Valuation of nature-based tourism resources using dichotomous choice contingent valuation method

The purpose of this paper is to measure the potential revenue from nature-based tourism resources in the environmentally sensitive area of Mt Minju, South Korea. A dichotomous choice contingent valuation method was employed to estimate the mean willingness-to-pay, contingent on a hypothetical market scenario. The empirical results show that the economic value of nature-based tourism resources was estimated at 5905 Won (ca US$ 7) per visitor. This implies that the significant economic value of natural resources will be lost from any large-scale development by degrading natural environments. In addition to the value of natural resources, nature-based tourism also provides the locally owned small tourist businesses with lower leakages than the externally owned large-scale ones. Low leakage implies that local residents gain more direct income from nature-based tourism.     

Minimal Entropy Martingale Measures of Jump Type Price Processes in Incomplete Assets Markets

We consider the incomplete assets market and assume that the market has no-arbitrage. Then there are many equivalent martingale measures associated with the market. Among them, a probability measure which minimizes the relative entropy with respect to the original probability measure P, has a special importance. Such a measure is called the minimal entropy martingale measure (MEMM). In a previous paper, we have proved the existence theorem of the MEMM for the price processes given in the form of the diffusion type stochastic differential equation. In this article we discuss the MEMM of the jump type price processes, or especially of the log Lévy processes, and we give the explicit form of MEMM.     

Private acquisition gains: A contingent claims explanation

This paper studies announcement returns of Western European acquisitions of private and public targets. It uses a contingent claims perspective to offer a new explanation for the difference in abnormal returns between acquirers of private and public targets. In this context, an acquisition is analogous to buying a call option and the value of the acquirer increases with uncertainty about its growth prospects (options). We test this idea by studying the relation between announcement returns and acquirer's characteristics that proxy for the existence of growth options. Consistent with the contingent claims hypothesis, the private acquisition gains are associated with the combined effects of growth options (having higher runup before the acquisition announcement) with low level of leverage (near-all equity capital) and with uncertainty (measured by age and analyst coverage of acquirers).     

Preference Structures, Property Rights, and Paired Comparisons

The method of paired comparisons was used to determine the structure of survey participants' value expressions for Australian native forests. The same participants were also surveyed using the contingent valuation method (CVM). Data from the paired comparisons were used to construct preference maps which enabled identification of participants whose value expressions were structurally incompatible with economic welfare theory – in particular, those participants who expressed their values according to lexicographic preferences. For some of these participants, CVM results did not provide appropriate measures of WTP. The surveys also demonstrated the importance of allowing participants' own views on property rights to dictate the valuation context offered.     

Consumption externalities,market imperfections and optimal taxation

In a dynamic model with a keeping‐up‐with‐the Joneses preference and market imperfections, we attempt to investigate under what circumstances and for what reason the optimal tax should be state‐varying. We extend the Ljungqvist and Uhlig (2000) proposition to include preferences that exhibit non‐homotheticity. We show that a keeping‐up‐with‐the‐Joneses preference (a non‐intertemporally‐dependent preference) can lead the social planner to commit to a state‐contingent tax on labor income. Moreover, the optimal labor income tax can be either procyclical or countercyclical with respect to economic fluctuations, this crucially depending on whether the level of contemporaneous consumption increases or decreases the wedge between the intertemporal substitution elasticity of households and of the social planner.     

Fees for Reefs: Economic Instruments to Protect Mexico’s Marine Natural Areas

Stated preference methods can be used to estimate the demand function where no price variation has been observed before. This is the situation of the Mexican coral reef natural protected areas, where after the 2002 approval of a $20 pesos fee (US$1.80) the Ministry of the Environment is now considering increasing the amount of the fee, not only to raise more revenue for the park, but also to curb the number of visitors in the cases where there is excess demand. There are concerns that the very success of the reefs is bringing associated environmental damage that threatens its sustainable use. To estimate the reaction of visitors to different fee levels, we carried out a contingent valuation survey, and constructed with its results an aggregate demand for each park. This demand was then divided by seasons and nationalities, to explore the benefits and costs of differentiating fees, looking at both the revenue maximising and the welfare maximising fees. Finally we discuss how these fees would change when environmental damage functions are taken into account. The recommendation is that increasing fees up to the point where they cover both private and environmental costs would bring the highest amount of economic benefit compatible with the sustainable use of these complex and wondrous marine ecosystems.     

HZS50B砼搅拌站的安装

简述HZS50B砼搅拌站的应用范围及特点,重点介绍其安装步骤及注意事项。     

Anglo versus Hispanic Children's Influence on Parental Purchase of Cereal

Children's influence on parental purchases of cereal was investigated by unobtrusively observing 15 pair of Anglo and 15 pair of Hispanic children and their parent(s) in the cereal aisle of Allentown, Pennsylvania grocery stores. Tabulation was kept on whether the child did or did not influence the purchase behavior of their parent(s). It was found that overall, children had a statistically significant influence on their parents' purchase behavior (p < .01). Although a percentage difference existed, there was no statistically significant difference between the Anglo children's influence and the Hispanic children's influence on their parents' purchasing behavior of cereal (p < .05).     

European‐Type Contingent Claims in an Incomplete Market with Constrained Wealth and Portfolio

This paper considers the problem of hedgeability and replicability of European‐type contingent claims in an incomplete market with the wealth and the portfolio possibly being constrained. For the case of no constraint, using the idea of a Four Step Scheme (Ma, Protter, and Yong 1994), we prove the replicability of a class of contingent claims (including European call and put options) without assuming ad hoc technical conditions. For the case with the wealth and portfolio being constrained, several positive and negative results concerning hedgeability and replicability are presented.     

浅谈分户验收中的常见事项及其解决措施

随着房地产市场不断发展,住宅工程越来越多,住宅作为商品,住户对其质量有了一定的要求,在满足使用功能的条件上,达到国家相关的验收规范要求。而在实际工程验收时常采取的是抽样检查方法,检查的量非常少,因质量问题引起的客户投诉比较多,这就使得分户验收应运而生。本文主要介绍分户验收及其重要性,并阐述开展分户验收过程中的常见事项及其解决措施。