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Objective: Barriers can be an effective method for reducing escapement of reservoir sport fish; however, whether the financial benefits of a barrier outweigh the costs of a barrier is unknown. We sought to quantify the costs and benefits associated with constructing barriers to reduce fish escapement while explicitly accounting for variability and uncertainty. Methods: We developed a framework using simulation modeling and discounted cash flow techniques to quantify the costs and benefits of barrier construction on Brushy Creek Lake, Iowa, where a barrier was constructed in 2020 to reduce escapement of stocked Walleye Sander vitreus and Muskellunge Esox masquinongy. We then incorporated this framework into an interactive Shiny application to enable cost–benefit evaluations across a wide range of barrier types, system types, species, and escapement rates. Result: The present value of the parallel‐bar barrier on Brushy Creek Lake, Iowa, over 10 years was US$69,576 (range = $64,484–$73,976), whereas the present value of escaped fish was $316,416 ($253,459–$378,823), indicating a net benefit of $246,840 ($188,975–$304,847) associated with barrier construction. The benefit–cost ratio of barrier construction was 4.55 after 10 years, indicating that for every $1 in present value spent on barrier construction, we saved $4.55 by preventing fish escapement. There was a 99% probability of a positive mean net benefit of the barrier after 3 years. Conclusion: Our results indicate that barriers can be a cost‐effective option to minimize fish escapement, and barrier costs are more predictable compared with the cost of escapement. Quantifying the value of escaped fish and barrier construction on an economic scale enables the use of formal decision‐making tools to address complicated and multifaceted issues associated with reservoir fisheries management. Impact statementWe developed a framework to enable the costs and benefits of barrier construction to minimize reservoir sport fish escapement to be quantified on an economic scale and subsequently applied this framework to a barrier construction project in Iowa. We then integrated this framework into a flexible application to enable the costs and benefits of barrier construction to be assessed across a variety of systems. [ABSTRACT FROM AUTHOR]

Purpose: Although Public Research Institutions (PRIs) are large technology producers, they lack automated information tools that follow technical and scientific criteria for assessing and valuing patents. The assessment and valuation processes are stages of technology transfer (TT) that make it possible to obtain productive arrangements and guide the efforts of those involved in the development, maintenance and negotiation. This study aims to analyze the hybrid model of assessment and valuation of technologies by Soares (2018), applying the 'Valorativo' software. In addition to patent value and indicator scores, the methods allow an understanding of the technology portfolio and its management. Design/methodology/approach: This research is quali-quantitative, following an approach of applied nature and descriptive objectives. The research has bibliographical, documental and case study features based on the software development methodologies described in the study and the theoretical framework. Findings: The Valorativo software assisted in the analysis of ten patents on PRIs. With the data collection and patent analysis, PAT1 scored highest among engineering patents, PAT3 scored highest among pharmaceutical patents and PAT10 scored highest among biotechnology patents. Five of the assessed patents resulted in a surplus of net present value (NPV), final net present value (NPVF) and royalties; revenue expectations outpaced investments. Practical implications: The authors based the developed software on Soares's (2018) methodology, with additional calculations and graphs. The Web software and the spreadsheet with Visual Basic for Application (VBA) were developed to deal with the patents assessment and valuation, helping in the analysis of their Legal Value, Technological Value and Market Conditions in the assessment process, and the Discounted Cash Flow and NPV in the valuation process. Originality/value: The software helps with patent analysis and can generate indicators for traders, technology holders and researchers. Thus, it was necessary to understand and develop a theoretical-applied framework to outline and replicate the methodology clearly and easily. [ABSTRACT FROM AUTHOR]

As an indicator of the sustainability of the company's development, an indicator of its value is proposed, reflecting the dynamics of the financial health of the company and the ability of its management to create value for shareholders and other stakeholders. An increase in the value of an enterprise can serve as an indicator of improving production efficiency, introducing new technologies and processes, increasing the customer base and diversifying the business. The applicability of the enterprise business value indicator as an integral indicator of sustainable development is substantiated. The hypothesis is considered that in the framework of business assessment, the influence of ESG factors should be taken into account by adjusting the cash flows of the enterprise and the discount rate as an indicator reflecting the risks of obtaining (forming) these cash flows, while the risk accounting areas should be correctly divided in order to avoid double accounting. The expediency of calculating the validity of a block of shares or a share of an enterprise for sale (Discount for lack of marketability (illiquidity), DLOM) when evaluating a business, instead of a discount on liquidity, has been proved, which, when making final adjustments, should be calculated using a multiplicative formula together with a discount on the non-controlling nature of a block of shares; ESG factors when calculating the validity of a block of shares or the shares of the enterprise for sale are proposed to be taken into account using the "Mandelbaum factors". The conducted research can be applied in practical tasks of business value management in the context of the vector of sustainable development of enterprises and the economy. [ABSTRACT FROM AUTHOR]

