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Option Value (cost–benefit Analysis)
In cost–benefit analysis and social welfare economics, the term option value refers to the value that is placed on private willingness to pay for maintaining or preserving a public asset or service even if there is little or no likelihood of the individual actually ever using it. The concept is most commonly used in public policy assessment to justify continuing investment in parks, wildlife refuges and land conservation, as well as rail transportation facilities and services. It is also recognized as an element of the total economic value of environmental resources. This concept of "option value" in cost–benefit analysis is different from the concept used in finance, where the term refers to the valuation of a financial instrument that provides for a future purchase of an asset. (See Option time value.) However, the two can be related insofar as both can be interpreted as a valuation of risk factors. Application In the environmental research literature, option value is c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-use Value
Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most commonly applied to the value of natural and built resources. Non-use value as a category may include: * "option value" – the value placed on individual willingness to pay for maintaining an asset or resource even if there is little or no likelihood of the individual actually ever using it, occurring because of uncertainty about future supply (the continued existence of the asset) and potential future demand (the possibility that it may someday be used). * "bequest value" – values placed on individual willingness to pay for maintaining or preserving an asset or resource that has no use now, so that it is available for future generations. *"Existence value" – an unusual and somewhat controversial class of economic value, reflecting the ben ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John V
John V may refer to: * Patriarch John V of Alexandria or John the Merciful (died by 620), Patriarch of Alexandria from 606 to 616 * John V of Constantinople, Patriarch from 669 to 675 * Pope John V (685–686), Pope from 685 to his death in 686 * John V of Jerusalem, Greek Orthodox Patriarch of Jerusalem in 706–735 * John V the Historian or Hovhannes Draskhanakerttsi, Catholicos of Armenia from 897 to 925 * John V of Gaeta (1010–1040) * John V of Naples (died 1042), Duke from 1036 to 1042 * John V, Count of Soissons, (1281–1304) * John V, Margrave of Brandenburg-Salzwedel (1302–1317) * John V Palaiologos (1332–1391), Byzantine Emperor from 1341 * John V, Count of Sponheim-Starkenburg (1359–1437), German nobleman * John V, Lord of Arkel (1362–1428) * John V, Duke of Brittany (1389–1442), Count of Montfort * John V, Duke of Mecklenburg (1418–1443) * John V, Count of Hoya (died 1466), nicknamed ''the Pugnacious'' or ''the Wild'' * John V, Count of Armagnac (1420–1473 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Aversion
In economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome. Risk aversion explains the inclination to agree to a situation with a more predictable, but possibly lower payoff, rather than another situation with a highly unpredictable, but possibly higher payoff. For example, a risk-averse investor might choose to put their money into a bank account with a low but guaranteed interest rate, rather than into a stock that may have high expected returns, but also involves a chance of losing value. Example A person is given the choice between two scenarios: one with a guaranteed payoff, and one with a risky payoff with same average value. In the former scenario, the person receives $50. In the uncertain scenario, a coin is flipped to decide whether the person receives $100 or nothing. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irreversibility
In science, a process that is not reversible is called irreversible. This concept arises frequently in thermodynamics. All complex natural processes are irreversible, although a phase transition at the coexistence temperature (e.g. melting of ice cubes in water) is well approximated as reversible. In thermodynamics, a change in the thermodynamic state of a system and all of its surroundings cannot be precisely restored to its initial state by infinitesimal changes in some property of the system without expenditure of energy. A system that undergoes an irreversible process may still be capable of returning to its initial state. Because entropy is a state function, the change in entropy of the system is the same whether the process is reversible or irreversible. However, the impossibility occurs in restoring the environment to its own initial conditions. An irreversible process increases the total entropy of the system and its surroundings. The second law of thermodynamics can be u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uncertainty
Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable or stochastic environments, as well as due to ignorance, indolence, or both. It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology and information science. Concepts Although the terms are used in various ways among the general public, many specialists in decision theory, statistics and other quantitative fields have defined uncertainty, risk, and their measurement as: Uncertainty The lack of certainty, a state of limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome. ;Measurement of uncertainty: A set of possible states or outc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Surplus
In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: * Consumer surplus, or consumers' surplus, is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay. * Producer surplus, or producers' surplus, is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for; this is roughly equal to profit (since producers are not normally willing to sell at a loss and are normally indifferent to selling at a break-even price). Overview In the mid-19th century, engineer Jules Dupuit first propounded the concept of economic surplus, but it was the economist Alfred Marshall who gave the concept its fame in the field of economics. On a standard supply and demand diagram, consumer su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Burton Weisbrod
Burton A. Weisbrod (born February 13, 1931 in Chicago, Illinois) is an American economist who pioneered the theory of option value, and the theory of why voluntary nonprofit organizations exist, He also developed the methodology for valuing voluntary labor. He advanced methods for benefit-cost analysis of public policy by recognizing the roles of externality effects and collective public goods in program evaluation. He applied those methods to the fields of education, health care, poverty, public interest law, and nonprofit organization. Over a career of fifty years, he published 16 books and over 200 scholarly articles. He is currently the Cardiss Collins Professor of Economics Emeritus and a Fellow of the Institute for Policy Research at Northwestern University. Contributions to economics * Option Value – Weisbrod is acknowledged to have developed the concept and coined the term option value as used in welfare economics to represent a portion of total economic value ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victoria Transport Policy Institute
The Victoria Transport Policy Institute is a Canadian think tank seeking to improve transportation planning and transportation policy. The institute is an independent research organization dedicated to developing innovative and practical solutions to transportation problems. It is headed by Todd Litman, and it is located in Victoria, British Columbia. The institute often comments on American transportation policies. It generally favors public transportation Public transport (also known as public transportation, public transit, mass transit, or simply transit) is a system of transport for passengers by group travel systems available for use by the general public unlike private transport, typical ... and alternatives to driving. References Transport in Canada Transportation planning Think tanks based in Canada {{Canada-transport-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transportation Research Board
The Transportation Research Board (TRB) is a division of the National Academy of Sciences, Engineering, and Medicine, formerly the National Research Council of the United States, which serves as an independent adviser to the President of the United States, the Congress and federal agencies on scientific and technical questions of national importance. It is jointly administered by the National Academy of Sciences, the National Academy of Engineering, and the National Academy of Medicine. As one of seven major divisions of the National Academies of Sciences, Engineering, and Medicine, TRB promotes innovation and progress in transportation through research in an objective and interdisciplinary setting. It provides trusted, timely, impartial, and evidence-based information exchange, research, and advice regarding all modes of transportation. TRB hosts some 200 standing technical committees that address specific aspects of transport and the TRB Annual Meeting attracts thousands of trans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
