Hay auctions have generally been understudied due to their unique market structure. Therefore, the factors that influence the price of hay at auction markets are not well-known. The price of hay at auction markets reflects the various characteristics that differentiate each lot of hay sold. This study is aimed at analyzing the determinants of Central Kentucky hay prices. A hedonic price model is estimated using data collected from a Central Kentucky hay auction. Known hay attributes include forage species, form, bale weight, and nutritive value. An important aspect of this analysis is to determine whether the quality measures of the hay are significant factors in determining hay prices in this auction setting. While price discovery of hay is important, it is also important to know about the insurance that is available to producers. Insurance for hay production is very limited with only two insurance programs available to Kentucky producers. An evaluation of the Noninsured Crop Disaster Assistance Program is conducted by simulating yields from an alfalfa producer and alfalfa trials from University of Kentucky Agriculture Research Centers in Princeton and Lexington, Kentucky. This analysis reveals the effectiveness of the coverage levels offered through the program for alfalfa producers in Kentucky.

The aim of this diploma thesis is to determine what is the effect of the train noise on prices of properties in Prague. This influence is investigated by using the method of hedonic price. The theoretical part is devoted not only to the problematic of the train noise and its physical properties but also to its impact on humans and the prices of apartments. Then the train noise is specified as well as its issuers and the ways in which it is possible to defend from the negative effects of the impact of the train noise. The thesis also explains the various stages of the method of hedonic price together with the theoretical part of Foreign Studies which have been engaged in using the method of hedonic price and the train noise. In the empirical part are used the knowledge from search, the selected variables are discussed and are submitted to descriptive analysis and the hypothesis are given. Then the model works through a regression analysis of function of the method of hedonic price and the various results are discussed. This thesis finishes by calculating the implicit prices and elasticities for the individual variables in the selected models. At the very end recommendations and the benefits resulting from the analysis are drawn.

The main purpose of the diploma thesis is to estimate the impact of urban vegetation on real estate prices in terms of hedonic pricing method and furthermore to suggest a way how the estimated results should be implemented into decision-making within green areas of Prague. In the legal setting of Czech republic, the greenery is almost entirely provided to citizens through public budgets. As many effects of green areas do not come through markets, the decision-making about optimal quantity of greenery supplied comes to be heavily problematic. Concerning this, contibution of urban vegetation to the well-being of residents estimated in this thesis may become fundamental guide-post for public bodies. The theorethical part of the thesis is devoted to the problematics of green areas as an economic good and to the specification of urban greenery in Prague.Then the method used is shortly characterised. The practical part deals with choice of the appropriate variables representing urban greenery on the basis of relevant literature search. The main scope of the practical part is to describe and analyze property data set from Prague and finally to examine the impact of chosen environmental variables on the property prices.

This thesis investigates the use of hedonic pricing models to value intangible assets that are owned by firms. This novel approach falls within the neoclassical methodology for the valuation of financial assets, and extends the framework by ordering an alternative methods by which assets may be compared. The firms performance, as measured by reported financial data and embodied in the DuPont ratios of the firm, is used to derive the characteristics of intangible assets. The shadow prices of these characteristics are estimated and used to derive a market-related value for the intangible assets. The empirical results support using this approach to value intangible assets.

There is a particular class of products where people must visit the point of production in order to be consumers, and these products are normally lifestyle, tourism or leisure services. Examples include environmentally-based leisure facilities, housing, and tourist accommodation. Frequently the assertion is made that location makes one product 'superior' to another, in terms of both its production and consumption. This study enquires into the asserted significance of location in product differentiation, with special reference to hospitality and tourism products. The study is particularly concerned with commercially tradeable products offered to a consumer market by a number of competitive firms, rather than being concerned with one-off markets for assets for exclusive use, such as houses. By the use of characteristics theory, this study shows that the role of geographic location within a product such as hotel accommodation is that of a product-differentiating characteristic, or set of characteristics. However, the location of such a product is an example of a fixed, or unalterable, characteristic, once a supplier has entered a market. With most product-differentiating characteristics, a supplier can attain an optimal business position by enhancing the differentiation for as long as customers' willingness to pay 'the extra' (marginal revenue) exceeds or equals the cost (marginal cost) of product enhancement. However, a supplier cannot easily do this for a fixed characteristic. So what is the value of a particular location to a supplier of this type of product? This study develops a model to identify the specific elements of a location that are important to consumers, and then to estimate their values. It is argued that the values of each specific element (locational characteristics) should contribute in a predictable way to the overall price of each product in the market place. It is also shown in this study that individual suppliers who cannot identify, or who incorrectly set, prices based on locational characteristics face a measurable variation in demand from the mean in the market place. The model and methodology are tested empirically in the market for international-standard hotel accommodation on the Gold Coast, Queensland. It is shown that this constitutes a single, coherent market as a tourist destination, where a limited number of producers compete with differentiated products. Those product characteristics that are important to the market are identified, and it is shown that elements of location and other characteristics can be valued accurately across the market. The relationship between suppliers' 'overpricing' or 'underpricing' of their product characteristics and variations in demand from the market average is explored. This study therefore has implications for pricing strategy, as well as for land valuation and planning. The study can be seen as contributing primarily to the economics literature, in the area of industrial economics, but also to the marketing, and hospitality and tourism literature.