Authors have described selected problems related to valuation and value creation of Internet related companies. In case of intangible assets related to the new economy and Internet companies, valuation is usually much more complicated due to rapid volatility, limited historical information and constantly emerging new technologies that change the image of the market. The same situation is in case of young companies, which current, tangible assets are of little value, while the value of the company is concentrated in intangible assets and development options The paper presents general valuation indicators for Internet companies, which are a root point for a client division allowing a further model improvement. Based on the Internet companies evaluation indicators review, authors decided that for this proposal, the division between one-time (non-loyal) and repetitive (loyal) customers is of the greatest use. Following, the method of valuing companies based on valuation of Customer Lifetime Value was described. Considering different kinds of the Internet clients, a valuation model for one time and continuous relation was proposed. Authors suggest modifying traditional model by dividing the customers into two segments. The consumer's loyalty measured by behavioral outcome - the frequency of purchase is the criteria of segmentation. Such segmentation allows better extrapolation of company's value. [ABSTRACT FROM AUTHOR]

A multicenter, randomized controlled clinical trial evaluated the effectiveness of two treatments for deep caries lesions in permanent molars - selective caries removal (SCR) to soft dentin with restoration in a single visit, and stepwise excavation (SW) - regarding pulp vitality for a 5-year follow-up period. The present study aimed to determine the cost-effectiveness of these treatments. Treatments were conducted in two Brazilian cities (Brasília and Porto Alegre). At baseline, 299 permanent molars (233 patients) were treated and 229 teeth (174 patients) were evaluated after 5 years. The discounted cash flow method was adopted. The total cost of each treatment was calculated, and the failure cost (endodontic treatment + restoration) was added to the final cost, according to the 5-year failure rates of each therapy (20% for SCR and 44% for SW). A public health service unit composed of three dentists in 4-hour work shifts was used to calculate the monetary value of the treatments, assuming a total of 528 treatments/month. Considering the 229 teeth evaluated after 5 years (115 SCR and 114 SW), SCR provided savings of 43% (amalgam) and 41% (resin composite) per treatment, compared to SW. The SCR technique provides benefits for public finances (direct economy) and for public health services (increase in the number of treatments performed). Considering that maximizing profit and reducing costs are powerful motivating factors for adopting a certain treatment, this study provides data to better support the decision-making process, regarding the management of deep caries lesions in permanent molars. [ABSTRACT FROM AUTHOR]

The article discusses the use modeling software to quickly evaluate the impact of process uncertainties on the economics of chemical processes during the development stage. Topics include analyze the effect of uncertainties on the economic value metrics that are used in the decision-making process; and demonstrates an approach to uncertainty analysis that includes process variables in addition to economic variables.

This study arrives at an analytical structure that spans cross-sections of discount rates. The structure is not tainted by an endogeneity that is characteristic of alternate approaches, namely the necessity of assumptions in respect of firms' expected returns. The structure is 'general equilibrium', because it is facilitated by a 'no arbitrage' condition which serves to induce indifference between comparable assets that ought to have positive demand, but that differ with respect to the certainty equivalents of their cash flows. The finding that the structure spans discount rates that are increasing strictly convex functions of cash flow risk evinces it's robustness. • Existing approaches to the estimation of discount rates embed endogeneity. • Endogeneity is induced by the necessity of assumptions of expected returns. • This study arrives at a structure that is lacking in the stated endogeneity. • Relative to risk, the structure spans the entire cross-section of discount rates. • Simulation tests corroborate the robustness of the new structure. [ABSTRACT FROM AUTHOR]

