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Monetary Value (monetary + value)
Selected AbstractsConfronting Uncertainty and Missing Values in Environmental Value Transfer as Applied to Species ConservationCONSERVATION BIOLOGY, Issue 5 2010SONIA AKTER conservación de especies; error de transferencia; incertidumbre; transferencia de valor ambiental; valores de no uso Abstract:,The nonuse (or passive) value of nature is important but time-consuming and costly to quantify with direct surveys. In the absence of estimates of these values, there will likely be less investment in conservation actions that generate substantial nonuse benefits, such as conservation of native species. To help overcome decisions about the allocation of conservation dollars that reflect the lack of estimates of nonuse values, these values can be estimated indirectly by environmental value transfer (EVT). EVT uses existing data or information from a study site such that the estimated monetary value of an environmental good is transferred to another location or policy site. A major challenge in the use of EVT is the uncertainty about the sign and size of the error (i.e., the percentage by which transferred value exceeds the actual value) that results from transferring direct estimates of nonuse values from a study to a policy site, the site where the value is transferred. An EVT is most useful if the decision-making framework does not require highly accurate information and when the conservation decision is constrained by time and financial resources. To account for uncertainty in the decision-making process, a decision heuristic that guides the decision process and illustrates the possible decision branches, can be followed. To account for the uncertainty associated with the transfer of values from one site to another, we developed a risk and simulation approach that uses Monte Carlo simulations to evaluate the net benefits of conservation investments and takes into account different possible distributions of transfer error. This method does not reduce transfer error, but it provides a way to account for the effect of transfer error in conservation decision making. Our risk and simulation approach and decision-based framework on when to use EVT offer better-informed decision making in conservation. Resumen:,El valor de no uso (o pasivo) de la naturaleza es importante pero su cuantificación con muestreos pasivos consume tiempo y es costosa. En ausencia de estimaciones de estos valores, es probable que haya menos inversión en acciones de conservación que generen beneficios de no uso sustanciales, tal como la conservación de especies nativas. Para ayudar a superar decisiones respecto a la asignación de dólares para conservación que reflejan la carencia de estimaciones de los valores de no uso, estos valores pueden ser estimados indirectamente por la transferencia de valor ambiental (TVA). La transferencia de valor ambiental utiliza datos existentes o información de un sitio de estudio de tal manera que el valor monetario estimado de un bien ambiental es transferido a otro sitio. Un reto mayor en el uso de TVA es la incertidumbre sobre la señal y el tamaño del error (i.e., el porcentaje en que el valor transferido excede al valor actual) que resulta de la transferencia de estimaciones directas de los valores de no uso de un sitio de estudio a uno político, el sitio adonde el valor es transferido. Una TVA es más útil si el marco de toma de decisiones no requiere información muy precisa y cuando la decisión de conservación está restringida por tiempo y recursos financieros. Para tomar en cuenta la incertidumbre en el proceso de toma de decisiones, se puede seguir una decisión heurística que guie el proceso de decisión e ilustre sobre las posibles ramificaciones de la decisión. Para tomar en cuenta la incertidumbre asociada con la transferencia de valores de un sitio a otro, desarrollamos un método de riesgo y simulación que utiliza simulaciones Monte Carlo para evaluar los beneficios netos de las inversiones de conservación y que considera posibles distribuciones diferentes de la transferencia de error. Este método no reduce el error de transferencia, pero proporciona una manera para considerar el efecto del error de transferencia en la toma de decisiones de conservación. Nuestro método de riesgo y simulación y el marco de referencia basado en decisones sobre cuando utilizar TVA permiten la toma de decisiones en conservación más informadas. [source] Should we measure corporate social responsibility?CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, Issue 1 2003Dr Jouni Korhonen This paper is critical towards efforts that try and measure corporate social responsibility (CSR). A critical approach can be important for the development of the theory of the emerging field of corporate social responsibility. A critical and provocative approach can generate discussion and debate. Three main points of critique are presented toward the current efforts in the literature to measure corporate contributions to economic, social and ecological sustainability. First, the use of the concepts of eco-efficiency and eco-efficacy in measuring corporate contributions to sustainability are criticized from the viewpoint of the complementarity relation of human-manufactured capital, natural capital and social sustaining functions. Second, the use of measures that focus on an individual process or an individual company are reconsidered with an approach to industrial and firm networks. Third, the use of the monetary value is reconsidered, e.g. by suggesting an approach based on physical material and energy flows and on a