In logic and model theory , a valuation can be In propositional logic , an assignment of truth value s to propositional variable s, with a corresponding assignment of truth values to all propositional formula s with those variables. In first order logic and higher order logics, a Structure mathematical logic structure , and the corresponding assignment of a truth value to each sentence in the language for that structure. Mathematical logic In mathematical logic especially model theory , a valuation is an assignment of truth values to formal sentences that follows a T schema truth schema . Valuations are also called truth assignments. In propositional logic, there are no quantifiers, and formulas are built from propositional variables using logical connectives. In this context, a valuation begins with an assignment of a truth value to each propositional variable. This assignment can be uniquely extended to an assignment of truth values to all propositional formulas. In first order logic, a language consists of a collection of constant symbols, a collection of function symbols, and a collection of relation symbols. Formulas are built out of atomic formula s using logical connectives and quantifiers. A structure mathematical logic structure consists of a set domain of discourse that determines the range of the quantifiers, along with interpretations of the constant, function, and relation symbols in the language. Corresponding to each structure is a unique truth assignment for all sentence mathematical logic sentences formulas with no free variables in the language. See also Interpretation logic References Citation surname1 Rasiowa given1 Helena surname2 Sikorski given2 Roman title The Mathematics of Metamathematics publisher PWN year 1970 place Warsaw edition 3 sup rd sup , chapter 6 Algebra of formalized languages . Category Semantic units Category Model theory pt Atribui o l gica ... more details
Wiktionarypar valuationValuation may refer to Valuation finance , the determination of the economic value of an asset or liability Valuation ethics , the determination of the ethic or philosophic value of an object Valuation mathematics Valuation algebra ValuationlogicValuation measure theory p adic valuation Property valuation , a British term for appraising the value of land or buildings A distinction between real prices and ideal prices in Marxist theory . For personal valuation , see dignity disambig de Bewertung es Tasaci n fr valuation it Valutazione ... more details
Valuation in mathematics may refer to Valuation algebra ValuationlogicValuation measure theory p adic order p adic valuation See also Valuation disambiguation mathdab de Bewertungstheorie fr Valuation pt Valora o l gica fi Valuaatio zh ... more details
In mathematics , a discrete valuation on a Field mathematics field k is a function mathematics function math nu k to mathbb Z cup infty math satisfying the conditions math nu x cdot y nu x nu y math math nu x y geq mathrm min big nu x , nu y big math math nu x infty iff x 0 math . Note that often the trivial valuation which takes on only the values math 0, infty math is explicitly excluded. A field with a non trivial discrete valuation is called a discrete valuation field . Discrete Valuation Rings and valuations on fields To every field with discrete valuation math nu math we can associate the subring math mathcal O k left x in k mid nu x geq 0 right math of math k math , which is a discrete valuation ring . Conversely, the valuation math nu A rightarrow Z cup infty math on a discrete valuation ring math A math can be extended to a valuation on the quotient field math text Quot A math giving a discrete valued field math k math , whose associated discrete valuation ring math mathcal O k math is just math A math . Examples For a fixed prime math p math for any element math x in mathbb Q math different from zero write math x p j frac a b math with math j, a,b in Z math such that math p math does not divide math a,b math , then math nu x j math is a valuation, called the p adic valuation. References Citation last Fesenko first Ivan B. last2 Vostokov first2 Sergei V. title Local fields and their extensions publisher American Mathematical Society location Providence, RI year 2002 series Translations of Mathematical Monographs volume 121 edition Second isbn 978 0 821 83259 2 id MR 1915966 See also discrete valuation ring Valuation mathematics Valuation ring DEFAULTSORT Discrete Valuation Category Commutative algebra pl Waluacja dyskretna ... more details
orphan date July 2008 Paper Valuation is a value of privately held Share finance shares that is not directly tradable at an exchange. The value is still to be converted so to speak. The opposite of paper value is exchangeable value. Value that is tradable at an exchange is not a number on paper. Exchangeable value is directly monetizable as long as there is a willing buyer and a willing seller. One example of Paper Valuation Owner A owns 100 of a privately held company and wants to sell 5 of the company s total shares for a sum of 10,000. Buyer A is willing to purchase 5 of Owner A s shares for 10,000. What this means is Paper valuation of the entire company becomes 10,000 5 200,000. Owner A receives 10,000 cash and becomes 190,000 richer on paper 200,000 X 95 of shares . Buyer A now owns 5 of a company he wanted to own a part of. If this exchange was made as an Exchange Valuation this new Valuation finance company valuation would be tradable directly on the stock exchange . Almost directly monetizable. The thing with Paper Valuation is that is not that easy to monetize in a short time period. On the exhanges you can sell it off immediately or at least in less than a week, because there is a ready market for it. This valuation concept is a cornerstone in the stock exchange world. Value exchange is paramount to its existence. Category Stock market ... more details