According to environmental considerations, the traditional supply chain has replaced with a closed-loop supply chain. This study attempts to design the polyethylene tanks closed-loop supply chain network under uncertainty. The proposed network contains various levels such as suppliers, manufacturing plants, distribution warehouses, and retailers. A mixed integer linear programming model is developed with a single-objective, multiple products and multiple periods. Besides, after-sales service is considered that has economic and environmental effects on the supply chain and leads to customers' satisfaction and loyalty. To deal with uncertainty, possibilistic programming is used. Therefore, some parameters of the model are considered as a fuzzy number with a triangular probability distribution. Also, a method based on decision tree and discounted cash flow is utilized to analyze the problem in multiple periods. Furthermore, to validate and show the applicability of the proposed model, a real case study is performed in the polyethylene tanks industry. Finally, the sensitivity analysis is used to check the robustness of the proposed model and framework. The results show that the net present value of the supply chain under new condition is increased by 0.8%. The results of this research can be useful for managers of the organizations. [ABSTRACT FROM AUTHOR]

• Designed a novel process aimed at CO 2 conversion to methanol. • Water electrolysis is combined with tri-reforming of methane to generate syngas. • The designed methanol plant has a net energy efficiency of 62 %. • 570,000 t of CO 2 can be mitigated annually by using carbon-free electricity. • Economic analysis reveals the breakeven price of methanol is US$491/ton. CO 2 utilization via methanol synthesis can be an effective approach to mitigate the issue of global warming. This study developed an innovative process to produce methanol by combining water electrolysis with tri-reforming of methane (TRM). The proposed design utilized carbon-free electricity to split water into O 2 and H 2 ; O 2 is collected for partial oxidation reaction in the TRM and H 2 is collected for stoichiometric number (SN) optimization. This process configuration eliminates the typical problems of H 2 surplus or deficit associated with methanol synthesis and allows a substantial amount of CO 2 to be converted. The main process flowsheet was developed with Aspen HYSYS process simulator and then the feasibility of this project was evaluated based on its technical, environmental, and economic performances. The estimated capital expenditure (CAPEX), operating expenditure (OPEX) and GHG emissions of the baseline plant are US$774 million, US$263 million/yr. and −0.14 kgCO 2 eq/kgMeOH, respectively. In particular, water electrolysis process accounted for 34 % of CAPEX and 51 % of OPEX. A discounted cash flow (DCF) model combined with sensitivity analyses showed that a breakeven point could be reached with a methanol price of US$491/ton. The results demonstrated that combining water electrolysis with TRM could achieve a sustainable carbon-sink process for methanol production. [ABSTRACT FROM AUTHOR]

• An economic analysis of a hydrometallurgical processes suitable for Small and Medium Enterprises (SMEs) is presented. • Discounted Cash Flow (DCF) is used as reference methodology and Net Present Value (NPV) is proposed as economic performance index. • The analysis is conducted on three types of WPCBs (high, medium and low grades) and fifteen types of e-wastes. • Results underline the key role of gold and palladium market prices plus the purchase cost of WPCBs. • Sensitivity, scenario and a Break-Even Point (BEP) analyses allowed to identify the exact values where the economic feasibility is verified. In modern society, use of natural resources poses a great challenge. However, the circular economy paradigm has defined a new concept of waste, proposing it as a business opportunity. Of particular interest in this paradigm is 'waste electrical and electronic equipment' (WEEE), given its high growth rate, and 'wasted printed circuit boards' (WPCBs), which are the most valuable component of WEEE. Although WPCB recycling is currently dominated by large firms, the present work evaluates the economic feasibility of hydrometallurgical processes, as used within small and medium enterprises (SMEs). Discounted cash flow (DCF) is used as a reference methodology and net present value (NPV) is used as an economic performance index. The analysis is conducted on three categories of WPCBs (low-, medium- and high-grade) and 15 categories of e-waste. The results underline the key role played by the market price of Au and Pd, plus the purchase cost of WPCBs. Accordingly, sensitivity, scenario and risk analyses are conducted on these variables and a break-even point (BEP) analysis is used to define the exact values for which economic feasibility is verified. NPV is shown to vary from 6.8 million € for medium-grade WPCBs to 63.0 million € for high-grade WPCBs in a baseline scenario, with a negative (unprofitable) result (NPV of -2.8 million €) for low-grade WPCBs. [ABSTRACT FROM AUTHOR]

The paper proposes a new methodology for evaluating the market value of firms (QuIC - Quantitative Intellectual Capital-based methodology for Firm Valuation) that considers Intellectual Capital (IC) as an important factor that can influence the overall value. Findings show that this approach gives a more fair evaluation able of taking account of the "hidden" value that could remain unconsidered when applying "traditional" valuation approaches. In fact, findings demonstrated that, from a financial standpoint, the difference between DCF and QuIC evaluation can be recognised as the worth of intellectual capital assets. [ABSTRACT FROM AUTHOR]

