Valuation Method Research Articles

Deep learning for derivatives pricing: a comparative study of asymptotic and quasi-process corrections

AbstractIn this study, we compare two methods for using neural networks to efficiently learn the price of derivatives. The first method, proposed by Funahashi (Quant Financ 21(4):575–592, 2021a), involves training the neural networks to learn the difference between the derivative price and its asymptotic expansion, rather than learning the derivative price directly. The target derivative price is then obtained by adding the approximate solution with the predicted value of neural networks. This method reduces the required amount of learning data, often by a factor of one hundred to one thousand, compared to the case where the derivative price is directly learned through neural networks. In the second method, established in this paper, the neural networks learn the difference between the derivative price written on the underlying asset price that follows the target complex stochastic process and the derivative price written on the underlying asset price that has a relatively simple stochastic process that has a closed-form solution for the target derivative prices. This method provides an alternative valuation method when no efficient approximate solution for the derivative value is observed and if one can arbitrarily determine the model parameters of the quasi-process that approximates the original process. We also propose a unified method to determine the model parameters of quasi-processes from underlying asset processes. These methods prove valuable in cases where general analytic solutions are absent, as seen in widely used financial models such as the stochastic volatility models. These cases involve time-consuming numerical calculations to generate learning data, highlighting the value of the two methods, which significantly compress calculation times.

Willingness to pay for chronic disease management services provided by primary care nurses

BackgroundDue to the rapid increase in chronic diseases in South Korea, the Korean government has expanded chronic disease management to primary care. Thus, the role of primary care nurses is critical. However, the fee for chronic disease management services provided by primary care nurses has not been set, and few studies have evaluated the value of nursing services. This study aimed to estimate the willingness to pay (WTP) for chronic disease management services provided by primary care nurses and to identify the factors that affect WTP.MethodsThis study adopted a descriptive research design and conducted a cross-sectional online survey from January 16 to 18, 2023. The inclusion criteria were community residents aged ≥ 20 years living in South Korea and capable of participating in online surveys. A total of 520 people participated in this study. A contingent valuation method (CVM) was used with double-bound dichotomous choice questions along with open-ended questions. The mean WTP was calculated using a Tobit model.ResultsThe mean WTP of the 520 study participants for one chronic disease management service provided by primary care nurses was 15,390.71 Korean won ($11.90). Factors affecting WTP were having a chronic disease, recognition of primary care nurses, and the first-bid price. Community residents with fewer chronic diseases, high awareness of primary care nurses, and a higher first-bid price showed higher WTP for chronic disease management services provided by primary care nurses.ConclusionsPrimary care is important worldwide due to the increasing number of chronic diseases, and Korea is no exception. However, payment for services by primary care nurses is undervalued compared to their critical role and skills. This has led to problems such as a primary care nurse shortage and burnout. This study estimated individuals’ WTP for chronic disease management services provided by primary care nurses. The results can be used as a basic resource for setting the fee for services provided by primary care nurses. It is also a good starting point to understand the benefits of primary care nurse services.

Distributed estimation cascade second-order tri-stable stochastic resonance method for random noise suppression in continuous-wave mud pulse telemetry

The extraction of high-quality useful signals in downhole environments has perennially posed a technical challenge for continuous wave mud pulse transmission systems. Traditional denoising methods, such as adaptive filtering and wavelet transform, inevitably compromise the integrity of the original signal's useful components while removing noise. Different from the traditional denoising methods, stochastic resonance (SR) is capable of transferring the energy of noise to the signal, thereby accomplishing the objective of noise suppression. In this paper, based on the second-order tri-stable stochastic resonance detection method combined with the estimation of distribution algorithm (EDA), a distributed estimation cascade second-order tri-stable stochastic resonance (EDA- CSTSR) detection method is proposed for the first time. By constructing 5 groups of simulation signals with different signal-to-noise ratios (SNRs), the denoising performance of distributed estimation CSTSR, Langevin SR, and Duffing SR is analyzed in detail. The results show that compared with Langevin SR and Duffing SR, the EDA-CSTSR can increase the SNR of the input simulation signal by at least 17 dB and significantly increase the amplitude of the useful pulse signal. Moreover, the EDA-CSTSR is applied to process actual data obtained from a drilling site, enabling the recognition of weak signals amidst strong background noise, which highlights the method's excellent practical application value and underscores its potential for further enhancement.