orphan date September 2008 onesource date October 2008 refimprove date October 2008 Biotech valuation refers to the attribution of a financial value to a company or a project within the Biotechnology industrial park biotechnology biotech industry . While the biotech industry contains also agro and energy biotech, biotech valuation is usually used in the context of drug development companies and projects. The nature of drug development project is characterised by high attrition rates, large capital expenditures, and long timelines. This makes the valuation of such projects and companies a challenging task. Not all valuation methods can cope with these particularities. The most commonly used valuation methods are risk adjusted net present value rNPV , decision trees, real options, or comparables. The most important value drivers are the cost of capital or discount rate that is used, the duration of the phases, the success rates of the phases, the estimated phases costs, and the forecasted sales including cost of goods and marketing and sales expenses. Less objective aspects like quality of the management or novelty of the technology should be reflected in the cash flows estimation. References Boris Bogdan and Ralph Villiger, Valuation in Life Sciences. A Practical Guide , 2008, 2nd edition, Springer Verlag. br Nielsen, Nicolaj Hoejer Financial valuation methods for biotechnology , 2010. http biostrat.dk financial valuation methods for biotechnology.pdf Category Biotechnology ... more details
Valuation Effects is a term in economics . Valuation Effects of a country are the changes in the value of assets it holds abroad, minus the changes in the value of domestic assets held by foreign investors. Valuation Effects The traditional balance of payment identity ignores valuation effects, only recognizes that changes in the net foreign assets are fully captured by the current account . The new balance of payment identity, however, considers the role of asset price changes and valuation effects. Changes in the NFA equal the current account plus valuation effects. math begin align mbox Change in NFA & mbox Current Account mbox Valuation Effects end align math Valuation Effects and the U.S. s Current Account Deficits Valuation effects are increasingly important for the U.S. in the last two decades, given a dramatic, sharp rise in international cross country portfolio holdings. For the U.S., valuation effects are offsetting its current account deficits and therefore mitigating the decline of the its net foreign assets . The U.S. during 1994 2007 accumulated more than US 5 trillions in current account deficits. This figure will be rising at least in 2009 and 2010. The phenomenon understandably raises a lot of concerns about the size of the U.S. external debts, because a high, unsustainable external debt will result in painful debt service and or sharp depreciation of the dollar. New evidence however suggests that while the U.S. has been experiencing large, persistent current account deficits, the assets U.S. investors hold overseas are gaining more in value compared to the value of U.S. assets held by foreign investors. The positive valuation effects represent financial gains for the U.S. some attribute this phenomenon to exorbitant privilege . Economists at the Federal Reserve estimated that during 1994 2007, the U.S. valuation effects in stocks and bonds are about 1.2 trillion, about 22 of the U.S. total current account deficits ref name fed1 http www.federalreserve.gov ... more details
Ecosystem valuation is a widely used tool in determining the impact of human activities on an environmental system, by assigning an economic value to an ecosystem or its ecosystem services . Value of ecosystem services The simplest form of ecosystem valuation for economists is to hold that an ecosystem has a value equivalent to its ecological yield valued as it would be on commodity market s for the value ... resources it yields each year. More complex arguments in ecosystem valuation regard environmental ... examples of this extreme case of ecosystem valuation biosphere valuation . Economists assign ... methods. Stated preference methods, such as the contingent valuation method ask people for their willingness ... to pay for the service. Is valuation economics, or ecology? Such valuation, and that of the effectiveness ... ecology as living systems, however, this does not extend to the economics of valuation by which they are related Considering valuation as an economic not ecological issue reflects the way these fields ... whether ecology should include valuation as an issue. It may be anthropocentric to do so, since valuation more clearly refers to a human perception rather than being an objective attribute ... those who deem markets to be out of control , ecosystem valuation is considered a marginal ... as viable as financial capital, which itself is determined on subjective valuation. Some even suggest that valuation of ecosystem services is more cogent than financial valuation, as the ecosystem would ... Valuation Reference Inventory http ecovalue.uvm.edu evp default.asp The EcoValue Project http www.naturevaluation.org Nature Valuation & Financing Network http www.ecosystemvaluation.org Ecosystem Valuation http conservation strategy.org en reports reports Reports on environmental valuation in Tropical countries DEFAULTSORT Ecosystem Valuation Category Environmental economics Category Systems ecology simple Ecosystem valuation ... more details
