Struggling over new asset geographies.

In this response, we address criticisms of our definition of assetization from an accounting perspective, its overlap with financialization, and the relationship between value and valuation it posits. We reflect on a future agenda around assetization emphasizing the political dimensions of externalizing future costs and the implications of rising inflation.

Residents' Willingness to Pay for Water Pollution Treatment and Its Influencing Factors: a Case Study of Taihu Lake Basin.

This study designs a double-bounded dichotomous questionnaire, and uses the Contingent Valuation Method (CVM) to estimate residents' willingness to pay(WTP) for water pollution control along the Taihu Lake Basin. The results of the returned questionnaire show that 82.76% of the residents are willing to pay. CVM estimation results show that the average WTP of residents for water pollution control is 138.86 yuan/year. In addition, the influencing factors of WTP are explored using a Logistic regression model, and the heterogeneity of WTP among residents of different genders is analyzed. The study found that: (1) The younger the residents, the higher their WTP; (2) The higher the income, the higher the residents' WTP for water pollution control; (3) Residents with higher educational level are more willing to pay; (4) The higher the degree of residents' understanding of water pollution control policies, the higher the WTP; (5) The higher the degree of residents' recognition of pro-environmental behavior, the higher the WTP; (6) Male residents' WTP is mainly affected by cognitive factors such as their understanding of governance policies and their approval of pro-environmental behaviors, while female residents' WTP is mainly affected by personal attributes, such as age, income, and the number of household laborers. Furthermore, this study proposes targeted measures to improve residents' WTP from three aspects: the government enriches the channels for residents to participate in water pollution control, the social media enriches the popularization of water environment knowledge, and the school strengthens the education of environmental protection knowledge, considering the differences in residents' characteristics. Therefore, this study can provide a theoretical reference and decision-making basis for encouraging residents to participate in water pollution control, promote the construction of a beautiful watershed, and provide a reference for other basins.

Valuing the SF-6Dv2 in the capital of Iran using a discrete choice experiment with duration.

BACKGROUND: The second version of the Short-Form 6-Dimension (SF-6Dv2) classification system has recently been developed. The objective of this study was to develop a value set for SF-6Dv2 based on the societal preferences of a general population in the capital of Iran. METHODS: A representative sample of the capital of Iran (n = 3061) was recruited using a stratified multistage quota sampling technique. Face-to-face interviews were conducted using binary choice sets from the international valuation protocol of the discrete choice experiment with duration. The conditional logit was used to estimate the final value set, and a latent class model was employed to assess heterogeneity of preferences. RESULTS: Coefficients generated from the models were logically consistent and significant. The best model was the one that included an additional interaction term for cases where one or more dimensions reached their most severe levels. It provides a value set with logical consistent coefficients and the lowest percentage of worse than death health states. Predicted values for the SF-6Dv2 were within the range of - 0.796-1. Pain dimension had the largest impact on utility decrement, whereas vitality had the least impact. The presence of preference heterogeneity was evident, and the Bayesian Information Criterion indicated the optimal fit for a latent class model with two classes. CONCLUSION: This study provided the SF-6Dv2 value set for application in the context of Iran. This value set will facilitate the use of the SF-6Dv2 instrument in health economic evaluations and clinical settings.

Dissociable representations of decision variables within subdivisions of macaque orbitofrontal and ventrolateral frontal cortex.

Ventral frontal cortex (VFC) in macaques is involved in many affective and cognitive processes and has a key role in flexibly guiding reward-based decision-making. VFC is composed of a set of anatomically distinct subdivisions that are within the orbitofrontal cortex, ventrolateral prefrontal cortex, and anterior insula. In part, because prior studies have lacked the resolution to test for differences, it is unclear if neural representations related to decision-making are dissociable across these subdivisions. Here we recorded the activity of thousands of neurons within eight anatomically defined subregions of VFC in macaque monkeys performing a two-choice probabilistic task for different fruit juices outcomes. We found substantial variation in the encoding of decision variables across these eight subdivisions. Notably, ventrolateral subdivision 12l was unique relative to the other areas that we recorded from as the activity of single neurons integrated multiple attributes when monkeys evaluated the different choice options. Activity within 12o, by contrast, more closely represented reward probability and whether reward was received on a given trial. Orbitofrontal area 11m/l contained more specific representations of the quality of the outcome that could be earned later on. We also found that reward delivery encoding was highly distributed across all VFC subregions, while the properties of the reward, such as its flavor, were more strongly represented in areas 11m/l and 13m. Taken together, our work reveals the diversity of encoding within the various anatomically distinct subdivisions of VFC in primates.

