Valuation Method Research Articles

The Short Form 6 Dimensions (SF-6D): Development and Evolution.

This paper considers the development and evolution of the short-form 6 dimensions (SF-6D), a generic preference-weighted measure consisting of a health classification with accompanying value set that was developed from one of the widest used health related quality of life measures, the SF-36 health survey. This enabled health state utility values to be directly generated from SF-36 and SF-12 data for a range of purposes, including to produce quality adjusted life years for use in economic evaluation of healthcare interventions across a range of different conditions and treatments. This paper considers the rationale for the development of the measure, the development process, performance and how the SF-6D has evolved since its conception. This includes the development of an updated version, SF-6D version 2 (SF-6Dv2), which was generated to deal with some criticisms of the first version, and now includes a standalone version for inclusion in studies without relying on use of SF-36 or SF-12. Valuation methods have also evolved, from standard gamble in-person interviews to online discrete choice experiment surveys. International work related to the SF-6Dv1 and SF-6Dv2 is considered. We also consider recommendations for use, highlighting key psychometric evidence and reimbursement agency recommendations.

An Analysis of the Investment Value of Marriott International in Post-pandemic Era

Abstract: The COVID-19 has had a negative impact on the global economy, and the hotel industry has also been impacted. In the post-pandemic era, the hotel industry has entered a recovery phase. Taking Marriott, an internationally renowned hotel, as a case study, this paper uses SWOT analysis, financial analysis and relative valuation methods to study the development situation and investment value of the hotel after the epidemic. The analysis shows that Marriott has a fast recovery speed, strong operational capabilities, and obvious competitive advantages, but it is vulnerable to the negative impact of external environmental turbulence on its own revenue. This paper provides investors with a reference to Marriott's post-pandemic financial health, while suggesting areas for improvement for Marriott hotels.

Research on Audit Risks in the Recognition of Data Assets on Financial Statements

This paper explores the audit risks associated with the recognition of data assets on financial statements, focusing on the complexities arising from their replicability, unique valuation patterns, and contextual dependencies. It identifies major misstatement risks at both the financial statement and assertion levels, including the potential for management to exaggerate data asset values, uncertainties in valuation methods, and deficiencies in data governance and internal controls. Additionally, auditors’ lack of professional knowledge and inappropriate audit methods can lead to inspection risks. The paper emphasizes the urgent need for enhanced accounting standards for data assets, effective guidelines for their recognition and measurement, and robust internal controls. Furthermore, it advocates for the exploration of effective valuation methods and the incorporation of advanced technologies, such as big data and AI, into auditing practices. By improving auditor training and methodologies, organizations can better manage the inherent risks associated with data asset auditing.

Investment Feasibility Analysis Using Discounted Cash Flow Valuation Method (Case Study: Gold Mine in Pit A PT XYZ)

Investment in the mining sector carries a high risk, so a comprehensive financial evaluation is required to ensure project feasibility. This study assesses the financial feasibility of gold mining investment in Pit A, PT XYZ, for the period 2025 to 2036. The purpose of this study is to evaluate the feasibility of the project through the analysis of key financial indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PBP) using the Discounted Cash Flow (DCF) method. The DCF method was chosen due to its ability to project future cash flows and incorporate them into a comprehensive assessment of the potential benefits and risks of the project. In addition, sensitivity analysis was conducted to see the effect of changes in important variables such as revenue, cost of goods sold (COGS), and capital expenditure (capex) on the financial results of the project. The results show that the project is financially viable, with a positive NPV of US$404.16 million, an IRR of 52.10%, and a PBP of 3.32 years, all of which indicate a strong return on investment. Further sensitivity analysis shows that the project remains robust under various scenarios of changes in key variables. This study contributes to the investment evaluation literature in the mining sector by offering a more integrated approach to addressing investment uncertainty and risk through the combined use of the DCF method and sensitivity analysis.

