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In this paper, hardware and software techniques are presented for improving the Throughput (defined as computations per dollar) of computing systems which are oriented towards high-precision floating point computations. The various improvements are referenced to a baseline of the PDP 11/20, the NOVA 1200, and the TI 960A, all 16 bit minicomputers. The most beneficial hardware improvement is the inclusion of a Floating Point Processor, which yields up to 200X Throughput increase over a software floating point package. The inclusion of a cache high speed local memory and the availability of Polish Notation format instructions are shown to provide less than a 5X increase each. The use of 48 bit data paths, numerous registers devoted to various processor functions, instruction look ahead, a system I/O controller which frees the processor from I/O work, and partitioned main memory, result in a combined Throughput increase of 5.9X.

This dissertation is comprised of three essays examining methods for surface water quality valuation. The first essay uses Zillow's ZTRAX property transaction database to investigate variation in hedonic price effects of water clarity on single-family houses throughout the United States. I consider five spatial scales and estimate models using different sample selection criteria and model specifications. The results indicate considerable spatial heterogeneity both within and across the four U.S. Census regions. However, I also find heterogeneity resulting from different types of investigator decisions, including sample selection and modelling choices. Thus, it is necessary to use practical knowledge to consider the limits of market areas and to investigate the robustness of estimation results to investigator choices. In the second essay, I integrate a coastal recreation demand model for Southern New England with property sales in Massachusetts and Rhode Island to estimate the impacts of water quality improvements for freshwater and saltwater resources throughout the region. While traditional hedonic studies for water quality reveal the direct effects of local water quality on housing prices, the spatial extent of the models is limited to 2 km from the waterfront. Integrating recreation demand models with hedonic models allows identification of additional indirect effects of water quality at recreation sites that are capitalized in housing markets through a recreational index (i.e., the potential recreational benefits for a neighborhood). However, the spatial extent of these models is currently untested. I compare the spatial extent of indirect and direct effects of water quality for multiple water quality inputs isolating spatial and temporal sources of variation. The results indicate heterogeneity in the direct effects of freshwater and saltwater clarity depending on whether the source of variation is spatial or temporal. Conflating spatial and temporal water quality variation can lead to anomalous conclusions on the impacts of coastal recreation on housing markets. In the third essay, I evaluate meta-regression models (MRMs) that are used by policy makers in calculating the potential benefits of improvements in environmental quality resulting from proposed regulatory actions. MRMs lay the foundation for benefit transfers applied by EPA to recent rulemakings under the Clean Water Act (CWA) in addition to other environmental contexts (e.g., health benefits under the Clean Air Act). While recent literature has emphasized the necessity that MRMs satisfy key theoretical conditions, including scope sensitivity and the adding up condition, existing MRMs that fulfil these properties require imposing structural model restrictions or removing relevant explanatory variables from the MRM at the expense of model fit and predictive performance. This study presents a method for defining MRMs that draws on characteristics of the given benefits transfer scenario and its relationship to the metadata while satisfying the adding up condition. This modelling framework outperforms the model used by EPA in model fit and predictive performance. Applying the results to a recent CWA rule, I find the model used by EPA substantially underestimates the potential benefits. / Doctor of Philosophy / This dissertation is comprised of three essays examining methods for surface water quality valuation. The first essay uses property sale models to evaluate spatial differences in the impacts of lake water quality on housing markets throughout the United States. I evaluate how investigator decisions related to spatial scale of the model, sample selection criteria, and model specification effects the observed results. I find variation in the impacts of water on property sale prices across the nation. However, the results in some regions are highly sensitive to investigator decisions, implying limitations to using a single model to represent the impacts. The second essay integrates a property sale model for water quality with a model that examines willingness to pay for coastal recreation in Southern New England. I evaluate the impacts of water quality at coastal recreation sites on property sales in Massachusetts and Rhode Island and compare the results to the impacts of local water quality. I find the effects of local water quality is largest on the coast but only capitalized into property sales up to 2 km from the waterfront. I do not find expected results for coastal recreation. The third essay evaluates the models used by policy makers to calculate the potential benefits of improvements in water quality resulting from regulatory action. Previous models prioritized theoretical properties of models, such as the adding up condition, at the expense of model fit and predictive performance. I develop a hybrid model approach that can be used model water quality benefits while satisfying the adding up condition with improved model performance. I apply the model to a recently proposed rulemaking and find the benefits potential benefits greatly exceed those presented in the rule making.

