THE ISSUE OF VALUE IN ECONOMICS: PRACTICAL CONSEQUENCES

2019 ◽  
Vol 6 ◽  
pp. 133
Author(s):  
Dmitry Egorov ◽  
Yulia Michaylova ◽  
Yuriy Dyatlov ◽  
Oksana Makarkina ◽  
Natalia Kolesnikova
Keyword(s):  
Mineral Resources ◽  
Correct Choice ◽  
Economic Consequences ◽  
Philosophical Analysis ◽  
Theoretical Development ◽  
Neoclassical Economics ◽  
Price Vector ◽  
Modern Economy ◽  
Objective Basis ◽  
The Cost

Value is a standard of the cost, a certain common quality, which makes it possible to compare costs of quite different things. This construct probably cannot be operationalized generically, but in the development of theory operationalization is not imperative. Although neoclassical economics rejects this category ultimately, it is possible to demonstrate that this approach can be well adjusted to it. The issue of value is not merely a theoretical one. The purpose of the work is to show that if a feedback through the market must have an objective basis as an initial standard, that is money must have a benchmark, then the correct choice of a monetary benchmark can result in significant positive macro-economic consequences. Methods of research: scientific and philosophical analysis of texts and theoretical development. Conclusions: The idea that the feedback through the market must have an objective basis as an initial standard - that is money must have a benchmark – is not contradictory theoretically and its realization is desirable in practice. An energy monetary benchmark is probably preferable for a modern economy. The energy monetary benchmark can stabilize currency circulation potentially, optimize the price vector and simplify the valuation of mineral resources.

Identyfikacja kosztów pogorszenia reputacji przedsiębiorstwa z perspektywy interesariuszy

2014 ◽  
pp. 10-15
Author(s):  
Danuta Szwajca ◽  
Alina Rydzewska ◽  
Tomasz Nawrocki
Keyword(s):  
Cost Analysis ◽  
Economic Costs ◽  
Crisis Situation ◽  
Modern Economy ◽  
The Cost ◽  
A Company ◽  
Crisis Situations

In the realities of modern economy even the best-managed company is not able to avoid threats and bad decisions, that can cause a crisis. Each crisis situation, that a company experiences, generates not only measurable economic costs, but also more difficult to assess and measure costs of a deteriorated reputation. These costs are the result of infringement of interests or failing to satisfy different stakeholders expectations. The aim of this article is an attempt to identify the cost of reputation deterioration in the context of the various interests of stakeholders groups. In the first part, the paper presents the effects of good and bad reputation, the reputation "contamination" path in a crisis situation and a cost analysis caused by it. The second part is empirical, where the identification of crisis situations measurable costs and reputation deterioration based on the examples of three selected companies was performed.

Pound Wise and Penny Foolish? Weight Loss and The Dynamics of Health Care Spending

2011 ◽  
Vol 14 (2) ◽  
Author(s):  
Thomas G Koch
Keyword(s):  
Weight Loss ◽  
Cost Savings ◽  
Cost Effective ◽  
Economic Consequences ◽  
Health Care Spending ◽  
Order Of Magnitude ◽  
Dynamic Measures ◽  
The Cost ◽  
The Impact ◽  
The Relationship

Current estimates of obesity costs ignore the impact of future weight loss and gain, and may either over or underestimate economic consequences of weight loss. In light of this, I construct static and dynamic measures of medical costs associated with body mass index (BMI), to be balanced against the cost of one-time interventions. This study finds that ignoring the implications of weight loss and gain over time overstates the medical-cost savings of such interventions by an order of magnitude. When the relationship between spending and age is allowed to vary, weight-loss attempts appear to be cost-effective starting and ending with middle age. Some interventions recently proven to decrease weight may also be cost-effective.

Does the impact of the COVID-19 pandemic influence the FX? A note.

2021 ◽  
Vol 15 (2) ◽  
Author(s):  
Evangelos Vasileiou
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Economic Recession ◽  
Interest Rate Risk ◽  
Economic Consequences ◽  
Domestic Currency ◽  
Effective Response ◽  
Policy Makers ◽  
The Cost ◽  
The Impact

This note shows that the effective response of a country in its battle against COVID-19 influences the exchange rate of its currency. Particularly, we examine the GBPUSD, AUDUSD and AUDGBP pairs of currency during the COVID-19 outbreak and the results show that the domestic currency of the country which documents more COVID-19 cases in each pair is depreciated against the foreign one. Therefore, a country which cannot effectively mitigate the impact of COVID-19 and whose currency is depreciated may present further economic consequences in the future. Such consequences extend beyond economic recession and may include sovereign and interest rate risk. These findings may be useful for policy makers in order to estimate the cost of the pandemic.

