Abstract
This report is concerned with the valuation of animal-health programs where cost and economic benefits are realized over time. Standard financial valuation formulae are presented to account for the risk-free time value (opportunity value) of future cash flows. These standard formulae are transformed to consider survivability of an investment in the herd environment. The resulting valuation formulae use estimates of the instantaneous culling rate to adjust the discount factor to incorporate risk of investment loss (animal culling). The formulae are simple to implement in the field and require data that are commonly available through most herd-health monitoring programs.
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