Abstract Renewable energy technology is being adopted into energy plans worldwide to reduce the mounting CO 2 emissions of traditional energy sources. Currently in Thailand, there are approximately 15 million solar panels (2600 MW) which will need to be disposed of in the coming years. The average lifespan of a crystalline silicon panel is between 20 and 30 years, and responsible treatment of these end-of-life panels is necessary to minimize environmental burdens. Thailand's current plan is to landfill these panels. This study hopes to shed light on the environmental and economic paybacks that could materialize from recycling solar panels. It has been hypothesized that recycling solar panels could result in less environmental burdens than landfilling, but at an added monetary cost. Using LCA methodology and the EcoInvent database, this paper compares the environmental impacts of landfilling end-of-life crystalline silicon panels with those of two different recycling methods. By recycling silicon-based solar panels, valuable metals within the panels can be recovered instead of lost to the landfill. Recycling PV panels is less environmentally burdensome than landfilling when credits are applied to the recycling methods for the avoided production of materials that are recovered from the panels. Using the discounted cash flow method, this paper also compares the three waste management plans financially, as costs will inevitably influence how PV waste is managed in Thailand in the years to come. Neither of the recycling facilities were found to be economically profitable, however the cost to recycle could be as little as $0.03 per kg. [ABSTRACT FROM AUTHOR]

Standardized tools for valuation of agricultural technologies developed in National Agricultural Research System of India are featured in this study with a generalised framework. A valuation pyramid with several levels of qualitative and quantitative approaches was designed. The new framework was articulated by a case study on production of Chitin & Chitosan from crustacean waste, a technology of Central Institute of Fisheries Technology, Kochi. The value of the novel technology was calculated using various methods, customized for the specific domain. With few suppositions at every level of the process flow, the value worth of the technology was calculated using different methods. This system attempts to deliver a valuation practice which is suitable for most of the technologies coming up in the public agricultural research system. [ABSTRACT FROM AUTHOR]

The present paper briefly describes a methodology to evaluate the sustainability of existing steel bridges. This method applied to the case study for the restoration design of the old steel Echedoros river railway bridge. An intervention on an existing bridge characterized as sustainable if the design considerations include critical sustainability assessments. The present case study also compared to other relevant assessments of the option to construct a new steel bridge for the same total span. Assessments concern remaining fatigue life, estimation of its structural resistance for the traffic capacity, identification of the environmental impacts of the structural solutions and evaluation of the total cost of the project. In the present work, the structural analysis performed using a finite element scheme for the overall bridge. In addition, several finite element analysis models of critical details also performed and studied. The verification of the design parameters adopted, i.e. loads and resistance assessment mainly based on the ‘Sustainable Bridges’ guidelines recently published by the European Commission. The estimation of the environmental impacts of the structural solutions according to life cycle principles based on the use of known LCA tools and the cost evaluated by applying the well-known discounted cash flow technique. The approach with the individual impacts combined to produce an overall sustainability score for the design option also highlighted. This way, the proposed methodology leads to a more accurate assessment of the sustainability of an existing steel bridge. [ABSTRACT FROM AUTHOR]

At the transition period of manufacturing industry in China, intelligent manufacturing is compared to the “engine” of economic development. Those intelligent manufacturing enterprises maintain the long-term stability, prosperity and development can promote the “Made in China 2025” plan. R&D is an important approach for enterprises to gain competitive advantages and increase profits. Based on the shortcomings of the traditional discounted cash flow (DCF) method in R&D investment decision, this paper analyses the value of the growth option in R&D. And it points out that making the R&D investment decision should be combined with the value of future growth opportunities of the project. The purpose of this paper provide an evaluation model of R&D Investment value in Intelligent Manufacturing, as a reference on investment decision for intelligent manufacturing enterprises’ managers. This paper provides a clearer way of thinking for managers to understand and evaluate the value of R&D projects in an all-round way and gain more profits for enterprises. [ABSTRACT FROM AUTHOR]