Concern about externalities associated with pesticide use in developing countries has motivated the development of integrated pest management (IPM) programs in these areas. In the Philippines, the IPM Collaborative Research Support Program (IPM CRSP) was established to specifically address the widespread misuse of pesticides in the rice-vegetable systems of Nueva Ecija, one of the major rice and onion producing regions in the country. IPM CRSP initiatives include research on the optimal use of pesticides, complementary weed control strategies, and alternative cultural and biological controls. If successful, the program should generate benefits that can be measured in economic terms. These benefits include improvements in water quality, food safety, pesticide applicator safety, and long run sustainability of pest management systems. This study was designed to measure the health and environmental benefits of the IPM CRSP in the Philippines. A survey questionnaire was administered to 176 onion farmers in five villages in Nueva Ecija to identify farm and farmer characteristics, pesticide usage, pest management practices, perceptions about pesticide hazards, awareness of IPM strategies, and willingness to adopt specific technologies being developed under the IPM CRSP. In addition, a contingent valuation survey was used to elicit farmers' willingness-to-pay to avoid risks posed by pesticides to different environmental categories. A comprehensive economic measure of the benefits of IPM CRSP was derived by 1) assessing the hazards associated with pesticide usage, 2) providing an ex ante measure of program impacts on pesticide usage, 3) predicting IPM adoption rates, and 4) estimating society's willingness-to-pay to avoid the health and environmental risks from pesticides under Philippine conditions. A measure of the amount of risks avoided as a result of IPM CRSP adoption was combined with farmers' willingness to pay bids for risk avoidance to derive a monetary value of the program benefits. The estimated economic benefits of the IPM CRSP to farmer residents in 5 villages in Nueva Ecija amount to 230,912.00 pesos for one onion season. / Ph. D.

Critical raw materials have become an important part in the green transition, and EU is not self-sufficient to secure the supply EU needs. LKAB recently released that the Per Geijer deposit in Kiruna contains large amounts of some critical raw materials, for example rare earth metals. If a mining permit of the deposit is approved, an additional mine would operate in Kiruna. There are different effects from mining, and some can be difficult to evaluate, since the effects may not hold a market price. Therefore, this study intends to assess effects caused by mining of the Per Geijer deposit in Kiruna. A choice experiment is applied which includes the effects of mining on the attributes; reindeer husbandry, outdoor activities and new job opportunities, together with a cost attribute of a potential municipal tax increase. The result identified a significant negative economic impact on both reindeer husbandry and outdoor activities, but positive on potential job opportunities. As well, men and those working in mine related areas are more willing to choose the ‘approved permit for mining’ option.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Mergers and acquisitions within the chemical industry is a common practice to increase market presence and customer base. Common justifications for M&A include synergy, business growth and competitive advantages, and management reasoning. Synergies are benefits a combined firm is able to receive through cost reductions, market expansion, and efficiencies in processes. As a result, firms are able to grow and position themselves competitively. To prevent an overpriced acquisition, numerous valuation techniques exist. The discount cash flow examines the value of a firm based on future cash flow. The market multiple compares target firms to similar firms in the industry. Lastly, the asset valuation determines the value of a firm based on the liquidation of the firm. To maximize the return on an acquisition, proper due diligence should be conducted based on the needs and goals of the purchaser, and the value added by the target firm. The premium paid for an acquisition should be based on the valued added through the synergies identified. Current business cycles and future outlook should also factor into the pricing of the acquisition. Having a thorough analysis of a target firm can help the acquirer to clearly understand what is being purchased and hence, determine an appropriate price for the acquisition. / text

