Expert valuation, a process used to determine how much stakeholders value eco-system aspects, places experts as intermediaries for public-preference input into the environmental policy process. While the rise and refinement of expert valuation might capture ecosystem values more comprehensively, two dilemmas are also worth of consideration: (1) will expert valuation and benefit cost analysis su...

This paper studies the impact of second-order uncertainty on the (ex-post) efficiency of the 0.5-double auction. We consider a discrete double auction model in which the seller’s valuation is either vs or vs and the buyer’s valuation is either vb or vb with 0 = vs < vb < vs < vb = 1. The buyer’s valuation and the seller’s valuation are private information. We further assume that the buyer’s bel...

In this paper, we study starting point bias in double-bounded contingent valuation surveys. This phenomenon arises in applications that use multiple valuation questions. Indeed, response to follow-up valuation questions may be influenced by the bid proposed in the initial valuation question. Previous researches have been conducted in order to control for such an effect. However, they find that ...

We discuss an online discrete optimization problem called the buyback problem. In the literature of the buyback problem, the valuation function representing the value of a set of selected elements is given by a linear function. In this paper, we consider a generalization of the buyback problem using a nonlinear valuation function. We propose an online algorithm for the problem with a discrete c...

We study the effect of risk aversion on the valuation of credit derivatives. Using the technology of utility-indifference valuation in intensity-based models of default risk, we analyze resulting yield spreads for single-name defaultable bonds, and a simple representative two-name credit derivative. The impact of risk averse valuation on prices and yield spreads is expressed in terms of effecti...

Valuation is often said to be “an art not a science” but this relates to the techniques employed to calculate value not to the underlying concept itself. Valuation is the process of estimating price in the market place. Yet, such an estimation will be affected by uncertainties. Uncertainty in the comparable information available; uncertainty in the current and future market conditions and uncer...

No issue has been the subject of greater debate among both practicing and academic accountants than asset valuation (and hence income measurement). The debate on this issue has been going on for over 50 years (e.g., Paton [1922] and Canning [1929]) and, at times, at a high level of intensity. The primary issue is whether historical cost of assets should be adjusted for price changes and, if so,...

This paper provides a complete program for the valuation of aggregate non-life insurance liability cash flows based on claims triangle data. The valuation is fully consistent with the principle of valuation by considering the costs associated with a transfer of the liability to a so-called reference undertaking subject to capital requirements throughout the runoff of the liability cash flow. Th...

I study a 2-bidder infinitely repeated IPV first-price auction without transfers, communication, or public randomization, where each bidder’s valuation can assume, in each of the (statistically independent) stage games, one of three possible values. If the probability of the high valuation is sufficiently large and the medium valuation is between one third and one half of the high valuation, th...

We present here Imitator, a tool for synthesizing constraints on timing bounds (seen as parameters) in the framework of timed automata. Unlike classical synthesis methods, we take advantage of a given reference valuation of the parameters for which the system is known to behave properly. Our aim is to generate a constraint such that, under any valuation satisfying this constraint, the system is...