The management of congestible recreation resources has been based largely on the concept of satisfaction. This concept is poorly defined and often does not reflect objectives for management of recreation resources. One way of addressing these problems is to define and use measurable objectives for management of recreation resources. One such objective is economic efficiency. The concept of efficiency is defined and economic theory developed to identify efficient allocations of congestible resources, the efficient capacities of resources under different allocation mechanisms, and the efficiency costs of use of lottery-based allocation mechanisms. The usefulness of this body of economic theory in allocation of backcountry recreational resources is addressed through investigation of ability to measure demand for congestible resources, and the problems associated with use of surrogate measures of demand. Theoretical models of efficient management of congestible resources cannot be applied with the current state of knowledge because existing non-market valuation methods are not able to identify Hicksian-compensated demand functions for congestible backcountry recreation. Use of Marshallian demand measures introduces the possibility of resource misallocations of unknown direction and magnitude.

Abstract This dissertation investigates the success of technology M&As. The research question is approached through four separate empirical essays, each of which assesses a different but interrelated issue of value creation of technology M&As. The approach used throughout the dissertation is to consider the motives of improving acquirer’s R&D activity through the acquisition of a technology firm and stress the role of the interaction between acquirer’s and target’s resources. The first two essays investigate the valuation consequences of M&As, while the following two essays examine pricing implications of M&As. The results indicate that technology M&As are successful in enhancing the acquiring firm’s R&D activities to the extent that it manifests as an increase in the stock market valuation of acquirer’s R&D spending and its higher future profitability. The results also demonstrate that investors do not fully recognize these benefits at the announcement of M&A. Therefore investors benefit from technology M&As in the long run when these benefits begin to materialize. Furthermore, the results show that even when compared to other possible motives, enhancing acquirer’s R&D activities is an important and successful motive for M&As, emphasizing the absorptive capacity of the acquiring firm in generating synergies from the combination of two firms. Overall, the findings of the dissertation provide more evidence on the success of mergers and acquisitions motivated by technology improvement. The thesis emphasizes the interaction between acquirer’s and target’s resources in creating synergies from M&As, with a focus on technological resources. The evidence also has important implications for the literature on the stock market valuation of R&D expenditures as it indicates that technology M&As can be considered an R&D investment with significant impacts on this activity.

The main objective of the study was to estimate non-market value of irrigation water as an input in sugar cane production in the Lowveld of Swaziland. This study used two independent approaches to non-market valuation, the residual value and production function approaches, to calculate the value that sugar cane farmers in the Lowveld region of Swaziland attach to irrigation water. The former estimated the average value of water, while the latter estimated the marginal value. The study also estimated the output elasticity of irrigation water, identified factors determining irrigation water values, and used stochastic frontier analysis to estimate farmers’ technical efficiency (TE) scores, and investigated the relationship hypothesised between irrigation water values and TE. Irrigated sugar cane production was specifically selected for this study on account of its socio-economic importance in Swaziland. Using data obtained from 78 sugar cane farms, the mean estimated value of irrigation water, measured in Emalangeni per metre cubed, was E1.60/m3 using the residual value approach, and E1.51/m3 using the production function approach. A t-test showed that the observed differences between the values estimated from the two independent approaches were not statistically significant, suggesting that either method can be used to value irrigation water employed in sugar cane production in Swaziland. The results from the t-test, in conjunction with the economic theory of duality, also allow us to conclude that the production technology employed by irrigation sugar cane farmers exhibits constant returns to scale. Irrigation water was output inelastic (0.711), lending additional credence to the constant returns technology conclusion. The value calculated for irrigation water was negatively related to irrigation water quantity, suggesting that price can be used as an instrument to directly regulate the quantity of irrigation water the farmer employs. The value calculated for irrigation water was negatively related to quantities of labour, quantity of irrigation water used, fertilizer and chemicals employed, suggesting that price can be used as an instrument to indirectly regulate the quantity of irrigation water the farmer employs. The value imputed for irrigation water was positively related to farm size and total revenue, suggesting that the more resourceendowed farmers can potentially pay higher for irrigation water. It is thus conceivable to design irrigation water pricing policies with equity considerations. TE scores ranged from 0.397 to 0.955, with a mean of 0.840. Farmers with higher TE scores also had higher implicit values for irrigation water, suggesting that irrigation water pricing can be used as a tool for motivating resource use efficiency. The key policy implication derived from this study is that price-based instruments have a potential in the management of scarce irrigation water resources in Swaziland. / Dissertation (MSc)--University of Pretoria, 2013. / gm2014 / Agricultural Economics, Extension and Rural Development / unrestricted

The purpose of this study was to evaluate tourism capacity, the effectiveness of the management plan and the visitors’ willingness to pay (WTP) for increased conservation effort in the Buccoo Reef Marine Park (BRMP) in Tobago. Non-market contingent valuation was applied to estimate tourists’ WTP, using the data from a survey of 164 tourists. Local residents and government agencies were consulted to evaluate the management plan and the tourism capacity. Eighty-eight percent of local residents stated that the park was not well managed and that they lacked trust in the park agency. The density of tourists was 67-97% more than socially acceptable crowding norm. The tourists were willing to pay an additional entry fee of US$11.72 per person, which would generate additional revenue for the park management. In conclusion, the BRMP management needs modification in order to increase stakeholders’ trust, reduce tourists crowding intensity, and generate additional user-based revenue.

