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Inspired by experimental evidence, we amend the recursive utility model to let risk aversion decrease with the temporal horizon. Our pseudo-recursive preferences remain tractable and retain appealing features of the long-run risk framework, notably its success at explaining asset pricing moments. In addition, our model addresses two challenges to the standard model. Calibrating the agents' preferences to explain the equity premium no longer implies an extreme preference for early resolutions of uncertainty. Horizon-dependent risk aversion helps resolve key puzzles in finance on the valuation of assets across maturities and captures the term structure of equity risk premiums and its dynamics. [ABSTRACT FROM AUTHOR]

This article discusses factors that should be considered in the valuation of an independent insurance agency. Independent agencies have undergone significant ownership changes in recent years and this trend will likely continue. These changes will necessitate thousands of valuations for the purposes of internal propagation, sale, inheritance, and more. A valuator that does not understand the nuances of the independent insurance agency business may ignore significant trends affecting the agency, leading to miscalculation of value. [ABSTRACT FROM AUTHOR]

This article discusses Treasury Regulation Section 25.2512-6, which provides valuation conventions for federal gift tax purposes for policies transferred during the insured's life. The article analyzes the Regulation Section by the broad policy types it attempts to value, analyzes the conventions for those broad policy types, and discusses the issues the Regulation Section continues to raise for practitioners who are filing federal gift tax returns for clients who gift policies to a third party during life. [ABSTRACT FROM AUTHOR]

Collecting large asset managers' capital market assumptions, we revisit the relationships between subjective equity premium expectations, equity valuations, and financial portfolios. In contrast to the well-documented extrapolative expectations of retail investors, asset managers' equity premium expectations are countercyclical: they are high (low) when valuations are low (high). We find that asset managers' portfolios reflect their heterogeneous expectations: allocation funds of asset managers with larger U.S. equity premium expectations invest significantly more in U.S. equities. The sensitivity of portfolios to expectations seems to be muted by investment mandates and is smaller than the one predicted by a standard portfolio choice model. [ABSTRACT FROM AUTHOR]

Willingness to pay (WTP) is a metric that is widely valued and utilized among both practitioners and academics. However, the conceptualization of WTP is ambiguous, and this ambiguity is reflected across existing methods of measuring WTP. The authors first present a formal mathematical framework that clarifies WTP as a distributional concept—rather than a single number—constructed as a function of customers, comparisons, and situations. The framework further reveals the operation of two comparative mechanisms, direct and indirect, by which situational factors affect WTP. They then introduce a new method to measure WTP—the comparative method of valuation (CMV)—that, unlike existing methods, is designed to account for the inherently comparative and situational nature of WTP. Across nine studies reported in the article and four additional studies in the Web Appendix, the authors (1) examine differences in results between CMV and choice-based conjoint as well as between CMV and the classic Becker–DeGroot–Marschak methodology, (2) demonstrate that CMV is a valid and reliable measure of WTP, and (3) illustrate applications of CMV to managerial problems. This article offers both conceptual clarity and methodological advances to understanding the construction and measurement of WTP for practitioners and academics alike. [ABSTRACT FROM AUTHOR]

A circular economy is a "closed-loop" system designed so that products flow back into the production cycle after use. With many companies implementing take-back programs as part of their sustainability strategy, a fundamental shift in consumption has occurred, with consumers considering disposal during and even before purchase decision making. Eight experiments reveal that consumers indicate a greater willingness to pay for circular program products. An increase in psychological ownership underlies the difference in product valuation. Specifically, the additional disposal control uniquely afforded by circular products increases the capacity of circular take-back program products to evoke psychological ownership. The process explanation is directly tested through mediation. Experimentally manipulating antecedents of psychological ownership (i.e., disposal control and psychological ownership) provides further support for the conceptual framework. [ABSTRACT FROM AUTHOR]

The number of short campaigns by hedge funds has dramatically increased over the last two decades. Nearly 80% of campaigns are undertaken by activist hedge funds, particularly those that employ hostile tactics in their long campaigns. Short campaigns are associated with negative abnormal returns of –7%, with aggregate valuation effects similar in magnitude to the gains from long activism campaigns. In contrast to long campaigns, public communication is a critical component of short campaigns. We do not find evidence that such communication is manipulative. Overall, our analysis highlights the importance of short campaigns for understanding the economic impact of activist hedge funds. [ABSTRACT FROM AUTHOR]

Using the exclusion of business development companies (BDCs) from stock indexes, this paper studies the effectiveness of market discipline in the direct lending space. Amid share sell-offs by institutional investors, a drop in BDCs' valuations limits their ability to raise new equity capital. Following this funding shock, BDCs do not adjust their capital structure. At the same time, they are reducing the risk exposure of their portfolios. We document a greater reduction in risk for BDCs subject to stronger market discipline from their debtholders. BDCs pass through the capital shock to their portfolio firms by reducing their investment intensity. [ABSTRACT FROM AUTHOR]