Climate risk adaptation through livestock insurance: evidence from a pilot programme in Nigeria

ABSTRACT This study investigates the option of choosing index-based livestock insurance (IBLI) to mitigate the adverse effects associated with climate change in Kwara State, Nigeria. Previous studies indicate that the failure to include farmers during the early stage of pilot programme design is a major factor in Africa’s poor participation rate in index insurance. We conducted a survey with 392 farming households across eight of the state's 16 Local Government Areas (LGAs). This survey employed a contingent valuation method (CVM) to assess the value respondents are willing to pay for such insurance and add to the growing literature on IBLI uptake. We discuss important issues ranging from the cost of the IBLI premium to the impact of social capital and access to alternative sources of income on adoption. Our findings show that farmers are willing to pay a 1.3% premium for IBLI, which is lower than the current premium charged for traditional agricultural insurance in Nigeria which typically ranges from 2% to 5%. The results also highlight the need to consider insurance uptake and access to credit as complementary measures, rather than substitute strategies for managing the risks posed by severe climate shocks and extremes.

Social acceptance of small modular reactor (SMR): Evidence from a contingent valuation study in South Korea

This study provides a comprehensive analysis of the social acceptance of the Small Modular Reactor (SMR) in South Korea. The growing interest in SMRs as a potential solution to the challenges of climate change and energy security highlights the need for continued research and development in this area. The research was conducted using a contingent valuation method, which involved surveying a representative sample of the South Korean population. Out of a total of 1032 respondents, 78 % were willing to pay for SMR development. The mean WTP was estimated to be USD 4.28 per year per household and scaled up to the national level in South Korea, it was analysed to have a total economic and social benefit of USD 0.49 billion. The more serious the respondents perceived the current and future problem of climate change to be, the more likely they were to be willing to pay an offered bid amount. This study suggests that the need to address climate change and the need to raise awareness of SMR as one of the low-carbon technologies at the government level is required to generate the appropriate level of social acceptance to promote SMR development.

Global health costs of ambient PM2·5 from combustion sources: a modelling study supporting air pollution control strategies

Climate actions targeting combustion sources can generate large ancillary health benefits via associated air-quality improvements. Therefore, understanding the health costs associated with ambient fine particulate matter (PM2·5) from combustion sources can guide policy design for both air pollution and climate mitigation efforts. In this modelling study, we estimated the health costs attributable to ambient PM2·5 from six major combustion sources across 204 countries using updated concentration-response models and an age-adjusted valuation method. We defined major combustion sources as the sum of total coal, liquid fuel and natural gas, solid biofuel, agricultural waste burning, other fires, and 50% of the anthropogenic fugitive, combustion, and industrial dust source. Global long-term exposure to ambient PM2·5 from combustion sources imposed US$1·1 (95% uncertainty interval 0·8-1·5) trillion in health costs in 2019, accounting for 56% of the total health costs from all PM2·5 sources. Comparing source contributions to PM2·5 concentrations and health costs, we observed a higher share of health costs from combustion sources compared to their contribution to population-weighted PM2·5 concentration across 134 countries, accounting for more than 87% of the global population. This disparity was primarily attributed to the non-linear relationship between PM2·5 concentration and its associated health costs. Globally, phasing out fossil fuels can generate 23% higher relative health benefits compared to their share of PM2·5 reductions. Specifically, the share of health costs for total coal was 36% higher than the source's contributions to corresponding PM2·5 concentrations and the share of health costs for liquid fuel and natural gas was 12% higher. Other than fossil fuels, South Asia was expected to show 16% greater relative health benefits than the percentage reduction in PM2·5 from the abatement of solid biofuel emissions. In most countries, targeting combustion sources might offer greater health benefits than non-combustion sources. This finding provides additional rationale for climate actions aimed at phasing out combustion sources, especially those related to fossil fuels and solid biofuel. Mitigation efforts designed according to source-specific health costs can more effectively avoid health costs than strategies that depend solely on the source contributions to overall PM2·5 concentration. The Health Effects Institute, the National Natural Science Foundation of China, and NASA.