Beyond aquifer boundaries: unveiling the multi-dimensional value of groundwater management in Jeju, Korea

ABSTRACT This paper presents a comprehensive analysis of groundwater valuation in Jeju Island, Korea, which relies heavily on groundwater resources. The research addresses the limitations of conventional valuation methodologies that often undervalue groundwater management and ignore spatial heterogeneity. We employ three non-market valuation aggregation methods: local benefit, national benefit, and a combined heterogeneous benefit approach. The heterogeneous benefit approach divides the population into groups based on their distinct groundwater valuations and then consolidates their willingness to pay. Using a contingent valuation method, we analyze survey data from 542 respondents in Jeju and 1,000 respondents nationwide to capture the comprehensive value of improving groundwater quality, considering both local and non-local dependencies. Results show that national benefits exceed local benefits by a factor of 21.4, and this disparity increases to 21.6 when spatial heterogeneity is included. These findings highlight a significant underestimation in previous studies focusing solely on local beneficiaries. Our approach enhances understanding of the varied values attributed to groundwater by different populations, providing crucial insights for sustainable water resource management

Research on the Investment Value of BYD Based on SWOT, Financial, and Valuation Methods

Against the backdrop of environmental degradation, green energy transformation is a strategic measure to address climate change and promote green development. The new energy vehicle industry is experiencing an unprecedented period of rapid growth. As a leading player in this sector, BYD's development is virtually representative of the Chinese new energy vehicle industry. SWOT analysis, financial analysis, and valuation analysis are crucial criteria for assessing the development status of a company. Through the analysis of profitability, operational capability, and P/E ratio data, the development status, operational capability, market competitiveness, and growth potential of a company can be directly reflected. The results show vertical integration of supply chain and cost advantage is the main strength of BYD, however it has the weakness of excessive dependence on Chinese government subsidies. From the perspective of financial performance, it has great profitability and its operating capacity situation is good. Moreover, the valuation shows it is worth for investment. This provides decision-makers with information and suggestions on enterprise management, investment, and financing, helping investors and managers make rational decisions.

Review of ecological valuation and equivalency analysis methods for assessing temperate nearshore submerged aquatic vegetation.

Nearshore seagrass, kelp, and other macroalgae beds (submerged aquatic vegetation [SAV]) are productive and important ecosystems. Mitigating anthropogenic impacts on these habitats requires tools to quantify their ecological value and the debits and credits of impact and mitigation. To summarize and clarify the state of SAV habitat quantification and available tools, we searched peer-reviewed literature and other agency documents for methods that either assigned ecological value to or calculated equivalencies between impact and mitigation in SAV. Out of 47 tools, there were 11 equivalency methods, 7 of which included a valuation component. The remaining valuation methods were most commonly designed for seagrasses and rocky intertidal macroalgae rather than canopy-forming kelps. Tools were often designed to address specific resource policies and associated habitat evaluation. Frequent categories of tools and methods included those associated with habitat equivalency analyses and those that scored habitats relative to reference or ideal conditions, including models designed for habitat suitability indices and the European Union's Water and Marine Framework Directives. Over 29 tool input metrics spanned 3 spatial scales of SAV: individual shoots or stipes, bed or site, and landscape or region. The most common metric used for both seagrasses and macroalgae was cover. Seagrass tools also often employed density measures, and some categories used measures of tissue content (e.g., carbon, nitrogen). Macroalgal tools for rocky intertidal habitats frequently included species richness or incorporated indicator species to assess habitat. We provide a flowchart for decision-makers to identify representative tools that may apply to their specific management needs.

