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This paper aims to show that the accuracy of real estate portfolio valuations and of real estate risk management can be improved through the simultaneous use of Monte Carlo simulations and options theory.

The authors' method considers the options embedded in Continental European lease contracts drawn up with tenants who may move before the end of the contract. The authors combine Monte Carlo simulations for both market prices and rental values with an optional model that takes into account a rational tenant's behaviour. They analyze how the options significantly affect the owner's income.

The authors' main findings are that simulated cash flows which take account of such options are more reliable that those usually computed by the traditional method of discounted cash flow.

Some limitations are inherent to the authors' model: these include the assumption of the rationality of tenant's decisions and the difficulty of calibrating the model given the lack of data in many markets.

The main contribution of the paper is both by accounting for market risk (Monte Carlo simulations for the prices and market rental values) and for accounting for the idiosyncratic risk (the leasing risk).

Over the last three quarters of a century, the discourse on economic and social policy has oscillated between two polar opposites: an interventionist approach and a free market-oriented one. The former led to the establishment of the Keynesian welfare state and was dominant in the post-war years, but the latter gained much ground beginning in the 1980s, forcing defenders of the welfare state to retreat into a more defensive position. In the wake of the ‘Great Recession’, however, these two visions are once again sustaining vigorous debates in the global public arena. Economists in their role as policy advisers and public intellectuals, in other words as ‘experts’, have participated actively in such debates; the gains made by (what its critics call) ‘neo-liberalism’ were due, in no small measure, to the growing prestige and influence of Austrian economics. The experts’ discourse tends to be a historical and arguments are often phrased in terms of supposedly ‘cutting edge’ theoretical and empirical advances.¹ Yesterday's theories are judged obsolete and irrelevant. I argue that a more historically informed perspective can actually be more rewarding.

Speculation, hypothesizing and imagination are the dreamer’s tools. Advanced research and novel technology for the military often profit from what are sometimes unstructured approaches to invention. Once that reality materializes, it may be stranger than the phantasma of the most unleashed of minds.

Great Britain is a laboratory for new techniques of public management; it is therefore an interesting place to look at for people willing to get involved in large public organisations. The French ‘institute for local studies’, trains future professionals, selected after graduation or after a working experience, in order to take high positions in local authorities nationwide. Three pairs of trainees belonging to the 2012–2013 group spent two weeks in three local authorities in England, with the purpose of analysing the performance management in these organisations.

British and French scholars dedicated to public organisations provided the six trainees with a global view of local government and reforms in the United Kingdom. After that, each pair exchanged information with the local authority they would visit; during the two weeks they spent there, an officer followed their works. They interviewed numerous professionals, elected members and unionists, attended meetings and events. Back in France, they presented their findings in several documents. The original subject was measuring and managing performance; in fact, the three pairs went farther and looked over many aspects of the organisations’ functioning.

Local authorities are facing important budget reductions and appear fragile; they put forward the idea of resilience to express the necessity of using all their resources to deal with a difficult situation. Elected members have a role of political initiative, but they also focus a lot on control, which is much more developed in Britain than in France; managers experience a very difficult period, with a lot of threats on their jobs, teams and projects. In this context, professional networks are very important; peer review is an interesting example of the role of professional exchanges in the search for new solutions. At last, unions don’t seek conflicts but try to accompany changes, lessening their negative consequences on people.

This work is not an academic one but an approach of the reality of organisations analysed by professionals or future professionals of the public sector, in a kind of ‘peer review’ between different countries. This international dimension is interesting, seeing that few in-depth comparisons between local authorities are made, especially between France and Britain.

Improving reliability is a key factor in reducing the cost of wind energy, which is strongly influenced by the cost of maintenance operations. In this context, this paper aims to propose a degradation model that describes the phenomenon of fault propagation to apply proactive maintenance that will act on the cause of failure to prevent its reoccurrence as well as to improve future system designs.

The methodology adopted consists in identifying the different components of a wind turbine, their causes and failure modes, and then, classifying these components according to their causes of failure.