refimprove date September 2010 Griffith s Valuation was a survey of Ireland completed in 1868. ref cite news first last authorlink coauthors title Griffith s Valuation. What It Is, and When and How It ... Made. url quote Griffith s Valuation is a phrase no often heard but not always understood ... reference to Irish affairs the tenant ... of the South and West of Ireland having ... most unanimously resolved not pay ... above the rate fixed by Griffith s valuation. The origin of the term dates ... nearly ... in 1806 1807 valuing terrain through the examination of its soils. He used the Scotch system of valuation ... the Office of Commissioner of Valuation. Tasks in Ireland In 1825 Griffith was appointed by the British ... Bill to provide for the general valuation of Ireland. This Act was passed in 1826, and he was appointed Commissioner of Valuation in 1827, but did not start work until 1830 when the new 6 maps, became ... charge of the ongoing revisions of the valuation on an annual basis. Griffith also served as Chairman of the Board of Works. He conducted two major valuation surveys. First, was the townland valuation, which was completed in the 1840s and which took the townland as the geographical unit of valuation ..., heretofore only the larger houses, principally those of the gentry had been valued in the first valuation ... were the valuations of County Armagh on 1 June 1865. Contemporary use of and dates of valuation The valuation is a vital document in genealogical research, since in the absence of census records in Ireland before 1901 the valuation records in many ways can act as a substitute. It is helpful ..., as follows ref cite book last1 Fitz Gerald first1 James F. V., Esq. title A Practical Guide to the Valuation ... chapter XVI Of the Ordnance or Griffith s Valuation quote List of Counties and Cities, showing the Dates at which the Valuation of each was completed. ref Counties Date of completion of survey Carlow ... griffith valuation index.xml Search Griffith s Valuation on Ask about Ireland website Category Irish ... more details
In abstract algebra , a valuation ring is an integral domain D such that for every element x of its field ... for every x in F , then D is said to be a valuation ring for the field F or a place of F . Since F is in this case indeed the field of fractions of D , a valuation ring for a field is a valuation ring. Another way to characterize the valuation rings of a field F is that valuation rings D of F have ... or equivalently their principal ideal s are totally ordered by inclusion. The valuation rings of a field ... B mathfrak m B math . In particular, every valuation ring is a local ring . Examples Any field is a valuation ... is a valuation ring. The field of fractions are the functions meromorphic on the whole plane. If f does ... p sub sup cl sup . Both Z sub p sup and Z sub p sub sup cl sup are valuation rings. Let k be an ordered ... infinite. The set D of finite elements of k is a valuation ring. The set of elements x such that x ... R is a valuation ring of R . F consists of all hyperreal numbers differing from a standard real by an infinitesimal ... of valuation ring. For a subring D of its field of fractions K the following are equivalent ... the valuation K sup × sup G with D x in K x 0 0 The equivalence of the first three definitions ... totally ordered abelian group G , there is a valuation ring D with value group G . Very rarely, valuation ... ideals The unit ring theory unit s, or invertible elements, of a valuation ring are the elements ... in V. Valuation We add to V the special value , defined to be larger than any other element of V , and such that x ... the properties of a valuation algebra valuation , and the study of valuations is essentially the study of valuation rings. Construction For a given totally ordered abelian group G and a residue ... with math x g cdot x h x g h . math The valuation f for f in K is defined to be the least element ... 0 along with 0 in K , form a subring D of K that is a valuation ring with value group G , valuation .... A value ring with a valuation of height one has a corresponding absolute value algebra absolute value ... more details
multiple issues cleanup October 2008 refimprove October 2008 Financial markets Bond valuation is the determination of the fair price of a Bond finance bond . As with any security or capital investment, the theoretical fair value of a bond is the present value of the stream of cash flows it is expected to generate. Hence, the value of a bond is obtained by discounting the bond s expected cash flows to the present using the appropriate discount rate . In practice this discount rate is often determined by reference to other similar instruments, provided that such instruments exist. If the bond includes embedded option s, the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option premium option price as calculated is either added to or subtracted from the price of the straight portion. This total is then the value of the bond the various yields can then be calculated for the total price. See Bond option Embedded options further under Bond option . Bond valuation As above, the fair price of a straight bond a bond with no Bond finance Features of bonds embedded option finance option see Bond option