Externalities on The Conversion of Mangrove into Salt Pond in Bipolo Village, Sulamu District, Kupang Regency, East Nusa Tenggara

The utilization of mangrove forest land for the expansion of salt pond areas with the aim of increasing salt production in Bipolo Village causes the loss of economic value of marine biota in the mangrove ecosystem. Mangrove ecosystem resources that are utilized as salt ponds if not accompanied by a rehabilitation process will cause a decrease in the function of the mangrove ecosystem. This will later become a challenge as well as create externalities that need attention from the Kupang district government in regulating the utilization of the mangrove ecosystem in Bipolo Village. This study aims to analyze the positive and negative externality values ??resulting from the development of salt pond businesses in Bipolo Village, Sulamu District, Kupang Regency. To determine the positive and negative externality values ??using the economic valuation method. Based on the results of the study, it is known that the salt pond business in Bipolo Village provides a negative externality value of Rp. 21,439,466,084 and a positive externality value of Rp. 235,280,000 which means that the opening of salt pond land has caused losses from the ecological side of the mangrove which is quite large compared to the benefits obtained.

Economic Assessment of Meteorological Information Services for Capture Fisheries in Taiwan

This study evaluates the economic benefits of meteorological information services (MISs) provided by the Central Weather Administration (CWA) in Taiwan, specifically for Taiwan’s capture fishery industry. Using the contingent valuation method (CVM) and conducting in-person interviews, we collected questionnaires from capture fishery practitioners nationwide to gather their subjective evaluations of the meteorological information services provided by the CWA. Based on these evaluations, we further investigated the respondents’ willingness to pay (WTP) for the CWA’s meteorological information services. An empirical analysis of the bid function was conducted to identify the key factors influencing the respondents’ bidding behavior. The empirical findings indicate that the primary factors affecting bids include subjective perceptions (such as forecast accuracy ratings and the ratings of the impacts on fishing production), working location, fishing vessel tonnage, and fishing methods. The median WTP for Taiwanese capture fishery practitioners is Taiwan dollar (TWD) 2111.12 per person per year. Based on the number of capture fishery practitioners in Taiwan in 2019, the total annual economic value of applying MIS in coastal and offshore fisheries is estimated to be between TWD 376 million and TWD 496 million per year.

Visceral value: Nature-based recreation and embodied more-than-capitalist practices on United States Forest Service trails

On United States public lands, large-scale structural capitalocentric valuations are at odds with the embodied non-monetary valuations expressed by nature-based recreators. Valuing United States Forest Service lands through a capitalocentric lens does not account for the more-than-capitalist (MtC) valuations occurring within these sites, and has facilitated large-scale selloffs and reduction of these lands for commercial and extractive purposes. Capitalocentric valuations often fail to express the local, embodied, and intimate valuations of nature in these spaces. These lands are covered by the US public lands multiple-use mandate which defines recreational access as equal in importance to that of natural resource extraction. However, in practice, recreational and non-extractive (ie. non-monetary) access is not well represented in valuation methods, and its true value is not reported and recognized as equally valuable against corporate and national capitalocentric monetary valuations. So recreational, non-monetary, and local valuations of US public lands are un-accounted for or under- represented in large-scale structural valuations of US public lands. This article argues that nature-based trail recreators actually value US public lands via non-monetary visceral value – valuation strategies that are rooted in intimate and embodied interactions with nature – directly challenging the strictly monetary value given to these lands by national and corporate entities. The article develops the concept of visceral value in MtC valuations, using the embodied experiences of nature-based recreators using USFS trails. Rescaling the assessment of value to the site of the individual recreator body directly confronts capitalocentric urges to universalize all used, usable and potential resources into monetary, extractive, production or labor use-values.

Italian winegrowers’ Acceptance of result-based agri-environmental schemes

Abstract As the debate around the cost-effectiveness of agri-environmental schemes (AES) is growing at the European level, researchers and policymakers are exploring the potential of result-based AES. Result-based AES initiate payments only if pre-defined environmental outcomes are achieved, thus increasing risks for farmers. Using a contingent valuation method, we investigated Italian winegrowers’ acceptance and intensity of participation in a result-based AES targeted at pollinators’ conservation in vineyards. We focused on the role of farmers’ behavioural factors and risk attitudes in driving the acceptance. Results show that, among the 222 farmers who completed the survey, 71 per cent of participants are willing to participate in such a scheme. Non-participation is associated with a high perceived bureaucratic burden. Risk also plays a significant role, as the perceived risk of the scheme decreases the likelihood of enrolment, while risk-seeking farmers are more likely to participate. We found no evidence of risk affecting the intensity of participation. In contrast, while a treatment of a randomly assigned rare-species bonus did not affect the scheme's overall acceptance, it positively influenced intensity. Behavioural factors appear to be related to both acceptance and intensity. Considering this, we suggest strategies to encourage farmer participation in result-based AES.