<p>This thesis comprises two papers exploring aspects of public finance and environmental economics in Namibia.</p><p>Paper [I] estimates the shadow prices of capital, labour and foreign exchange for the Namibian economy. The results suggest that the shadow price of capital for Namibia is 8%. The economic costs of Namibian labour, as a share of financial costs, are 32% for urban semi- and unskilled labour, and 54% for rural semi- and unskilled labour. The economic cost of foreign labour as a share of financial costs is 59%. The estimated range for the shadow exchange rate factor is between 7% and 14% for the Namibian economy.</p><p>Paper [II] studies the determinants of property prices in the township areas of Windhoek, the capital of Namibia. The study reveals that properties located close to an environmental hazard, such as a garbage dump, sell at considerable discounts. On the other hand properties located near an environmentally favourable location, such as recreational open space, sell at a premium. These results provide evidence of the importance of environmental quality in lower income property markets in developing countries. It is therefore important for Namibian urban planners to incorporate environmental quality within the planning framework for lower income areas.</p>

This thesis comprises two papers exploring aspects of public finance and environmental economics in Namibia. Paper [I] estimates the shadow prices of capital, labour and foreign exchange for the Namibian economy. The results suggest that the shadow price of capital for Namibia is 8%. The economic costs of Namibian labour, as a share of financial costs, are 32% for urban semi- and unskilled labour, and 54% for rural semi- and unskilled labour. The economic cost of foreign labour as a share of financial costs is 59%. The estimated range for the shadow exchange rate factor is between 7% and 14% for the Namibian economy. Paper [II] studies the determinants of property prices in the township areas of Windhoek, the capital of Namibia. The study reveals that properties located close to an environmental hazard, such as a garbage dump, sell at considerable discounts. On the other hand properties located near an environmentally favourable location, such as recreational open space, sell at a premium. These results provide evidence of the importance of environmental quality in lower income property markets in developing countries. It is therefore important for Namibian urban planners to incorporate environmental quality within the planning framework for lower income areas.

The financial crisis of 2008 had systemic implications in the financial services industry spilling over into sectors such as the leverage loan market. I use regression analysis between two data sets (before and after the crisis) to understand the determinants of loan spreads for corporate loans of $100 million and larger, particularly the determinants which constitute bank effects, of the lead lending bank in the loan. I find that the effect of bank monitoring power is not a significant determinant of loan spreads, bank risk was significant before the crisis but not after, and bank size is significant both before and after. There is an inverse relationship between bank size and loan spread such that firms looking to take out a loan would receive a lower spread by mandating a larger bank as the lead arranger, and there is no longer a premium for mandating lead banks with less risk.

Syftet med denna studie är att analysera vad det är som påverkar bostadspriserna på Uppsalas bostadsmarknad. Det är spekulanternas önskemål och krav, det vill säga deras betalningsvilja som påverkar priset. Det kan skilja sig mellan olika spekulanter men för det mesta ses ett tydligt mönster. Spekulanter värdesätter t.ex. områden som ligger nära centrum. Detta kan bero på att Uppsala är en studentstad där det är många studenter som rör sig från och till staden varje år. Bekvämlighet och närhet till bland annat universitet väger in mycket. Studiens statistik kommer från en av Uppsalas största mäklarbyråer Widerlöv &amp; Co. Möjligheten att bolla tankar och idéer med några av deras mäklare som har varit aktiva i branschen länge har varit värdefull. / The purpose of this study is to get an overview of what it is that affects housing prices at Uppsala's housing market. My conclusion is that speculator´s willingness to pay is effected by their wishes and demands. Speculator´s appreciate the areas close to the city center. This may be due to Uppsala is a university town where there are many students who are moving from and to the city every year. For example convenience and proximity to university is often a high wish. I had access to statistics from one of the Uppsala´s largest real estate agency Widerlöv &amp; Co. I also had the opportunity to discuss ideas with some of their brokers who have been active in the industry for a long time.

This thesis investigates the use of hedonic pricing models to value intangible assets that are owned by firms. This novel approach falls within the neoclassical methodology for the valuation of financial assets, and extends the framework by ordering an alternative methods by which assets may be compared. The firms performance, as measured by reported financial data and embodied in the DuPont ratios of the firm, is used to derive the characteristics of intangible assets. The shadow prices of these characteristics are estimated and used to derive a market-related value for the intangible assets. The empirical results support using this approach to value intangible assets.