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Browsing by Issue Date, starting with "2012-09-16"

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  • Valuing environmental benefits through decomposition of willingness to pay for hybrid lighting
    Publication . Thyboe, Adam; Machado, Fernando S.
    The use of inefficient lighting contributes strongly to European greenhouse gas (GHG) emissions. This has been acknowledged by EU policy makers who have enacted various measures to promote energy-efficient technologies. Besides reducing greenhouse gas emissions and thus climate change, this provides fertile ground for innovation within the lighting industry. As a result, hybrid lighting is emerging; a new lighting technology that enables unparalleled lighting quality and electricity savings. This work uses the contingent valuation (CV) method to elicit end-users’ willingness to pay (WTP) for hybrid lighting in a decomposed scenario in which lighting quality and electricity savings effects are valued individually and in a holistic scenario yielding joint benefit valuation. Furthermore, end-user valuations of electricity savings are broken down into the private component monetary savings and the public component GHG emission reductions. The CV data collected from a sample of 570 homeowners and future homeowners were analyzed using Weibull specifications and it was found that the public component of WTP makes up 9% of end-user perceived value of hybrid lighting, corresponding to a WTP of €30.13 per ton of evaded GHG emissions. The sum of the decomposed WTP values equates to the WTP elicited in the holistic scenario and therefore the findings are not subject to the embedding effect that frequently distorts multi-component CV studies. An analysis of demographic variables revealed that education level correlates positively with WTP for environmental benefits.
    2012-09-16Master thesis Restricted access Show more
  • The fair value of forestry assets : analysis of precious woods and green resources
    Publication . Macedo, Diogo Vasconcelos Cabral Bravo de; Azenhas, Paulo
    The purpose of this dissertation is to explore the Fair Value concept in the context of biological assets, more precisely forestry assets. In order to evaluate how Fair Value has been employed in the forestry assets field, I first approach the Fair Value in general terms in the Literature Review, and the Fair Value in the specific context of biological assets (IAS 41). Further, I develop an analysis of two standing timber companies, namely Precious Woods and Green Resources. This analysis encompasses both the methodologies undertaken by each company to value its forestry assets and the impacts on the Financial Statements of changes in fair value of biological assets performed by each company in each year under analysis. Based on the results obtained, both Precious Woods and Green Resources use the Income approach to value its forestry assets and these assets have an overall heavy weight on the financial statements of both companies. Besides, throughout the study one can notice that slight shifts in judgement concerning one or more variables relevant for the DCF model to measure forestry assets can have significant impacts on Financial Statements. Moreover, one can conclude that there is room for improvement not only in the disclosures but also in the accuracy and reliability of financial information reported in the Annual Reports of Precious Woods and Green Resources.
    2012-09-16Master thesis Open access Show more