Intangible Heritage and Local Development the Case of the Casbah of Algiers

Intangible heritage occupies a central place in society as a witness to the traditions and customs handed down byprevious generations. Beyond its cultural dimension, it is an essential means of reinforcing a sense of belonging,sustaining human creativity and revitalizing socio-cultural groups. However, its importance is not limited to simplypassing it on to future generations. This heritage also plays a fundamental role in the sustainable development of thetourism sector and, consequently, the national economy. It is therefore imperative to explore innovative strategies toenhance this heritage while preserving the cultural integrity of communities. The Casbah of Algiers was chosen as anexemplary case study. In-depth surveys were carried out with visitors, cultural associations and tourism agencies. Inaddition, we adopted an economic analysis methodology known as the "contingent valuation method", which enabledus to assess the economic value of the intangible heritage of the Casbah of Algiers. Based on these results, we are ableto propose strategic recommendations for intensifying the conservation of intangible cultural heritage andencouraging sustainable tourism. These recommendations could include awareness-raising actions, training initiatives,collaboration with local stakeholders and targeted marketing campaigns. By promoting intangible heritage, we fostereconomic prosperity while preserving.

갯벌의 보존 가치에 대한 분석

Tidal flats serve as a buffer zone between land and sea, providing a habitat and breeding ground for various intertidal and marine organisms, and play a crucial role in maintaining a healthy ecosystem by purifying various pollutants that flow from land to sea. Despite the significant value of tidal flats, research on this subject remains limited. Therefore, this study aimed to assess the value of preserving tidal flats using contingent valuation method (CVM) analysis based on survey data. Among 1,000 respondents, only 331 expressed a willingness to pay (WTP) for the conservation of tidal flats. Given the high proportion of non-paying respondents, this study utilized the spike and Turnbull models to compare estimates. The results from the Turnbull method estimated the WTP at 1,855 KRW, which was approximately half that derived from the Spike model. As the Turnbull estimate represents the lower bound of WTP, utilizing the estimate from the Spike model is deemed more appropriate. Additionally, the study differentiated between respondents willing and unwilling to visit tidal flats to derive separate WTP values for use and non-use values of tidal flat conservation. The non-use value was estimated at 1,741.5 KRW, while the use value was determined to be 4,179.2 KRW.

Attributes Driving Intangible Asset Valuation

The inherent complexity and subjectivity of assessing assets such as intangible asset, posing challenges for standardized methodologies and accurate financial reporting, this complexity is compounded by the consideration of various valuation criteria, some of which are ill-suited for appraising intangible assets, this study is dedicated to assessing the key attributes that drive the valuation of intangible assets, aiming to construct a comprehensive framework for their valuation. Employing a mixed-methods approach, both quantitative and qualitative research designs were employed, utilizing survey questionnaires, semi-structured interviews, and focus group discussions. Purposive sampling was employed to select participants and the data analysis involved descriptive and thematic content analysis. The study's findings underscored the paramount economic attributes of intangible assets, highlighting the significance of economic life span and company’s value driver. Conversely, attributes categorized as company’s value distracters were identified as less important, with novelty exhibiting the highest mean value of 4.6. Additional attributes such as originality, legal protection, royalty of the asset, and life span right of protection also contributed significantly to the valuation process. Qualitative findings revealed that the market and income methods of valuation are predominant in intangible asset valuation practices. The study demonstrated that the choice of valuation method hinges on information availability, with attributes like economic life span and historic income influencing the value derivation process using income and market approaches. The study concludes by illustrating its findings through the development of a tangible intangible asset’s valuation framework, providing a structured guide for assessing and determining the worth of intangible assets in a more systematic and informed manner.

Improved assessments of subsurface projects: Systematic mapping of geosystem services and a review of their economic values