Preferences reveal dissociable encoding across prefrontal-limbic circuits.

Individual preferences for the flavor of different foods and fluids exert a strong influence on behavior. Most current theories posit that preferences are integrated with other state variables in the orbitofrontal cortex (OFC), which is thought to derive the relative subjective value of available options to guide choice behavior. Here, we report that instead of a single integrated valuation system in the OFC, another complementary one is centered in the ventrolateral prefrontal cortex (vlPFC) in macaques. Specifically, we found that the OFC and vlPFC preferentially represent outcome flavor and outcome probability, respectively, and that preferences are separately integrated into value representations in these areas. In addition, the vlPFC, but not the OFC, represented the probability of receiving the available outcome flavors separately, with the difference between these representations reflecting the degree of preference for each flavor. Thus, both the vlPFC and OFC exhibit dissociable but complementary representations of subjective value, both of which are necessary for decision-making.

Natural capital approaches for the optimal design of policies for nature recovery.

By embedding a spatially explicit ecosystem services modelling tool within a policy simulator we examine the insights that natural capital analysis can bring to the design of policies for nature recovery. Our study is illustrated through a case example of policies incentivising the establishment of new natural habitat in England. We find that a policy mirroring the current practice of offering payments per hectare of habitat creation fails to break even, delivering less value in improved flows of ecosystem services than public money spent and only 26% of that which is theoretically achievable. Using optimization methods, we discover that progressively more efficient outcomes are delivered by policies that optimally price activities (34%), quantities of environmental change (55%) and ecosystem service value flows (81%). Further, we show that additionally attaining targets for unmonetized ecosystem services (in our case, biodiversity) demands trade-offs in delivery of monetized services. For some policy instruments it is not even possible to achieve the targets. Finally, we establish that extending policy instruments to offer payments for unmonetized services delivers target-achieving and value-maximizing policy designs. Our findings reveal that policy design is of first-order importance in determining the efficiency and efficacy of programmes pursuing nature recovery. This article is part of the theme issue 'Bringing nature into decision-making'.

Economic valuation of a mesocarnivore's impact management.

Red foxes (Vulpes vulpes) have interacted with humans during their common history. We used a contingent valuation method to assess the economic value of the management of this mesocarnivore's negative impacts. We carried out face-to-face interviews with 746 Greek residents, using a multiple-bounded discrete choice approach to estimate willingness to pay (WTP) for red fox management under three impact situations: attack domestic animals, reduce game, carry disease. About 51.9%, 33.0%, and 81.1% of the respondents stated a mean WTP of €34.1, €44.9, and €72.1 for each situation, respectively. The total annual amounts of €18.7 million, €15.7 million, and €61.7 million could be collected from the target population for red fox management when they attack domestic animals, reduce game, and carry disease, respectively. Attitudes and likeability toward foxes were negatively associated while knowledge about foxes and fear of them were positively associated with WTP. The younger, richer, less educated, rural, farmers, hunters, and pet owners were generally more willing to pay for red fox management across situations. Females were more willing to pay for managing predation on domestic animals, while males were more willing to pay for managing predation on game. Our findings showed that the Greek residents highly value the management of red foxes in all impact situations and would be valuable for further advising the management process.

Therapeutic value in the time of digital brainwaves.