Nilai Ekonomi Pengelolaan Hutan Lindung Blok Kawae KH. Maria/RTK 25 BKPH Maria Donggomasa Dinas LHK Provinsi NTB

One part of the Sari watershed, which was a strategic area for Bima City, was the Kawae Block protected forest area. This forest area acted as a catchment area for the Bima City Region and supports the lives of the people of Wawo, Bima Regency and its surroundings. In the last decade, the Kawae Block protected forest area has come under pressure from vulnerability in several ways, especially pressure from destruction due to illegal logging and encroachment on forest areas for farming of seasonal crops (corn). The aim of this research were to analyze the factors that directly cause damage and the economic value of damage as well as the economic value of potential natural resources in the Kawae Block Protected Forest Area. This research was conducted in the Kawae KH Block Protected Forest Area. Maria/RTK 25 BKPH Maria Donggomasa Provincial LHK Service. NTB with an area of 1,500 hectares. The sample used was 210 respondents. The variables used in this research were the price value of NTFPs and the price value of water to calculate the value of direct benefits of forest areas, ecological benefits, flood control and carbon emission reduction/carbon credits to calculate the value of indirect benefits of areas and the value of biodiversity to calculate the value of selected benefits. Data analysis was carried out for regional economic valuation using the total economic value valuation method (Total Economic Value). The research resulted in the factors that directly cause damage to the area; they were land burning, encroachment on areas for agricultural land for seasonal crops/corn, excessive community management, rosewood theft/illegal logging and opening of farming roads. Meanwhile, the total economic value of the HL Kawae Block area was IDR. 61,135,306,500,-. The economic value resulting from sustainable forest management is much more profitable than the results of cultivating seasonal crops (especially corn).

Transfusion burden and willingness to pay for temporary alleviation of anemia status in transfusion-dependent beta-thalassemia patients in China

BackgroundTransfusion-dependent β-thalassemia (TDT) is one of the global public health concerns highlighted by the World Health Organization. Patients with TDT require regular blood transfusion to survive. However, the availability of blood resources is extremely limited. The purpose of this study was to investigate transfusion burden and willingness to pay (WTP) for temporary remission of anemia status among patients with TDT and to explore the associated factors.MethodsAdult patients with TDT were recruited through cluster sampling across several high-incidence provinces in China. Consenting patients completed online questionnaires on demographic information, transfusion burden and WTP with real-time WeChat communication assistance from researchers. The guiding techniques of double-bounded dichotomous choices and open-ended questions in the contingent valuation method (CVM) were used to obtain participants’ WTP for 1 unit of leukocyte-depleted red blood cells. WTP calculations were performed using maximum likelihood estimation, with further insights gained through subgroup analysis based on gender, family monthly income level and convenience of blood transfusion.ResultsThe analysis included 149 TDT patients from five high-incidence provinces, with an average monthly income of $198.5. Patients received an average of 3.7 units per transfusion, 15.4 times annually, with an average WTP of $70.4 per unit (95% CI [62.0, 78.9]). Estimated WTP for temporary anemia alleviation per transfusion totaled $260.6, exceeding monthly income by 1.32 times. Higher WTP was observed among males, higher-income households, and those with at least junior education. Lower WTP was noted among patients with lower transfusion volumes and those needing to travel for transfusion or during hospitalization for blood transfusion.ConclusionHigh WTP indicated a strong desire for temporary anemia relief. Most TDT patients faced significant economic and transfusion burden. The evident gap in meeting clinical needed underscores the urgent demand for innovative treatments to reduce transfusion dependency, potentially transforming TDT care and improving socioeconomic well-being and clinical outcomes. These findings supported evidence-based decision-making for TDT pharmacoeconomics and efficient healthcare resource allocation in China.

