The Equivalency Principle for Discounting the Value of Natural Assets: An Application to an Investment Project in the Basque Coast

25 p.

Demand for Cultural Heritage

Prepared for the Handbook of the Economics of Cultural Heritage. Forthcoming in Edgard Elgar Publisher. Anna Mignosa and Ilde Rizzo (editors)

Monte Carlo Valuation of natural gas investments

This paper deals with the valuation of energy assets related to natural gas. In particular, we evaluate a baseload Natural Gas Combined Cycle (NGCC) power plant and an ancillary instalation, namely a Liquefied Natural Gas (LNG) facility, in a realistic setting; specifically, these investments enjoy a long useful life but require some non-negligible time to build. Then we focus on the valuation of several investment options again in a realistic setting. These include the option to invest in the power plant when there is uncertainty concerning the initial outlay, or the option's time to maturity, or the cost of CO2 emission permits, or when there is a chance to double the plant size in the future. Our model comprises three sources of risk. We consider uncertain gas prices with regard to both the current level and the long-run equilibrium level; the current electricity price is also uncertain. They all are assumed to show mean reversion. The two-factor model for natural gas price is calibrated using data from NYMEX NG futures contracts. Also, we calibrate the one-factor model for electricity price using data from the Spanish wholesale electricity market, respectively. Then we use the estimated parameter values alongside actual physical parameters from a case study to value natural gas plants. Finally, the calibrated parameters are also used in a Monte Carlo simulation framework to evaluate several American-type options to invest in these energy assets. We accomplish this by following the least squares MC approach.

Aplicación de la teoría de carteras con activos numismáticos y metales preciosos

[ES] El objetivo del trabajo es la construcción de diferentes carteras compuestas por activos numismáticos de oro y metales nobles (oro, plata, platino, paladio y rodio); con el fin de construir aquella cartera que mejor se adapte al inversor, acorde a su perfil y conocer cuál es la Cartera del Mercado. Para ello, mediante la Teoría de Carteras (Markowitz, 1952; 1959), construiremos la Frontera Eficiente y trazaremos la Línea del Mercado de Capitales o CML.

Introducción: Variedad de temas y de tratamientos sobre la Innovación

[ES] Este artículo de introducción al número especial sobre innovación de la revista Cuadernos de Gestión consta de dos apartados bien diferenciados. En el primero, se recogen algunas ideas que pueden ser útiles para los lectores que se aproximan al tema de la innovación y observan una gran variedad conceptual. En concreto, se ha tratado de explicar de una manera más o menos exhaustiva el concepto de Open Innovation (OI). La OI surge del reconocimiento de que la empresa no puede innovar de manera aislada, y, por lo tanto, necesita siempre adquirir las ideas y los recursos del entorno exterior.

Short communication: Rapid separation of cis9, trans11- and trans7,cis9-18:2 (CLA) isomers from ruminant tissue using a 30 m SLB-IL111 ionic column

[EN]Rumenic acid (cis9,trans11-18:2) is the main natural isomer of conjugated linoleic acid (CLA). Rumenic acid has many purported health benefits, but effects of most other CLA isomers are unknown. Typically trans7,cis9-18:2 is the second most abundant CLA isomer, but it co-elutes with rumenic acid on conventional polar gas chromatography (GC) columns, requiring complimentary analysis with silver-ion high performance liquid chromatography (Ag(+)-HPLC). Herein we report a rapid method for analyzing rumenic acid and trans7,cis9-18:2 using a 30 m ionic-liquid GC column. Optimal resolution of the two CLA isomers was at 145 degrees C and analysis of backfat from barley-fed cattle compared well with GC/Ag(+)-HPLC (y =0.978x - 0.031, r =0.985, P <0.001).

Model driven product line engineering : core asset and process implications

Reuse is at the heart of major improvements in productivity and quality in Software Engineering. Both Model Driven Engineering (MDE) and Software Product Line Engineering (SPLE) are software development paradigms that promote reuse. Specifically, they promote systematic reuse and a departure from craftsmanship towards an industrialization of the software development process. MDE and SPLE have established their benefits separately. Their combination, here called Model Driven Product Line Engineering (MDPLE), gathers together the advantages of both. Nevertheless, this blending requires MDE to be recasted in SPLE terms. This has implications on both the core assets and the software development process. The challenges are twofold: (i) models become central core assets from which products are obtained and (ii) the software development process needs to cater for the changes that SPLE and MDE introduce. This dissertation proposes a solution to the first challenge following a feature oriented approach, with an emphasis on reuse and early detection of inconsistencies. The second part is dedicated to assembly processes, a clear example of the complexity MDPLE introduces in software development processes. This work advocates for a new discipline inside the general software development process, i.e., the Assembly Plan Management, which raises the abstraction level and increases reuse in such processes. Different case studies illustrate the presented ideas.