Energy conservation in the real estate sector is claimed to possess significant possibilities for viable climate mitigation actions. Adopting the property investor's perspective, this paper focuses on financial performance of energy audit investments of existing office buildings. The study uses four property investment methods for assessing the financial performance of these investments. First, the paper adopts the traditional approach for assessing the profitability of an energy conservation investment: payback period, internal rates of returns and returns on investments of energy efficiency investments. Secondly, the scope is moved from energy investment to the property level and discounted cash flow (DCF) method is used to analyze the influence of the investments on the actual property value, something that has not been studied enough. The results reveal genuine financial advantages of energy efficiency investments at the building portfolio level, highlighting positive impacts on the property values of ca. 2.5 percent on average. Yet, the benefits of energy efficiency investments are currently not easily reached nor realized by investors. This is at least partly due to the mechanisms of distributing the potential returns of the investments between stakeholders, the lack of qualified service providers and poor understanding of overall value of energy conservation investments. [ABSTRACT FROM AUTHOR]

The Discounted Cash Flow (DCF) analysis usually involves long-term asset valuations yet assumptions are made to allow static variables to be introduced into this potential dynamic model. This paper advances pedagogical literature by offering a detailed Excel walkthrough incorporating a Monte Carlo Simulation to account for changes in both the growth rate in free cash flows (FCF) and the cost of capital. The empirical results are startling as projects that 'pass' the NPV acceptance rule, reveal possible negative values or extremely low positive ones that would have gone un-noticed in a traditional DCF analysis and would have resulted in a non-acceptance decision. This paper posits and empirically shows that MCS complements the DCF with results that more closely approximate the 'true' net present value (NPV) by incorporating a set of dynamic variables that directly measure the anticipated cash inflow-outflow valuation relationship. [ABSTRACT FROM AUTHOR]

Although there have been discussions regarding the commercial prospect of shale gas in China, no quantitative and convincing analysis regarding its economic viability has been reported. This research aims to explore the future of the shale gas industry in China using a single-well model. This model is established with the DCF (Discounted cash flow) method aiming at getting an average or representative reflection of the economic viability of shale gas. In the model based on data mainly from pilot areas in Sichuan Basin, three scenarios are conducted to discuss the current economy, the short-term prospect, and the future of the shale gas industry. Under the current technological and economic conditions, China's shale gas resources are not worth an investment. However, in the near future, several sweet-spots are promising, particularly with the expectation of higher gas prices and lower drilling and completion costs (D&C costs). Although the sweet-spots are promising, it is difficult to achieve the goal of large-scale development according to the known information if mainly relying on current policy, unless there are sufficient sweet-spots. Hence, we hold a cautiously optimistic attitude towards the future of the shale gas industry. We suggest that the government should spend more on supporting resource surveys and exploration in the initial stages. After identifying the resource status, a more comprehensive development plan with systemic policies conformed to the resource status is warranted, including encouragement of technical innovations, a system for mature shale gas technical service markets, and a market-oriented price. [ABSTRACT FROM AUTHOR]

In 2009 Trinidad and Tobago (T&T) ranked 57th in the world as a contributor to carbon emissions with some 50 million metric tonnes being emitted as compared to the world's top contributors; China who produced 7 billion metric tonnes and the United States which produced 5.5 billion metric tonnes. However, the population of T&T is relatively small; resulting in a CO 2 emissions per capita ranking that is quite high. As such T&T is ranked 2nd to only Qatar in CO 2 emissions per capita in 2009. This indicates that T&T should be concerned about its levels of CO 2 emissions and should look at options to control and reduce its volume. In T&T, carbon dioxide (CO 2 ) can be strategically placed in deep saline aquifers or depleted oil and gas reservoirs as a CO 2 mitigation measure. Theoretical case studies have been performed on the British Petroleum's (bpTT) Mahogany field, off Trinidad's east coast. The migration of injected CO 2 was analysed using the CMG-GEM reservoir simulation software [1]. Initial runs show that CO 2 sequestration is technically feasible. However, uncertainty surrounds the economics of successfully undertaking a CO 2 sequestering program. Given the time frame required to monitor and evaluate the effectiveness of this mitigation measure, the traditional discounted cash flow (DCF) approach may not be suitable [2]. The real option valuation (ROV) method is often presented as an alternative to the DCF approach because it is able to quantify the additional asset value arising for flexible asset management. [ABSTRACT FROM AUTHOR]

