Levitated droplet oscillations: effect of internal flow

The numerical model for electrically conducting liquid droplets levitated in AC magnetic field is extended to demonstrate various factors affecting the accuracy of material property value measurements. The effects included are the electromagnetic force induced stirring and the resulting turbulence, thermo-capillary convection, and the droplet rotation. The results are validated against available analytical solutions.

Levitated droplet oscillations: effect of internal flow

The numerical model for electrically conducting liquid droplets levitated in AC magnetic field is applied to demonstrate various factors affecting the accuracy of material property value measurements in microgravity conditions. The included effects are the electromagnetic force induced stirring and the resulting turbulence, the thermo-capillary convection, and the droplet rotation. The results are validated against available analytical solutions.

Relationships Between Deprivation and the Self-reported Health of Older People in Northern Ireland

Objectives: There are few studies on relationships between deprivation and the self-reported health of people aged over 64 years, and no studies fully representative of Northern Ireland’s older population. This paper addresses this gap. Methods: Deprivation of older people as reported in the 2001 and 2011 Censuses and the relationship with self-reported health are analyzed over a ten-year span using multilevel modeling. The data are from the Northern Ireland Longitudinal Study (NILS) linked to 2001-11 Census returns. Deprivation measures include housing tenure, property-value, access to a car, educational, employment and area-level income-deprivation. Results: Older people suffering deprivation face a significant health disadvantage over a ten-year time span. Discussion: This health disadvantage is stronger in men than in women, likely due to conservative gender roles prevalent among Northern Ireland’s older population, leading to psychological distress among deprived men. The analysis found strongly significant area-level effects, aggravating the health impact of deprivation.

Hotel Valuation Software, Version 4.0

[Updated August 2016] The Hotel Valuation Software, freely available from Cornell’s Center for Hospitality Research, has been updated to reflect the many changes in the 11th Edition of the Uniform System of Accounts for the Lodging Industry (USALI). Version 4.0 of the Hotel Valuation Software provides numerous enhancements over the original tool from 2011. In addition to a significant increase in functionality and an update to reflect the 11th edition of the USALI, Version 4.0 takes advantage of the power of the latest release of Microsoft Excel®. Note that Version 4.0 works only on a PC running Microsoft Windows, it does not work on a Mac running OS X. Users desiring an OS X compatible version should click here (Labeled as Version 2.5). 酒店评估软件手册和三个程序（点击这里 ) Users desiring a Mandarin version of the Hotel Valuation Software should click here The Hotel Valuation Software remains the only non-proprietary computer software designed specifically to assist in the preparation of market studies, forecasts of income and expense, and valuations for lodging property. The software provides an accurate, consistent, and cost-effective way for hospitality professionals to forecast occupancy, revenues and expenses and to perform hotel valuations. Version 4.0 of the Hotel Valuation Software includes the following upgrades – a complete update to reflect the 11th edition of the USALI – the most significant change to the chart of accounts in a generation, an average daily rate forecasting tool, a much more sophisticated valuation module, and an optional valuation tool useful in periods of limited capital liquidity. Using established methodology, the Hotel Valuation Software is a sophisticated tool for lodging professionals. The tool consists of three separate software programs written as Microsoft Excel files and a software users' guide. The tool is provided through the generosity of HVS and the School of Hotel Administration. The three software modules are: Room Night Analysis and Average Daily Rate: Enables the analyst to evaluate the various competitive factors such as occupancy, average room rate, and market segmentation for competitive hotels in a local market. Calculates the area-wide occupancy and average room rate, as well as the competitive market mix. Produce a forecast of occupancy and average daily rate for existing and proposed hotels in a local market. The program incorporates such factors as competitive occupancies, market segmentation, unaccommodated demand, latent demand, growth of demand, and the relative competitiveness of each property in the local market. The program outputs include ten-year projections of occupancy and average daily rate. Fixed and Variable Revenue and Expense Analysis: The key to any market study and valuation is a supportable forecast of revenues and expenses. Hotel revenue and expenses are comprised of many different components that display certain fixed and variable relationships to each other. This program enables the analyst to input comparable financial operating data and forecast a complete 11-year income and expense statement by defining a small set of inputs: The expected future occupancy levels for the subject hotel Base year operating data for the subject hotel Fixed and variable relationships for revenues and expenses Expected inflation rates for revenues and expenses Hotel Capitalization Software: A discounted cash flow valuation model utilizing the mortgage-equity technique forms the basis for this program. Values are produced using three distinct underwriting criteria: A loan-to-value ratio, in which the size of the mortgage is based on property value. A debt coverage ratio (also known as a debt-service coverage ratio), in which the size of the mortgage is based on property level cash flow, mortgage interest rate, and mortgage amortization. A debt yield, in which the size of the mortgage is based on property level cash flow. By entering the terms of typical lodging financing, along with a forecast of revenue and expense, the program determines the value that provides the stated returns to the mortgage and equity components. The program allows for a variable holding period from four to ten years The program includes an optional model useful during periods of capital market illiquidity that assumes a property refinancing during the holding period