This article examines the value of medical technology through the case of electroencephalograms (EEGs), devices used to visualize brain activity and diagnose seizures. Drawing on ethnographic fieldwork, the article shows that EEGs are valued differently by patients and medical practitioners. While practitioners value EEGs for their clinical utility, i.e., ability to inform clinical decisions, patients value EEGs even in the absence of clinical utility. Indeed, patients derive long-lasting therapeutic effects from this diagnostic technology. These findings intervene in the utilitarian calculus of therapeutic value-a mode of reasoning that equates value with clinical utility-commonly deployed in biomedicine and engineering and call for a recognition of alternative notions such as the therapeutic value of being witnessed and cared for by medical experts via EEGs and other technologies that require time to work. Expansive notions of therapeutic value are imperative for including marginalized patients-especially low-income, disabled, and women patients-in debates on automation and the future of healthcare. Studying how multiple stakeholders value a medical technology provides insight into valuation, objectification, expertise, and other concerns central to science and technology studies.

A happiness approach to valuing health states for children.

Preference weights are widely used to score generic health states into utility indexes for estimation of quality adjusted life years (QALYs) and to aid health care funding decisions. To date, health state utilities are predominantly derived using stated preference methods based on decision utility. This paper tests an alternative and generates preference weights using experienced utility for children based on the Child Health Utility 9D (CHU9D) descriptive system. We estimate the relative values of the CHU9D health states with regard to experienced utility, where experienced utility is approximated by self-reported happiness. A nationally-representative longitudinal survey was used including 6090 Australian children aged 12-17 years surveyed over 2014-2018. The derived weights were then applied to calculate the utility decrements for a few common child health conditions. We found that the estimated utility decrements are largely similar to those estimated using the published CHU9D Australian adolescent weights based on decision utility, except for pain and depression. A smaller utility decrement for pain and a larger utility decrement for depression were indicated by experienced utility. We contribute to the literature by showing that using experienced utility methods to generate preference weights for health states is possible, and we discuss some important methodological challenges for future studies such as the impracticability of anchoring to 'dead' when utilizing experienced utility.

Negative interactions and marital satisfaction across adulthood: The moderating role of affect valuation.

Older adults report higher marital satisfaction than younger adults even after negative interactions. The current study examined affect valuation as a potential moderator to explain age-related differences in the relationship between negative interactions and marital satisfaction. We conducted a 14-day daily diary study among 66 heterosexual couples (132 participants) aged from 21 to 80 years. At both person and daily levels, we found that valuing negative affect weakened the negative association between negative interactions and marital satisfaction in husbands. The moderating effect of negative affect valuation was stronger in older than younger husbands at the person but not daily level. Valuing positive affect more was associated with a stronger negative association between negative interactions and marital satisfaction in husbands at the person but not daily level. Such effect was again stronger in older than younger husbands. No significant results were found in wives. These findings shed light on the importance of affect valuation in understanding age-related differences in marital dynamics.

Telehealth Consultation for Malaysian Citizens' Willingness to Pay Assessed by the Double-Bounded Dichotomous Choice Method.

Background: Re-envisioning healthcare in technology tools includes robust utilisation of telehealth, improvement in access, quality, care efficiencies and cost-effectiveness of healthcare services. In reality, the technology's potential to transform healthcare may be limited by the ability to pay for it. This study aims to estimate Malaysian citizens' willingness to pay (WTP) for telehealth consultations and determine the factors contributing to it. This is vital to inform decision-making about expansion, preferences and deployment of a pricing strategy for telehealth services. Methods: A random sample of 220 adult Malaysians was surveyed using social network services (SNS). Three different WTP bid arrays were identified and each respondent received a randomly drawn bid price. The WTP fee for using the telehealth consultation for 30 min was measured and estimated using a Double-Bounded Dichotomous Choice (DBDC) and the Random Utility Logit Model. Result: The median WTP was estimated to be RM58 (JPY2,198), RM78 (JPY2,956) for 132 respondents' willingness to use telehealth consultation and RM26 (JPY985) for 51 respondents who were unwilling. Further analysis found that WTP is correlated with the perception and willingness of the respondents to use it. Conclusion: Despite most respondents being willing to pay for telehealth consultations, sociodemographic characteristics and affordability influenced the process of making decisions about WTP for telehealth consultation. This finding suggests that the private sector can play a crucial role in the deployment of telehealth. However, there may be a need to consider affordability and how to increase access and use of telehealth services.