Awareness of the subsurface and its multitude of resources is generally low and decisions on access to subsurface resources are often guided by a ‘first come, first served principle’. Although not yet fully developed, the concept of geosystem services has been put forward to make subsurface resources more visible and acknowledged in decision-making. This study (1) illustrates a systematic mapping of effects on geosystem services using a process-oriented perspective in two conceptual case studies; (2) translates the mapped effects into costs and benefits items in a qualitative cost-benefit analysis (CBA) context; and (3) presents a systematic review of economic valuation studies of geosystem services to investigate the available support for a quantitative CBA. The findings suggest that systematic mapping of effects on multiple geosystem services can inform different types of assessment methods and decision-makers on trade-offs and provide a basis for well-informed and responsible decisions on subsurface use. Combining such mapping with a CBA can further strengthen decision support through indications of the net effects on human well-being. However, although economic valuation of non-market geosystem services is possible using established valuation methods, such studies are scarce in scientific literature. Thus, although a CBA can provide a basis for supporting decisions on subsurface use from a consequentialist perspective, full quantification of all effects may require great efforts, and it needs to be complemented with other methods to capture the full range of values the subsurface can provide. This study also highlights that depending on the context, supporting and regulating geosystem services can be either intermediate or final services. Therefore, if geosystem services are to be included in the abiotic extension of CICES, in which supporting services by definition are excluded, reclassification of the supporting geosystem services should be considered not to risk being overlooked in economic valuation and CBA.

A critical review of peatland ecosystem services research in Indonesia: Uncovering knowledge gaps and research needs

Peatlands provide a broad range of ecosystem services (ES) that are critical to ecosystem regulating and human well-being. However, anthropogenic activities threaten their existence, leading to degradation, destruction, and loss of these ecosystems. To effectively convey the value of peatlands, it is important to share knowledge on the ES they provide. This review aims to provide an overview of the ES provided by peatlands in Indonesia. We undertook a critical review of articles published on Scopus, ScienceDirect, and Google Scholar to investigate various aspects of peatland ES. Our examination encompassed data types, valuation methods, modes of assessment, ecosystem services categories, study site scale, temporal patterns, purposes of publication, and study limitations related to peatland ES. From a set of 1,115 potentially relevant papers, 45 were selected for analysis. Our findings showed that ES studies are heavily concentrated on the Kalimantan and Sumatra islands, with most studies focused on specific provinces such as Central Kalimantan and Riau. The most commonly used data type, method, and mode of assessment were secondary data, look-up tables, and economic valuation, respectively. Provisioning services were the most frequently studied ES category, followed by regulating services, supporting services, and cultural services. However, gaps persist, including limited data, understanding, and long-term sustainability consideration. Future research should address these gaps by focusing on underrepresented peatland ecosystems, integrating diverse approaches, and considering global peatland issues.

Evaluation of DTP Package using WPM Method

DTP Package. Pamphlets, brochures, and newsletters are among the types of papers that can be produced using desktop publishing software (DTP). The fundamental capabilities of DTP software are included in contemporary word processors, but features like templates and frames make DTP software excellent for intricate page layouts. Examples based on your document in templates. You can achieve this with the aid of five of the most well-liked desktop publishing programmed: Adobe PageMaker, Adobe InDesign, Quark Express, Adobe FrameMaker, and Corel Ventura. Naturally, no one application has all the resources required to satisfy the needs of every publisher. Adobe FrameMaker, Adobe InDesign, Corel Ventura, CorelDraw, Microsoft Publisher, Page Stream, and QuarkXPress are typical examples of desktop publishing software. Although desktop publishing software includes some templates, it is still easy to produce subpar designs that can impair a media message's effectiveness or transmission. Microsoft Publisher, QuarkXPress, Adobe InDesign, and Adobe FrameMaker are examples of common desktop publishing software. DTP operators have enough of work because they are in charge of both new work and a sizable volume of old data that needs to be converted to digital format. A DTP operator may work for a big company or a tiny grocery store. Desktop publishing software includes applications like Adobe InDesign, Microsoft Publisher, QuarkXPress, and Scribus. While office employees, teachers, students, small company owners, and non-designers utilize some of these, professional graphic designers and commercial printing technicians use others. She is a print and web designer as well as a writer, artist, and graphic designer. Graphic designers and desktop publishers frequently employ four different kinds of software. The designer's toolkit is primarily composed of these projects. Two key pieces of hardware are required for desktop publishing (DTP): 1) a computer with additional input devices like scanners and cameras, and 2) a printer with the ability to generate high-quality typographic and visual content. This paper is the weighted product for solving the routing decision problem Model (WPM) used. Every dynamically assign weight to criteria this proposed scheme considers the relevant valuation method for the Disk Operating System, Desktop publishing, Miscarriage, Scan, Spying alternative, and Count of occurrences across the entire dataset, % of total data, % of anomalous data evaluation. Disk Operating System, Desktop publishing, Miscarriage, Scan, Spying. Count of occurrences across the entire dataset, % of total data, % of anomalous data. The scan is got the first rank whereas Miscarriage has the lowest rank.

