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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Article

E.J. Roberts, P.B. McLeod and G.J. Syme

The contingent valuation technique has been significantly refinedas a method of obtaining values of goods and services in situationswhere market transactions are absent…

Abstract

The contingent valuation technique has been significantly refined as a method of obtaining values of goods and services in situations where market transactions are absent and now finds widespread application in the valuation of the environment, and in valuing the preservation of animal species. Applies the technique to the valuation of more conventional government services, namely the provision by the government of a range of agricultural protection services. The empirical analysis is based on contingent valuation surveys administered to a sample of Western Australian farmers.

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International Journal of Public Sector Management, vol. 5 no. 4
Type: Research Article
ISSN: 0951-3558

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Handbook of Transport and the Environment
Type: Book
ISBN: 978-0-080-44103-0

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Article

JEFFREY R. BOHN

This article surveys available research on the contingent‐claims approach to risky debt valuation. The author describes both the structural and reduced form versions of…

Abstract

This article surveys available research on the contingent‐claims approach to risky debt valuation. The author describes both the structural and reduced form versions of contingent claims models and summarizes both the theoretical and empirical research in this area. Relative to the progress made in the theory of risky debt valuation, empirical validation of these models lags far behind. This survey highlights the increasing gap between the theoretical valuation and the empirical understanding of risky debt.

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The Journal of Risk Finance, vol. 1 no. 3
Type: Research Article
ISSN: 1526-5943

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Article

Robert L. Kieschnick

The purpose of this paper is to present a review of selected applications of contingent claims analysis in corporate finance. Contingent claims analysis is an approach to…

Abstract

The purpose of this paper is to present a review of selected applications of contingent claims analysis in corporate finance. Contingent claims analysis is an approach to valuing payoffs which are contingent on other uncertain payoffs. The essential logic of the different applications reviewed is that we can value these derivative payoffs by replicating them with assets, whose prices are known. This simple logic is capable of providing one with insights into the pricing of new types of financial assets (e.g. optional bonds) as well as providing new insights into the valuation of strategic corporate investments.

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Managerial Finance, vol. 16 no. 1
Type: Research Article
ISSN: 0307-4358

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Article

Erastus Kiita Museleku

The purpose of this paper is to evaluate the practices for valuation for compensation purposes in Kenya.

Abstract

Purpose

The purpose of this paper is to evaluate the practices for valuation for compensation purposes in Kenya.

Design/methodology/approach

A qualitative survey design was used to sample the registered valuers using questionnaire/telephone interviews, in addition to review of some policy and legal documents. Content analysis and descriptive statistics was used to analyse the data.

Findings

The study revealed that the most ignored asset losses in valuation for compensation purposes in Kenya are assets of persons without legally recognizable rights, common property resources and social capital, among others, due to the existing legal provisions. Additionally, valuers often fail to apply the appropriate valuation concepts and methods.

Research limitations/implications

The findings of the study are specific to Kenya since valuations for compensation purposes are statutory in nature and hence the applicable legal frameworks are unique to a specific country, although professionalism issues cut across.

Practical implications

The study may help professional valuers to update their knowledge and apply the right valuation concepts and methods, and also help policymakers to review their policies appropriately to match the best practices.

Social implications

The findings of the study, if implemented, are likely to enhance acceptability of compensation amounts hence improving the working relationships between the public project implementers and the project affected persons, to the benefit of the both parties.

Originality/value

The study is of value to professional valuers, policymakers and land acquiring agencies to be more vigilant and professional in the process of acquiring interests in land.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

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Abstract

Details

Contingent Valuation: A Critical Assessment
Type: Book
ISBN: 978-1-84950-860-5

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Article

Marko Kryvobokov

This paper is devoted to urban land zoning for taxation purposes in advance of the establishment of a land market. It typifies most urban areas in Ukraine, a country in…

Abstract

This paper is devoted to urban land zoning for taxation purposes in advance of the establishment of a land market. It typifies most urban areas in Ukraine, a country in transition to a market economy. The assessed values in Ukraine do not reflect market values, as the land market is immature. The disadvantages of the current assessment system are described. The reasons why the usual Western valuation methods cannot be applied are also discussed. A proposal is presented here for a new approach to the analysis of land values and real estate markets. For this purpose, three groups of methods are described and evaluated. In the proposed structure of assessment zoning, several possible approaches to zones formation are foreseen. While the paper proposes methods that could be used, these are not backed up with empirical data. The implementation of the proposed approach is the subject for future research.

Details

Property Management, vol. 22 no. 3
Type: Research Article
ISSN: 0263-7472

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Book part

Roger Friedland and Diane-Laure Arjaliès

This paper explores the role of institutional objects in the constitution of institutional logics. Institutional objects depend for their objectivity on the goods produced…

Abstract

This paper explores the role of institutional objects in the constitution of institutional logics. Institutional objects depend for their objectivity on the goods produced through those objects, such as economic models, passports, or sacred texts. The authors theorize institutional logics as grammars of valuation that institutionalize goods through institutional objects. The authors identify four value moments through which goods are objectified: institution, the instituting of a good, a belief and an imagination of its objective goodness; production, how the good is produced, what practices are productive of the good; evaluation, how good is the good, the practices and objects through which worth in terms of that good is determined, and territorialization, the domain of reference of the good, to what objects and practices a good can and does refer in its instantiations. The authors assess the adequacy of our model through an institutional object based on the good of “market value” – i.e., an options pricing model. The authors discuss the implications of these findings for institutional logical theory and the sociology of valuation.

Details

On Practice and Institution: New Empirical Directions
Type: Book
ISBN: 978-1-80043-416-5

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