The Bureau of Economic Analysis
For many kinds of assets, the growth rate of the real asset stock is a nonlinear function of the economic owner’s decision whether to invest or extract the asset. Examples within the economy are primarily biological assets, both privately owned (such as those found in aquaculature and agriculture) a...
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ftciteseerx:oai:CiteSeerX.psu:10.1.1.399.7642 2023-05-15T15:43:49+02:00 The Bureau of Economic Analysis Dennis Fixler Ryan Greenaway-mcgrevy The Pennsylvania State University CiteSeerX Archives 2012 application/pdf http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.399.7642 http://www.bea.gov/papers/pdf/valuation_of_near_market_endogenous_assets.pdf en eng http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.399.7642 http://www.bea.gov/papers/pdf/valuation_of_near_market_endogenous_assets.pdf Metadata may be used without restrictions as long as the oai identifier remains attached to it. http://www.bea.gov/papers/pdf/valuation_of_near_market_endogenous_assets.pdf text 2012 ftciteseerx 2016-09-25T00:13:33Z For many kinds of assets, the growth rate of the real asset stock is a nonlinear function of the economic owner’s decision whether to invest or extract the asset. Examples within the economy are primarily biological assets, both privately owned (such as those found in aquaculature and agriculture) and publicly owned or regulated (such as fish stocks, and in some case, timber stocks.) Optimal exploitation of the asset necessitates thatthefuturepossiblegrowthratesintheassetmustbeconsideredwhen determining the optimal amount of extraction today. In this sense, the level of the asset is determined by the economic owner or regulator and is thus said to be endogenous. This paper considers existing methods for the valuation of these endogenous assets when observed transaction prices are lacking. In particular, we consider valuation in a near-market context, whereby the the economist can only observe income flows from the asset. This near-market approach to asset valuation is particularly important for environmental accounting when transaction prices for the asset or the right to exploit the asset are lacking. We give sufficient restrictions on the revenue and cost structure of the firm in order to permit asset valuation based on average profits. In an emprical application, we combine economic and biomass data to value the US Bering Sea crab fisheries. ∗The views expressed herein are those of the authors and not those of the Bureau of Text Bering Sea Unknown Bering Sea |
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For many kinds of assets, the growth rate of the real asset stock is a nonlinear function of the economic owner’s decision whether to invest or extract the asset. Examples within the economy are primarily biological assets, both privately owned (such as those found in aquaculature and agriculture) and publicly owned or regulated (such as fish stocks, and in some case, timber stocks.) Optimal exploitation of the asset necessitates thatthefuturepossiblegrowthratesintheassetmustbeconsideredwhen determining the optimal amount of extraction today. In this sense, the level of the asset is determined by the economic owner or regulator and is thus said to be endogenous. This paper considers existing methods for the valuation of these endogenous assets when observed transaction prices are lacking. In particular, we consider valuation in a near-market context, whereby the the economist can only observe income flows from the asset. This near-market approach to asset valuation is particularly important for environmental accounting when transaction prices for the asset or the right to exploit the asset are lacking. We give sufficient restrictions on the revenue and cost structure of the firm in order to permit asset valuation based on average profits. In an emprical application, we combine economic and biomass data to value the US Bering Sea crab fisheries. ∗The views expressed herein are those of the authors and not those of the Bureau of |
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The Pennsylvania State University CiteSeerX Archives |
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Text |
author |
Dennis Fixler Ryan Greenaway-mcgrevy |
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Dennis Fixler Ryan Greenaway-mcgrevy The Bureau of Economic Analysis |
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Dennis Fixler Ryan Greenaway-mcgrevy |
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Dennis Fixler |
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The Bureau of Economic Analysis |
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The Bureau of Economic Analysis |
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The Bureau of Economic Analysis |
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The Bureau of Economic Analysis |
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The Bureau of Economic Analysis |
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bureau of economic analysis |
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2012 |
url |
http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.399.7642 http://www.bea.gov/papers/pdf/valuation_of_near_market_endogenous_assets.pdf |
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Bering Sea |
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Bering Sea |
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http://www.bea.gov/papers/pdf/valuation_of_near_market_endogenous_assets.pdf |
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http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.399.7642 http://www.bea.gov/papers/pdf/valuation_of_near_market_endogenous_assets.pdf |
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Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
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