The result is a classification of the different components of a wind turbine according to their failure causes. From the obtained classification, the authors observed that the failure modes for one component are a failure cause for another component, which describes the phenomenon of failure propagation.

The different classifications existing in the literature depend on the nature, position and function of the different components. The classification of this study consists in grouping the components of a wind turbine according to their failure causes to develop a degradation model considering the propagation of failure in the field of wind turbines.

Based on ethnographic data and a textual analysis, this chapter highlights the process of “therapization” of Buddhism in Western countries, with a specific emphasis on Tibetan Buddhism in France. Referring to the paradigm of “political economy of health”, as developed in recent medical anthropology, it attempts to explore the relationships between two concepts – economics and health – that had previously been considered separately, in the context of Western Buddhism. Further, this chapter's aim is to expose a potential application of theoretical economic models in an anthropological approach of Buddhist diffusion and appropriation in the West.

The purpose of this study is to examine post-crisis (COVID) futures for major city destinations that are dependent on live entertainment and tourism. Destinations that live from entertainment and tourism must consider the implications of the pandemic and plan strategies for their future.

Based on the Manoa School of Future Studies, four scenarios were identified following a review of current literature. These scenarios (alternate futures) were then discussed in two videoconference focus groups by tourism marketing and entertainment expert professionals from five major North American entertainment cities.

Typical tourism responses to crises and disasters do not appear to apply to the current pandemic and entertainment-dependent destinations (EDDs) are not prepared to thrive in any of the potential outcomes.

This is the first study addressing the future of EDDs in a COVID world. This study cannot predict the future, but this study can make some forecasts. It is important for scholars and professionals to work together toward identifying what can be.

A career in entrepreneurship is stressful, especially during the start-up phase. Training programs for these nascent entrepreneurs are designed to improve entrepreneurial competencies and, more generally to generate learnings. Although learning outcomes can reduce stress, the conditions under which this can happen are not fully understood. The study looks particularly at the effect of learning, interaction with other participants and gender.

A six-month three-wave longitudinal study of 120 nascent entrepreneurs has been conducted to investigate the before-and-after effects of training on stress reduction. The training is specially designed to develop competencies, share knowledge about business creation and support the development of the project, not to reduce per se stress.

The training has no direct effect on stress levels. However, results indicate that interacting with others has a positive moderating effect on training as stress reduction, just as gender has. Specifically, women reduce their stress through training while men see theirs increasing. The authors conclude that breaking isolation through training is a relevant way to reduce entrepreneurial stress for nascent entrepreneurs.

Training programs offer different ways to deliver the learning content (online, in cohorts, in the continuous entrance, etc.). The findings of this study suggest ensuring that the participants will have opportunities to interact with others as it reduces the stress on nascent entrepreneurs. Nevertheless, the authors cannot demonstrate that this has a long-term effect as our timeframe is limited to six months.

This research investigates the stress-reduction effect of training, which is not a common outcome studied related to training. This highlights the importance of looking at other more distal outcomes as nascent entrepreneurs may seek other peripheral outcomes from training, like seeking a sense of belonging or wanting to break isolation.

This paper describes the application of, enhancements to, and use of surface fire spread models in predicting and mitigating fire risk in the Wildland–Urban Interface (WUI). Research and fire management strategies undertaken in the East Bay Hill region (containing the 1991 Tunnel Fire) of the San Francisco Bay area over the past decade are reported. We ascertain that surface fire spread modeling has impacted policy and decision making, resulting in a regional strategic plan where large landowners and public agencies are able to implement fire mitigation practices. Although these practices involve extensive fuel management within a buffer zone between the wildland and residential properties, the residential property owners are still at risk, as no strategy within neighborhoods can be accurately mapped using the current scale of the data and models. WUI fires are eventually extinguished by fire fighters on the ground, up close, and at the backyard scale. We argue that large-scale (backyard scale) mapping and modeling of surface fire spread is necessary to engage the individual homeowner in a fuels management strategy. We describe our ongoing research and strategies, and suggest goals for future research and development in the area of large-scale WUI fire modeling and management.