In this article, we bridge the gap between academia and practice by analyzing and presenting the results of allegations in more than 200 lawsuits against the largest public accounting firms. Our findings are critical as the lawsuits damage the firms' reputations, the credibility of the profession in general, and may result in large monetary losses and loss of clients. We find three key results not found in previous legal research. First, we find that Generally Accepted Accounting Principles (GAAP) issues, especially those focused on valuation, dominate Generally Accepted Auditing Standards (GAAS) issues in the allegations. Second, fraud allegations against the auditors themselves are a significant problem, although often ignored in the fraud literature. Third, the Public Company Accounting Oversight Board (PCAOB) reports on the accounting firms provide an unintended source of information for third parties in future legal allegations against those same firms. [ABSTRACT FROM AUTHOR]

We study the problem of distributing a set of indivisible goods among agents with additive valuations in a fair manner. The fairness notion under consideration is envy-freeness up to any good (EFX). Despite significant efforts by many researchers for several years, the existence of EFX allocations has not been settled beyond the simple case of two agents. In this article, we show constructively that an EFX allocation always exists for three agents. Furthermore, we falsify the conjecture of Caragiannis et al. by showing an instance with three agents for which there is a partial EFX allocation (some goods are not allocated) with higher Nash welfare than that of any complete EFX allocation. [ABSTRACT FROM AUTHOR]

We demonstrate that investors in initial public offering (IPO) firms value revenues and that the number of U.S. Securities and Exchange Commission (SEC) revenue recognition comment letters issued on the S-1 registration statement are positively associated with reported revenues. We also find that IPO managers report revenues opportunistically in the fiscal year just prior to the offer. In additional analysis, we find that discretionary revenues are associated with significantly higher first day IPO stock returns but significantly lower 1 year stock returns. Our results are consistent with the incentives of managers to report revenues opportunistically outweighing the higher monitoring and regulatory scrutiny pre-IPO. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In markets, individuals use three main evaluation modes to categorize and subsequently value organizations based on received organizational cues: prototype-based, exemplar-based, and goal-based evaluation. Starting with the premise that individual audience members use prototype-based evaluation as a default evaluation mode when receiving expected organizational cues, this paper derives a theory that connects unexpected organizational cues with an individual audience member's likelihood of switching from prototype-based evaluation to either exemplar-based or goal-based evaluation. Individual audience members' switches between modes, which we refer to as evaluation-mode heterogeneity, lead to changes in their valuation of typical organizations relative to atypical organizations. Our proposed theory has important consequences for research on valuation in markets accounting for apparently conflicting findings in prior studies, and on optimal distinctiveness. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper we use the superpotential W q for the flag variety G L n / B and particular coordinate systems that we call 'ideal coordinates for i ', to construct polytopes P λ i inside R R + , associated to highest weight representations V λ of G L n (C). Here i is a reduced expression of the longest element of the Weyl group and R + is the set of positive roots of G L n. The lattice points of P λ i can be used to encode a basis of the representation V λ , with the weights encoded in a projection onto the weight polytope. For a specific choice of i , the polytope P λ i is unimodularly equivalent to a Gelfand-Tsetlin polytope. The construction of the polytopes involves tropicalisation of the superpotential, namely P λ i is { Trop (W t λ i) ≥ 0 } written in a tropical version of the ideal coordinates for i. Using work of Judd ([13]) we have that there is a unique 'positive' critical point of W t λ over the field of Puiseux series, which projects onto the centre of mass of the weight polytope. Its coordinates, in terms of the ideal coordinates for i , are positive in the sense of having positive leading term. The remarkable property of our new polytopes relates to the tropical version of this critical point, which, for every choice of i , gives a point in R R + that lies in the interior of the polytope P λ i. We prove that this tropical critical point is independent of the reduced expression i , and that it is given by a pattern called the 'ideal filling' for λ that was introduced by Judd. Finally, combining these results with work of Rietsch ([22]) relating critical points of the superpotential with Toeplitz matrices, we show that for a totally positive lower-triangular Toeplitz matrix over the field of Puiseux series factorised into simple root subgroups, the valuations of the factors give an ideal filling. [ABSTRACT FROM AUTHOR]

We show that any block of an alternating group with an abelian defect group over an arbitrary complete discrete valuation ring is splendidly Rickard equivalent to its Brauer correspondent. This provides new evidence for a refined version of Broué's abelian defect group conjecture proposed by Kessar and Linckelmann. [ABSTRACT FROM AUTHOR]

We study the problem of fairly allocating a divisible resource in the form of a graph, also known as graphical cake cutting. Unlike for the canonical interval cake, a connected envy-free allocation is not guaranteed to exist for a graphical cake. We focus on the existence and computation of connected allocations with low envy. For general graphs, we show that there is always a 1 / 2 -additive-envy-free allocation and, if the agents' valuations are identical, a (2 + ϵ) -multiplicative-envy-free allocation for any ϵ > 0. In the case of star graphs, we obtain a multiplicative factor of 3 + ϵ for arbitrary valuations and 2 for identical valuations. We also derive guarantees when each agent can receive more than one connected piece. All of our results come with efficient algorithms for computing the respective allocations. [ABSTRACT FROM AUTHOR]