scholarly journals Economic consequences to society of pandemic H1N1 influenza 2009 – preliminary results for Sweden

2009 ◽  
Vol 14 (37) ◽  
Author(s):  
L Brouwers ◽  
B Cakici ◽  
M Camitz ◽  
A Tegnell ◽  
M Boman
Keyword(s):  
Cost Reduction ◽  
Cost Effective ◽  
H1n1 Influenza ◽  
Economic Consequences ◽  
Pandemic H1n1 ◽  
Preliminary Results ◽  
Pandemic H1n1 Influenza ◽  
Swedish Society ◽  
The Cost ◽  
Death Cases

Experiments using a microsimulation platform show that vaccination against pandemic H1N1 influenza is highly cost-effective. Swedish society may reduce the costs of pandemic by about SEK 2.5 billion (approximately EUR 250 million) if at least 60 per cent of the population is vaccinated, even if costs related to death cases are excluded. The cost reduction primarily results from reduced absenteeism. These results are preliminary and based on comprehensive assumptions about the infectiousness and morbidity of the pandemic, which are uncertain in the current situation.

scholarly journals Analysis of methods for assessing the drilling tool performance

2020 ◽  
Vol 177 ◽  
pp. 03003
Author(s):  
Denis Simisinov ◽  
Konstantin Porozhkiy ◽  
Olga Pozdnyakova ◽  
Ivan Zakharov
Keyword(s):  
Correct Choice ◽  
Operational Efficiency ◽  
Technical Level ◽  
Drilling Speed ◽  
Drilling Tool ◽  
Comparative Tests ◽  
Tool Performance ◽  
The Cost ◽  
One Machine

The analysis of methods for assessing the drilling tool performance using various methods was performed. The applicability of the methods was assessed. Methods based on periodic comparative tests were examined in detail. The technical level and operational efficiency of the drilling tool is determined by the resource (tool driftage), drilling speed, durability, power supplied to the bottom of the well. The correct choice of a drilling tool is ultimately determined by economic assessments. The specific drilling costs are proposed to be determined taking into account the cost of one machine hour, the sharpening of crowns and the average mechanical drilling speed.

Offshore Norwegian Development Cost Calculated from Project Data

1989 ◽  
Vol 7 (1) ◽  
pp. 51-62 ◽  
Author(s):  
M.A. Adelman
Keyword(s):  
North Sea ◽  
Mineral Resources ◽  
Production Data ◽  
Development Cost ◽  
Rates Of Return ◽  
Cost Of Production ◽  
Project Data ◽  
The Cost

Governments seek to maximize their revenue from mineral resources without taking so much as to discourage investment. To achieve this, an understanding of the cost of production from any given property is necessary. This paper examines a number of proposed developments in the Norwegian North Sea and uses two methodologies to estimate costs in light of reported investment and production data. The results suggest that even $15/barrel will support development in all cases, though one field could be considered marginal, while $20/barrel makes the fields quite profitable, with rates of return ranging from 20% to 40%.

Analysis on the Convection of Highway in Permafrost Regions

2012 ◽  
Vol 204-208 ◽  
pp. 1644-1647
Author(s):  
Xiao Yu Sun ◽  
Zhen Qing Wang ◽  
Hong Tao Xing ◽  
Yong Heng Tong
Keyword(s):  
Flow Characteristics ◽  
Theoretical Development ◽  
Construction Costs ◽  
Rural Highways ◽  
Percent Time ◽  
Traffic Volumes ◽  
Percent Time Spent Following ◽  
The Cost ◽  
Permafrost Regions ◽  
Key Parameter

The purpose of this study was to evaluate flow characteristics on two-lane rural highways and to develop criteria for highway widening The study is conducted on two tracks: theoretical development of delay models and use of a simulation model to estimate the effect of certain parameters on delay and percent-time-spent-following. Models of delay are presented, as are the regions in which the traffic is stable or unstable. It was also possible from the simulation to obtain the percent-time-spent-following, which is a key parameter in determining level-of-service on two-lane highways.The accrued delay over the usable life of a two-lane highway pavement, assumed to be 20 years, was discounted to present monetary value This was then compared to four typical construction costs for different terrain types. The threshold average daily traffic volumes were determined at the points where the present value of the accumulated delay was equal to the cost of constructing two more lanes. These threshold values can be used as criteria for widening a two-lane highway and converting it into a four-lane facility. Additional criteria, based on percent-time-spent-following, are also presented.

