scholarly journals The Impact of Timber Harvesting Guidelines and Timber Sale Attributes on Stumpage Bidding Behavior

2005 ◽  
Vol 22 (4) ◽  
pp. 275-280 ◽  
Author(s):  
Michael A. Kilgore ◽  
Charles R. Blinn
Keyword(s):  
Forest Management ◽  
Timber Harvesting ◽  
Physical Characteristics ◽  
The Other ◽  
Sources Of Information ◽  
Bidding Behavior ◽  
Specific Factors ◽  
Timber Sale ◽  
The Cost ◽  
The Impact

Abstract Twenty-seven public timber tracts were auctioned in Minnesota where bidders were required to submit two sealed bids for a tract–one with and the other without the use of timber harvesting guidelines. After the auctions, bidders were mailed a questionnaire requesting information about their logging business, the sources of information consulted in developing their bids, and perceptions of how various tract- and sale-specific factors and guidelines influenced their bidding behavior. The majority of responding timber harvesters did not consult any special sources and only one-half visited the tract before submitting their bids. Although bidding behavior was influenced by several factors, a tract's physical characteristics (e.g., volume of merchantable timber) had a greater influence on their bidding behavior than did any guidelines. Of the guidelines evaluated, those that required leaving merchantable trees (e.g., for wildlife or visual purposes) were reported to have the greatest influence on stumpage bids. Sale-specific variables (e.g., timber harvester's need for timber) had only a minimal to moderate influence on bidding behavior. The findings suggest that timber sale design can help mitigate the cost associated with implementing forest management guidelines.North. J. Appl. For. 22(4):275–280.

Vom Forst zum Wald. Entwicklungstendenzen im naturnahen Waldbau | From a Production-Oriented Forest to a Multipurpose Forest. New Trends in Near-Natural Silviculture

1999 ◽  
Vol 150 (12) ◽  
pp. 484-488 ◽  
Author(s):  
Wolf Hockenjos
Keyword(s):  
Forest Management ◽  
Timber Harvest ◽  
Timber Harvesting ◽  
Natural Forest ◽  
The Other ◽  
Private Forest ◽  
Wide Spread ◽  
Great Demand ◽  
The Past ◽  
Forest Enterprises

Concepts of near-natural forestry are in great demand these days. Most German forest administrations and private forest enterprises attach great importance to being as «near-natural» as possible. This should allow them to make the most of biological rationalisation. The concept of near-natural forestry is widely accepted, especially by conservationists. However, it is much too early to analyse how successful near-natural forestry has been to date, and therefore to decide whether an era of genuine near-natural forest management has really begun. Despite wide-spread recognition, near-natural forestry is jeopardised by mechanised timber harvesting, and particularly by the large-timber harvester. The risk is that machines, which are currently just one element of the timber harvest will gain in importance and gradually become the decisive element. The forest would then be forced to meet the needs of machinery, not the other way round. Forests would consequently become so inhospitable that they would bear no resemblance to the sylvan image conjured up by potential visitors. This could mean taking a huge step backwards: from a near-natural forest to a forest dominated by machinery. The model of multipurpose forest management would become less viable, and the forest would become divided into areas for production, and separate areas for recreation and ecology. The consequences of technical intervention need to be carefully considered, if near-natural forestry is not to become a thing of the past.

scholarly journals Methods for the estimation of the National Institute for Health and Care Excellence cost-effectiveness threshold

2015 ◽  
Vol 19 (14) ◽  
pp. 1-504 ◽  
Author(s):  
Karl Claxton ◽  
Steve Martin ◽  
Marta Soares ◽  
Nigel Rice ◽  
Eldon Spackman ◽  
...  
Keyword(s):  
Cost Effectiveness ◽  
Health Effects ◽  
The Other ◽  
Opportunity Costs ◽  
Best Estimate ◽  
The Cost ◽  
The Impact ◽  
The Relationship ◽  
Cost Effectiveness Threshold ◽  
Effectiveness Threshold