Arachnids: between fear and financial support for environmental education projects

Arachnids contribute to socioenvironmental development by acting as bioindicators of environmental quality and providing essential ecosystem services, highlighting the need for public awareness to conserve these potentially umbrella species. The aim is to evaluate the willingness to pay for informal education programs about arachnids in the central Brazilian savanna using the contingent valuation method (CVM). For this purpose, a preliminary analysis was conducted with 407 residents of a Brazilian municipality with a small population and significant incidents involving arachnid species. The respondents' profiles (gender, age, and education level), knowledge, perceptions of arachnids, and willingness to pay were collected. Quantification, average/total willingness to pay, and Pearson's correlation were performed using R software. Most respondents were women (75.43%), had a high school education and were aged between 35 and 65 years. We observed that most had some level of knowledge about the morphology, ecological characteristics, and importance of arachnids, especially for the environment. However, the results also indicate that older people, men, and those with lower education levels have a greater willingness to pay for educational events about Cerrado arachnids (IEPAs). Only a portion of the respondents were willing to pay for informal education programs in favor of arachnid awareness and conservation. The total willingness to pay was US$ 4,441.28, preferably managed by the state's public education institution. It is concluded that there is significant and necessary potential for environmental education actions to promote the conservation of arachnid megadiversity.

DO THE EXTRA ADDITIONAL FACILITIES CREATE A DESIRE AMONG VISITORS TO REVISIT THE SITE?

<p>As an effort to improve the economy through the tourism sector, the management of Prambanan Temple, namely PT Taman Wisata Candi Borobudur, Prambanan, and Ratu Boko, updated regulations by enhancing facilities in the Prambanan Temple area to attract local and international tourists. This research applies contingent valuation methods (CVM) to determine the benefits of the existence of Prambanan Temple and analyze the factors that influence tourist visits to Prambanan Temple facilities. Based on the Willingness To Pay (WTP) value given by tourists, the value of the benefits of existence from Prambanan Temple tourism is IDR 104,658,080,000 or $6,737,949.99. The regression test results show that ticket prices positively and significantly influence tourists' return visits to Prambanan Temple facilities. Meanwhile, the variables education, age, facilities, and services do not have a substantial influence on the level of tourist return visits.</p>

Stock valuation before and after the COVID-19 pandemic: Free Cash Flow to Firm (FCFF) and relative valuation approach with Discounted Cash Flow (DCF) valuation method

Stock valuation before and after the COVID-19 pandemic: Free Cash Flow to Firm (FCFF) and relative valuation approach with Discounted Cash Flow (DCF) valuation method

Mangrove ecosystem in Asia: review and synthesis of ecosystem services and economic valuation methods

Mangroves provide multiple ecological and socioeconomic benefits in both terrestrial and aquatic ecosystems; however, little is known about their benefits to humans. This study presents a systematic synthesis of the ecosystem services (ESs) and economic valuation methods (EVMs) of mangrove ecosystems in Asia. A total of 28 studies published from 12 countries encompassing 194 observations were reviewed and included in the analysis using Publish or Perish Software. Results revealed that the majority of the mangrove forests in Asia host the genera Rhizophora and Avicennia spp. in the largest proportion, indicating that these genera contribute significantly to mangrove ESs. Market price and factor income methods were the most frequently used EVMs with 96 and 66 value estimates, respectively. Provisioning ecosystem services were valued the most often among ESs types. Moreover, regarding the values of specific ESs, the median values of those that belong to regulating ecosystem services were the highest, specifically erosion prevention (5833.22 $ ha–1 year–1) and moderation of extreme events (3633.69 $ ha–1 year ). Considering contemporary protection and conservation measures, research studies on mangrove ESs and EVMs can be further improved through broader geographic area coverage and improved economic assessment of the rarely studied ESs. Overall, the findings recommend focusing on these gaps, particularly encouraging institutions and policymakers to acknowledge the undervalued ecological and socioeconomic values of mangrove ecosystem services.

Stock Valuation of PT. Bank ABC Tbk.