Understanding Canadian stakeholders' views on measuring and valuing health for children and adolescents: a qualitative study.

OBJECTIVE: Valuing child health is critical to assessing the value of healthcare interventions for children. However, there remain important methodological and normative issues. This qualitative study aimed to understand the views of Canadian stakeholders on these issues. METHODS: Stakeholders from health technology assessment (HTA) agencies, pharmaceutical industry representatives, healthcare providers, and academic researchers/scholars were invited to attend an online interview. Semi-structured interviews were designed to focus on: (1) comparing the 3-level and 5-level versions of the EQ-5D-Y; (2) source of preferences for valuation (adults vs. children); (3) perspective of valuation tasks; and (4) methods for valuation (discrete choice experiment [DCE] and its variants versus time trade-off [TTO]). Participants were probed to consider HTA guidelines, cognitive capacity, and potential ethical concerns. All interviews were recorded and transcribed verbatim. Framework analysis with the incidence density method was used to analyze the data. RESULTS: Fifteen interviews were conducted between May and September 2022. 66.7% (N = 10) of participants had experience with economic evaluations, and 86.7% (N = 13) were parents. Eleven participants preferred the EQ-5D-Y-5L. 12 participants suggested that adolescents should be directly involved in child health valuation from their own perspective. The participants were split on the ethical concerns. Eight participants did not think that there was ethical concern. 11 participants preferred DCE to TTO. Among the DCE variants, 6 participants preferred the DCE with duration to the DCE with death. CONCLUSIONS: Most Canadian stakeholders supported eliciting the preferences of adolescents directly from their own perspective for child health valuation. DCE was preferred if adolescents are directly involved.

Estimating the costs and perceived benefits of oral pre-exposure prophylaxis (PrEP) delivery in ten counties of Kenya: a costing and a contingent valuation study.

Background: Kenya included oral PrEP in the national guidelines as part of combination HIV prevention, and subsequently began providing PrEP to individuals who are at elevated risk of HIV infection in 2017. However, as scale-up continued, there was a recognized gap in knowledge on the cost of delivering oral PrEP. This gap limited the ability of the Government of Kenya to budget for its PrEP scale-up and to evaluate PrEP relative to other HIV prevention strategies. The following study calculated the actual costs of oral PrEP scale-up as it was being delivered in ten counties in Kenya. This costing also allowed for a comparison of various models of service delivery in different geographic regions from the perspective of service providers in Kenya. In addition, the analysis was also conducted to understand factors that indicate why some individuals place a greater value on PrEP than others, using a contingent valuation technique. Methods: Data collection was completed between November 2017 and September 2018. Costing data was collected from 44 Kenyan health facilities, consisting of 23 public facilities, 5 private facilities and 16 drop-in centers (DICEs) through a cross-sectional survey in ten counties. Financial and programmatic data were collected from financial and asset records and through interviewer administered questionnaires. The costs associated with PrEP provision were calculated using an ingredients-based costing approach which involved identification and costing of all the economic inputs (both direct and indirect) used in PrEP service delivery. In addition, a contingent valuation study was conducted at the same 44 facilities to understand factors that reveal why some individuals place a greater value on PrEP than others. Interviews were conducted with 2,258 individuals (1,940 current PrEP clients and 318 non-PrEP clients). A contingent valuation method using a "payment card approach" was used to determine the maximum willingness to pay (WTP) of respondents regarding obtaining access to oral PrEP services. Results: The weighted cost of providing PrEP was $253 per person year, ranging from $217 at health centers to $283 at dispensaries. Drop-in centers (DICEs), which served about two-thirds of the client volume at surveyed facilities, had a unit cost of $276. The unit cost was highest for facilities targeting MSM ($355), while it was lowest for those targeting FSW ($248). The unit cost for facilities targeting AGYW was $323 per person year. The largest percentage of costs were attributable to personnel (58.5%), followed by the cost of drugs, which represented 25% of all costs. The median WTP for PrEP was $2 per month (mean was $4.07 per month). This covers only one-third of the monthly cost of the medication (approximately $6 per month) and less than 10% of the full cost of delivering PrEP ($21 per month). A sizable proportion of current clients (27%) were unwilling to pay anything for PrEP. Certain populations put a higher value on PrEP services, including: FSW and MSM, Muslims, individuals with higher education, persons between the ages of 20 and 35, and households with a higher income and expenditures. Discussion: This is the most recent and comprehensive study on the cost of PrEP delivery in Kenya. These results will be used in determining resource requirements and for resource mobilization to facilitate sustainable PrEP scale-up in Kenya and beyond. This contingent valuation study does have important implications for Kenya's PrEP program. First, it indicates that some populations are more motivated to adopt oral PrEP, as indicated by their higher WTP for the service. MSM and FSW, for example, placed a higher value on PrEP than AGYW. Higher educated individuals, in turn, put a much higher value on PrEP than those with less education (which may also reflect the higher "ability to pay" among those with more education). This suggests that any attempt to increase demand or improve PrEP continuation should consider these differences in client populations. Cost recovery from existing PrEP clients would have potentially negative consequences for uptake and continuation.