Embedded options Embedded Option is usually determined by discounting its expected cash flows at the appropriate discount rate . The formula ... has just been made see Bond valuation Clean and dirty price below for adjustments on other dates ... valuation Yield to Maturity below M value at maturity, usually equals face value P market price ... see Relative valuation . Here, the yield to maturity on the bond is determined based on the bond s Credit ... pricing logic relating to Rational pricing Assets with identical cash flows Assets with identical ... References http www.duke.edu charvey Classes ba350 bondval bondval.htm Bond Valuation , Prof. Campbell ... palmitar Law&Valuation chapter 204 4 2 2.htm Basic Bond Valuation Prof. Alan R. Palmiter, Wake ... DEFAULTSORT Bond Valuation Category Bonds Category Fixed income analysis ru ... more details
Contingent valuation is a statistical survey survey based economic technique for the valuation of non ... be tough to value using price based models. Contingent valuation surveys are one technique which is used to measure these aspects. Contingent valuation is often referred to as a stated preference model .... History Contingent valuation surveys were first proposed in theory by S.V. Ciriacy Wantrup 1947 as a method for eliciting market valuation finance valuation of a non market good economics ... s. Existence values are unable to be assessed through market pricing mechanisms so contingent valuation ... Sound was the first case where contingent valuation surveys were used in a quantitative assessment ... s revealed preference s in binding market transactions. Early contingent valuation surveys were .... ref Peter A. Diamond Jerry A. Hausman, Contingent Valuation Is Some Number better than No Number ... used in environmental valuation seemed to indicate people were expressing a general preference .... In response to criticisms of contingent valuation surveys, a panel of high profile economists ... valuation surveys should be carefully designed and controlled due to the inherent difficulties ... is that they recommended contingent valuation surveys measure willingness to pay to protect ... contingent valuation methodology corrects for these shortcomings, and current empirical testing ... Property Buyers Using Contingent Valuation Surveys, Journal of Real Estate Research 27 2, 2005, pgs 193 220 ref Current status As shown by Mundy and McLean 1998 , contingent valuation is now widely .... ref See, for example, Bill Mundy real estate and Dave McLean, The Addition of Contingent Valuation ... the acceptability of contingent valuation in real estate expert testimony, ref Dave McLean, Bill Mundy ... publications sumevid.pdf ref and the current standards for use of contingent valuation in litigation ... impacting, positively or negatively, on the environment. Examples include a valuation of water ... more details
Customs Valuation is the process where customs authorities assign a monetary value to a good or service for the purposes of import or export. Generally, authorities engage in this process as a means of protecting tariff concessions, collecting revenue for the governing authority, implementing trade policy, and protecting public health and safety. Custom duties, and the need for customs valuation, have existed for thousands of years among different cultures, with evidence of their use in the Roman Empire , the Han Dynasty and the Indian sub continent. The first recorded customs tariff was from 336 in Palmyra , an oasis city in the Syrian desert. ref Hironori Asakura, World History of the Customs ... century, the procedures used throughout most of the world for customs valuation were codified ... VII of GATT Article VII of the GATT outlines the requirements for Valuation for Customs Purposes ... of Article VII known as the WTO Agreement on Customs Valuation or the Valuation Agreement ensures .... ref United States Trade Representative Customs Valuation, http www.ustr.gov trade agreements wto multilateral affairs wto issues customs issues customs valuation ref The Agreement was negotiated ... by the WTO Committee on Customs Valuation, which holds two formal meetings a year. The Agreement also established a Technical Committee on Customs Valuation, which operates under the auspices ... substantive rules of customs valuation. Part II provides for the international administration of the Agreement ... valuation under the Agreement is transaction value as defined in Article 1. Article 1 defines transaction ... of importation. ref WTO Agreement on Customs Valuation, http www.wto.org english docs e legal e 20 ... it cannot be determined under the provisions of Article 1. The methods of customs valuation, in descending ... and Trade World Customs Organization References Reflist External links WTO Customs Valuation Gateway, http www.wto.org english tratop E cusval e cusval e.htm Categories DEFAULTSORT Customs Valuation ... more details