The bibliometric survey of the valuation of environmental and heritage resources

Natural resources are essential for the development of capitalist societies, and for a long time, there was a belief that, due to their abundance and the false notion that they were inexhaustible, the scientific production concerning the limits of their use was neglected. Environmental valuation emerges as a tool to assign economic value to natural resources and ecosystem services, facilitating financial compensation for their degradation and encouraging sustainable practices. This article analyzes the methods of environmental and heritage valuation, focusing on scientific publications between 2012 and 2022, using data from CAPES and BDTD. The research employs keywords to identify and analyze relevant publications, offering a comprehensive overview of techniques and trends in the field.

Comprehensive Review on Valuation Method for Bill of Quantities in Prefabricated Shear Wall Structures Using BIM

Prefabricated shear wall structure is widely used, it can not only meet the structural performance needs of buildings, but also greatly improve the construction efficiency of buildings. The bill of quantities valuation model has important theoretical and practical significance for optimizing the cost control of prefabricated shear wall structure and improving the efficiency of project management. From the perspective of combining theory and practice, this paper explores the bill of quantity valuation method of assembled shear wall structure under BIM environment, integrates BIM technology and SQL Sever database technology, and extracts the attribute information of model components through the secondary development of Revit with the data platform provided by BIM. The construction of bill of quantities is realized according to the specification of bill of quantities, and the association between bill of quantities and model components is established to realize the visual traceability query of bill of quantities, which provides a BIM technology-based construction engineering measurement and valuation technology and method, hoping to provide a new perspective and theoretical basis for related fields.

Machine Learning Valuation in Dual Market Dynamics: A Case Study of the Formal and Informal Real Estate Market in Dar es Salaam

The housing market in Dar es Salaam, Tanzania, is expanding and with it a need for increased market transparency to guide investors and other stakeholders. The objective of this paper is to evaluate machine learning (ML) methods to appraise real estate in formal and informal housing markets in this nascent market sector. Various advanced ML models are applied with the aim of improving property value estimates in a market with limited access to information. The dataset used included detailed property characteristics and transaction data from both market types. Regression, decision trees, neural networks, and ensemble methods were employed to refine property appraisals across these settings. The findings indicate significant differences between formal and informal market valuations, demonstrating ML’s effectiveness in handling limited data and complex market dynamics. These results emphasise the potential of ML techniques in emerging markets where traditional valuation methods often fail due to the scarcity of transaction data.

Economic assessment of MSW reduction policy in the Republic of Kazakhstan using contingent valuation method

The growth of waste, including food waste, is one of the main environmental problems of current time. Our planet is increasingly covered with waste every year, and a large area is formed under landfills. Therefore, the ways to reduce waste effectively are being investigated by worldwide scientists. Composting is one of the proven means of dealing with food (organic) waste. Fortunately, this method of recycling food waste is actively practiced in Kazakhstan. However, statistics show that food waste recycling is still developing slowly. Only 3% of the total amount of waste processed is food waste. To develop effective strategies for addressing environmental programs, scientists propose using the CV method to determine the monetary value of environmental benefits. Furthermore, the examination of household behaviour regarding food waste is crucial for enhancing the effectiveness of government environmental programs. The results of this study showed that Kazakhstanis expressed their willingness to support the environmental initiative and pay 10 tenge more for utilities if this money was used to create food industry enterprises. This amount will be 600 million per year. The results of the regression analysis showed the importance of age and leading an environmentally friendly lifestyle in supporting environmental initiatives. Although we consider the results of this study to be preliminary data and continue to work on scaling the sample size, the chosen method of analysis may nonetheless be of interest to other researchers in the field.