new paradigmatic foundation for social responsibility. The social and ecological indicators illustrating the social and environmental impacts of economic activity and of firms can be combined with economic indicators, but not expressed in monetary terms. Copyright © 2003 John Wiley & Sons, Ltd. and ERP Environment. [source] Effects of varying the monetary value of voucher-based incentives on abstinence achieved during and following treatment among cocaine-dependent outpatientsADDICTION, Issue 2 2007Stephen T. Higgins ABSTRACT Aims This study examined whether increasing the amount of abstinence achieved during outpatient treatment for cocaine dependence is an effective method for increasing longer-term cocaine abstinence. Design A two-condition, parallel groups, randomized controlled trial was conducted. Setting The trial was conducted in a university-based research clinic. Participants A total of 100 cocaine-dependent outpatients participated in the trial. Intervention Participants were assigned randomly to receive treatment based on the community reinforcement approach (CRA) plus voucher-based incentives set at a relatively high monetary value (maximal value = $1995/12 weeks) or CRA with vouchers set at a relatively low monetary value (maximal value = $499/12 weeks). Vouchers were earned contingent on cocaine-negative urinalysis results during the initial 12 weeks of the 24-week outpatient treatment. Measurements Outcomes were evaluated using urine-toxicology testing, questionnaires and other self-report instruments. Findings Increasing voucher value increased the duration of continuous cocaine abstinence achieved during the 24-week treatment period. Point-prevalence cocaine abstinence assessed every 3 months throughout an 18-month follow-up period was greater in the high- than low-value voucher conditions. The duration of abstinence achieved during treatment predicted abstinence during follow-up, although that relationship weakened over time. Conclusions Increasing the value of abstinence-contingent incentives during the initial weeks of treatment appears to represent an effective method for increasing during-treatment and longer-term cocaine abstinence, but the positive association of during-treatment abstinence with longer-term outcome dissipates with time. [source] Estimating the monetary value of health care: lessons from environmental economicsHEALTH ECONOMICS, Issue 1 2003Nick Hanley In the recent past, considerable effort in health economics has been made on applying stated preference methods such as contingent valuation and choice experiments. Despite this increased use, there is still considerable scepticism concerning the value of these approaches. The application of contingent valuation in environmental economics has a long history and has been widely accepted. Whilst choice experiments were introduced to the environmental and health economics literature at a similar time, the wider acceptance of monetary measures of benefit in environmental economics has meant that they have also been more widely applied. The purpose of this paper is to identify some of the key issues and debates that have taken place in the environmental economics literature, summarise the state of the art with respect to these issues, and consider how health economists have addressed these issues. Important areas for future research in health economics are identified. Copyright © 2002 John Wiley & Sons, Ltd. [source] The benefits of switching smoking cessation drugs to over-the-counter statusHEALTH ECONOMICS, Issue 5 2002Theodore E. Keeler This paper provides an analysis of the benefits to society from the conversion of nicotine replacement drugs (nicotine patches and gum) in 1996 from sale by prescription only in the United States to over-the-counter (OTC) sales. To estimate these benefits, we first estimate statistical demand functions for nicotine patches and gum. Second, we calculate the effects of OTC conversion on sales of each type of nicotine replacement drug. Third, we survey the literature on the effects of nicotine replacement drugs on total quits of cigarette smoking. Fourth, we survey the literature on the effects of quits achieved on expected lifespan, and on the estimated monetary value of longer lives from smoking cessation. Finally, we use all this evidence to calculate the value of the social benefits of the OTC conversion to the US. As a result of the OTC conversion, consumption of nicotine replacement drugs has increased substantially, by 78,92% for nicotine patches and 180% for nicotine gum. We estimate that the resulting increase in smoking cessation generated annual net social benefits of the order of magnitude of $1.8,2 billion, based on conservative estimates both of the number of quits achieved and the value of added quality-adjusted life years from the reduced smoking. Copyright © 2002 John Wiley & Sons, Ltd. [source] Application of multicriteria decision analysis in environmental decision makingINTEGRATED ENVIRONMENTAL ASSESSMENT AND MANAGEMENT, Issue 2 2005Gregory A. Kiker Abstract Decision making in environmental projects can be complex and seemingly intractable, principally because of the inherent trade-offs between sociopolitical, environmental, ecological, and economic factors. The selection of appropriate remedial and abatement strategies for contaminated sites, land use planning, and regulatory processes often involves multiple additional criteria such as the distribution of costs and benefits, environmental impacts for different populations, safety, ecological risk, or human values. Some of these criteria cannot be easily condensed into a monetary value, partly