Probabilistic Analysis of a Preemptive Replacement of an NPP Component With a Component of Superior Material

2005 ◽  
Author(s):  
Robert K. Perdue ◽  
Joel Woodcock ◽  
Laurent Houssay
Keyword(s):  
Nuclear Power ◽  
Tube Bundle ◽  
Economic Value ◽  
Economic Consequences ◽  
Management Tool ◽  
Time To Failure ◽  
Plant Component ◽  
Superior Corrosion Resistance ◽  
Age Replacement ◽  
The Cost

The Westinghouse proactive aging management tool, PAM, considers three major sets of variables when calculating the NPV or economic value of age replacement: (a) the projected time to failure, (b) the economic consequences of unplanned failure and (c) the cost of the replacement. All of these variables will typically be uncertain; particularly the time to part failure. A not uncommon complication in evaluating whether and when to replace a degrading component or part in a plant is that the replacement part is thought to have a longer expected life (be more resistant to degradation) but, to date, there is little field experience to substantiate that belief. This paper shows how two different approaches for statistical estimation of a Weibull failure distribution can be used in tandem to surmount this problem, and illustrates it within the context of the replacement of a nuclear power plant component tube bundle with a tube bundle expected to provide superior corrosion resistance.

scholarly journals A natural experiment reveals the impact of hydroelectric dams on the estuaries of tropical rivers

2019 ◽  
Vol 5 (3) ◽  
pp. eaau9875 ◽  
Author(s):  
E. Ezcurra ◽  
E. Barrios ◽  
P. Ezcurra ◽  
A. Ezcurra ◽  
S. Vanderplank ◽  
...  
Keyword(s):  
Pacific Coast ◽  
Economic Consequences ◽  
Coastal Sediments ◽  
Coastal Protection ◽  
Hydroelectric Dams ◽  
Sediment Trapping ◽  
Tropical Estuaries ◽  
The Stability ◽  
The Cost ◽  
The Impact

We tested how sediment trapping by hydroelectric dams affects tropical estuaries by comparing two dammed and two undammed rivers on Mexico’s Pacific coast. We found that dams demonstrably affected the stability and productivity of the estuaries. The two rivers dammed for hydroelectricity had a rapid coastal recession (between 7.9 and 21.5 ha year−1) in what should otherwise be an accretional coastline. The economic consequences of this dam-induced coastal erosion include loss of habitat for fisheries, loss of coastal protection, release of carbon sequestered in coastal sediments, loss of biodiversity, and the decline of estuarine livelihoods. We estimate that the cost of the environmental damages a dam can cause in the lower part of basin almost doubles the purported benefits of emission reductions from hydroelectric generation.

Economic consequences of consumer repair strategies for electrical household devices

2019 ◽  
Vol 33 (4) ◽  
pp. 747-767 ◽  
Author(s):  
Jan Brusselaers ◽  
Ellen Bracquene ◽  
Jef Peeters ◽  
Yoko Dams
Keyword(s):  
Life Cycle Cost ◽  
Economic Consequences ◽  
Future Research ◽  
Data Sets ◽  
Annual Life Cycle ◽  
Content Type ◽  
Repair Strategy ◽  
Repair Costs ◽  
The Cost ◽  
Practical Implications

Purpose The purpose of this paper is to investigate to what extent a consumer’s repair strategy impacts the annual costs of ownership of a washing machine and two types of vacuum cleaner. Design/methodology/approach The annual cost of ownership is determined by calculating the annual life cycle cost (LCC) for the respective devices. The annual LCCs of the different scenarios allow a comparison of the different repair strategy options. A Monte Carlo simulation is run to introduce parameter variability. The device’s failure rate is estimated by a combination of data sets on the devices’ performance. Findings Results demonstrate that the repair of the devices considered is a more favourable option over replacement. A consumer who aims for the lowest annual LCC should allow for a high number of repairs per device, without putting a maximum on the cost per repair. However, the consumer should become more cautious when a device approaches the end of its expected lifetime. Finally, the purchase of warranty can be interesting when the warranty covers a sufficiently long proportion of the device’s (expected) lifetime and when its cost does not exceed a threshold proportion of the initial purchase price. Research limitations/implications The costs for repair might be overestimated. Future research can focus on the reduction of repair costs following self-repair. Practical implications The results provide strong arguments in favour of repair instead of replacement of broken devices. Originality/value This is the first research to quantify the influence of consumer behaviour in the context of repair of devices on the ownership costs of these devices.

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