Estimating and monetizing the causal effect of severe interpersonal violence against children in sports on subjective well-being.

BACKGROUND: Interpersonal Violence (IV) against children in sports is a prevalent problem and has a major impact on their well-being. However, the causal relationship and the costs for society remain unclear. OBJECTIVE: The aim of this study is to estimate the causal effect of severe IV in sports on Subjective Well-Being (SWB) and to monetize the collective loss for society. PARTICIPANTS AND SETTING: The study used survey data from 4003 respondents in the Netherlands and Flanders (Belgium). The questionnaire included current SWB as well as 41 items to assess experiences with psychological, physical and sexual IV in sports before the age of 18. Severity was quantified by experts and reported frequency. METHODS: By using the number of sports that someone participated in during their youth as an instrumental variable to control for confounding, the study estimates the causal effect of severe IV on SWB. The Three-Stage Well-Being Valuation Approach was used to monetize the loss in SWB in terms of income compensation. RESULTS: The results show that experiencing severe IV in sports results in significant lower SWB levels (b = -0.45, p < .01). The lower SWB is comparable to an annual loss of income of 9672 euro per person. CONCLUSIONS: We have found evidence for a causal effect of severe IV in childhood on the SWB later in life. The results highlight the long-term, extensive impact of experiencing severe IV in sports that exceeds direct physical and psychological health outcomes.

The visual effect of wind turbines on property values is small and diminishing in space and time.

Renewable power generation is the key to decarbonizing the electricity system. Wind power is the fastest-growing renewable source of electricity in the United States. However, expanding wind capacity often faces local opposition, partly due to a perceived visual disamenity from large wind turbines. Here, we provide a US-wide assessment of the externality costs of wind power generation through the visibility impact on property values. To this end, we create a database on wind turbine visibility, combining information on the site and height of each utility-scale turbine having fed power into the U.S. grid, with a high-resolution elevation map to account for the underlying topography of the landscape. Building on hedonic valuation theory, we statistically estimate the impact of wind turbine visibility on home values, informed by data from the majority of home sales in the United States since 1997. We find that on average, wind turbine visibility negatively affects home values in an economically and statistically significant way in close proximity ([Formula: see text]5 miles/8 km). However, the effect diminishes over time and in distance and is indistinguishable from zero for larger distances and toward the end of our sample.

Miss it like Messi: Extracting value from off-target shots in soccer.

Measuring soccer shooting skill is a challenging analytics problem due to the scarcity and highly contextual nature of scoring events. The introduction of more advanced data surrounding soccer shots has given rise to model-based metrics which better cope with these challenges. Specifically, metrics such as expected goals added, goals above expectation, and post-shot expected goals all use advanced data to offer an improvement over the classical conversion rate. However, all metrics developed to date assign a value of zero to off-target shots, which account for almost two-thirds of all shots, since these shots have no probability of scoring. We posit that there is non-negligible shooting skill signal contained in the trajectories of off-target shots and propose two shooting skill metrics that incorporate the signal contained in off-target shots. Specifically, we develop a player-specific generative model for shot trajectories based on a mixture of truncated bivariate Gaussian distributions. We use this generative model to compute metrics that allow us to attach non-zero value to off-target shots. We demonstrate that our proposed metrics are more stable than current state-of-the-art metrics and have increased predictive power.

