Urbanization, changing forest landowner values, and restructuring forest industry are creating challenges for the active management of small parcels of forestland. Many traditional service providers are reluctant to service small acreage parcels due to economies of scale, shrinking profit margins for unprocessed stumpage, and changing landowner expectations. They do not understand traditional forestry operations and do not know where to look for service providers. A gap in our nation's forest system has emerged. A new market opportunity exists for service providers willing to work with small-scale forest landowners. In this study, over sixty forest service providers working with small acreage or amenity oriented clients were interviewed to determine how their business is structured, how they charge for the services they provide, what reactions they get from their clients, and how successful they perceive themselves to be. Informants came from a wide variety of professional backgrounds, including forestry, logging, arboriculture, landscaping, and woodworking. In addition, about 20 public-forest professionals were interviewed to determine how they and their programs are changing in response to emerging conditions. Successful service providers generally charge by some measure of time and materials rather than by commission. They exhibit a willingness to diversify their business to offer a bundle of services, and to cooperate with professionals in related industries. Value-added processing and creative marketing assist service providers in achieving a profit from small-scale tracts with traditionally low-value products. Lessons learned from these early adopters will assist other service providers interested in working with small acreage private landowners. / Master of Science

We investigate the practical use of Taylor-type rules in Trinidad and Tobago, which is in the process of implementing market based monetary policy and seeks to implement flexible inflation targeting in the presence of a managed exchange rate. This is motivated by the idea that normative Taylor rules can be shaped by the practical experience of developing countries. We find that the inflation – exchange rate nexus is strong, hence the country may be unwilling to allow the exchange rate to float freely. We contend that despite weak market development the Taylor rule can still be applied as the central bank is able to use moral suasion to achieve full pass through of the policy rate to the market rate. Our evidence rejects Galí and Monacelli’s (2005) argument that the optimal monetary policy rule for the open economy is isomorphic for a closed economy. Rather, our evidence suggests that the rule for the open economy allows for lower variability when the rule is augmented by the real exchange rate as in Taylor (2001). We also reject Galí and Monacelli’s (2005) hypothesis that domestic inflation is optimal for inclusion in the Taylor-type rule. Instead we find that core CPI inflation leads to lower variability. Additionally, our evidence suggests that the monetary rule, when applied to Trinidad and Tobago, is accommodating to the US Federal Reserve rate. Further, we expand the work of Martin and Milas (2010) which considered the pass through of the policy rate to the interbank rate in the presence of risk and liquidity. By extending the transmission to the market lending rate, we are able to go beyond those disruptive factors by considering excess liquidity and spillovers of international economic disturbances. We found that these shocks are significant for Trinidad and Tobago, but it is not significant enough to disrupt the pass through. As a result, full pass through was robust to the presence of these disruptive factors.

The purpose is to examine the predictability of Byström's market-based model on the Swedish market and compare it with the classic accounting-based Ohlson's logical model. The study uses a quantitative method for gathering data and the results from the models were analyzed by using the CAP-curve and AR to be able to compare the accuracy of the two different models. Type 1 and Type 2 errors have been defined as two categorization measures to distinguish two types of errors that the models can exhibit. The result showed that both Byström and Ohlson's calculated high degree of Type 1 error and a few of Type 2 errors. In comparison with each other, Byström's market-based model have a better accuracy than Ohlson's model according toCAP-curve. If the models applied in more than 1 year before the bankruptcy, both models shows a result that is not reliable with a low accuracy.

The purpose of this study is to answer the research question of how a service company (ServiceCo) could achieve a transfer price of its services. This is of particular interest, due to the growth of service firms that have rapidly increased and surpassed the manufacturing firms, as well as the dominant logic shifting towards services. However, the problem with this field of study is that transfer pricing with regards to the service industry, is a rather unexplored phenomenon in which the guidelines and theories are mostly directed towards manufacturing firms. This study uses a single case study approach where ServiceCo’s organizational characteristics were analyzed in order to attain the information required to understand how ServiceCo could achieve a transfer price of its services. Furthermore, this study uses the Eccles (1983) MAP and the OECD Guidelines, as well as incorporating Porter’s (1985) value chain. This study assesses that ServiceCo, in its current state, uses a sub-optimal transfer pricing method of its services. Therefore, a change in the transfer pricing method was suggested to ServiceCo. Given the organizational characteristics of ServiceCo, the results led to the conclusion that ServiceCo could benefit from a residual analysis in the profit split method, in which an actual full cost plus mark-up compensation could be used on its routine functions, and the residual profit could be split between the entities based on the intangible assets employed, functions performed and the risks carried.