Análise comparativa entre a promoção para arrendamento e venda de imóveis de habitação

Dissertação para obtenção do grau de Mestre em Engenharia Civil na Área de Especialização de Edificações

Projecto de investimento imobiliário no edifício residencial no Estoril

Trabalho de Projecto para obtenção do grau de Mestre em Engenharia Civil

Relation entre statut socio-économique et incidence du cancer du poumon dans le contexte d’une étude cas-témoins montréalaise

Des études ont observé que le statut socio-économique (SSE) est inversement associé avec le risque de cancer du poumon. Cette thèse approfondit différents aspects de la relation entre le SSE et le risque de cancer du poumon afin de contribuer à la compréhension des facteurs influençant le risque de cette maladie. Son objectif général consiste à étudier les associations entre le SSE et le risque de cancer du poumon en fonction à la fois : 1) de l’indicateur du SSE ; 2) des types d’ajustement pour le tabagisme, et ; 3) des facteurs de risque intermédiares potentiels de l’association entre le SSE et le cancer du poumon. Les données d’une vaste étude cas-témoins menée à Montréal entre 1996 et 2002 et portant sur l’identification de facteurs environnementaux impliqués dans l’étiologie du cancer du poumon ont été utilisées. L’échantillon analysé était constitué de 1203 cas (738 hommes et 465 femmes) diagnostiqués en 1996-1997 dans les 18 principaux hôpitaux du Grand Montréal et 1513 témoins (899 hommes et 614 femmes). Les témoins, recrutés au hasard à partir de la liste électorale, ont été appariés aux cas selon l’âge, le sexe et le district électoral. Les sujets ont été interviewés afin de colliger de l’information entre autres sur les caractéristiques sociodémographiques et économiques, les habitudes de tabagisme, l‘histoire professionnelle et l’alimentation. Une collecte de données additionnelle a été effectuée spécifiquement pour la présente thèse. En effet, l’évaluation foncière de la résidence correspondant à l’adresse de chacun des sujets à l’entrevue a été obtenue à partir des bases de données publiques de la ville de Montréal. Le premier article portait sur la comparaison de différents indices de disponibilité financière chacun en 5 catégories: un indice de valeur résidentielle, le revenu médian issu des données du recensement et le revenu familial auto-rapporté. En comparant au revenu familial auto-rapporté, une très bonne concordance a été obtenue pour 73% et 64% des individus respectivement pour l’indice de valeur résidentielle et le revenu du recensement. Le Kappa pondéré était plus élevé pour la comparaison du revenu familial auto-rapporté avec l’indice de valeur résidentielle (Kappap=0.36, IC 95%: 0.31-0.40) qu’avec le revenu médian issu du recensement (Kappap=0.22, IC 95%: 0.17-0.27). Le choix d’un indice dépend toutefois des objectifs et de la faisabilité de son utilisation dans la population étudiée. Le deuxième article présentait les associations entre les trois indices de disponibilité financière et le risque de cancer du poumon. Les fortes associations observées initialement sont disparues après un ajustement pour plusieurs dimensions du tabagisme. Ce dernier jouait un rôle de grande importance dans la relation entre le SSE et le risque de cancer du poumon. Finalement, les facteurs de risque intermédiares des associations entre trois différentes dimensions du SSE – éducation, revenu, classe professionnelle – ont été étudiés. Les résultats ont suggéré que les 3 facteurs de risque intermédiares potentiels étudiés: tabagisme, consommation de fruits et légumes riches en caroténoïdes, expositions professionnelles avaient un effet médiateur indépendant dans la relation entre le SSE et le cancer du poumon. Le plus important médiateur était le tabagisme, suivi de l’alimentation et à un degré moindre, les expositions professionnelles. Il nous paraît particulièrement pertinent d‘évaluer différents indicateurs du SSE lorsque possible, et d’effectuer un ajustement détaillé pour le tabagisme lorsque la relation entre le SSE et le risque de cancer du poumon est étudiée. Une bonne connaissance et la prise en compte des facteurs de risque intermédiares sont essentielles à la formulation des mesures de prévention du cancer du poumon.