In algebra in particular in algebraic geometry or algebraic number field algebraic number theory , a valuation .... A field with a valuation on it is called a valued field . Definition To define the algebraic concept of valuation, the following objects are needed a field mathematics field K and its multiplicative ... meaning. ref for all in , nowrap begin nowrap end for all in . Then a valuation ... , nowrap begin v a b min v a , v b nowrap end . Some authors use the term exponential valuation rather than valuation . In this case the term valuation means absolute value algebra absolute value . A valuation v is called trivial or the trivial valuation of K if v a 0 for all a in K sup ... near a point contains that point. The second property asserts that any valuation is a group homomorphism ... for all in , then a valuation of K is any map nowrap v K O satisfying the following properties ... of the inequalities are reversed. A valuation is commonly assumed to be surjective , since many arguments ... elements of the ordered group contained in its codomain . Also, the first definition of valuation ... in the following considerations and examples. Associated objects If nowrap v K is a valuation, then there are several objects that can be defined from it the value group of v or valuation group of v , denoted sub v sub , is v K sup sup , it is a subgroup of , the valuation ring of v , denoted R sub v sub is the set of elements a of K such that v a 0, it is a valuation ring , the prime ... Two valuations v sub 1 sub and v sub 2 sub of K with valuation group sub 1 sub and sub 2 sub ... the same valuation ring. An equivalence class of valuations of a field is called a place . Ostrowski ... of Q . span id extensions span Extension of valuations Let v be a valuation of K and let L be a field extension of K . An extension of v to L is a valuation w of L such that the function restriction ... to this metric, then it is called complete valued field . Examples adic valuation Let R be a principal ... more details
refimprove date March 2009 accounting In finance , valuation is the process of estimating what something ... . Valuation overview Valuation of financial assets is done using one or more of these types ... of market prices of similar assets. Valuation of options Option pricing model s are used ... to personal opinion and vary among analysts. For a comprehensive discussion on financial valuation see Aswath Damodaran , Investment Valuation , New York John Wiley & Sons, 2002 . Business valuation ... and acquisitions, sale of securities, and taxable events. An accurate valuation of privately owned ... valuation methods Discounted cash flows method Main Valuation discounted cash flows This method ... 5 the firm gives investors an incentive to buy a riskier bond. For a valuation using the discounted .... Those sales could be shares of stock or sales of entire firms. The observed prices serve as valuation ... flow analysis is not relevant. The valuation premise normally used is that of an orderly liquidation of the assets, although some valuation scenarios e.g. purchase price allocation imply an in use valuation ... as a whole. Usage In finance, valuation analysis is required for many reasons including tax assessment ... by market participants. Where the valuation is for the purpose of a mergers and acquisitions merger ... on the completion of a Non disclosure agreement . It is important to note that valuation is part ... reporting . Such differences can lead to different valuation methods or different interpretations of the method results. All valuation models and methods have limitations e.g., degree of complexity, relevance ... and make their decision. Valuation of a suffering company Additional adjustments to a valuation approach ... & Ellis International LLP 2008 . A Practitioner s Guide to CorRestructuring, Andrew Miller s Valuation of a Distressed Company page 24. ISBN 9781905121311 ref Valuation of intangible assets Valuation ... assets in it . Valuation of mining projects In mining , valuation is the process of determining the value ... more details
Multiple issues essay like May 2008 orphan May 2008 unreferenced August 2008 Valuation Risk combines aspects of data management , financial engineering and modelling and uncertainties related to the changing conditions of financial markets . Valuation Risks have a direct impact on internal and regulatory compliance , counterparty exposure and performance management . Recently, valuation risks have led to reputational risks potentially impacting credit ratings, funding costs and the management structures of financial institutions. Valuation risks concern each stage of the transaction processing and investment management chain. From front office , to back office , distribution, asset management , private wealth and advisory services transparency, integrity and reliability of valuations have become critical. Moreover, issues associated with valuation risks go beyond the firm itself. With straight through processing and algorithmic trading , data and valuations must remain synchronized among the participants of the trade processing chain. The executing venue, prime brokers, custodian banks, fund administrators, transfer agents and audit now share files electronically and try to automate such processes, raising potential risks related to data management and valuations. The need to provide transparency and ensure the integrity and consistency of the data, models and processes used to process and report calculations within valuations is at the forefront of any risk management strategy ... exposure intricately mix into a single notion of valuation risk. Managing Valuation Risk Valuation .... It allows organisations to define and control pricing and valuation procedures as required for compliance ... and probabilities of default . In addition, an important aspect of managing valuation risk is associated ... changing assumptions. The final aspect of managing valuation risks relate to the action s that will be taken ... of events or simply overlooking the tail risk. DEFAULTSORT Valuation Risk Category Financial ... more details