BackgroundCost-effectiveness analysis involves the comparison of the incremental cost-effectiveness ratio of a new technology, which is more costly than existing alternatives, with the cost-effectiveness threshold. This indicates whether or not the health expected to be gained from its use exceeds the health expected to be lost elsewhere as other health-care activities are displaced. The threshold therefore represents the additional cost that has to be imposed on the system to forgo 1 quality-adjusted life-year (QALY) of health through displacement. There are no empirical estimates of the cost-effectiveness threshold used by the National Institute for Health and Care Excellence.Objectives(1) To provide a conceptual framework to define the cost-effectiveness threshold and to provide the basis for its empirical estimation. (2) Using programme budgeting data for the English NHS, to estimate the relationship between changes in overall NHS expenditure and changes in mortality. (3) To extend this mortality measure of the health effects of a change in expenditure to life-years and to QALYs by estimating the quality-of-life (QoL) associated with effects on years of life and the additional direct impact on QoL itself. (4) To present the best estimate of the cost-effectiveness threshold for policy purposes.MethodsEarlier econometric analysis estimated the relationship between differences in primary care trust (PCT) spending, across programme budget categories (PBCs), and associated disease-specific mortality. This research is extended in several ways including estimating the impact of marginal increases or decreases in overall NHS expenditure on spending in each of the 23 PBCs. Further stages of work link the econometrics to broader health effects in terms of QALYs.ResultsThe most relevant ‘central’ threshold is estimated to be £12,936 per QALY (2008 expenditure, 2008–10 mortality). Uncertainty analysis indicates that the probability that the threshold is < £20,000 per QALY is 0.89 and the probability that it is < £30,000 per QALY is 0.97. Additional ‘structural’ uncertainty suggests, on balance, that the central or best estimate is, if anything, likely to be an overestimate. The health effects of changes in expenditure are greater when PCTs are under more financial pressure and are more likely to be disinvesting than investing. This indicates that the central estimate of the threshold is likely to be an overestimate for all technologies which impose net costs on the NHS and the appropriate threshold to apply should be lower for technologies which have a greater impact on NHS costs.LimitationsThe central estimate is based on identifying a preferred analysis at each stage based on the analysis that made the best use of available information, whether or not the assumptions required appeared more reasonable than the other alternatives available, and which provided a more complete picture of the likely health effects of a change in expenditure. However, the limitation of currently available data means that there is substantial uncertainty associated with the estimate of the overall threshold.ConclusionsThe methods go some way to providing an empirical estimate of the scale of opportunity costs the NHS faces when considering whether or not the health benefits associated with new technologies are greater than the health that is likely to be lost elsewhere in the NHS. Priorities for future research include estimating the threshold for subsequent waves of expenditure and outcome data, for example by utilising expenditure and outcomes available at the level of Clinical Commissioning Groups as well as additional data collected on QoL and updated estimates of incidence (by age and gender) and duration of disease. Nonetheless, the study also starts to make the other NHS patients, who ultimately bear the opportunity costs of such decisions, less abstract and more ‘known’ in social decisions.FundingThe National Institute for Health Research-Medical Research Council Methodology Research Programme.

Opportunities and costs of intensification and clustering of forest management activities

2008 ◽  
Vol 38 (4) ◽  
pp. 711-720 ◽  
Author(s):  
Anne-Hélène Mathey ◽  
Emina Krcmar ◽  
John Innes ◽  
Ilan Vertinsky
Keyword(s):  
Forest Management ◽  
Boreal Forest ◽  
Timber Harvesting ◽  
Conservation Areas ◽  
Intensive Forest Management ◽  
Trade Offs ◽  
Planning Approach ◽  
Increasing Demand ◽  
Canadian Boreal Forest ◽  
The Cost

The intensification of forest management in Canada has been advocated as a possible solution to the conundrum that increasing demand for conservation areas and increasing pressure for timber production have created. The benefits and disadvantages of intensive forest management in the context of the Canadian boreal forest are unclear and reaching conclusions about its general value from stand analyses may be difficult. In this study, a boreal forest in Ontario has been used to investigate the potential of intensive management to generate financial revenues and meet management constraints on volume flow and old-growth retention. Two aspects of intensive forest management are considered: intensive silviculture and concentrated harvest activities. The plans are generated with a decentralized planning approach based on cellular automata. The results for the case study show that increasing silviculture intensity can help fulfill high timber flow requirements under strict conservation requirements. This comes at the cost of reduced net revenues but from a smaller timber harvesting landbase. The main trade-offs found were those between harvest flow and financial benefits. Clustering both protected areas and harvest operations could help achieve the conservation and timber-related objectives simultaneously by improving the habitat value of conserved areas and decreasing the operational costs in harvested areas.

scholarly journals Operating cost analysis: sources and methods

2019 ◽  
pp. 132-138
Author(s):  
Nadiya Khorunzhak ◽  
Tetyana Portovaras
Keyword(s):  
Cost Optimization ◽  
Operating Cost ◽  
Operating Costs ◽  
Sources Of Information ◽  
Methods Of Analysis ◽  
External Sources ◽  
Internal Sources ◽  
Abc Analysis ◽  
The Cost ◽  
The Impact