As a rapidly growing interdisciplinary literature has argued, rankings have become a key means of valuation in contemporary society. However, the majority of the work focuses on rankings in only a few areas, and even if spatial aspects play a role in the interdisciplinary literature, the number of explicitly geographical works on rankings is surprisingly low. Against this backdrop, in this paper I aim firstly to flesh out a pragmatism‐inspired geographical perspective on rankings. Secondly, using the example of wine rankings, I will ask the question as to how the growing importance of rankings has changed valuation schemes. The wine industry is particularly well suited to this, as nominal classifications in the form of designations of origin have historically played a central role here. A pragmatist, geographical perspective on ordinal ordering processes illustrates that rankings evoke both economic and geographical realities; they do this not only through the ranking processes as such, but also through observation of and engagement with rankings by different actors. In the case of wine, local/regional specificity is an inherent part of the world of rankings—be it through the fact that ranking processes build on (embodied) geographically contextualised knowledge of wine judges, through the possibilities of using (or not using) (different) rankings for different markets by wine producers, or through the balance between the marketing of wine through rankings and the suitability of those very wines for the specific markets in which they are to be sold. This is perhaps the biggest difference compared with other fields in which the importance of rankings has increased considerably—in particular, higher education. It helps to explain why the historically significant valuation scheme of geographical origin has not lost any of its significance, despite the increase in the importance of rankings in the world of wine. [ABSTRACT FROM AUTHOR]

In much anthropological reflection on value creation through objects, value is conceptualized as created in circulation. Yet objects' social lives are punctuated by periods of waiting as much as they are by movement. Waiting can thus be theorized and examined as a critical pause in the circulation of objects, one that enables their value transformation and creation via social actors, institutions, and valuation processes. Demonstrating this can be accomplished ethnographically by following the consignment, exhibition, and sale of a group of objects—in this case by the artist Maqbool Fida Husain via a Mumbai art gallery. As objects wait, the art world turns around them, setting valuation and other value‐making processes in motion. This moment of waiting is precisely when our methodological and analytical gaze should turn to the object's social relations and to the collective activities of the art world. [ABSTRACT FROM AUTHOR]

This article explores the under-researched area of discursive tactics employed in terrorist threat texts that exploit moral values to constantly justify violence, fostering a 'discourse of justification', disaffiliation and conflict. Employing a discursive pragmatic analysis, it delves into the tactics of violent extremists associated with jihadism and far-right ideologies. Utilising the Appraisal framework and the 'moral disaffiliation' strategy, the study uncovers verbal practices shaping a dynamic of justification. Findings reveal threateners' involvement in regulatory discursive functions – manipulation, deontic-retaliation, and boulomaic effect – and practices of ideologically positioning functions – discrediting, blaming, denying and (de)legitimating. The analysis highlights the construction of negative victim individuals and societies while praising the threatener/in-group, anchored predominantly in values of propriety, capacity, valuation and veracity, as the primary dynamic of threatener-victim disalignment. This study contributes insights into threatener profiling, motivations of violence and future research on threat-genre rhetorical structure analysis. [ABSTRACT FROM AUTHOR]

Economists typically estimate the economic value of wildlife-associated recreation by applying valuation methods to individual data collected from mail and internet surveys, however, surveys are limited to what respondents choose to report as well as who chooses to respond. Government records and mobile applications that track recreational activity can also provide data for economic valuation if activities can be linked back to individual decision-makers. One particularly intriguing source of government information is harvest check-in data, which tracks hunting success. In this paper, we examine the comparability of economic values based on surveys and harvest check-in data using a site choice model. While we find evidence the datasets yield different models, large and substantial differences are the exception rather than the rule, especially once we accurately account for individual trip costs. Our findings support the conclusion that data generated through surveys and harvest records are capable of producing similar valuation estimates. [ABSTRACT FROM AUTHOR]

Land use change (LUC) alters habitat quality and the provision of ecosystem services that affect economic activities, such as beekeeping. For beekeeping, landscapes reveal individual decisions that determine its productive potential, thus, landscapes can be considered a common pool resource. To understand how land use preferences shape scenarios that suggest the aggregated effects of decisions on beekeeping in agricultural landscapes, a participatory valuation and an economic choice game were conducted in field workshops in Veracruz, México. We found that, although participants valued land use benefits differently, they integrated common benefits to create scenarios that sustained beekeeping, but these decisions were sensitive to external factors that disincentivize collective action. In addition, characteristics positively associated with collective action at the individual and group levels differ, suggesting emerging group identities. Exercises like these allow the exploration of CPR in complex scenarios such as landscapes, to understand the dynamics of individual and group preferences. [ABSTRACT FROM AUTHOR]