because environmental concerns often involve ethical and moral principles that may not be related to any economic use or value. Furthermore, even if it were possible to aggregate multiple criteria rankings into a common unit, this approach would not always be desirable because the ability to track conflicting stakeholder preferences may be lost in the process. Consequently, selecting from among many different alternatives often involves making trade-offs that fail to satisfy 1 or more stakeholder groups. Nevertheless, considerable research in the area of multicriteria decision analysis (MCDA) has made available practical methods for applying scientific decision theoretical approaches to complex multicriteria problems. This paper presents a review of the available literature and provides recommendations for applying MCDA techniques in environmental projects. A generalized framework for decision analysis is proposed to highlight the fundamental ingredients for more structured and tractable environmental decision making. [source] Zero acquaintance benchmarking at travel destination websites: what is the first impression that national tourism organizations try to make?INTERNATIONAL JOURNAL OF TOURISM RESEARCH, Issue 6 2006Jee-Hee Han Abstract This paper examines the marketing effectiveness of hospitality and tourism websites. An extensive review of literature on website effectiveness in hospitality and tourism revealed a total of 47 different instruments that have been used to evaluate hospitality and tourism websites. Using the grounded theory technique, a website evaluation tool called the online promotion evaluation instrument was developed with the aim of condensing the 47 existing tools into one benchmarked instrument with applicability across the various hospitality and tourism sectors. The developed online promotion evaluation instrument comprised three main features,aesthetics features (destination visualisation and Web design); informative features (uniqueness, monetary value and cultural promotion); and interactive features (e-travel planners and online communities). The instrument was tested using a random sample of 25 National Tourism Organization websites worldwide. The results of the instrument development and testing process are presented in this paper with directions for future research in website evaluation. Copyright © 2006 John Wiley & Sons, Ltd. [source] The Measuring Rod of Time: The Example of Swedish Day-finesJOURNAL OF APPLIED PHILOSOPHY, Issue 2 2007LINA ERIKSSON abstract,Time is money', Benjamin Franklin's ,Poor Richard' tells us. But instead of converting time expenditures into monetary equivalents, it makes more sense in many cases to convert money into temporal equivalents. The difficulty in putting a monetary value on time in unpaid household labour, when adjusting the National Accounts, points to the problems of the first approach. The advantages of the latter approach are illustrated by the Swedish system of specifying criminal fines in terms of the number of days the offender would have to work to pay them off. [source] THE TEN COMMANDMENTS FOR OPTIMIZING VALUE-AT-RISK AND DAILY CAPITAL CHARGESJOURNAL OF ECONOMIC SURVEYS, Issue 5 2009Michael McAleer Abstract Credit risk is the most important type of risk in terms of monetary value. Another key risk measure is market risk, which is concerned with stocks and bonds, and related financial derivatives, as well as exchange rates and interest rates. This paper is concerned with market risk management and monitoring under the Basel II Accord, and presents Ten Commandments for optimizing value-at-risk (VaR) and daily capital charges, based on choosing wisely from (1) conditional, stochastic and realized volatility; (2) symmetry, asymmetry and leverage; (3) dynamic correlations and dynamic covariances; (4) single index and portfolio models; (5) parametric, semi-parametric and non-parametric models; (6) estimation, simulation and calibration of parameters; (7) assumptions, regularity conditions and statistical properties; (8) accuracy in calculating moments and forecasts; (9) optimizing threshold violations and economic benefits; and (10) optimizing private and public benefits of risk management. For practical purposes, it is found that the Basel II Accord would seem to encourage excessive risk taking at the expense of providing accurate measures and forecasts of risk and VaR. [source] MODERN SOVEREIGNTY IN QUESTION: THEOLOGY, DEMOCRACY AND CAPITALISMMODERN THEOLOGY, Issue 4 2010ADRIAN PABST This essay argues that modern sovereignty is not simply a legal or political concept that is coterminous with the modern nation-state. Rather, at the theoretical level modern sovereign power is inscribed into a wider theological dialectic between "the one" and "the many". Modernity fuses juridical-constitutional models of supreme state authority with a new, "biopolitical" account of power whereby natural life and the living body of the individual are the object of politics and are subject to state control (section 1). The origins of this dialectic go back to changes within Christian theology in the late Middle Ages and the early modern period. In particular, these changes can be traced to Ockham's denial of the universal Good in things, Suárez's priority of the political community over the ecclesial body and Hobbes's "biopolitical" definition of power as state dominion over life (section 2). At the practical level, modern sovereignty has involved both the national state and the transnational market. The "revolutions in sovereignty" that gave rise to the modern state and the modern market were to some considerable