Zahlungen für Ökosystemdienstleistungen (Payments for Ecosystem Services – PES) und auktionsbasierte Vergabeverfahren sind ein wichtiges und innovatives Instrument im Kampf gegen den fortwährenden Verlust von biologischer Vielfalt. Basierend auf einem Vertrag zwischen einem Leistungserbringer und einem öffentlichen oder privaten Leistungsempfänger, der die Naturschutzleistung entlohnt, können bestimmte Vorgaben der Landschaftspflege oder der agrarwirtschaftlichen Bearbeitung verbindlich festgelegt werden. Die Vorteile von PES liegen in dem direkten monetären Anreiz zur Bereitstellung von Naturschutzleistungen und zudem in der Möglichkeit, ein Niveau an Umweltschutz und –qualität jenseits des von der Umweltgesetzgebung sichergestellten Mindestniveaus zu implementieren. Der Nachteil liegt in der hohen Informationsasymmetrie in der Vertragsbeziehung, welche einerseits dem Umweltgut als Vertragsgegenstand und andererseits der Natur ökonomischen Handelns geschuldet ist. Thema dieser Dissertation ist die Analyse der interdependenten Beziehung von Kompetitivität und Vertragserfüllung und das Aufzeigen der Relevanz von Vertrauen und Reziprozität in Verträgen über Umweltgüter. Auf diese Weise leistet sie einen Beitrag zu der umfangreichen und multidisziplinären Literatur über Zahlungen für Ökosystemdienstleistungen und Naturschutzauktionen. Während der vergangenen 25 Jahre habe Praktiker und Wissenschaftler unser Verständnis der Funktionsweise von Ausschreibungen zur Allokation von Zahlungen für Ökosystemdienstleistungen konstant verbessert und erweitert. Ein Großteil der Forschungsaktivität war jedoch auf die Auktionsmetrik und das Bieterverhalten gerichtet, wohingegen die resultierende Vertragsbeziehung zwischen Programmverwaltern (den Käufern) und Landbesitzern (den Ausführenden) weitgehend unbeachtet blieb. Wie in dieser Dissertation bewiesen wird, ist jedoch genau diese Beziehung der Schlüssel für ein erfolgreiches marktbasiertes Naturschutzprogramm. In der vorliegenden Arbeit wird in drei Artikeln argumentiert, dass Vertrauen und Reziprozität für die Überwindung von asymmetrischer Information in kompetitiv alloziierten PES-Verträgen von herausragender Bedeutung sind. Anhand eines für diese Arbeit entwickelten, zweistufigen experimentellen Testszenarios wird der Entscheidungsprozess in der inversen Auktion und in der anschließenden Vertragserfüllung in der kontrollierten Laborumgebung simuliert. In einem ersten Experiment kann auf Basis dieses Untersuchungsdesigns gezeigt werden, dass die Informations- und Anreizkonstellation in Naturschutzauktionen ein erhöhtes Risiko für vorvertragliche adverse Selektion, opportunistisches Verhalten bei Vertragserfüllung und somit suboptimale Ergebnisse birgt. Das Marktversagen kann jedoch durch eine vertrauensstiftende Institution, wie zum Beispiel Kommunikation zwischen Käufern und Verkäufern, verhindert werden. Persönliche Interaktion veranlasst Marktteilnehmer ihr individuell-rationales Verhalten zugunsten einer sozial-verträglicheren Verhaltensweise zu ändern. Dabei entsteht ein erhebliches Potential für die Bilateralisierung der Vertragsbeziehungen. Ein zweites Experiment verdeutlicht jedoch, wie wichtig vertrauensbasierte Vertragsbeziehungen insbesondere in Bereitstellungsumgebungen sind, die stark von externen, stochastischen Einflüssen verzerrt werden können. Ohne das nötige Vertrauen bricht die Kooperation in einem derartigen Szenario fast vollständig zusammen. Schließlich lässt der systematische Vergleich der Ergebnisse aus beiden Experimenten in einem dritten Aufsatz keinen Zweifel daran, dass stabile Langzeitvertragsbeziehungen in auktionsbasierten Vertragsnaturschutzprogrammen gefördert und nicht verhindert werden sollten. Langzeitverträge sind randomisierten Kurzzeitverträgen aus der Perspektive des Naturschutzes aber auch hinsichtlich der Kosteneffektivität überlegen. Daher liegt eine wesentliche Herausforderung für Programmentwickler darin, einerseits die Bildung von ausreichend Sozialkapital zu ermöglichen und andererseits faire Markt- und Vergabestrukturen zu erhalten.