Other uses Philosophy sidebar Logic from the Greek wiktionary logik ref possessed of reason ... . Logic is used in most intellectual activities, but is studied primarily in the disciplines of philosophy , mathematics , semantics , and computer science . Logic examines general forms which argument s may take, which forms are valid, and which are fallacies . In philosophy, the study of logic ... of valid inference s within some formal language . ref name stanford logic onthology Logic is also ... ref Logic was studied in several ancient civilizations, including India , ref For example, Nyaya ... at 2200 years. ref and Ancient Greece Greece . Logic was established as a discipline by Aristotle , who gave it a fundamental place in philosophy. The study of logic was part of the classical Trivium education trivium . Logic is often divided into two parts, inductive reasoning and deductive reasoning . Nature The concept of Argument form logical form is central to logic, it being held that the validity ... Aristotelian syllogistic logic and modern symbolic logic are examples of formal logics. Informal logic ... important branch of informal logic. The dialogues of Plato ref cite book author Plato authorlink ... isbn 0 14 015040 4 ref are good examples of informal logic. Mathematical formalism Formal logic is the study ... study of logic. Modern formal logic follows and expands on Aristotle. ref cite book author Aristotle ... Library year 2001 isbn 0 375 75799 6 chapter Posterior Analytics ref In many definitions of logic ... of informal logic vacuous, because no formal logic captures all of the nuance of natural language. Symbolic logic is the study of symbolic abstractions that capture the formal features of logical ... A. G. last Hamilton title Logic for Mathematicians publisher Cambridge University Press year 1980 isbn 0 521 29291 3 ref Symbolic logic is often divided into two branches propositional logic and predicate logic . Mathematical logic is an extension of symbolic logic into other areas, in particular to the study ... more details
Relative valuation is a generic term that refers to the notion of comparing the price of an asset to the market value of similar assets. In the field of securities investment, the idea has led to important practical tools, which could presumably spot pricing anomalies. These tools have subsequently become instrumental in enabling analysts and investors to make vital decisions on asset allocation. In equities, the concept separates into two areas one pertaining to individual equities and the other to indices. Individual equities The most common methodology for individual equities is based on comparing certain financial ratio s or multiples, such as the P B ratio price to book value , P E ratio price to earnings , EV EBITDA , etc., of the equity in question to those of its peers. This type of approach, which is popular as a strategic tool in the financial industry, is mainly statistical and based on historical data. Equity indexes For an equity index the above fails mainly because it is difficult to group indices into peer groups. Consequently, relative valuation here is generally carried out by comparing a national or industry stock index s performance to the economic and market fundamentals of the related industry or country. Those fundamentals may include GDP growth, interest rate and inflation forecasts, as well as earnings growth, among others. This style of comparison is popular among practising economists in their attempt to rationalise the connections between the equity markets and the economy. National equity index are not fully relevant in this respect due to the proportion of multinational companies listed in most national stock markets. References R.D. Cohen 2005 The Relative Valuation of an Equity Price Index http rdcohen.50megs.com RVEPIabstract.htm download , Chapt. 9 in Best of Wilmott , Vol. 2. R.D. Cohen 2009 Constructing a GDP based Index for Use as Benchmark http rdcohen.50megs.com GDPBMabstract.htm download . See also market based valuation Category ... more details
Art valuation , an art specific subset of Valuation finance financial valuation , is the process of estimating the potential market value of works of art and as such is a financial rather than an aesthetic concern. Art valuation involves comparing data from multiple sources such as art auction houses , private and corporate collectors, curators , and specialized analysts to arrive at a value. Art valuation is accomplished not only for investment and financing purposes, but as part of estate valuations, for charitable contributions, for tax planning, insurance, and loan collateral purposes. ref See http www.christies.com services valuations Christie s and http www.sothebys.com help faq faq beforeauction.html a04 Sotheby s descriptions of valuation. ref The art market economic model The Economics ... its valuation is more difficult and speculative. In the late 1980 s, investment firms focusing ... valuation generally Art valuation activity concerns itself with estimating market demand , liquidity capability of lots, works, and artists, and valuation trends such as average sale price and mean ... than the securities or commodities markets, art valuation relies to a great extent on the advice and enthusiasm ... auction history, the risks of incorrect valuation are greater. Valuation estimates are given in ranges ..., arttactic s monthly http www.arttactic.com newsletters.php Rawfacts newsletter . ref Valuation ... relating to the valuation of art or the nature of gain on its sale are often decided by the United ... need to produce credible documentary evidence of valuation as taxpayer has ultimate burden of persuasion ... Art world economics Auction Blockage discount Market demand Market Markets Valuation finance Valuation ... , an early computerized valuation method no longer updated. Gerzog, http papers.ssrn.com sol3 Delivery.cfm ... law on valuation in the U.S. . Art market news and information http www.artfacts.net Artfacts Artinfo ...?id 9 Part 2 . portal Visual arts Category Museology Category Business of visual arts Valuation Category ... more details