Summary: We define an extension of parity from the integers to the rational numbers. Three parity classes are found—even, odd, and "none". Using the 2-adic valuation, we partition the rationals into subgroups with a rich algebraic structure. The natural density provides a means of distinguishing the sizes of countably infinite sets. The Calkin-Wilf tree has a remarkably simple parity pattern, with the sequence "odd/none/even" repeating indefinitely. This pattern means that the three parity classes have equal natural density in the rationals. A similar result holds for the Stern-Brocot tree. [ABSTRACT FROM AUTHOR]

This study contributes to the literature on migration, motherhood, and work by exploring how migrant stay‐at‐home mothers view and interpret the values of the unpaid work that they are conducting. Using semi‐structured in‐depth interviews with 36 college‐educated Chinese stay‐at‐home mothers in Singapore, we demonstrate migrant mothers' agency, efforts, and strategies in valuing domestic work and their stay‐at‐home mother status. Drawing on their migration status and relatively privileged educational backgrounds, elite migrant mothers re‐imagine and construct values of stay‐at‐home motherhood by framing their role as productive workers and by linking private and public spheres. Findings demonstrate four distinctive yet related processes that shape how mothers value and validate their domestic work and current status: emphasizing the agentic nature of their work decision, framing their maternal practice as having high quality, identifying the merits of current stay‐at‐home motherhood experiences on their future career pathway, and constructing a shared value of domestic work with their spouses. In the end, this study highlights the importance of going beyond the separate‐spheres ideology in understanding how skilled migrant mothers construct the productive meaning of their stay‐at‐home motherhood. [ABSTRACT FROM AUTHOR]

Let E be an elliptic curve over Q , p an odd prime number and n a positive integer. In this article, we investigate the ideal class group Cl (Q (E [ p n ])) of the p n -division field Q (E [ p n ]) of E. We introduce a certain subgroup E (Q) ur , p n of E (Q) and study the p -adic valuation of the class number # Cl (Q (E [ p n ])). In addition, when n = 1 , we further study Cl (Q (E [ p ])) as a Gal (Q (E [ p ]) / Q) -module. More precisely, we study the semi-simplification (Cl (Q (E [ p ])) ⊗ Z p) ss of Cl (Q (E [ p ])) ⊗ Z p as a Z p [ Gal (Q (E [ p ]) / Q) ] -module. We obtain a lower bound of the multiplicity of the E [ p ] -component in the semi-simplification when E [ p ] is an irreducible Gal (Q (E [ p ]) / Q) -module. [ABSTRACT FROM AUTHOR]

Cellular covers which originate in homotopy theory are considered here for a very special class: divisible uniserial modules over valuation domains. This is a continuation of the study of cellular covers of divisible objects, but in order to obtain more substantial results, we are restricting our attention further to specific covers or to specific kernels. In particular, for h-divisible uniserial modules, we deal first with covers limited to divisible torsion-free modules (Section 3), and continue with the restriction to torsion standard uniserials (Sections 4–5). For divisible non-standard uniserial modules, only those cellular covers are investigated whose kernels are also divisible non-standard uniserials (Section 6). The results are specific enough to enable us to describe more accurately how to find all cellular covers obeying the chosen restrictions. [ABSTRACT FROM AUTHOR]

In this paper we introduce the notion of functional prime ideals in a commutative ring. For a (left) R-module M and a functional ϕ (i.e., an R-linear map ϕ from M to R), an ideal I of R is said to be a ϕ -prime ideal if whenever a ∈ R and m ∈ M such that a ϕ (m) ∈ I , then a ∈ I or ϕ (m) ∈ I . This notion shows its ability to characterize different classes of ideals in terms of functional primeness with respect to specific R-modules. For instance, if the module M is the ideal I itself, then I is ϕ -prime for every ϕ ∈ Hom R (I , R) if and only if I is a trace ideal, and if the module M is the dual of I, then I is ϕ -prime for every ϕ ∈ Hom R (I − 1 , R) if and only if I is a prime ideal of R, or I is a strongly divisorial ideal. Several results are obtained and examples to illustrate the aims and scopes are provided. [ABSTRACT FROM AUTHOR]

This study introduces a novel copula class, referred to as the distorted GAB copula (hereafter, dGAB copula), as an alternative to the Gaussian copula, which has shown limitations in capturing tail dependence. Much like the Gaussian copula, the dGAB copula can be uniquely determined by its bivariate marginal copulas and offers effective tail dependence modeling capabilities. To demonstrate its practical applicability, we showcase its use in the valuation of basket default swaps. Furthermore, we propose a parameter estimation approach based on the EM algorithm tailored to the dGAB copula. [ABSTRACT FROM AUTHOR]