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In this paper we wanted to identify the role of the cost of capital in making the decision on financing, and the main methods of determining the cost of equity and the cost of borrowed capital. It is known that when a company decides to invest, their main objective is the choice of funding sources that have the lowest cost. That's why all the attention is focused on the cost of capital, because every business objective is to obtain enough long-term yield for the invested equity. Determining the cost of capital is an important problem in the business world for the following reasons: • To maximize the market value of the company. To this end, managers must act to minimize costs, including capital costs; • To make the right investment decisions, which requires for managers knowledge about the cost of different sources of business financing; • To decide on optimal and adequate terms regarding the funding policy and the floating capital policy. [ABSTRACT FROM AUTHOR]

This paper considers a multi-skilled project scheduling problem that is a newly developed extension of the Resource-Constrained Project Scheduling Problem (RCPSP). The main difference in such problems, compared with classic scheduling problems, is associated with the given resources, which are only dependent on human type. Additionally, the net present value of a given project is considered by its cash in and out flow to guarantee project success. To solve the given problem, an enhanced two-phase method is proposed using genetic and path relinking algorithms, whose parameters are tuned by the Taguchi method to provide robust comparisons. Furthermore, the potential changes in the project execution method are considered for some of the mostly used payment methods. Finally, some different-sized instances are tested to check the performance and efficiency of the proposed method. [ABSTRACT FROM AUTHOR]

The ever-growing demand for environmental assets is a phenomenon of our times. Calculating the value of these assets could play an important role in providing information about them and also contribute to their conservation and improvement. However, the intangible and subjective aspects involved in this kind of valuation make it difficult, if not impossible, to value them by the traditional methods. This paper proposes the use of the Analytic Multicriteria Valuation Method (AMUVAM), which is a combination of the Analytic Hierarchy Process with Discounted Cash Flow, to obtain an indicator of the Total Economic Value of an environmental asset and that of its individual components. The process takes into consideration both the objective and intangible and subjective values. The proposed method was applied to the valuation of the Pego-Oliva Wetland. [ABSTRACT FROM AUTHOR]

The article presents a comparison of retail rent laws in Great Britain and the U.S. as of February 2014, focusing on precedents and turnover rents in relation to malls in America, as well as information on the British Landlord and Tenant Act 1954 and consumer buying patterns. Base rents for properties in the U.S. are mentioned, along with market value, discounted cash flow, and notional tariffs for various businesses in Great Britain. The drafting of turnover rent provisions is also examined.

This study revisits the issue of accuracy in contemporary hotel valuation. Along with the hotel valuation techniques used by Rushmore (1992) and Chen and Kim (2010), this study uses the cost approach and the automated valuation model (AVM) in its examination of contemporary hotel valuation techniques. Fourteen randomly selected hotel firms are analyzed using nine valuation approaches. The valuation results are then compared to the market values of these firms to assess which technique provides the most robust and supportable estimate. Research results reveal that, at least for the analyzed sample, the discounted cash flow (DCF) technique provides the most realistic estimate of a hotel firm's value. Results also show that the valuation estimate of AVM is significantly different from both Band of Investment methods. As such, the process of valuing hotel properties is better understood. [ABSTRACT FROM AUTHOR]

The processing of natural gas resources is a critical step for monetizing them. Its evaluation should deal with the volatility of prices of raw gas and natural gas liquids, the processing technology and the composition of the raw gas. This study combines different approaches – process engineering, probabilistic discounted cash flow (DCF), and market failure analysis – to evaluate the technical aspects, financial results and market barriers of natural gas processing. Two productive strategies are compared: fuels or petrochemicals. Brazil is used as a case study, since the country experienced a ramping production of associated rich gas from pre-salt basins and lacks the required gas processing capacity. Findings indicate that the processing plant designed with turboexpander was able to produce the required scale for the fuel and the petrochemical markets. The Petrochemical Strategy reached a higher average net present value (US$ 2448 millions) compared to the Fuel Strategy (US$ 2006 millions) in a 30-years DCF analysis, at a higher standard deviation, however. This highlights the importance of performing the stochastic NPV to deal with price volatilities. The Petrochemical Strategy is also challenged by market failures found in Brazil, while the Fuel Strategy has social and infrastructure advantages in a stablished domestic market. [Display omitted] • Two strategies for monetizing rich natural gas resources are compared: fuels and petrochemicals. • The method combines process engineering, probabilistic discounted cash flow and market analyses. • Both strategies proved to be feasible but petrochemicals reached a higher, although riskier, NPV. [ABSTRACT FROM AUTHOR]