The thesis sets the market value of particular real estate -- an apartment block - through the cost, yield and comparative ways. Moreover, the value set through the administrative way is presented. Further, the resulting values are compared. The terms, procedures and methods of valuation are described in the theoretical part of the thesis.

The aim of the diploma thesis is to determine the market value of the company O2 Czech Republic a. s. in time when was company acquired by PPF group (31.12.2013). The aim is evaluate deal in relation to expect rentability of this investment, in relation to shares market price and in relation to other similar transactions on communication market. Thesis include the valuation itself as well as the financial and strategic analysis. On this base is create financial plan on years 2014 - 2018. The actual valuation is performed using methods DCF Equity method, market valuation, and by comparable transactions method. In conclusion are evaluate deal conditions and impact on company business in the future.

Master’s thesis deals with the history and development of the prices of holiday cottages around Brno dam. The introductory part defines the construction for recreation according to the legal regulations, describes the history of Brno dam and its development. The following chapters describe the valuation of holiday cottages according to the previous and present valuation regulations. In the experimental part is performed the analysis of the obtained prices. Two holiday cottages are valued according to the valuation regulations from 1965 until today. For these holiday cottages are performed also market valuation for the period 2014 to 2018. At the end of the master’s thesis is performed discussion of the results and final comprehensive evaluation.

Städerna i Sverige växer och med det även de miljöproblem som urbaniserade områden medför. Sedumtak är en dagvattenhanteringslösning som medför ett flertal miljöfördelar, men det är fram till idag inte klargjort om anläggningen av sedumtak i Stockholmsområdet är samhällsekonomiskt försvarbart. Syftet med denna studie är därför att avgöra om anläggningen av sedumtak är samhällsekonomiskt lönsamt i Stockholmsområdet. En samhällsekonomisk konsekvensanalys har genomförts i Huddinge kommun där nettonuvärdet av ett sedumtak-projekt har sökts. Det finns lite värderingslitteratur gällande sedumtak och ett andra mål med uppsatsen har därför varit att undersöka om en trovärdig samhällsekonomisk konsekvensanalys kan genomföras i ett område där litteraturen är knapphändig.De identifierade nyttorna som sedumtak medför är minskad avrinning från tak, upptag av luftföroreningar och koldioxid, reduktion av buller, sänkt utomhustemperatur lokalt, ökat försäljningsvärde på bostäder samt förlängd livslängd på underliggande tak. Kostnaderna som uppstår är en ökad investeringskostnad, utsläpp av fosfor samt ökade underhållskostnader. Den största kostnaden är investeringskostnaden och den största nyttan är värdeökning av bostäder. Dessa nyttor och kostnader har så långt det är möjligt kvantifierats och värderats och beräkningar med nuvärdesmetoden visar på att anläggningen av sedumtak är samhällsekonomiskt lönsamt. Känslighetsanalysen visar på att resultatet är trovärdigt. Analysen har visat på att det är möjligt att genomföra en trovärdig samhällsekonomisk konsekvensanalys i ett område där litteraturen är knapphändig, förutsatt att målet är att avgöra om projektet är lönsamt eller inte och inte hur lönsamt det är. Det finns ett behov att utföra en liknande studie som denna, men som behandlar anläggningen av sedumtak i en större skala. Resultaten från detta examensarbete kan användas av beslutsfattare, planerare och andra tjänstemän inom samhällsbyggnadssektorn då det innefattar generell information om sedumtak samt en ekonomisk analys av investeringen. / The cities in Sweden are growing, and so too are the environmental problems that accompany development. Sedum roofs are stormwater management tools that come with many benefits, yet it is uncertain whether or not sedum roofs are in fact an advisable endeavor for society. This study aims to investigate whether sedum roofs in the Stockholm region are a profitable investment for society. A cost-benefit analysis (CBA) has been carried out in the municipality of Huddinge where the net present value of a sedum roof project is sought. The literature of green roof valuation is scarce, and a second aim is therefore to investigate if a reliable CBA can be conducted in an area where available data are limited. The identified benefits of sedum roofs are stormwater retention, air pollution and carbon dioxide removal, noise reduction, reduced outdoor temperature, increased sales value of apartments and increased life time of roof membrane. The costs that occur are an increased investment, spillage of phosphorus and increased maintenance costs. These costs and benefits have, as far as possible, been quantified and translated into monetary values. The greatest cost is that of investment, and the greatest benefit is the increased sales value of the apartments. Results from the CBA show that a sedum roof in the Stockholm region is a profitable investment for society. The sensitivity analysis indicates that these results are reliable. This study has shown that it is possible to conduct a reliable CBA in an area where the literature is scarce if the aim is to investigate whether a project is profitable for society or not, but not if the aim is to investigate how profitable a project is. A further study, in which a greater scale of sedum roof installation is considered, could be valuable. Decision makers, planners and operatives in city planning and the built environment can use the results from this master thesis in their work, as it provides general information about sedum roofs as well as an economic analysis of the investment.

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