In recent years, research has increasingly focused on the economic value of freshwater ecosystems, which provide essential services such as water supply, climate regulation, and recreation, but are highly vulnerable to human-induced degradation. To examine this body of work, a meta-analysis was conducted on 116 studies regarding the economic value of ecosystem services provided by freshwater ecosystems, which collectively reported 368 valuations. The results indicate that 50.2% of the variation in existing value estimates can be explained by an econometric model that controls for (a) the geographical and socio-economic characteristics of the study site, (b) the valuation method and beneficiary type, and (c) the physical and ecological attributes of the specific biome and ecosystem service. The work illustrates the effect of different freshwater ecosystems on economic valuation estimates, also showing the impact of site and socio-economic characteristics of the study. Furthermore, the study assesses the prospects for using the meta-analytic value function derived from the model, finding an average transfer error of 14.4%. This study effectively summarizes the existing literature on the economic value of freshwater ecosystems, allows for the establishment of stylized facts and provides the foundation for the development of tools to support environmental policy decisions. [ABSTRACT FROM AUTHOR]

In this paper, we consider fixed time delays in auctions with resale. The time delay may impact the bidders' valuations of the object. In particular, the auction's winner may obtain some value by depleting the object, either by consuming it or exploiting it, over the interim period and the loser may lose some value by virtue of the object being depleted by the winner. Our main result is that fixed time delays lead to asymmetric bid distributions. For a special family of probability distributions, we show that the first-price auction is revenue superior to the second-price auction. [ABSTRACT FROM AUTHOR]

We study linkage of (d + 1) -fold quadratic Pfister forms over function fields in one variable over a henselian valued field of 2-cohomological dimension d. Specifically, we characterise this property in terms of linkage of quadratic Pfister forms over function fields over the residue field of the henselian valued field; in full generality in characteristic different from 2, and for most complete discretely valued fields in characteristic 2. As an application, we obtain a proof that (d + 2) -fold quadratic Pfister forms over function fields in one variable over a d-dimensional higher local field are linked. [ABSTRACT FROM AUTHOR]

Objectives: Health state valuation assumes that respondents trade off between all aspects of choice tasks and maximize their utility. Yet, respondents may use heuristic valuation processes, i.e., strategies to simplify or avoid the trade-offs that are core to health state valuation. The objective of this study is to explore if heuristic valuation processes are more prevalent for valuation from a 10-year-old child's perspective compared to the use of an adult perspective. Methods: We reused existing data in which EQ-5D health states were valued from adult and child perspectives with composite time trade-off (cTTO) and discrete choice experiment (DCE) tasks. Our analyses focused on comparing completion time and responding patterns across both perspectives. We also explored how reflective of a set of heuristic strategies respondents' choices were in both perspectives. Results: We found no evidence for systematic differences in completion time across perspectives. Generally, we find different responding patterns in child perspectives, e.g., more speeding, dominance violations, and clustering of utilities at 1.0, 0.8, and 0. Very few heuristic strategies provide a coherent explanation for the observed DCE responses. Conclusion: Our results provide some, albeit indirect, evidence for differences in heuristic valuation processes between perspectives, although not across all data sources. Potential effects of heuristic valuation processes, such as transfer of responsibility, may be identified through studying responding patterns in cTTO and DCE responses. [ABSTRACT FROM AUTHOR]

Heightened delay discounting has been linked to adverse smoking cessation outcomes, including among light cigarette users. Few studies have evaluated delay discounting's proposed mechanism, preference reversal (concurrent increases in valuation of/craving for desired objects), and none have done so in naturalistic settings. We examined how person‐level delay discounting moderated the within‐person association between cigarette valuation and craving among very light daily cigarette users who were financially incentivized to abstain. Forty participants completed a baseline delay‐discounting task and intermittent ratings of cigarette valuation and craving during the incentivized abstinence attempt. Subjects earned monetary rewards for abstinence on a descending schedule (e.g., $20 on Days 1 and 2 and $2.50 on Days 9 and 10). Consistent with preference reversals, there was a positive association between cigarette valuation and craving. This relation was moderated by delay discounting (stronger among those with low discounting rates) and by monetary reinforcement amount (stronger on days with low reinforcement). Additionally, subjects were more likely to report stronger cravings on days with high monetary reinforcement, with this effect moderated by delay discounting (stronger among those with low discounting rates). The results suggest that heightened delay discounting may not confer risk for preference reversal among very light daily cigarette users who are attempting abstinence. [ABSTRACT FROM AUTHOR]

When k$k$ is a field, the classical Jacobian criterion computes the singular locus of an equidimensional, finitely generated k$k$‐algebra as the closed subset of an ideal generated by appropriate minors of the so‐called Jacobian matrix. Recently, Hochster‐Jeffries and Saito have extended this result for algebras over any unramified discrete valuation ring of mixed characteristic via the use of p$p$‐derivations. Motivated by these results, in this paper, we state and prove an analogous Jacobian criterion for algebras over ramified discrete valuation rings of mixed characteristic. [ABSTRACT FROM AUTHOR]