Desarrollo de un modelo de formación del valor inmobiliario en áreas de crecimiento suburbano. Aplicación a la comarca de la Vega Baja del Segura en el litoral alicantino

Una de las principales líneas de investigación de la economía urbana es el comportamiento del mercado inmobiliario y sus relaciones con la estructura territorial. Dentro de este contexto, la reflexión sobre el significado del valor urbano, y abordar su variabilidad, constituye un tema de especial importancia, dada la relevancia que ha supuesto y supone la actividad inmobiliaria en España. El presente estudio ha planteado como principal objetivo la identificación de aquellos factores, ligados a la localización que explican la formación del valor inmobiliario y justifican su variabilidad. Definir este proceso precisa de una evaluación a escala territorial estableciendo aquellos factores de carácter socioeconómico, medioambiental y urbanístico que estructuran el desarrollo urbano, condicionan la demanda de inmuebles y, por tanto, los procesos de formación de su valor. El análisis se centra en valores inmobiliarios residenciales localizados en áreas litorales donde la presión del sector turístico ha impulsado un amplio. Para ello, el ámbito territorial seleccionado como objeto de estudio se sitúa en la costa mediterránea española, al sur de la provincia de Alicante, la comarca de la Vega Baja del Segura. La zona, con una amplia diversidad ecológica y paisajística, ha mantenido históricamente una clara distinción entre espacio urbano y espacio rural. Esta dicotomía ha cambiado drásticamente en las últimas décadas, experimentándose un fuerte crecimiento demográfico y económico ligado a los sectores turístico e inmobiliario, aspectos que han tenido un claro reflejo en los valores inmobiliarios. Este desarrollo de la comarca es un claro ejemplo de la política expansionista de los mercados de suelo que ha tenido lugar en la costa española en las dos últimas décadas y que derivado en la regeneración de un amplio tejido suburbano. El conocimiento del marco territorial ha posibilitado realizar un análisis de variabilidad espacial mediante un tratamiento masivo de datos, así como un análisis econométrico que determina los factores que se valoran positivamente y negativamente por el potencial comprador. Estas relaciones permiten establecer diferentes estructuras matemáticas basadas en los modelos de precios hedónicos, que permiten identificar rasgos diferenciales en los ámbitos económico, social y espacial y su incidencia en el valor inmobiliario. También se ha sistematizado un proceso de valoración territorial a través del análisis del concepto de vulnerabilidad estructural, entendido como una situación de fragilidad debida a circunstancias tanto sociales como económicas, tanto actual como de tendencia en el futuro. Actualmente, esta estructura de demanda de segunda residencia y servicios ha mostrado su fragilidad y ha bloqueado el desarrollo económico de la zona al caer drásticamente la inversión en el sector inmobiliario por la crisis global de la deuda. El proceso se ha agravado al existir un tejido industrial marginal al que no se ha derivado inversiones importantes y un abandono progresivo de las explotaciones agropecuarias. El modelo turístico no sería en sí mismo la causa del bloqueo del desarrollo económico comarcal, sino la forma en que se ha implantado en la Costa Blanca, con un consumo del territorio basado en el corto plazo, poco respetuoso con aspectos paisajísticos y medioambientales, y sin una organización territorial global. Se observa cómo la vinculación entre índices de vulnerabilidad y valor inmobiliario no es especialmente significativa, lo que denota que las tendencias futuras de fragilidad no han sido incorporadas a la hora de establecer los precios de venta del producto inmobiliario analizado. El valor muestra una clara dependencia del sistema de asentamiento y conservación de las áreas medioambientales y un claro reconocimiento de tipologías propias del medio rural aunque vinculadas al sector turístico. En la actualidad, el continuo descenso de la demanda turística ha provocado una clara modificación en la estructura poblacional y económica. Al incorporar estas modificaciones a los modelos especificados podemos comprobar un verdadero desmoronamiento de los valores. Es posible que el remanente de vivienda construida actualmente vaya dirigido a un potencial comprador que se encuentra en retroceso y que se vincula a unos rasgos territoriales ya no existentes. Encontrar soluciones adaptables a la oferta existente, implica la viabilidad de renovación del sistema poblacional o modificaciones a nivel económico. La búsqueda de