The purpose of this study is to investigate methods for assessing the value people place on preserving our natural environments and resources. It focuses on the contingent valuation method, which is a method for directly asking people about their preferences. In particular, the study focuses on the use of discrete response data in contingent valuation experiments.The first part of the study explores the economic theory of the total value of a natural resource, where the principal components of total value are analyzed; use values and non-use values. Our application is a study of the value Swedes' attach to the preservation of eleven forest areas that contain high recreational values and contain unique environmental qualities. Six forests were selected on the basis of an official investigation which includes virgin forests and other areas with unique environmental qualities. In addition, five virgin forests were selected.Two types of valuation questions are analyzed, the continuous and the discrete. The first type of question asks directly about willingness to pay, while the second type suggests a price that the respondent may reject or accept. The results of the continuous question suggest an average willingness to pay of about 1,000 SEK per household for preservation of the areas. Further analysis of the data suggests that this value depends on severi characteristics of the respondent: such as the respondent's income and whether or not the respondent is an altruist.Two econometric approaches are used to analyze the discrete responses; a flexible parametric approach and a non-parametric approach. In addition, a Bayesian approach is described. It is shown that the results of a contingent valuation experiment may depend to some extent on the choice of the probability model. A re-sampling approach and a Monte-Carlo approach is used to shed light on the design of a contingent valuation experiment with discrete responses. The econometric analysis ends with an analysis of the often observed disparity between discrete and continuous valuation questions.A cost-benefit analysis is performed in the final chapter. The purpose of this analysis is to illustrate how the contingent valuation approach may be combined with opportunity cost data to improve the decision-basis in the environmental policy domain. This analysis does not give strong support for a cutting alternative. Finally, the results of this investigation are compared with evidence from other studies.The main conclusion of this study is that assessment of peoples' sentiments towards changes of our natural environments and resources can be a useful supplement to decisions about the proper husbandry of our natural environments and resources. It also highlights the importance of careful statistical analysis of data gained from contingent valuation experiments. / digitalisering@umu

Short-termism and myopia on the part of corporate managers, analysts, and investors have created a business environment driven by the excessive focus on short-term results and the need to meet earnings targets at the expense of long-term value creation. These are accompanied by numerous consequences, including the potential for short-term-oriented firms, particularly in the U.S., to lag behind global long-term-oriented firms, as well as the potential for short-term mindsets in the corporate world to catalyze financial crises. In this paper, I demonstrate that the market generally assigns higher values to long-term firms rather than short-term ones. This is evidenced by the fact that firms characterized to be long-term according to various financial metrics have higher valuation multiples than their short-term counterparts. The results suggest that the market has a degree of sophistication that rewards investments for the future rather than earnings management and present gratification, and that the corporate world should therefore increasingly develop a long-term mentality.

Subjetc of the Master's thesis: Economic and legal aspects of the valuation of an enterprise The purpose of the Master's thesis is to provide for an overview of business valuation process for audience having legal background and to deal with legal and economic aspects related to business valuation. This is reflected by structure of the Master's thesis which is initially focused on legal aspects of business valuation, thus providing a systematic and comprehensive overview of use of expert's opinions within the framework of Czech legal system and which subsequently deals with economic theory of business valuation. The synergy of economic theory, legal regulation and author's own practical experience should bring an added value to this thesis, which is the reason why the author applied for an individual topic of this Master's thesis, i.e. Economic and legal aspects of the valuation of an enterprise, which requires and combines knowledge from these areas. The first chapter defines the basic concepts related to business valuation. It deals with the definitions of terms such as enterprise in the meaning of a subject of valuation, definition of the value, expert as an individual, all in connection with expert opinions; and includes the applicable legislation regarding business valuation. The second chapter...