Energy system planning has evolved from a narrow focus on engineering and supply works towards addressing more complex, multifactorial challenges. Increasingly challenged by climate change, extreme events, economic shocks, and altered supply demand patterns, the analysis of energy systems requires holistic approaches based on data-driven models, taking into account key socio-economic factors. We draw insights from reviewing the literature, indicating the need to cover the following major gaps: the shift to transdisciplinary approaches, incorporating environmental system analysis; resilient and sustainable energy designs based on flexible portfolios of renewable mixes; the integration of socio-economic aspects, economic analyses and behavioural models to ensure energy systems are not only technically sound but socially acceptable and viable; the need for stakeholder engagement considering the human angle in energy security and behavioural shifts. Responding to these pressing challenges and emerging needs, the Global Climate Hub (GCH) initiative, operating under the UN Sustainable Development Solutions Network, offers a conceptual framework, leveraging transdisciplinary approaches. In this Concept Paper, we present for the first time the idea of the GCH as a framework that we believe has the potential to address the modern holistic needs for energy system analysis and policymaking. By setting the conceptual/theoretical ground of our suggested approach, we aim to provide guidance for innovative combinations of cutting-edge models, socio-economic narratives, and inclusive interaction with relevant stakeholders for the development and the long-term implementation of sustainable pathways. [ABSTRACT FROM AUTHOR]

We solve the equivariant generalized Nash problem for any non-rational normal variety with torus action of complexity one. Namely, we give an explicit combinatorial description of the Nash order on the set of equivariant divisorial valuations on any such variety. Using this description, we positively solve the classical Nash problem in this setting, showing that every essential valuation is a Nash valuation. We also describe terminal valuations and use our results to answer negatively a question of de Fernex and Docampo by constructing examples of Nash valuations which are neither minimal nor terminal, thus illustrating a striking new feature of the class of singularities under consideration. [ABSTRACT FROM AUTHOR]

The mod-2 arithmetic Milnor invariants, introduced by Morishita, provide a decomposition law for primes in canonical Galois extensions of Q with unitriangular Galois groups and contain the Legendre and Rédei symbols as special cases. Morishita further proposed a notion of mod-q arithmetic Milnor invariants, where q is a prime power, for number fields containing the qth roots of unity and satisfying certain class field theory assumptions. We extend this theory from the number field context to general fields, by introducing a notion of a linking invariant for discrete valuations and orderings. We further express it as a Magnus homomorphism coefficient and relate it to Massey product elements in Galois cohomology. [ABSTRACT FROM AUTHOR]

Let Γ be a torsionless grading monoid and R = ⊕ α ∈ Γ R α be a Γ -graded integral domain. In this paper, we present basic properties and give a complete characterization of strongly homogeneous prime ideals of R. These works generalize Ahmed and the authors' characterization of when R is a graded pseudo-valuation domain. [ABSTRACT FROM AUTHOR]

The world is experiencing an energy transition, migrating from fossil fuels to renewables, which are usually intermittent and, therefore, require flexibility to keep the power system reliable. Although system flexibility is a well-known theme of research, the question "What is a fair cost for flexibility?" remains to be answered. The present paper proposes a metric to estimate the value of a flexible resource to a power system. This metric is especially important in hydroelectric systems, where the flexibility of the hydro portfolio is uncertain and subject to seasonal changes and other considerations such as agricultural use. The valuation of a flexible resource by its cost–benefit is necessary since its installation generates operational savings to the entire system. A combined project cost and system overall savings is proposed to assess the net cost of a flexible resource. The net cost of flexibility can be used as a metric to rank flexibility candidates in systems with large amounts of renewable energy. A simplified case study of the Brazilian energy system is presented, and the flexibility solutions are evaluated according to the new metric. Results show how different technologies impact the system overall costs and the importance of analyzing system needs (both short and medium terms) when planning the expansion of flexibility in hydro systems. [ABSTRACT FROM AUTHOR]

Rewards often unfold over time; we must summarize events in memory to guide future choices. Do first impressions matter most, or is it better to end on a good note? Across nine studies (N = 569), we tested these competing intuitions and found that preferences depend on when rewards occur and when we are asked to evaluate an experience. In our "garage sale" task, participants opened boxes containing sequences of objects with values. All boxes were equally valuable, but rewards were either evenly distributed or clustered at the beginning, middle, or end of the sequence. First, we tested preferences and valuation shortly after learning; we consistently found that boxes with rewards at the beginning were strongly preferred and overvalued. Object-value associative memory was impaired in boxes with early rewards, suggesting that value information was linked to the box rather than the objects. However, when tested after an overnight delay, participants equally preferred boxes with any cluster of rewards, whether at the beginning, middle, or end of the experience. Finally, we demonstrated that evaluating shortly after an experience led to lasting preferences for early rewards. Overall, we show that people summarize rewarding experiences in a nonlinear and time-dependent way, unifying prior work on affect, memory, and decision making. We propose that short-term preferences are biased by first impressions. However, when we wait and evaluate an experience after a delay, we summarize rewarding events in memory to inform adaptive longer term preferences. Preferences depend on when rewards occur and when we first evaluate an experience. Public Significance Statement: These studies demonstrate that our preferences are influenced by how positive or negative experiences unfold over time, as well as when we are first asked to express our preferences. Shortly after an experience (as in rating a restaurant or judging a competition), preferences are driven by first impressions. However, when we wait and evaluate after a longer delay (as in returning to a restaurant or selecting a job candidate), preferences instead reflect clusters of rewards that occurred at any time during the experience. Our findings offer broader implications for understanding everyday experiences, including consumer choices, comparative decisions, and social interactions. [ABSTRACT FROM AUTHOR]