extent shaped by theological concepts and changes in religious institutions and practices: first, the supremacy of the modern national state over the transnational papacy and national churches; second, the increasing priority of individuality over collectivity; third, a growing focus on contractual proprietary relations at the expense of covenantal ties and communal bonds (section 3). By subjecting both people and property to uniform standards of formal natural rights and abstract monetary value, financial capitalism and liberal secular democracy are part of the "biopolitical" logic that subordinates the sanctity of life and land to the secular sacrality of the state and the market. In Pope Benedict's theology, we can find the contours of a post-secular political economy that challenges the monopoly of modern sovereignty (sections 4,5). [source] Resource use and costs in a Swedish cohort of patients with Parkinson's diseaseMOVEMENT DISORDERS, Issue 6 2002Peter Hagell RN Abstract We estimated resource use and costs in patients with Parkinson's disease (PD), thereby providing baseline data for future economic evaluations of therapeutic interventions. Data were collected from medical records of a South Swedish cohort of 127 PD patients during 1 year (1996) and a mailed questionnaire inquiring about cost-related consequences and resource use in 1996 and in 2000. Annual costs were calculated based on prevalence and expressed in SEK (monetary value of the year 2000). Direct health care costs averaged approximately SEK 29,000 (,USD 2,900; EUR 3,200) per patient per year, of which drugs were the most costly component. Nonmedical direct costs were higher than direct health care costs, averaging approximately SEK 43,000 (,USD 4,300; EUR 4,800) per patient per year, and costs due to lost production were approximately SEK 52,000 (,USD 5,200; EUR 5,800) per patient per year. The mean total annual cost for PD in our sample approximated SEK 124,000 (,USD 12,400; EUR 13,800) per patient. These findings are roughly within the same range as estimates from other countries and show that PD causes a considerable societal burden. In addition to other outcomes, evaluations of the economic implications of new therapeutic interventions are highly warranted. In this perspective, the present study provides valuable baseline data. © 2002 Movement Disorder Society [source] Information security: Designing a stochastic-network for throughput and reliability,,NAVAL RESEARCH LOGISTICS: AN INTERNATIONAL JOURNAL, Issue 7 2009Jeffrey Schavland Abstract Todas information and communication network requires a design that is secure to tampering. Traditional performance measures of reliability and throughput must be supplemented with measures of security. Recognition of an adversary who can inflict damage leads toward a game-theoretic model. Through such a formulation, guidelines for network designs and improvements are derived. We opt for a design that is most robust to withstand both natural degradation and adversarial attacks. Extensive computational experience with such a model suggests that a Nash-equilibrium design exists that can withstand the worst possible damage. Most important, the equilibrium is value-free in that it is stable irrespective of the unit costs associated with reliability vs. capacity improvement and how one wishes to trade between throughput and reliability. This finding helps to pinpoint the most critical components in network design. From a policy standpoint, the model also allows the monetary value of information-security to be imputed. © 2009 Wiley Periodicals, Inc. Naval Research Logistics, 2009 [source] Being a pretty good citizen: an analysis and monetary valuation of formal and informal voluntary work by gender and educational attainment1THE BRITISH JOURNAL OF SOCIOLOGY, Issue 1 2008Muriel Egerton Abstract This paper is set in the context of macrosocial/macroeconomic theories of the organization of both paid and unpaid work. The specific topic investigated is engagement in unpaid voluntary work, an activity which is thought to be important for social cohesion, civil society and citizenship. Research on the sources of social cohesion has focused on organizational membership and voluntary organization activity. There has been little investigation of informal helping of non-resident kin, friends or acquaintances, an activity which is not measured in most social surveys but is measured in time use surveys. Previous research shows that the highly educated are more likely to engage in formal voluntary organizations and data from the UK 2000 HETUS survey confirm that the highly educated spend more time on formally organised voluntary work. However, the less qualified, particularly women, spend more time on extra-household unpaid helping activities. Since both types of voluntary work are partly dependent on available time, these findings are modelled adjusting for time allocated to paid work, study, family and personal care. The findings remain statistically significant. Drawing on work carried out by the Office for National Statistics, a monetary value is placed on both formally organized and informal voluntary work. Although the median wage rates for formal voluntary work are greater than those for informal helping, the latter is greater in frequency and duration and therefore more economically valuable from a population perspective. This finding is discussed in the light of recent debates on citizenship and gender. [source] The costs and benefits of land fragmentation of rice farms in Japan,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 4 2010Kentaro Kawasaki Land fragmentation, in