respuestas a estas cuestiones señala la necesidad de recanalizar el desarrollo, sin obviar la potencialidad del ámbito. SUMMARY One of the main lines of research regarding the urban economy focuses on the behavior of the real estate market and its relationship to territorial structure. Within this context, one of the most important themes involves considering the significance of urban property value and dealing with its variability, particularly given the significant role of the real estate market in Spain, both in the past and present. The main objective of this study is to identify those factors linked to location, which explain the formation of property values and justify their variability. Defining this process requires carrying out an evaluation on a territorial scale, establishing the socioeconomic, environmental and urban planning factors that constitute urban development and influence the demand for housing, thereby defining the processes by which their value is established. The analysis targets residential real estate values in coastal areas where pressure from the tourism industry has prompted large-scale transformations. Therefore, the focal point of this study is an area known as Vega Baja del Segura, which is located on the Spanish Mediterranean coast in southern Alicante (province). Characterized by its scenic and ecological diversity, this area has historically maintained a clear distinction between urban and rural spaces. This dichotomy has drastically changed in past decades due to the large increase in population attributed to the tourism and real estate markets – factors which have had a direct effect on property values. The development of this area provides a clear example of the expansionary policies which have affected the housing market on the coast of Spain during the past two decades, resulting in a large increase in suburban development. Understanding the territorial framework has made it possible to carry out a spatial variability analysis through massive data processing, as well as an econometric analysis that determines the factors that are evaluated positively and negatively by potential buyers. These relationships enable us to establish different mathematical systems based on hedonic pricing models that facilitate the identification of differential features in the economic, social and spatial spheres, and their impact on property values. Additionally, a process for land valuation was established through an analysis of the concept of structural vulnerability, which is understood to be a fragile situation resulting from either social or economic circumstances. Currently, this demand structure for second homes and services has demonstrated its fragility and has inhibited the area’s economic development as a result of the drastic fall in investment in the real estate market, due to the global debt crisis. This process has been worsened by the existence of a marginal industrial base into which no important investments have been channeled, combined with the progressive abandonment of agricultural and fishing operations. In and of itself, the tourism model did not inhibit the area’s economic development, rather it is the result of the manner in which it was implemented on the Costa Brava, with a land consumption based on the short-term, lacking respect for landscape and environmental aspects and without a comprehensive organization of the territory. It is clear that the link between vulnerability indexes and property values is not particularly significant, thereby indicating that future fragility trends have not been incorporated into the problem in terms of establishing the sale prices of the analyzed real estate product in question. Urban property values are clearly dependent on the system of development and environmental conservation, as well as on a clear recognition of the typologies that characterize rural areas, even those linked to the tourism industry. Today, the continued drop in tourism demand has provoked an obvious modification in the populational and economic structures. By incorporating these changes into the specified models, we can confirm a real collapse in values. It’s possible that the surplus of already-built homes is currently being marketed to a potential buyer who is in recession and linked to certain territorial characteristics that no longer exist. Finding solutions that can be adapted to the existing offer implies the viability of renewing the population system or carrying out modifications on an economic level. The search for answers to these questions suggests the need to reform the development model, without leaving out an area’s potentiality.