Keys to success in an example of inter-competitor cooperation: The case of the "Big Seven" basque chefs

The case of the top chefs relates the two areas that are apparently most distant, nutrition and health technology. It is the element that binds[3] the four, making them into a single whole. The results achieved by our chefs, in terms of their individual and collective success and their international projection of the image of the Basque Country comprise a goal to which other industries in the region should aspire. It is therefore our plan to apply the keys to this successful inter-competitor cooperation to development of the health technology industry. At the same time, we want to fulfil one of the aims that have been established for the food area: to make use of the country’s gastronomy-related assets.

Erromaurreko Iberiar Penintsulako antzinaroari buruzko materialak : Iberiako hegoaldeko herri eta kulturak

Traducido por Iñaki Villoslada Fernández

About the limits of metalanguage: An essay on the modelisation of Latin grammatical lexicography

[EN] Progress in methodology in specific fields is usually very closely linked to the technological progress in other areas of knowledge. This justifies the fact that lexicographical techniques have had to wait for the arrival of the IT era of the last decades of the 20th century in order to be able to create specialised electronic dictionaries which can house and systemise enormous amounts of information which can later be dealt with quickly and efficiently. This study proposes a practical-methodological model which aims to solve the grammatical treatment of adverbs in Ancient Latin. We have suggested a list of 5 types, in a decreasing order from a greater to lesser degree of specialisation; technical (T), semi-technical (S-T), instrumental-valued (I-V), instrumental- descriptive (I-D), instrumental-expository (I-E).

El arte de registrar. La importancia de los registros de enfermería

[ES]La literatura especializada coincide en señalar serios problemas en los registros de enfermería. Se registra mal por muchos motivos: por desconocimiento, por inexperiencia, por la idea de que es una tarea burocrática y ajena, y sobre todo por una idea distorsionada del rol de la enfermería. Un registro adecuado contribuye no sólo a la calidad de los cuidados, sino que hace visible el trabajo que enfermería realiza y puede contribuir a desarrollar la disciplina enfermera y reforzar su rol independiente. En este trabajo se analiza, a partir de la literatura especializada, el problema de los registros de enfermería: los problemas más frecuentes y sus causas, la perspectiva de las enfermeras sobre los registros, los problemas éticos y legales que implican y las posibles soluciones para una nueva manera de registrar.

Los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria: la influencia de las estructuras multitramo

[ES] Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenidos sobre el análisis de la población completa de MBS emitidos (262 tramos configurados sobre 94 fondos de titulización) indican que la estructuración multitramo de los MBS ha ayudado a reducir el riesgo percibido global de las emisiones de MBS, mediante la generación de mercados más completos y la reducción de los problemas derivados de la existencia de asimetrías informativas implícitas en el proceso de selección de los activos transmitidos por parte de la entidad cedente. Esta reducción del riesgo percibido ha tenido un efecto directo sobre la rentabilidad ofrecida por los bonos de titulización emitidos. Además, no se encuentran evidencias de que la emisión de MBS persiga la transmisión efectiva de riesgos, más bien al contrario. Las Entidades de crédito, por lo general, han retenido los tramos de primeras pérdidas, lo que ha contribuido a mantener en niveles muy bajos (por debajo de la rentabilidad de la deuda soberana) la rentabilidad ofrecida por los MBS. Precisamente, el escaso diferencial ofrecido por los bonos de titulización se debe a que los tramos retenidos no han ofrecido primas de rentabilidad ajustadas al riesgo inherente.

El monocultivo de pino radiata en el País Vasco: origen y claves de permanencia de un sistema de explotación contrario al desarrollo sostenible

Creative Commons Reconocimiento-NoComercial 3.0 España

The Economics of Gasification: A Market-Based Approach

This paper deals with the economics of gasification facilities in general and IGCC power plants in particular. Regarding the prospects of these systems, passing the technological test is one thing, passing the economic test can be quite another. In this respect, traditional valuations assume constant input and/or output prices. Since this is hardly realistic, we allow for uncertainty in prices. We naturally look at the markets where many of the products involved are regularly traded. Futures markets on commodities are particularly useful for valuing uncertain future cash flows. Thus, revenues and variable costs can be assessed by means of sound financial concepts and actual market data. On the other hand, these complex systems provide a number of flexibility options (e.g., to choose among several inputs, outputs, modes of operation, etc.). Typically, flexibility contributes significantly to the overall value of real assets. Indeed, maximization of the asset value requires the optimal exercise of any flexibility option available. Yet the economic value of flexibility is elusive, the more so under (price) uncertainty. And the right choice of input fuels and/or output products is a main concern for the facility managers. As a particular application, we deal with the valuation of input flexibility. We follow the Real Options approach. In addition to economic variables, we also address technical and environmental issues such as energy efficiency, utility performance characteristics and emissions (note that carbon constraints are looming). Lastly, a brief introduction to some stochastic processes suitable for valuation purposes is provided.

Estudio y análisis de los intangibles en una empresa

A teoric study about the intangible assets and its aplication to a real business