the pricing model of the bill of quantities be fully exerted. This paper analyzes its pricing method. It is formulated in accordance with the general goal of China's construction cost management reform and in line with the principles of national macro-control and market competition to form prices. In the light of the problems existing in the implementation, especially the problems generally reflected in the work of clearing up the overdue project funds, and the lack of basis in the aspects of the adjustment, payment and settlement of the project price during the project implementation stage. Now our country is in the period of economic transformation, the market economy system is gradually improving, the market competition is fierce, the original budget quota pricing model can no longer meet the current demand.
文摘Due to the need of the progress of the project, the erection of scaffolding directly affects the construction time of the project, the quality of the project, the project cost and personnel safety. The cost of scaffolding is about 3% of the cost of the main building. However, there are few systematic studies on the valuation method of scaffolding engineering. This article examines the scaffolding segmentation and calculation rules, by comparing the scaffold material, daily consumption and the quota and the lease of the cost, the subcontract labor efficiency and cost differences in actual construction process, the applicability of the inspection in actual construction process, and puts forward constructive Suggestions for scaffolding construction of valuation methods.
基金Supported by the "Research on Benefit Evaluation and Management Plan of Dianchi Lake Wetland" Project of Jiuhu Office,Yunnan Province,Chinathe Technology R&D Program for Social Development of Yunnan Province (2008ZC064M),China~~
文摘[Objective] This study was to analyze the personal Willingness to Pay （WI-P） on the non-use value of Dianchi lake wetland and the influential factors. [Method] Questionnaire was designed according to the Contingent Valuation Method （CVM） to investigate people of different occupations at different ages, based on which the evaluation on non-use value of Dianchi lake wetland was carried out. And the relationship between WTP and social characteristics were analyzed by using non- parametric estimation. [Result] The average WTP on Dianchi lake wetland is 150.03- 217.66 yuan per person every year, and the total WTP is 626-909 million yuan ev- ery year. Age, education and residence of the respondents have remarkable influ- ence on the VVTP. The influence of education level and residence on option value is significant; bequest value is significantly correlated with age; while there is no significant relationship between existence value and social characteristics. [Conclusion] The evaluation on the non-use value of Dianchi lake wetland is important for the scientific development and utilization of wetland resources.
基金supported by the National Natural Science Foun‐dation of China[Grant No.71773061].
文摘The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six representative cities in China based on face-to-face contingent valuation interviews(n=3936)from March 7,2019 to September 30,2019.The results reveal that the WTP varied from CNY 455 to 763 in 2019(USD 66-111),corresponding to a VSL range of CNY 3.79-6.36 million(USD 549395-921940).The VSL in China in 2019 is estimated to be CNY 4.76 million(USD 689659).The statistics indicate that monthly expenditure levels,environmental concerns,risk attitudes,and assumed market acceptance,which have seldom been dis‐cussed in previous studies,significantly impact WTP and VSL.These findings will serve as a reference for ana‐lyzing mortality risk reduction benefits in future research and for policymaking.
文摘Payments for ecosystem service （PES） schemes have spread all over developing countries in the last 20 years or so. PES schemes often have high opportunity costs in terms of foregone uses of goods and services offered by the environment. It is within this scope that economic evaluation of environmental goods and services plays a role. In this paper we surveyed articles and studies that report application of economic environmental valuation procedures in PES schemes. Special attention was paid to data collection and analysis, to theoretical robustness of its procedures and to the aggregation of estimated value. We also scrutinize how these estimates had been incorporated into PES schemes, in particularly in the assessment phase of these schemes. Empirical data from Brazil and other Latin American countries were used, particularly those in the Amazon Basis. Our results reveal a frequent overestimation of the values of ecosystem services calculated through the use of economic valuation methods. Values have been estimated by production function methods （opportunity cost, preventive expenditures, recovering cost or dose-response methods）. As a consequence, estimated values reflect much more willingness to accept compensation by supplier and rarely willingness to pay by consumer of these ecosystem services. Besides this distance between supply and demand, application of valuation methods did not account for problems such as uncertainty, risks, and lack of information. All these limitations have led to wrong decision-making.