Construction cost and energy consumption resulting from energy retrofitting in an apartment building in Madrid (Spain).

This theoretical study analyzes the relation between the measures necessesary for the energy retrofitting of a residential building constructed in Madrid, their cost and the improvement of the energy rating of the dwellings. The aim of this work is to establish an evaluation methodology that allows developers and architects to obtain conclusions and orientates therm in the decisioin-making process. It will allow finding the most suitable cost-effective solutions in each case. This paper describes the methodology and the findings obtained. Energy retrofitting and the improvement of the energy behaviour of the building depend on the selection of the retrofitting solutions and also on the investment. In this case study to achieve the best energy rates it is necessary to improve the thermal performance of the envelope as well as the energy systems. Energy retrofitting means an increase in property value but it can't only be considered in economic terms. It is necessary to take into account unquantifiable aspects as increased comfort, improved sound insulation, livability, health, or the elimination of energy poverty situations.

Evaluación cuantitativa de pérdidas por peligros geológicos. Caso del archipiélago de Canarias: Inundaciones, sismicidad y vulcanismo

Existe una creciente preocupación por las catástrofes de origen natural que están por llegar, motivo por el que se están realizando estudios desde prácticamente todas las ramas de la ciencia. La razón para ello se puede encontrar en el miedo a que los eventos futuros puedan dificultar las actividades humanas, aunque no es el único factor. Por todo ello, se produce una dispersión muy importante incluso en los conceptos más elementales como qué debe ser considerado o cómo debe llamarse y catalogarse uno u otro elemento. En consecuencia, los métodos para comprender los riesgos naturales también son muy diferentes, rara vez encontrándose enfoques realmente multidisciplinares. Se han realizado algunos esfuerzos para crear un marco de entendimiento común como por ejemplo, la "Directiva sobre inundaciones" o, más recientemente, la Directiva Inspire. Las entidades aseguradoras y reaseguradoras son un actor importante entre los muchos involucrados en los estudios de riesgos. Su interés radica en el hecho de que terminan pagando la mayor parte de la factura, si no toda. Pero, a cuánto puede ascender esa factura, no es una pregunta fácil de responder aún en casos muy concretos, y sin embargo, es la pregunta que constantemente se plantea por parte de los tomadores de decisiones a todos los niveles. Este documento resume las actividades de investigación que han llevado a cabo al objeto de sentar un marco de referencia, implementando de enfoques numéricos capaces de hacer frente a algunas de las cuestiones más relevantes que se encuentran en casi todos los estudios de riesgos naturales, ensayando conceptos de manera pragmática. Para ello, se escogió un lugar experimental de acuerdo a diferentes criterios, como la densidad de población, la facilidad de proporcionar los límites geográficos claros, la presencia de tres de los procesos geológicos más importantes (inundaciones, terremotos y vulcanismo) y la disponibilidad de datos. El modelo aquí propuesto aprovecha fuentes de datos muy diversas para evaluar los peligros naturales, poniendo de relieve la necesidad de un enfoque multidisciplinar y emplea un catálogo de datos único, unificado, independiente (no orientado), coherente y homogéneo para estimar el valor de las propiedades. Ahora bien, los datos se explotan de manera diferente según cada tipo de peligro, manteniendo sin variación los conceptos subyacentes. Durante esta investigación, se ha encontrado una gran brecha en la relación entre las pérdidas reales y las probabilidades del peligro, algo contrario a lo que se ha pensado que debía ser el comportamiento más probable de los riesgos naturales, demostrando que los estudios de riesgo tienen vida útil muy limitada. En parte debido ello, el modelo propuesto en este estudio es el de trabajar con escenarios, fijando una probabilidad de ocurrencia, lo que es contrario al modelo clásico de evaluar funciones continuas de riesgo. Otra razón para abordar la cuestión mediante escenarios es forzar al modelo para proporcionar unas cifras creíbles de daño máximo fijando cuestiones como la ubicación espacial de un evento y sus probabilidades, aportando una nueva visión del "peor escenario posible” de probabilidad conocida. ABSTRACT There is a growing concern about catastrophes of natural origin about to come hence many studies are being carried out from almost any science branch. Even though it is not the only one, fear for the upcoming events that might jeopardize any given human activity is the main motive. A forking effect is therefore heavily present even on the basic concepts of what is to be considered or how should it be named and catalogued; as a consequence, methods towards understanding natural risks also show great differences and a multidisciplinary approach has seldomly been followed. Some efforts were made to create a common understanding of such a matter, the “Floods Directive” or more recently the Inspire Directive, are a couple of examples. The insurance sector is an important actor among the many involved. Their interest relies on the fact that, eventually, they pay most of the bill if not all. But how much could that be is not an easy question to be answerd even in a very specific case, and it is almost always the question posed by decision makers at all levels. This document summarizes research activities that have being carried out in order to put some solid ground to be followed, implementing numerical approaches that are capable of coping with some of the most relevant issues found in almost all natural risk studies, testing concepts pragmatically. In order to do so, an experimental site was selected according to different criteria, such as population density, the ease of providing clear geographical boundaries, the presence of three of the most important geological processes (floods, earthquakes and volcanism) and data availability. The model herein proposed takes advantage of very diferent data sources in the assessment of hazard, pointing out how a multidisciplinary approach is needed, and uses only one unified, independent, consistent, homogeneous (non objective driven) source for assessing property value. Data is exploited differently according to each hazard type, but the underlying concepts remain the same. During this research, a deep detachment was found between actual loss and hazard chances, contrarily to what has been thought to be the most likely behaviour of natural hazards, proving that risk studies have a very limited lifespan. Partially because of such finding, the model in this study addresses scenarios with fixed probability of occurrence, as opposed to studying a continuous hazard function as usually proposed. Another reason for studying scenarios was to force the model to provide a reliable figure after a set of given parameters where fixed, such as the spatial location of an event and its chances, so the “worst case” of a given return period could be found.