We consider sections of the étale homotopy exact sequence of a hyperbolic curve over a number field. We prove that two sections whose restrictions to decomposition groups are conjugate on a set of valuations of density one are globally conjugate, which establishes the local-global principle for the conjugacy classes of sections. In fact, we obtain this result as a corollary of a more general property concerning sections of the étale homotopy exact sequence, the finite covering property, which we prove as our main result. [ABSTRACT FROM AUTHOR]

The urban environment can have a significant impact on mental and physical health. Health impact appraisal of new developments should address these issues. However, transferable economic valuation evidence for urban planners in the United Kingdom is thin, especially around mental health, making it harder to estimate the cost-efficiency of public health interventions to address these conditions. A further complication is that mental health may be perceived differently from physical health. This study examines willingness to pay (WTP) to avoid depression and lower back pain. WTP estimates were obtained by applying contingent valuation tasks in an online survey with a representative sample in the United Kingdom (N = 1553). Interval regression models were used to estimate the effects of disease severity, payment frequency, and respondent characteristics on WTP. Respondents' WTP to avoid both conditions was relatively high (around 5%-6% of stated income to return to current health state). Depression was rated as being twice as burdensome on quality of life than pain, and bids to avoid depression were 20% to 30% more than pain. Analysis of motivation responses suggests mental health treatment is perceived as less easy to access and less effective than the equivalent for pain, and respondents expect a larger burden on their family and relationships as they try to manage their condition themselves. Results suggest that depression bids may be affected by uncertainty around access to effective treatment in the healthcare system. This has implications for how mental illness may be prioritized in resource allocation toward public health interventions. • Mental health suffers from a parity of esteem compared with physical health in resource allocation. A large percentage of sufferers never seek medical treatment, but the disutility of these individuals should be considered in policy appraisal. There is a lack of valuation evidence for application in cost-benefit analysis for the United Kingdom, and those valuation studies which have explored preferences suggest that mental health may be valued inconsistently compared with physical health. • Using a contingent valuation survey in a general population sample, we explore how individuals value depression compared with lower back pain. Measuring ratings for impact on quality of life, and willingness to pay (WTP) to avoid symptoms, we estimate values for varying levels of severity and duration of illness, including values for benefits transfer. Although WTP is relatively high for both conditions, findings indicate disparities in how the 2 conditions are perceived and valued. • Results suggest that even though depression is seen as having a larger burden on quality of life, individual WTP may be affected by uncertainty around access to effective treatment in the healthcare system. This has implications for how mental illness may be prioritized in resource allocation toward public health interventions. Policy makers should consider this effect when applying disutility values derived from stated-preference techniques in health impact appraisal. [ABSTRACT FROM AUTHOR]

The EuroQol Valuation Technology (EQ-VT) protocol, which is used to value the EQ-5D-5L instrument, comprises a composite time trade-off and a discrete choice experiment (DCE) module. Despite significant limitations, the DCE module has not been updated since its inception in 2012. This study aimed to update the EQ-VT DCE design using state-of-the-art methods. DCE data from 19 EQ-5D-5L valuation studies were summarized using a Bayesian hierarchical meta-analysis model, which created the priors for our Bayesian efficient DCE design. This design comprised 20 subdesigns, each with 12 choice tasks, and included 2 levels that overlapped to reduce the complexity of the choice tasks. The relative efficiency and robustness of the new design were established by comparing the D-errors and minimal sample size requirements for the 19 within-sample and 7 out-of-sample countries with the previous DCE design. The updated DCE design shows large reductions in the D-error: by 20% and 22% for the 19 within-sample and 7 out-of-sample countries, respectively. Sample size requirements were also reduced, resulting in an average reduction of 45% for both the within and out-of-sample countries. The updated DCE design outperforms the current EQ-VT design. Given its enhanced performance and reduced complexity, it is set to replace the existing DCE design in future EQ-5D-5L valuation studies using the EQ-VT protocol. • This article presents an improved discrete choice experiment (DCE) design for the EuroQol Valuation Technology (EQ-VT) protocol. • The new EQ-VT DCE design surpasses the existing version by simplifying choice tasks, reducing sample size requirements, and facilitating the estimation of more sophisticated discrete choice models. • The improved EQ-VT DCE design is poised to become the standard in upcoming EQ-5D-5L valuation studies. [ABSTRACT FROM AUTHOR]