Farmers’ Willingness to Accept Afforestation in Farming Land and Its Influencing Factors in Fragile Landscapes Based on the Contingent Valuation Method

Afforestation (AF) in farmland has been widely used as an alternative and sustainable land-use practice to address socioeconomic and environmental challenges. The aim of this study is to estimate farmers’ willingness to accept (WTA) compensation and land, both of which are equally significant for policymakers to ensure the effective implementation of AF and achieve desired outcomes. This topic has not been sufficiently explored in previous research. This study focused on areas characterized by insecure farming conditions, backward economies, and fragile landscapes, where farmers are generally unfamiliar with AF or compensation for ecosystem services under payment for ecosystem services programs. It assessed their attitudes towards the WTA AF, compensation, and land as an alternative practice, which remains under-researched. This is crucial for designing effective AF programs in the future to improve livelihood and enhance the quantity and quality of the environment. This study used the contingent valuation method to estimate the minimum WTA compensation and maximum land for the forgone loss and alternative land-use practices. A questionnaire survey was conducted in Hupsekot municipality, Nepal, with 232 farmer households. The ordinal logistic regression model was used to analyze influencing factors of WTA compensation and land. The result showed that farmers’ average WTA compensation was NPR 1268.67 (USD 9.76)/Kattha/year, with 2.64 Kattha land available for AF. The factors, including socioeconomic characters and attitudes toward the environmental situation and forests, significantly influenced WTA values and provided potential target factors to achieve maximum AF land within a lower budget.

Future of Hygieia Health Private Limited

The case revolves around the dilemma faced by the existing co-founders of Hygieia Health Private Limited (hereafter, Hygieia) in managing a potential startup with an amazing product but declining investor confidence due to the sudden exit of one of the co-founders. Hygieia, a tech services company that started in September 2016, represented the medical healthcare sector that served the niche customer segment—pregnant women. The startup was considered to be one of the promising businesses by early-stage tech funders. However, one of the co-founders suddenly announced that he would leave the company without parting with his stake in it. This created a major problem for the other founder members in moving ahead. The case examines the factors contributing to the crises and dilemmas faced by Hygieia’s co-founders, which led them to devise a strategic plan to overcome these challenges. It emphasizes the difficulties encountered by a growing startup and highlights the importance of having a strong team to sustain and expand the business. Additionally, the case explores relevant valuation concepts in a startup context. It provides insights into the significance of human capital in a tech startup using the people, opportunity, context and deal (POCD) framework, explores various financing options available for startups and outlines key valuation methods.

LOCAL RESIDENTS’ WILLINGNESS TO DONATE FOR LOW CARBON CITY INITIATIVES IN TAIPING, PERAK: PROPOSED E-BIKE-SHARING PROJECT

The transport sector in Malaysia ranked second in the country's total energy consumption for 2021, thereby contributing to greenhouse gas emissions. Numerous cities strive to attain low-carbon urban environments. E-bikes, as environmentally friendly vehicles, have the potential to play a significant role in urban transportation by contributing to the creation of low-carbon cities. Taiping, Perak, has been recognised as one of the world's top 3 most sustainable cities for 2019. This prestigious accolade positions it as an ideal location for an e-bike project, further solidifying its commitment to maintaining its status as a sustainable city. This study seeks to evaluate the awareness and attitudes of Taiping residents towards e-bikes, determine the factors that influence their willingness to donate, and ascertain the average amount they are willing to contribute to the e-bike-sharing development project in Taiping, Perak. A survey was conducted with 385 respondents using the Contingent Valuation Method, employing stratified random sampling. The findings indicated a notable level of awareness and favourable attitudes towards e-bikes. Factors such as bid, age, education, income, and awareness impact the willingness to donate. On average, each person contributes RM10.40 towards the proposed e-bike-sharing project in Taiping. The discovery offered valuable insights to the Taiping Municipal Council regarding securing financial support and better understanding residents' perspectives on e-bike sharing.