Šis darbas nagrinėja naujas, lanksčias energijos efektyvumą skatinančias priemones, kurios paremtos rinką imituojančiais mechanizmais. Baltieji sertifikatai yra visiškai naujas mechanizmas, gyvuojantis tik nedaugelyje šalių. Energijos efektyvumo skatinimas yra tiesiogiai susijęs su ekologija, aplinkosauga, todėl priemonių skatinančių taupyti ir efektyviai naudoti energiją labai trūksta ir jų įvedimas į rinką yra labai aktualus. / This job deals with modeling the effects of introducing a market-based tool for improving end-users’ efficiency in an energy market which is already regulated through a cap-and-trade system for green house gas emissions and a quota system meant to improve competitiveness of energy produced using renewable resources. Our results show that the regulation of energy demand achieves its underlying objects of energy savings and energy efficiency solely at the expense of other goals such as the environmental efficiency of energy production. In our model, the implementation of a market for White Certificates (WCTS) causes energy producers’ investment in abatement to decrease along with the price for Brown Certificates and the amount of renewable energy demanded. Once we turn to the currently more empirically relevant case of integrating endusers only partially into WCTS, the unregulated group compensates in parts for the decrease in demand of the regulated group, due to an indirect price effect. As both supply and demand side of the market are regulated, this special set of regulations applied can, therefore, be compared to the grip of printers embracing the entire market, leaving some of it virtually scarred. Consequently, we intended to search for alternative policy measures, which are able to achieve an increase in endusers’ energy efficiency without the negative side-effects witnessed in case of a WCTS. In our model a subsidized reduction in the price for households’ investment... [to full text]

This thesis focuses on developing of a distributed, efficient and fault tolerant multiresolutional architecture for sensor networks. For demonstrative purpose, a powerful simulation environment using 3D environment model has been developed. The robot network is composed of autonomous robots capable of working cooperatively equipped with single typed simple sensor. The developed layered control architecture is hybrid including both subsumption and motor schema control strategies. In this proposed control method, behaviors in different or in same layer are coordinated with an evaluator unit that overcomes the difficulties of subsumption based architectures in terms of behavioral coordination. The final coordination between these layers is achieved cooperatively. We performed many simulation experiments to test robot deployment, search and task execution. It is shown that some important parameters such as target reaching time, energy consumption, and communication range can be optimized if an approximate prior information about the environment is known. Robots executes task based on a task allocation algorithm. Market based auction method is used as a task allocation algorithm with completely different robot fitness evaluation method allowing a distributive problem solving. Six non-linear fitness functions are developed to increase the fairness, and fault tolerance of task allocation. These functions have been tested to represent the successes and failures of robots in a compact form. Performance analyses test results have shown that fairness increases two times more in task allocation when these fitness functions are used, compared to the results existing fitness evaluation methods used in the market based auction algorithms. Moreover, fault tolerance is increased by using fitness functions devoted to failure conditions.

Studiens övergripande syfte är att öka förståelse och förutsättningarna för att studera affärsmöjligheter. Studien har bedrivits induktivt och utgår ifrån 48 stycken intervjuer med verksamhetsspecifika beslutsfattare inom upphandlingsprocessen. Beslutsfattarna är spridda över 11 svenska branscher. Resultatet visar på en stor variation med avseende på upphandlingsmängd för respondentverksamheterna, där en högsta upphandlingsmängd var 110 heltidsanställda konsulter per år och en minsta mängd var 0. Median mängden för de verksamheter som ingick i urvalsgruppen var 3 heltidsanställda konsulter per år. Vidare identifierades 10 stycken konkurrensprioriteringar för urvalsgruppen. 3 konkurrensprioriteringar var exklusiva för den grupp som tillämpade en centraliserad upphandlingsmodell och 3 var exklusiva för den grupp som tillämpade en decentraliserad upphandlingsmodell. Korrelationer mellan leverantörspreferenser med avseende på mängden aktivt bidragande leverantörer och upphandlingsmängder identifierades även. Studien har bidragit med en holistisk bilateral modell som beskriver affärsutbytet mellanen konsultverksamhet och en upphandlande verksamhet. Modellen underlättar vidare studier på så sätt att bakomliggande mekanismer för affärsmöjligheter blir lättare att studera rent systematiskt. Modellen som konstruerats kan användas som ramverk för att bedöma alternativa affärsutbyten. Genom att jämföra relativa värden och preferenser kan olika situationer bedömas för att avgöra vilket alternativ som innebär störst sannolikhet för god affärsmöjlighet. / The primary objective of the study is to increase the knowledge and conditions for studying business opportunities. The study has been conducted inductively and utilizes 48 interviews with firm specific decision-makers within the procurement process. The decision-makers are active in 11 swedish industries. The results show great variation with regards to the procurement volumes for the participating firms, where the largest volume is 110 full-time-equivalent consults per year and smallest is 0. The median value for the sample firms where 3 full-time-equivalent consults per year. 10 factors for driving competition where also identified for the sample group. 3 factors where exclusive to the firms that utilized a centralized procurement model and 3 factors where exclusive to the firms that utilized a decentralized procurement model. Correlations beteen preferences with regards to the amount of active suppliers and procurement volumes were also identified. This study has developed an holistic bilateral model, from the findings, that describes the business trade between a consultancy firm and a procuring firm.