which a farm operates multiple, separate plots of land, is a common phenomenon in Japan and many other countries. Usually, land fragmentation is regarded as a harmful phenomenon as it increases production costs and reduces the advantages of scale economies. However, it is also known that fragmentation may have beneficial effects in reducing risk through spatial dispersion of plots. Thus, land fragmentation has both costs and benefits, and whether it is beneficial or harmful is determined by the magnitude of these costs and benefits. This article investigates the costs and benefits of land fragmentation empirically using panel data from Japanese rice farms. The empirical results reveal that fragmentation increases production costs and offsets economies of size, and these impacts strengthen as farm size increases. Moreover, although fragmentation does reduce production risk, its monetary value is far below the cost of land fragmentation. From these findings, we conclude that land fragmentation is an impediment to efficient rice production in Japan. [source] Developing a relativities approach to valuing the prevention of non-fatal work-related accidents and ill healthHEALTH ECONOMICS, Issue 11 2005Jonathan Karnon Abstract The aim of the current explorative study is to define and test a process for the valuation of the benefits associated with the prevention of non-fatal work-related accidents and ill health. A relativities approach is adopted, and monetary values for the prevention of three forms of work-related illness are estimated. The approach involves describing relevant attributes of alternative events (accidents or occurrences of ill health), their causes, the characteristics of the relevant working population, and the number of events that are avoidable, and asking respondents to make pair wise choices between alternatives options for prevention. Indirect monetary valuations are obtained against a peg event for which a reliable valuation exists (road deaths). A series of discussion groups were held to identify relevant factors affecting potential valuations and to test the presentation of information. The predicted magnitude of responses for three-case study events (and road deaths) was estimated in a pilot study. These preliminary stages informed the final survey instrument that described five attributes in addition to a statement of the event and occupation, and the likely intervention effect, which was administered by post. Based on a small sample, the results show that virtually all respondents passed the inserted consistency test. The median respondent altered their choice according to the number of events avoided for all three comparisons, such that the estimated valuations appear sensible. Potential amendments are suggested, but the general relativities approach warrants further investigation for the valuation of non-fatal work-related accidents and ill health. Copyright © 2005 John Wiley & Sons, Ltd. [source] The use of willingness-to-pay approaches in mammal conservationMAMMAL REVIEW, Issue 2 2001Piran C. L. White ABSTRACT With limited monetary resources available for nature conservation, policy-makers need to be able to prioritize conservation objectives. This has traditionally been done using qualitative ecological criteria. However, since declines in species and habitats are largely the result of socio-economic and political forces, human preferences and values should also be taken into account. An environmental economics technique, contingent valuation, provides one way of doing this by quantifying public willingness-to-pay towards specific conservation objectives. In this paper, the use of this approach for quantifying public preferences towards the UK Biodiversity Action Plans for four different British mammal species is considered. The species included are the Red Squirrel Sciurus vulgaris, the Brown Hare Lepus europaeus, the Otter Lutra lutra and the Water Vole Arvicola terrestris. Willingness-to-pay for conservation was increased by the inclusion of the Otter among the species, membership of an environmental organization and awareness of the general and species-specific threats facing British mammals. It was reduced by the presence of the Brown Hare among the species being considered. These findings for British mammals are compared with other willingness-to-pay studies for mammal conservation worldwide. Willingness-to-pay tends to be greater for marine mammals than terrestrial ones, and recreational users of species (tourists or hunters) are generally more willing than residents to pay towards species conservation. The choice of technique for eliciting willingness-to-pay from respondents is also shown to be highly significant. Willingness-to-pay values for British mammals derived from contingent valuation are sensitive to the species included rather than merely symbolic. This indicates that, with care, such measures can be used as a reliable means of quantifying public preferences for conservation, and therefore contributing to the decision-making process. However, irrespective of the internal consistency of contingent valuation, the validity of the approach, especially for use in nature conservation, is disputed. Willingness-to-pay is likely to reflect many interrelated factors such as ethical and moral values, knowledge and tradition, and monetary values may not be an adequate representation of these broader considerations. Willingness-to-pay approaches should therefore be used in addition to, rather than in place of, expert judgements and more deliberative approaches towards policy decision-making for conservation. [source] | |||||||||||||||||||