Purpose. The aim of the article is identification of requirements and composition of sources of analysis, critical assessment of their information content, as well as emphasis on the application of a systematic approach to the analysis of operating costs and compliance of its method with these criteria. Methodology of research. The empirical research methods are used in the course of the research, in particular: analysis – in order to identify the composition of sources of analysis of operating expenses; generalization – to substantiate the classification of sources of analysis and to formulate recommendations on the choice of methods of analysis, which most fully allow to estimate the operating costs. Findings. The principles of formation of information base of the analysis of operating expenses are substantiated, which will allow to obtain high-quality information on their status and on the basis of the obtained results to predict the activity of the enterprise in the future. The study of the impact of factors on the analysis of operating expenses allowed us to distinguish sources of information into two groups: internal and external. It is determined that internal sources of data for analysis are accounting records, which are formed at enterprises, and which is considered by the authors as a source of analysis of operating expenses. External sources of information the authors consider all possible information resources of an external nature, research of the competitive environment and reporting of subjects with similar types of activity. Originality. The scheme of interconnection sources and analysis results of operations is proposed, which comprehensive utilization, will allow obtaining result analytical information on which management can optimize the cost of compliance with objectives and increase effectiveness of operations. According to modern realities, the most suitable methods of analysis are offered, which allow to adequately assessing the situation of the enterprise in the strategic plane with respect to operating expenses. Practical value. Carrying out an assessment of the operating costs of an enterprise with using various methods and tools of analysis in a complex provides obtaining unbiased data that can be effectively used for the purpose of cost optimization and increase of productivity. Key words: analysis; operating costs; cost optimization; internal sources of information; external sources of information; strategic methods; ABC analysis.

The impact of government ownership on the cost of debt and valuation of Vietnamese listed companies

2020 ◽  
Vol 32 (2) ◽  
pp. 255-270
Author(s):  
Ben Le
Keyword(s):  
Instrumental Variable ◽  
Ordinary Least Squares ◽  
Firm Valuation ◽  
The Other ◽  
Cost Of Debt ◽  
Government Ownership ◽  
Content Type ◽  
The Cost ◽  
The Impact ◽  
The Relationship

Purpose This paper aims to examine the impact of government ownership on the cost of debt and firm valuation in listed Vietnamese companies for the period 2007 to 2016. Design/methodology/approach The authors use both the generalised methods of the moment (GMM) and the ordinary least squares (OLS) regressions to analyse a panel data spanning over the period 2007 to 2016 in the markets of Vietnam. Further, the instrumental variable is used in the paper. Findings The authors find that firms with relative higher government stockholdings or state-owned companies where the government owns 50 per cent or more of shares outstanding enjoy a lower cost of debt compared to the other firms. Consequently, these firms have higher firm valuation and profitability. The results are robust for both the GMM and the OLS regressions. Further, firms that no longer retain government ownership have a higher cost of debt than the other firms. The results of the paper imply the importance of political connections in businesses in the market of Vietnam. Originality/value This paper connects the relationship between government ownership and the cost of debt with the relationship between government ownership and firm valuation. The paper tests the relationship between the cost of debt and government ownership using both OLS and GMM specifications and the results are robust for both approaches. The manuscript uses an instrumental variable to show that government ownership has a positive impact on higher firm performance through reducing cost of debt. Further, this paper addresses the possible issue of endogeneity.

scholarly journals O EFEITO DO CUSTO DA TERRA NA RENTABILIDADE FLORESTAL: UM ESTUDO DE CASO PARA SANTA CATARINA

FLORESTA ◽  
2011 ◽  
Vol 41 (3) ◽  
Author(s):  
Ricardo Berger ◽  
Anadalvo Juazeiro dos Santos ◽  
Romano Timofeiczyk Júnior ◽  
Alexandre Muzy Bittencourt ◽  
Vanderlei Santos de Souza ◽  
...  
Keyword(s):  
Forest Management ◽  
Net Present Value ◽  
Santa Catarina ◽  
Investment Activity ◽  
Forestry Sector ◽  
New Business ◽  
Land Cost ◽  
Pinus Spp ◽  
The Cost ◽  
The Impact