PT Bank ABC Tbk aspires to be one of the top 10 global sharia banks in 2025 in terms of market capitalization. As of December 2023, PT. Bank ABC Tbk ranks 13 with 5,18 billion USD in market capitalization. This research aims to examine PT. Bank ABC Tbk stock by using Discounted Cash Flow (DCF) through Free Cash Flow to Equity (FCFE), and Relative Valuation method through the Price to Book Value (PBV), and to determine whether the stock is undervalued or overvalued. According to Free Cash Flow to Equity (FCFE) valuation result, the intrinsic value per share of PT. Bank ABC Tbk is Rp 37.497 per share, while its share price as of 31 December 2023, is Rp 1.740, indicating that the stock of PT. Bank ABC Tbk is undervalued by the market. This means that the market has not completely recognized the PT. Bank ABC Tbk ‘s ability to generate future cash flows. PT. Bank ABC Tbk’s undervalued stock offers the possibility of returns for the potential investor as the share price rises over time to reflect the intrinsic value per share. The company’s Price to Book Value (PBV) is 2.07, while the PBV of the average of the company’s peers is 2.72. This means PT Bank ABC Tbk is undervalued ie. the share is underpriced compared to the average of its peers. Based on the result, this research recommends to buy the stock of PT. Bank ABC Tbk because it is undervalued based on FCFE and based on PBV.

Exploring Public Support for Bolivia’s Protected Areas: A Contingent Valuation Approach

This study investigates Bolivians’ willingness to pay for an annual passport facilitating visits to protected areas (PAs) in Bolivia, aiming to address challenges in PA financing and management amidst escalating deforestation. Employing the contingent valuation method, a representative sample of citizens aged 18 or older from major cities across Bolivia participated in a telephone interviewing questionnaire. The findings reveal limited public awareness and recognition of PAs, alongside significant interest in visiting these areas for tourism purposes or simply donating to the system to reduce its current financial gaps. Concerns regarding trust and transparency in fund management are highlighted, with demographic factors and perceptions influencing willingness to pay estimated at approximately USD 35 for a one-year passport. This study underscores the necessity for targeted interventions to enhance public awareness, improve infrastructure, and ensure transparency in fund management, thereby promoting sustainable tourism and safeguarding Bolivia’s PAs.

Research on households’ willingness to pay for the options of price calculation of household solid waste management services in Hanoi

This study used the contingent valuation method (CVM) to investigate and analyse the current status of household solid waste management and evaluate people’s consensus and willingness to pay (WTP) for household solid waste collection, transportation, and treatment services among urban, rural, and mountainous areas in Hanoi. It also utilised regression analysis to assess factors affecting people’s WTP. The study surveyed a sample size of 405 households. To ensure a basis for comparison among urban, rural, and mountainous areas, the study distributed and conducted an equal number of 135 surveys in each area through random sampling. The research results indicate that the average household solid waste in Hanoi is highest in urban areas at 1.27 kg/household/day, followed by rural areas at 1.21 kg/household/day, and mountainous areas at 1.067 kg/household/day. However, most household solid waste has not been classified at the source. Regarding WTP for household solid waste collection, transportation, and treatment services, the results show that 85% of urban households agreed to pay higher than the proposed price, with an average WTP of 1,136 VND/kg. In rural households, 47% agreed to pay 778.96 VND/kg, and 11% of mountainous households agreed to pay an average of 673.04 VND/kg. These insights can guide tailored waste management pricing strategies across diverse urban and rural settings.

Comparing the willingness to invest returns among green, sustainability, and blue bonds

This study explores whether investors' willingness to invest returns (WTIR) differs across environmental and sustainability bonds (ESBs) with varying scopes. Employing the double-bound dichotomous choice contingent valuation method (DBDC-CVM), the research surveyed Japanese retail investors to estimate their average levels of WTIR for green, sustainability, and blue bonds, respectively. The study discovered that investors are willing to invest in bonds with a stronger environmental focus such as green and blue bonds at a lower return rate, in contrast to sustainability bonds that address broader social issues. This suggests the importance for issuers of ESBs to clarify the specific focus of the bonds when promoting investment in such securities. Moreover, knowledge of ESBs can increase the WTIR, highlighting the need for policies aimed at enhancing information dissemination. Additionally, the levels of social responsibility and altruism among investors can increase the WTIR, emphasizing the significance of environmental and sustainability education. This underscores the significance of educating individuals to foster greater interest in environmental and social issues, cultivating a mindset that extends to caring about the well-being of others.