Greenfield shopping center development. The integration between environmental features, building design and investment analysis at the decision making stage

The Shopping centre is a long term investment in which Greenfield development decisions are often taken based on risks analysis regarding construction costs, location, competition, market and an expected DCF. Furthermore, integration between the building design, project planning, operational costs and investment analysis is not entirely considered by the investor at the decision making stage. The absence of such information tends to produce certain negative impacts on the future running costs and annual maintenance of the building, especially on energy demand and other occupancy expenses paid by the tenants to the landlord. From the investor´s point of view, this blind spot in strategy development will possibly decrease their profit margin as changes in the occupancy expenses[ ] have a direct outcome on the profit margin. In order to try to reduce some higher operating cost components such as energy use and other utility savings as well as their CO2 emissions, quite a few income properties worldwide have some type of environmental label such as BREEAM and LEED. The drawback identified in this labelling is that usually the investments required to get an ecolabel are high and the investor finds no direct evidence that it increases market value. However there is research on certified commercial properties (especially offices) that shows better performance in terms of occupancy rate and rental cost (Warren-Myers, 2012). Additionally, Sayce (2013) says that the certification only provides a quick reference point i.e. the lack of a certificate does not indicate that a building is not sustainable or efficient. Based on the issues described above, this research compares important components of the development stages such as investments costs, concept/ strategy development as well as the current investor income and property value. The subjects for this analysis are a shopping centre designed with passive cooling/bioclimatic strategies evaluated at the decision making stage, a certified regional shopping centre and a non-certified standard regional shopping centre. Moreover, the proposal intends to provide decision makers with some tools for linking green design features to the investment analysis in order to optimize the decision making process when looking into cost savings and design quality.

Ground water model calibration using pilot points and regularization

Use of nonlinear parameter estimation techniques is now commonplace in ground water model calibration. However, there is still ample room for further development of these techniques in order to enable them to extract more information from calibration datasets, to more thoroughly explore the uncertainty associated with model predictions, and to make them easier to implement in various modeling contexts. This paper describes the use of pilot points as a methodology for spatial hydraulic property characterization. When used in conjunction with nonlinear parameter estimation software that incorporates advanced regularization functionality (such as PEST), use of pilot points can add a great deal of flexibility to the calibration process at the same time as it makes this process easier to implement. Pilot points can be used either as a substitute for zones of piecewise parameter uniformity, or in conjunction with such zones. In either case, they allow the disposition of areas of high and low hydraulic property value to be inferred through the calibration process, without the need for the modeler to guess the geometry of such areas prior to estimating the parameters that pertain to them. Pilot points and regularization can also be used as an adjunct to geostatistically based stochastic parameterization methods. Using the techniques described herein, a series of hydraulic property fields can be generated, all of which recognize the stochastic characterization of an area at the same time that they satisfy the constraints imposed on hydraulic property values by the need to ensure that model outputs match field measurements. Model predictions can then be made using all of these fields as a mechanism for exploring predictive uncertainty.

Essays in environmental economic valuation and decision making in the presence of an environmental disaster