ResumoEste trabalho objetivou verificar o impacto do custo da terra na rentabilidade da produção de madeira de Pinus. O setor florestal tem como característica fundamental gerar retornos financeiros em longo prazo, tornando muitas vezes o investimento na atividade um grande entrave a novos negócios. O preço da terra é uma variável que depende do retorno da atividade florestal, tornando necessário conhecer o efeito que o valor desse recurso terá sobre a rentabilidade. Para realizar uma estimativa da rentabilidade na atividade florestal, foram utilizados os critérios econômicos Valor Presente Líquido (VPL) e a Taxa de Interna de Retorno (TIR). Os resultados obtidos mostraram ser mais atrativa a não aquisição da terra, com VPL de US$ 5.584,00 e TIR de 18% ao ano. Já quando foi considerada a compra da terra, os resultados econômicos sofreram redução, com VPL de US$ 3.711,00 e TIR de 11% ao ano. A opção de arrendamento apresentou VPL de US$ 3.531,00 e TIR de 13% ao ano. Porém, antes de utilizar esses critérios como tomada de decisão, outros fatores devem ser avaliados, como o impacto da renda da reserva legal, melhor grau de utilização das terras e um manejo florestal adequado, visando aumentar a receita com a obtenção de novos produtos e maior produção das florestas.Palavras-chave: Rentabilidade econômica; preço da terra; manejo florestal; pínus. AbstractThe effect of land cost in the forest profitability: a case study for Santa Catarina. This research aimed to ascertain the impact of land cost land on profitability of Pinus spp. timber production. The forestry sector has as key feature to generate financial returns in the long term, often making the investment activity in a large barrier to new business. The price of land is a variable that depends on the return of forest activity, making it necessary to know the effect that the cost of this resource will have on profitability. In order to estimate return on forest activity, it uses economic criteria, like Net Present Value (NPV) and Internal Rate of Return (IRR). The results proved to be more attractive the non-acquisition of land, with NPV of US$ 5.5804,00 and IRR of 18% per year. Considering the investment in land (purchase or lease), the economic results have suffered reduction with NPV of US$ 3.711,00 and IRR of 11% per year. The lease of land presented a NPV of US$ 3.531,00 and IRR of 13% per year. But, before using such criteria as the only decision making, other factors must be evaluated as to obtain the income of the legal reserve, the better level of use of land and a proper forest management, aiming to increase revenue with the acquisition of new products and increased production of forests.Keywords: Economic profitability; land price; forest management; pinus.

scholarly journals ECONOMIC AND ENVIRONMENTAL ASPECTS OF FOREST LEASE ON THE EXAMPLE OF MORDOVIA REPUBLIC

ÈKOBIOTEH ◽  
2020 ◽  
Vol 3 (3) ◽  
pp. 390-400
Author(s):  
L.M. Chernyakevich ◽  
◽  
E.S. Vdovin ◽  
Keyword(s):  
Forest Management ◽  
Ecological Condition ◽  
Forest Sector ◽  
Timber Production ◽  
Wood Harvesting ◽  
Forest Use ◽  
The Republic ◽  
The Cost ◽  
Competitive Products ◽  
The Impact

The article analyses the impact of the lease model of relations in forestry on the economic and environmental impact of its management. The existing low economic efficiency of forestry of the Republic of Mordovia and negative ecological trends require a revision of the forest management model. The forest sector of Mordovia failed to create a competitive market environment. The lease relationship did not create conditions to increase the profitability of timber production through its innovative development. The fact is that low payment rates of timber put the economic barrier on the way to modernization of timber production, stimulating the preservation of backward, inefficient technologies in the field of wood harvesting and processing, in which a large amount of waste is generated, there is low productivity, non-competitive products are produced in export markets. Also, the ecological condition of forests continues to deteriorate as a result of the development of lease relations in the region. The authors of the article consider that a concession model should replace the lease model of forest management. Its use will increase the profitability of forestry, as the concession payment for forest use will most rightly correspond the cost of consumed resources in the region, as well as take into account the unique natural characteristics of the territory used.

scholarly journals The main costs of natural disasters in the Forest District of Węgierska Górka

2014 ◽  
Vol 75 (3) ◽  
pp. 263-275
Author(s):  
Adam Tomasz Sikora ◽  
Joanna Ukalska
Keyword(s):  
Forest Management ◽  
Natural Disasters ◽  
Unit Cost ◽  
Economic Losses ◽  
Unit Costs ◽  
The Cost ◽  
The Impact ◽  
Linear Regressions ◽  
Forest District

Abstract The aim of the study was to determine the impact of increased forest management due to natural disasters on particular core unit costs. We analysed the direct costs for the Forest District of Węgierska Górka in the years 2004-2010 based on information from the State Forests lnformation System (SFIS) database compared with selected forest districts within the Regional Directorate of State Forests in Cracow (RDSF). The forest districts were divided into two groups with two and six forest districts and confidence intervals around the mean were determined and the significance of linear regressions of the considered characteristics was tested. Additionally, the growth rate (decrease) of the unit cost was calculated. Our studies showed that natural disasters affect only certain unit costs regardless of the intensity of the forest management. The increase in unit costs resulted in economic losses in forest management. A full long-term analysis of the economic impact of natural disasters should be done, taking into account the cost of reforestation of destroyed areas which may become apparent only some years later.

