PRICE BEHAVIOR IN THE WATER MARKET OF NORTHEASTERN COLORADO1

ABSTRACT Past prices of Colorado-Big Thompson water shares were analyzed using an asset pricing model which incorporated the growth rate in real returns to irrigation water and the value of potential urban water uses. A real growth rate in the returns to irrigation water was estimated at 5.3 percent. Nevertheless, market values for water shares have exceeded capitalized agricultural values since 1969. Historically, urban use potential was heavily discounted, but the implicit discount rate fell rapidly in the last decade. The expectation that water shares will eventually be sold to municipal or industrial consumers now appears to be reflected fully in water prices.     

FLEXIBLE PRICING IN WATER SUPPLY PLANNING–FOR FLEXIBLE ENGINEERS1

ABSTRACT. Preliminary results from a digital simulation model designed to test time-varying water pricing policies are presented. Stochastic inflows feeding a water supply reservoir are assumed for a hypothetical community with defined demand functions. Prices are allowed to vary as a function of reservoir level, generally rising as reservoir levels fall. Increasing, decreasing and constant rates are tested. It is concluded that varying the price to reflect the increased value of scarce supplies can greatly reduce the risk of water supply shortages. It is also concluded that varying incremental (conservational) pricing policies not only reduces the risk of shortages, but also lowers the average price to the community while rewarding the low consumption user with lower average rates.     

BENEFITS OF POLLUTION CONTROL ON MASSACHUSETTS’ HOUSATONIC RIVER: A HEDONIC PRICING APPROACH1

ABSTRACT: This paper illustrates one mode of analysis for estimating the benefits of water pollution control projects. Results indicate regional benefits associated with an abatement program instituted for point source pollution along the Housatonic River during the 1960's were substantial. Studies of this kind can aid regulatory and recreation resource administrators in devising and evaluating environmental programs.     

基于模糊数学的排污权交易基准价测算模型及其应用

为了解决排污权交易基准价的制定这一排污权交易制度设计的关键问题,在对影响排污权价值的因素进行理论分析的基础上,利用模糊数学理论建立了包含人均国民生产总值、环境容量、污染物排放绩效3个影响因素的排污权价值模糊数学评价模型,结合污染物削减成本构建了排污权交易基准价测算模型.利用该套模型,建立了重庆市COD和氨氮排污权价值评价体系,计算得到重庆市人均国民生产总值、污染物环境排放量、工业污染物排放绩效等影响因素对排污权价值的权重分别为0.540、0.163和0.297,COD和氨氮排污权价值的模糊综合评价结果向量分别为（0,0.715,0.285,0,0）和（0,0.865,0.135,0,0）;根据重庆市废水COD和氨氮削减成本,测算了重庆市废水COD和氨氮的排污权交易基准价格分别为5 900和16 000元/t,处于全国排污权交易试点省市确定的基准价的中上水平.该套模型将排污权基准价测算过程中具有模糊性、不确定性的影响因素进行了定量表达,使测算结果更符合客观实际,并且具有实用价值,但在排污权价值影响因素的筛选及其量化等方面有待进一步研究.      

Valuing uncertain asset cash flows when there are no options: A real options approach

The real option valuation method is often presented as an alternative to the traditional discounted cash flow (DCF) approach because it is able to quantify the additional asset value arising from flexible asset management. However, these two valuation methods differ on a more fundamental level: their approach to determining the effects of cash flow uncertainty on asset value. Real option valuation adjusts for risk within the cash flow components while the DCF method discounts for risk at the aggregate net cash flow. This seemingly small difference allows the real option method to differentiate assets according to their unique risk characteristics, while the conventional DCF approach cannot.This paper presents an overview of the real options and conventional DCF frameworks for valuing uncertain cash flows. To emphasize the approaches' different treatment of risk we assume an absence of managerial flexibility. Using simple algebra, this paper demonstrates that the traditional DCF method fails to adequately discount net cash flow risk, no matter what discount rate is used. Finally, in a stylized mining example we show that DCF rules would lead a developer to forego $24.5 million in value creation, at a profitability index of 1.49, by making a poor investment decision.     

ACHIEVING URBAN WATER CONSERVATION1

ABSTRACT: Increasing costs and competition for water have resulted in pressure to manage urban water demand through conservation programs. Metering, pricing, devices, restrictions, building code changes, and horticultural practices have all been effective in reducing average residential water use. Some conservation means are specifically aimed at reducing peak demands but these usually reduce average usage as well. Combined programs of conservation can be expected to reduce urban demand by as much as 25–30 percent over the long term. Restrictions can reduce water usage on the short term even further. The success of conservation programs is as dependent on the effectiveness of public education and information dissemination as on the conservation practices themselves.     

A MODEL FOR ACHIEVING CONSISTENCY FOR COST SHARING IN WATER RESOURCE PROGRAMS1

ABSTRACT: Three basic principles of responsibility have influenced the Federal/non-Federal cost sharing rates for water resources programs (1) full payment by beneficiaries (2) exclusive Federal assumption of costs and (3) joint Federal/non-Federal sharing. The efforts to determine appropriate cost sharing rates have resulted in several hundred complex arrangements involving contributions, user charges and direct sales based on many variations of payment terms. This basic present value model was developed to determine the non-Federal cost shares which are expected to be paid for 32 different functional purposes emanating from Federal water resources programs and projects for both implementation and OMR stages. The model introduces the concept of a composite (implementation plus OMR) cost share as a focus developing appropriate cost sharing rates for the private, public and mixed outputs produced through public water resources investments. The model can be used as a focus for policy decisions on cost sharing which seek to achieve consistent and equitable cost shares for purposes provided while maintaining an efficient allocation of resources within water programs.     

内酯型槐糖脂修复石油污染土壤的影响因素

采用内酯型槐糖脂(SL50)修复石油污染土壤。通过单因子实验与正交实验,考察了槐糖脂溶液质量浓度、振荡时间、反应体系初始pH、NaCl加入量以及固液比(土壤质量与表面活性剂溶液体积之比)对污染土壤石油烃洗脱率的影响。单因子模型回归分析结果表明,参数变量均符合二次拟合模型,槐糖脂溶液质量浓度、反应体系初始pH以及NaCl加入量的二次模型拟合效果较好。正交实验结果表明,槐糖脂溶液质量浓度和反应体系初始pH是该实验的敏感性因子,最优洗脱条件为槐糖脂溶液质量浓度40 mg/L、反应体系初始pH 9、NaCl加入量6%(w)。     

普通高校专项体育课男女生合班教学的优势分析

通过调查访问、对比实验的方法,对普通高校专项体育课的教形式进行了比较分析,结果表明:男女合班教学更容易被学生所接受,且教学效果优于男女分班教学。     

流域水质资源有偿使用机制的思考

阐述了水质资源的基本概念和水质资源计价原则及定价方法，介绍了恢复成本法作为水质资本定价方法和确定水质资本核算函数和曲线的步骤。〖JP2〗然后从有偿使用与生态补偿的概念、使用权和所有权以及支付方式3个方面对二者进行比较，指出有偿使用体制可实现水质资源使用权与国家所有权分离，从而可构成市场主体的财产权。基于以上概念和方法，从分析东江水源区的优质水保护与东江供水的关系入手，指出实行水质资源有偿使用的迫切性和重要性，从实现社会公平和完善市场机制两方面分析有偿使用的必要性，并提出了有偿使用机制的若干建议。