Irish Property Price Estimation Using A Flexible Geo-spatial Smoothing Approach: What is the Impact of an Address?

Accurate and efficient valuation of property is of utmost importance in a variety of settings, such as when securing mortgage finance to purchase a property, or where residential property taxes are set as a percentage of a property's resale value. Internationally, resale based property taxes are most common due to ease of implementation and the difficulty of establishing site values. In an Irish context, property valuations are currently based on comparison to recently sold neighbouring properties, however, this approach is limited by low property turnover. National property taxes based on property value, as opposed to site value, also act as a disincentive to improvement works due to the ensuing increased tax burden. In this article we develop a spatial hedonic regression model to separate the spatial and non-spatial contributions of property features to resale value. We mitigate the issue of low property turnover through geographic correlation, borrowing information across multiple property types and finishes. We investigate the impact of address mislabelling on predictive performance, where vendors erroneously supply a more affluent postcode, and evaluate the contribution of improvement works to increased values. Our flexible geo-spatial model outperforms all competitors across a number of different evaluation metrics, including the accuracy of both price prediction and associated uncertainty intervals. While our models are applied in an Irish context, the ability to accurately value properties in markets with low property turnover and to quantify the value contributions of specific property features has widespread application. The ability to separate spatial and non-spatial contributions to a property's value also provides an avenue to site-value based property taxes.

The need for nonuniform risk acceptability across climate change scenarios.

Climate change risk assessment studies focus on identifying and analyzing different risks considering several climate change scenarios and on evaluating the cost-effectiveness of different adaptation measures. However, risk acceptability is often not reflected on in the context of climate change risk studies. Noting that the different climate change scenarios depict drastically contrasting images of the future in terms of population growth, economic development, and changes to life expectancy, this article uses risk acceptance criteria that are based on socioeconomic considerations to highlight the need for nonuniform risk acceptability across climate change scenarios. For this purpose, the optimum implied cost of averting a fatality derived based on the life quality index concept and the value of a quality-adjusted life year derived based on the time principle of acceptable life risk are assessed in three different climate change scenarios for Sweden. Additionally, an illustrative example that assesses the acceptable probability of failure of a steel rod under axial tension in the different climate change scenarios is presented. It is shown that risk acceptance criteria can vary considerably across the different climate change scenarios (e.g., more than 190% variation in the acceptable probability of failure for Sweden in the considered example). This article demonstrates that the ability of societies to afford risk-reducing measures may vary considerably across the different climate change scenarios. Hence, it can be concluded that (1) in the context of climate change risk assessments, risk acceptance criteria need to be developed to account for the different climate change scenarios, and (2) these criteria may vary considerably across the different climate change scenarios. Finally, relevant challenges and research needs are also provided.

The dilemma of valuing geodiversity: geoconservation versus geotourism.

Geodiversity and geosystem services are confronting global threats. However, the majority of conservation strategies tend to overlook the geological component within ecosystems. The existing literature centres on biodiversity, ecosystem services and their economic valuation. In this paper, we conduct a systematic literature review to identify the gap in the assessment of geological diversity, pinpointing areas where scientific contributions are needed to safeguard geological resources. Our findings reveal a concentration of studies assessing geodiversity in European and Asian countries. While the majority of the reviewed papers emphasizes the recreational features and associated values of geological resources, promoting geotourism and recognizing its potential for economic growth, there is a significant oversight concerning the impact of tourism on geological resources. Existing assessments predominantly focus on visitors' perceptions and preferences, sidelining the inhabitants' perspective and their crucial roles in the conservation of geodiversity. This article is part of the Theo Murphy meeting issue 'Geodiversity for science and society'.