MAJOR PROJECTS AND THE ENVIRONMENT

1977 ◽  
Vol 17 (1) ◽  
pp. 142
Author(s):  
J. W. Butters
Keyword(s):  
Present Form ◽  
Economic Consequences ◽  
The Other ◽  
Exact Science ◽  
Main Trunk ◽  
Natural Gas Pipeline ◽  
Pipeline Project ◽  
Political Intervention ◽  
The Cost ◽  
The Impact

The realisation that man needs to work with nature rather than against it indicates growing maturity and awareness in the community. However, in dealing with the environment we need moderation. We need to remind ourselves that "environmentalism" is neither a profession nor an exact science. Answers are rarely certainly right or certainly wrong. As with most natural problems the best answers are usually a reasonable compromise.The Moomba-Sydney Natural Gas Pipeline Project was delayed 18 months. Two public Environmental Inquiries were held resulting from pressure from environmental groups.Following political intervention the first Inquiry caused a reroute of the main trunk adding 90 km (56 mi.) to its length and seriously delaying its commencement so that inflationary effects, added to the cost of the longer route and its complete resurvey, caused additional cost to the project of over $100 million.The second Inquiry required such change of the pipeline fundamentals, despite three years of comprehensive interdepartmental discussions held to ensure agreement, as to render the lateral under review economically unfeasible in its present form. Its cost would be something like six times its original estimate.Similar inflationary effects and uncertainties afflicted the other lateral causing its deferment also. The final cost of completing the whole project initially estimated at $155 million would now be in excess of $320 million.These deferments sprang principally from the economic consequences of environmental and/or industrial uncertainties. The communities which would otherwise have benefited by immediate service from relatively pollution-free energy are thus denied access to it. The impact of this deferment upon their own future environment was not called to account in the Inquiries.

Is More Better? The Divide between Retailer’s and Manufacturers’ Preferences for Reviews and Review Monetization

MIS Quarterly ◽  
2021 ◽  
Vol 45 (3) ◽  
pp. 1349-1410
Author(s):  
Haozhao Zhang ◽  
◽  
Zhe (James) Zhang ◽  
Srinivasan Raghunathan ◽  
◽  
...  
Keyword(s):  
Theoretical Model ◽  
The Other ◽  
Product Reviews ◽  
Case Scenario ◽  
Large Numbers ◽  
Research Stream ◽  
Dominant Retailer ◽  
Product Sales ◽  
The Cost ◽  
The Impact

Research on online product reviews has examined a variety of issues ranging from reviewers’ motivation to write reviews to the impact of reviews on product sales. Implicit in this research stream is the notion that more reviews are better for sellers and consumers. However, it is unclear whether both retailers, who control the review platform, and manufacturers, whose products are reviewed, prefer more reviews over fewer reviews. Using a game theoretical model of a context in which a dominant retailer sells competing products from two manufacturers to consumers who are uncertain about product quality and fit, we show that the retailers’ and manufacturers’ preferences regarding the number of reviews are not always aligned. The nature of misalignment depends on whether the quality or the fit is more dominant in terms of consumers’ evaluation of products. If generating reviews do not cost anything, we found that additional reviews always benefit the retailer; however, if the number of reviews exceeds a threshold in the quality-dominates-fit case scenario, they may be harmful to the manufacturer. On the other hand, if the retailer incurs a sufficiently high cost to generate reviews, the retailer may prefer to have fewer reviews. We show that retailers can exploit the divide between retailers’ and manufacturers’ preferences for reviews and monetize reviews by charging a fee to the manufacturers in return for a guarantee on the number of reviews that they generate. We show that the product type and review platform design play a significant role in the attractiveness of review monetization for retailers. Even if reviews are monetized, we determined that retailers’ revenue from “selling” reviews to manufacturers does not exceed the cost of generating reviews, implying that the benefit from reviews is driven the positive impacts of reviews on the retailer’s core business of selling products to consumers. However, in the fit-dominates-quality case scenario, retailers do not prefer large numbers of reviews whereas manufacturers do. In this case, we found that retailers are unable to exploit the misalignment between retailers’ and manufacturers’ preferences for reviews through review monetization.

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