Algal blooms in urban water system is an international concern, which especially in China, have become a major obstacle to the urban water environment improvement since the preliminary achievements were made in the treatment of black and odorous water bodies. The complex blooming mechanisms require a joint regulation plan. This study established a framework that consisted of three steps, i.e., simulation, optimization, and verification, to build an optimal joint regulation plan. By taking the urban river network in Suzhou Pingjiang Xincheng as a case study, the cost-benefits of six alternative regulation measures were assessed using an algal bloom mechanism model and the discounted cash flow model based on 70 regulation scenarios. The joint regulation plan was optimized using the marginal-cost-based greedy strategy on the basis of the cost-benefits of different measures. The optimized joint plans, which were verified to be global optima, were more cost-effective than the designed regulation scenarios, and reduced the average chlorophyll-a concentrations by 55.3%–60.1% compared with the status quo. Applying the optimized cost allocation ratios of each measure to adjust the existing regulation scheme of another similar case verified that the optimization results had great generalizability. [Display omitted] • An efficient framework was established to build an optimal joint regulation plan. • Six alternative regulation measures were assessed based on 70 regulation scenarios. • Coupling model of EFDC and SWMM was constructed to analyze Algal bloom mitigation. • The joint algal growth regulation plan was optimized using greedy strategy. • Another similar place was used to prove the feasibility of this methodology. [ABSTRACT FROM AUTHOR]

The pulp and paper industry relies heavily on the traditional discounted cash flow-based net present value (DCF-NPV) for making capital investment decisions. The deficiency of the DCF-NPV model is that it is static; once a pattern of cash flow is established, management does not have the option to change the direction when new information is available. However, flexibility to alter the investment decision is a powerful strategic and capital investment tool. Abundant research has established strong precedence for applications of "real options" in operational and strategic settings to provide useful insights in the evaluation of irreversible investments under uncertainty. The binomial or Black-Scholes option pricing model (OPM) for strategic planning and capital investment has been used in many other industries but not in the pulp and paper industry. The pulp and paper industry, though very capital intensive, has provided poor to moderate return on investment or return on capital and has never used the OPM and the flexibility it offers for capital investment decisions. This paper makes a case for using OPM for capital investment decisions by using the example of a hypothetical North American mill considering investments to modernize its papermaking operation. [ABSTRACT FROM AUTHOR]

Abstract: The capital budgeting process is based on the technique of reducing future cash flows of the net present value which implies a process of discounting by using the discount rate. Usually, in capital budgeting process the discount rate is presented through the cost of capital. The determination of the cost of capital primarily depends on the capital structure, but since the process of capital budgeting implies a long time period, it also implies uncertainty and vagueness. Subjective perception, thinking, judgment and decision making, including a large number of predicted vague data is often expressed solely in linguistic variables by the management and this is the main characteristic of the capital budgeting process, especially in the determination of the cost of the capital through a long time period. The main intention of this paper is to present the use of fuzzy logic in the process of determining the cost of capital and providing an alternative approach in the appraisal of the cost of capital in the presence of fuzziness. The integration and implementation of linguistic variables i.e. qualitative information in the determination of the cost of capital using fuzzy numbers in the capital budgeting process will also be discussed. Through the formulation of a fuzzy system and the use of fuzzy numbers we will propose a process and methodology* for the use of fuzzy numbers in the process of the cost of capital determination. We examine the presented methods and suggest new ideas that could improve further research and implementation of fuzzy logic in the capital budgeting process. [Copyright &y& Elsevier]

The article focuses on valuation hearing requirements in U.S. bankruptcy courts. Topics include value mortgage portfolios, discounted cash flow (DCF) analysis, and debtor rehabilitation after the filing of bankruptcy protection. Information is provided on the U.S. housing market between 2006 and 2012 and collateralized residential mortgage-backed securities (CRMBS).