基金financially supported by the Council of Scientific and Industrial Research,New Delhi,Government of India in the form of the Junior Research Fellowship(CSIR-JRF)(09/135(0884)/2019-EMR-I)the second author is also funded by the University Grants Commission(UGC),New Delhi,Government of India in the form of Junior Research Fellowship(UGC-JRF)[UGC Ref.No.:453/(CSIR-UGC NET DEC.2018)]。
文摘Mountain ecosystem provides numerous vital ecosystem services(ESs)to the people residing within or near the mountains worldwide.The mountains provide services such as timber,fibre,fodder,fuelwood,medicine,aesthetic,recreation,ritual,and religion,and many other services that are vital for the maintenance of the ecosystem.The mountains of Barsoo and Tai-Suru regions in Kargil District are much familiar for their ESs supply,and the residents have utilized these services for years.The present study was focused on the provisioning ESs.We used a random sample approach for household selection and data collection regarding the pre-prepared questionnaire;the number of households was obtained from government census data.The primary ESs(identified by more than 40%of the respondents)were assessed through the direct market valuation method.The direct market valuation method produced an overwhelming value,specifically for grazing and fodder services in both regions of the study area.Results showed that grazing service was valued at 482,346.43 USD/a for Barsoo region and 1,458,099.04 USD/a for Tai-Suru region.Similarly,fodder service of Barsoo and Tai-Suru regions corresponded to values of 69,833.61 and 110,886.06 USD/a,respectively.On the other hand,food service of Barsoo and Tai-Suru regions was valued at 2601.04 and 2969.90 USD/a,respectively,and medicinal service was valued at 757.39 and 4430.94 USD/a in Barsoo and Tai-Suru regions,respectively.In addition,the regions were economically backwards,and the resident’s survival and well-being relied on the mountain ESs.Therefore,it is not possible for the residents to pay services replacement costs if the services need to replace by other means.Unfortunately,such mountain ecosystem is highly prone to climate change and other human activities that would negatively impact the ecosystem functions.Therefore,this study would be helpful for the policymakers of the region to draft any developmental plan/framework by integrating the value of ESs that would be the key to achieving sustainable development.
文摘China’s stock market has experienced more than 20 years of development.Despite the concept of value investment has already been reflected in stock investment,many investors,especially small and medium investors,still do not pay much attention to value investment.Blindness and speculative thinking still affect investment.This paper chooses the banking industry as the analysis object and uses the relative valuation approach to evaluate the price-earnings ratio(P/E ratio),price-to-book value ratio(P/B ratio),and price-earnings to growth(PEG)of the 10 listed banks,then judges the investment value of each bank and focuses on the valuation and pricing of the banking with rapid growth.Based on this,the choice of value investment decisions is made,trying to provide a demonstration for investors to make value investment decisions.Finally,it is recommended to invest in China Merchants Bank(CMB),Minsheng Bank,Shanghai Pudong Development Bank(SPDB),Industrial and Commercial Bank of China(ICBC),HSBC Bank,and Bank of China.It is not recommended to invest in Ping An Bank,Bank of Communications,Industrial Bank,and China CITIC Bank.
文摘Economic valuation of ecosystems is increasingly being recognized as an important exercise to inform sustainable utilization and conservation of natural assets. It helps in planning and establishing fair profit margins that accrue either directly or indirectly from the consumptive and non-consumptive uses of ecosystem goods and services. This paper is based on a study which estimated the economic values of tourist hunting blocks (HBs) in Tanzania using the Analytic Multicriteria Valuation Method (AMUVAM). The study used a sample size of 12 out of 24 vacant hunting blocks which were to be auctioned to potential hunting companies in December 2022. The economic values of HBs were estimated using the time horizon of 10 years (the mean tenure for winning company). The results show that the economic values ranged from USD 6,215,588 to USD 653,470,695 per hunting block and the Existence Value (EV) constituted about 19% of the Total Economic Value (TEV). EV ranged from USD 632,210 to USD 125,147,285. The study underscores the need for decisions to allocate ecosystems, such as HBs, to both direct and indirect uses, to be guided by a though understanding of their values. We further recommend building the capacity of staff charged with the role of managing and allocating uses of these ecosystems to enable them undertake economic valuation of ecosystems using both simple and more robust analytical tools, such as the GIS, relational databases, and worldwide websites based tools, like InVEST (Integrated Valuation of Environmental Services and Tradeoffs), ARIES (Artificial Intelligence for Ecosystem Services), and Co$ting Nature.
文摘The preservation/restoration of natural environment is usually entailing high cost mostly paid by citizens through taxes.The effect of these taxes is double. The direct effect is the obvious additional income for the State, and the indirect effect is anadditional income for the citizen, due to increasing tourism. Since the evaluation of this good cannot be in market terms, authorsapply a modified CVM （Contingent Valuation Method）, which is part of Experimental Economics, in order to find out the order ofconcern that people have about natural environment. Authors also, try to investigate their WTP （Willingness To Pay） for supportingactivities for preservation/restoration of three lakes in Northern Greece, in particular, lake of Ioannina, lake of Florina and lake ofKastoria. For the purpose of this research, authors use parametric and non-parametric approaches, as well as Linear Regression andLogic Models.
文摘The“social contract”is the most famous philosophical text of Zac Jacques Roussos,which was to influence the intellectual and political movement of the 18th century.By publishing the“social contract”or“Civil Law Principles”in 1762,Rousseau,presenting his theory of the state and seeking the foundation of civil society,attempts to expose the conditions of a stable and just state by putting freedom as a precondition for law and the common good must be lawful.A central place in its political theory is the concept of general will,which is in the general interest(otherwise the common good)and on which the idea of a favored constitutional state is based.We estimate approximately the size of the external economy by the method of the Contingent Valuation Method(CVM).The Contingent Valuation Method(CVM)is a survey-based technique,frequently used in Experimental Economics,especially useful for the valuation of non-market resources/goods/services,and cultural heritage objects(of aesthetic,historic,scientific,or social value),such as conservation of monumental remains and preservation of the physical and anthropogenic environment.