The first essay developed a respondent model of Bayesian updating for a double-bound dichotomous choice (DB-DC) contingent valuation methodology. I demonstrated by way of data simulations that current DB-DC identifications of true willingness-to-pay (WTP) may often fail given this respondent Bayesian updating context. Further simulations demonstrated that a simple extension of current DB-DC identifications derived explicitly from the Bayesian updating behavioral model can correct for much of the WTP bias. Additional results provided caution to viewing respondents as acting strategically toward the second bid. Finally, an empirical application confirmed the simulation outcomes. The second essay applied a hedonic property value model to a unique water quality (WQ) dataset for a year-round, urban, and coastal housing market in South Florida, and found evidence that various WQ measures affect waterfront housing prices in this setting. However, the results indicated that this relationship is not consistent across any of the six particular WQ variables used, and is furthermore dependent upon the specific descriptive statistic employed to represent the WQ measure in the empirical analysis. These results continue to underscore the need to better understand both the WQ measure and its statistical form homebuyers use in making their purchase decision. The third essay addressed a limitation to existing hurricane evacuation modeling aspects by developing a dynamic model of hurricane evacuation behavior. A household's evacuation decision was framed as an optimal stopping problem where every potential evacuation time period prior to the actual hurricane landfall, the household's optimal choice is to either evacuate, or to wait one more time period for a revised hurricane forecast. A hypothetical two-period model of evacuation and a realistic multi-period model of evacuation that incorporates actual forecast and evacuation cost data for my designated Gulf of Mexico region were developed for the dynamic analysis. Results from the multi-period model were calibrated with existing evacuation timing data from a number of hurricanes. Given the calibrated dynamic framework, a number of policy questions that plausibly affect the timing of household evacuations were analyzed, and a deeper understanding of existing empirical outcomes in regard to the timing of the evacuation decision was achieved.

Essays in Environmental Economic Valuation and Decision Making in the Presence of an Environmental Disaster

The first essay developed a respondent model of Bayesian updating for a double-bound dichotomous choice (DB-DC) contingent valuation methodology. I demonstrated by way of data simulations that current DB-DC identifications of true willingness-to-pay (WTP) may often fail given this respondent Bayesian updating context. Further simulations demonstrated that a simple extension of current DB-DC identifications derived explicitly from the Bayesian updating behavioral model can correct for much of the WTP bias. Additional results provided caution to viewing respondents as acting strategically toward the second bid. Finally, an empirical application confirmed the simulation outcomes. The second essay applied a hedonic property value model to a unique water quality (WQ) dataset for a year-round, urban, and coastal housing market in South Florida, and found evidence that various WQ measures affect waterfront housing prices in this setting. However, the results indicated that this relationship is not consistent across any of the six particular WQ variables used, and is furthermore dependent upon the specific descriptive statistic employed to represent the WQ measure in the empirical analysis. These results continue to underscore the need to better understand both the WQ measure and its statistical form homebuyers use in making their purchase decision. The third essay addressed a limitation to existing hurricane evacuation modeling aspects by developing a dynamic model of hurricane evacuation behavior. A household’s evacuation decision was framed as an optimal stopping problem where every potential evacuation time period prior to the actual hurricane landfall, the household’s optimal choice is to either evacuate, or to wait one more time period for a revised hurricane forecast. A hypothetical two-period model of evacuation and a realistic multi-period model of evacuation that incorporates actual forecast and evacuation cost data for my designated Gulf of Mexico region were developed for the dynamic analysis. Results from the multi-period model were calibrated with existing evacuation timing data from a number of hurricanes. Given the calibrated dynamic framework, a number of policy questions that plausibly affect the timing of household evacuations were analyzed, and a deeper understanding of existing empirical outcomes in regard to the timing of the evacuation decision was achieved.

The use of income valuation methods to value rural property

Despite the advances that have been made in relation to the valuation of commercial, industrial and retail property, there has not been the same progress in relation to the valuation of rural property. Although the majority of rural property valuations also require the valuer to carry out a full analysis of the economic performance of the farming operations, this information is rarely used to assess the value of the property, nor is it even used for a secondary valuation method. Over the past 20 years the nature of rural valuation practice has required rural valuers to undertake studies in both agriculture (farm management) and valuation, especially if carrying out valuation work for financial institutions. The additional farm financial information obtained by rural valuers exceeds that level of information required to value commercial, retail and industrial by the capitalisation of net rent/profit valuation method and is very similar to the level of information required for the valuation of commercial and retail property by the Discounted Cash Flow valuation method. On this basis the valuers specialising in rural valuation practice should have the necessary skills and information to value rural properties by an income valuation method. Although the direct comparison method of valuation has been sufficient in the past to value rural properties the future use of the method as the main valuation method is limited and valuers need to adopt an income valuation method as at least a secondary valuation method to overcome the problems associated with the use of direct comparison as the only rural property valuation method. This paper will review the results of an extensive survey carried out by rural property valuers in New South Wales (NSW), Australia, in relation to the impact of farm management on rural property values and rural property income potential.