Considering both ecological and social dimensions in the assessment of ecosystem services (ESs) can facilitate acceptable and inclusive management strategies, especially in peri-urban areas characterized by intricate human–ecosystem interactions. A limited body of research, however, has mapped the plural values of ESs and their different types of trade-offs in such areas. This research aimed to execute an interdisciplinary analysis of the biophysical and social values of ESs in peri-urban Shanghai, China, through a social–ecological approach that integrates spatial biophysical assessment with participatory mapping. Trade-off analysis in both ES types and ES valuations were then conducted, and multicriteria decision-making was applied for conservation. Our results reveal that trade-off intensities were lower within the social values compared to the biophysical values. Within both value dimensions, relatively stronger trade-offs were found between food production and other ESs. Areas with both high biophysical and social values were infrequently observed across ESs. Based on the characteristics of diverse values, our study identified priority conservation areas and provided management implications. We argue that adopting the integrated social–ecological perspective in sustainable environmental management contributes to the realization of harmonious coexistence between people and nature in peri-urban areas. [ABSTRACT FROM AUTHOR]

The mangrove ecosystem in Bintan Regency provides many benefits, both directly and indirectly, for the people around it. Mangrove ecosystem services also vary and play a role in adaptation and mitigation processes in the face of climate change. Oil pollution that occurs every year in Bintan Regency has a negative impact both ecologically and economically. This research aims to estimate the value of mangrove ecosystem services in the East and North Coastal Areas of Bintan Island, which can be used as a basis for the management of the Area. The data collection method used was a survey using a questionnaire on fishermen, tourists, tourism managers, and the surrounding community. In addition, it also collects some secondary data to support data analysis. The results of the study state that the estimated economic value of mangrove ecosystem services is IDR. 135,663,899,478.30/year from a mangrove area of 4354.11 ha. The economic value consists of providing services by 61%, regulatory services by 21%, supporting services by 2%, and cultural services by 16%. The economic value of the mangrove ecosystem services in the coastal area of Bintan Island, Indonesia, has significant implications for policy-making related to mangrove conservation, social welfare, and environmental damage claims. The research provides evidence of the economic value of mangroves, which can be used to support policies and claims aimed at protecting these crucial ecosystems and the benefits they provide to local communities. [ABSTRACT FROM AUTHOR]

In the present paper, we study the correspondence and canonicity theory of modal subordination algebras and their dual Stone space with two relations, generalizing correspondence results for subordination algebras in [ 13–15 , 25 ]. Due to the fact that the language of modal subordination algebras involves a binary subordination relation, we will find it convenient to use the so-called quasi-inequalities and |$\varPi _{2}$| -statements. We use an algorithm to transform (restricted) inductive quasi-inequalities and (restricted) inductive |$\varPi _{2}$| -statements to equivalent first-order correspondents on the dual Stone spaces with two relations with respect to arbitrary (resp. admissible) valuations. [ABSTRACT FROM AUTHOR]

Coral reefs face a critical crisis worldwide because of rising ocean temperature, excessive use of resources and soil erosion. As reefs have great recreational and tourism value, the degradation of their quality may have a significant effect on tourism. This study employs a contingent behaviour approach to estimate the effect of reef extinction on the recreational demand for Kume Island, Okinawa, Japan. We propose a Poisson‐inverse Gaussian (PIG) model with correction for on‐site sampling issues to derive a more accurate estimate of consumer surplus (CS). The results show that the annual CS per‐person trip is 5898 yen (US$ 49.15 in 2015 currency) according to the random‐effects PIG model. [ABSTRACT FROM AUTHOR]

In the context of the recent publication of Donner le tempts II, we question the status of the gift, its singularity, its relationship, beyond the intentional structure of decision and consciousness, with the general problematic of democracy and the archive, of Khora as an enigma that haunts the same Onto-Theo-Cosmological conjugation of metaphysics and logocentrism, to show that the question about the gift is also the question about history and about the very possibility of democracy, beyond the capitalist logic of accumulation and valuation. We end up referring to the strange case of the 'six pesos' thematized in Miguel Angel Asturias's novel, Hombres de maiz, as a case of the incalculable. Far from an instrumental account, but also from a providential version of the gift, we try to show it as an event always already inscribed in the abyss of our exchange relations, a possibility contained in its own impossibility. [ABSTRACT FROM AUTHOR]

This study examines the intertemporal nature of countries' external adjustment by using two oil income shocks with different timings: giant oil discovery news shocks and contemporaneous oil revenue shocks from international oil price changes. Empirical estimates using a large panel of countries support the intertemporal theory. Net foreign assets hike immediately upon oil revenue shocks, but decline for the first 5 years after oil discoveries and rebound subsequently. These adjustments are largely through the current account but partially stabilized by valuation effects for oil revenue shocks. Oil discoveries attract FDI inflows, while oil revenue shocks increase foreign debt assets holdings. [ABSTRACT FROM AUTHOR]