The financial evaluation is an operation to estimate cash flows and discount rates and an operation for calculating the enterprise value and capitals (reporting of cash flows discount rates proper). [ABSTRACT FROM AUTHOR]

Abstract: Biomass energy and carbon capture and storage (BECCS) can lead to a net removal of atmospheric CO2. This paper investigates environmental and economic performances of CCS retrofit applied to two mid-sized refineries producing ethanol from sugar beets. Located in the Region Centre France, each refinery has two major CO2 sources: fermentation and cogeneration units. “carbon and energy footprint” (CEF) and “discounted cash flow” (DCF) analyses show that such a project could be a good opportunity for CCS early deployment. CCS retrofit on fermentation only with natural gas fired cogeneration improves CEF of ethanol production and consumption by 60% without increasing much the non renewable energy consumption. CCS retrofit on fermentation and natural gas fired cogeneration is even more appealing by decreasing of 115% CO2 emissions, while increasing non renewable energy consumption by 40%. DCF shows that significant project rates of return can be achieved for such small sources if both a stringent carbon policy and direct subsidies corresponding to 25% of necessary investment are assumed. We also underlined that transport and storage cost dilution can be realistically achieved by clustering emissions from various plants located in the same area. On a single plant basis, increasing ethanol production can also produce strong economies of scale. [Copyright &y& Elsevier]

Abstract: Carbon capture and storage (CCS) is one of the most important measures for emission reductions due to the cost effectiveness and huge potentials. In general break even costs based on normal discounted cash flow (DCF) method are referred in a discussion on CCS diffusions. These evaluations with static and perfect foresight assumptions indicate that the break even costs for CCS diffusions are moderate, around US$35/ tCO2. In contrast it seems that an early large-scale commercialization of CCS is far from ideal due to technical, economical, social barriers and their uncertainties. In terms of economical aspect, carbon value and fuel price are very uncertain. In this study we focus on cost analysis of power plant replacement and CCS investment as a replacement for an aged coal plant. In this analysis carbon price and gas price are explicitly uncertain. Using a real options approach we found the threshold between “waiting” and “investment right now”. “Waiting” means that the firm continues to operate the aged coal plant, which has low thermal efficiency and high CO2 intensity. “Investment right now” means that the firm throws out another investment options. The results indicate that it requires substantially higher carbon prices, e.g., US$70/ tCO2, for CCS diffusions under uncertainty. The threshold for CCS investment is also affected by gas price. For example, in the middle range gas price (around US$10/GJ), the threshold can be over US$100/ tCO2. In addition possibility of free allocation based on absolute historical emissions (grandfathering) makes it more difficult to invest CCS. On the other hand existing (aged) coal plants have strong competitiveness under uncertainty. It seems that this is consistent with real situations in each country. Reducing uncertainty of climate policy is the key to an early CCS diffusion. [Copyright &y& Elsevier]

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New information and communication technologies have been gaining widespread use in Distance Education (DE) models. At the same time, the uncertainty in the market demand for this form of higher education is such that the valuation of eLearning projects has become increasingly difficult and complex. This is due to the fact that uncertainty and flexibility are central to DE projects, and traditional valuation models such as the Discounted Cash Flow (DCF) method fail to capture the value of the management flexibility that is inherent in these types of projects. We analyze a typical college level MBA DE project and show how option pricing methods can be used to determine both the project value and the optimal investment strategy. We develop a real options model which allows managers to optimize their decision making process when there is the option to postpone project implementation for a limited period of time. We conclude that this approach allows for a more comprehensive valuation of the strategic flexibilities that exist in this class of project, improves the quality of managerial decisions and reduces the risk of investment under uncertainty. [ABSTRACT FROM AUTHOR]

This survey focuses on the application of real options methodology to the information and communications technology (ICT) industries. It examines the development of the methodology to areas as diverse as wireless cell site investments to dynamic pricing issues. In addition to aiding the reader in understanding the breadth of the applications, it demonstrates the importance of the topic. It provides a guide to the reader who is interested in exploring the topic in greater depth. [ABSTRACT FROM AUTHOR]

Medical imaging centers are an increasingly integral part of the medical services landscape in America. There are many instances in which owners and potential buyers of these enterprises want to ascertain the value of the businesses. There is an industry of professionals who provide expert valuation services for many types of businesses using various recognized alternative methods, some of which are more appropriate than others when valuing an imaging center. The federal government has prescribed parameters for all valuations if they lead to transactions in which fair market value is mandated, and it also expects transactions to adhere to more generalized laws relating to entities that provide services to Medicare patients. Radiologists who own, or who are contemplating ownership of, imaging center operations need to understand the principles of valuation, specifically the factors that are involved in a discounted cash flow determination of fair market value. [Copyright &y& Elsevier]

The article evaluates the use of Monte Carlo simulation method in physician practice valuation in the U.S. This method applies random selection process to create multiple scenarios. The study shows that the Monte Carlo simulation is effective in projecting cash flows and it provides a more rational base from which to negotiate.