The purpose of this thesis is to determine if impairment of goodwill is a value relevant factor to the investors in the companies listed on the Stockholm Large Cap stock exchange. This paper focuses on the annual reports from the 100 largest companies listed on the exchange.   The empirical model used is Capital Market Research and Market Based Accounting Research which is derived from Positive Accounting Theory. Capital Market Research and Market Based Accounting Research are based on critical assumptions made in the Efficient Market Hypothesis which is why it has its own section in the theoretical chapter. The theoretical chapter contains extensive information regarding the components of goodwill, its uses in accounting and how it is meant to be dealt with.  The analysis connects our empirical findings with our empirical model in order to draw conclusions from the output gathered in Minitab. Our analysis shows that only small proportions of the large quantities of goodwill on the Swedish stock exchange are impaired on a yearly basis. We also find that impairment of goodwill does not have a significant impact on market value, however goodwill itself does.  Investors either do not view impairment of goodwill as value relevant, or the impairment was known beforehand and was therefore reflected in the price of the stock. Goodwill is considered value relevant most likely due to investors viewing the preeminence of goodwill as a sign that the company will draw benefit from the underlying assets for years to come.    We conclude that impairment of goodwill is not a value relevant factor to the investors in the Swedish stock exchange, but that goodwill, and increasing goodwill is. The paper ends with suggestions for further research. / Syftet med denna avhandling är att fastställa om nedskrivning av goodwill är en värderelevant faktor för investerarna på den svenska Large Cap-börsen. Denna avhandling fokuserar på årsredovisningarna från de 100 största bolagen som är noterade på denna börs.  De empiriska modeller som används är kapitalmarknadsforskning och marknadsbaserad redovisningsforskning, vilka båda härstammar från positiv redovisningsteori. Kapitalmarknadsforskning och marknadsbaserad redovisningsforskning baseras på viktiga antagande gjorda i den effektiva marknadshypotesen, som har sitt egna avsnitt under teorikapitlet. Teorikapitlet innehåller omfattande information gällande komponenterna i goodwill, dess användning inom redovisning samt hanteringen av goodwill.  Analysen kopplar samman våra empiriska fynd med vår empiriska modell i syfte att dra slutsatser kring resultaten som sammanställts från programmet  Minitab. Vår analys visar att förhållandevis små mängder av de enorma goodwillposterna på den svenska Large cap-börsen skrivs ner på årlig basis. Vi finner också att nedskrivning av goodwill inte har någon väsentlig påverkan på bolagets marknadsvärde, vilket däremot goodwillposten i sig har. Antingen så ser inte investerarna nedskrivning av goodwill som värderelevant eller så var nedskrivningarna kända i förväg och således redan inräknade i aktiens pris. Att goodwill i sig är betraktat som värderelevant beror troligen på att investerarna ser innehavet av goodwill som ett tecken på att bolaget kommer dra nytta av dessa underliggande tillgångar under de kommande åren.    Vi drar slutsatsen att nedskrivning av goodwill inte är en värderelevant faktor för investerarna på den svenska börsen, men däremot att goodwill och en ökning av goodwillposten är värderelevant. Uppsatsen avslutas med förslag till ytterligare forskning

The Master Thesis is part of the Smart Grid Gotlandproject. This project aims at implementing smart grid solutionson the island of Gotland in order to be able to efficientlyintegrate large quantities of renewable energy production.In situations of high wind power production and lowconsumption, energy export problems may occur betweenGotland and the mainland. A novel approach to manageanticipated congestions, compared to traditional gridreinforcements, consists of using flexibility from demandresponse(DR) resources. However, such an approach presentschallenges as it requires both technical and economic considerations.This Master Thesis proposes and analyses twomarket-based strategies applied to detached houses for dayaheadcongestion management. The strategies are implementedin an Ancillary Service toolbox developed in theMATLAB programming environment.The first strategy involves using a dynamic network tariffwhile the second uses spot price optimization. Simulationsare performed for seasonal worst-case congestion scenarioswhile satisfying comfort and economic constraints ofthe DR participants. A sensitivity analysis is carried out toassess the impact of different spot price profiles and windpower production prognosis errors on the results.Results show that congestions are managed with a feasiblenumber of participants, but that their savings are negligiblefor both strategies (between 2 and 40 SEK/participant).Moreover, using a dynamic network tariff strategy impliesa DSO cost in the range of 1700-89000 SEK. These resultsapply for a 3-days congestion period, which is estimated tooccur 5-6 times a year if the maximum hosting capacity isincreased by 5 MW.To conclude, an AS toolbox with economic constraintsis feasible for Gotland conditions with a reasonable numberof DR participants. However, the simple cost-benefitanalysis that was carried out showed that the AS toolboxapproach was still much more costly than traditional gridreinforcement.