Business valuation is a process and a set of procedures used to estimate the valuation finance economic value of an owner s interest in a business. Valuation finance Valuation is used by financial market .... In addition to estimating the selling price of a business, the same valuation tools are often ... purposes. Standard and premise of value Before the value of a business can be measured, the valuation assignment must specify the reason for and circumstances surrounding the business valuation. These are formally ... or assemblage of business assets . Business valuation results can vary considerably depending ... standard of value, after applying generally accepted valuation techniques, which allows meaningful comparison between businesses which are similarly situated. Elements of business valuation Economic conditions Globalize USA date March 2011 A business valuation report generally begins with a description of national, regional and local economic conditions existing as of the valuation date, as well ... information for the first section of the business valuation report is the Federal Reserve Board s Beige ... the valuation analyst to compare the subject company to other businesses in the same or similar ... a company s financial statements in different time periods, the valuation expert can view growth or decline ... approaches are commonly used in business valuation the income approach , the asset based approach, and the market approach ref http www.valuadder.com valuationguide business valuation three approaches.html ... valuation models can be constructed that utilize various methods under the three business valuation ... of these approaches to use, the valuation professional must exercise discretion. Each technique has ..., a capitalization rate is applied in methods of business valuation that are based on business data ... than industry averages, are the appropriate choices for business valuation. Once the capitalization ... moving on to calculate discounts, however, the valuation professional must consider the indicated ... more details
Unreferenced date December 2009 Further information Option finance Model implementation Option Model implementation Because the values of Option finance option contracts depend on a number of different variables in addition to the value of the underlying asset, they are complex to value. There are many pricing models in use, although all essentially incorporate the concepts of Rational pricing Options rational pricing , Moneyness , Option time value and Put call parity . Amongst the most common models are Black Scholes and the Black model Binomial options pricing model Monte Carlo option model Finite difference methods for option pricing Other approaches include Heston model Heath Jarrow Morton framework Variance Gamma Model see variance gamma process Derivatives market DEFAULTSORT Valuation Of Options Category Options Category Mathematical finance fr valuation d option zh ... more details
Cleanup date September 2008 Unreferenced date September 2008 An inventory valuation allows a company to provide a monetary value for items that make up their inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and revenues cannot be properly matched and a company could make poor business decisions. Inventory and financial statements When ending inventory is incorrect, the following balances of the balance sheet will also be incorrect as a result merchandise inventory, total assets, and owner s equity. When ending inventory is incorrect, the cost of merchandise sold and net income will also be incorrect on the income statement. The inventory accounting involves two major aspects The cost of the purchased or manufactured inventory has to be determined and Such cost is retained in the inventory accounts of the company until the product is sold The following methods are the most commonly used for inventory valuation by companies First in First Out FIFO the first goods to be sold cost of sales are the first goods that were purchased or consumed cost of production . The ending inventory is formed by the last goods that were purchased and came in at the end to the inventory. Last in First out LIFO the first goods to be sold cost of sales are the last goods that were purchased or consumed cost of production . The ending inventory is formed by the first goods that were purchased and came in at the beginning to the inventory. Average Cost this method requires to calculate the average unit cost of the goods in the beginning inventory plus the purchases made in the period. Based on this average unit cost the cost of sales production ... to value inventory Under certain circumstances, valuation of inventory based on cost is impractical ... of valuation is recommended. This method allows declines in inventory value to be offset against ... more details
Thoroughbred valuation is the art of determining the value or potential value of a Thoroughbred horse, particularly of horse racing race horses . Prices on Thoroughbreds vary greatly, depending on age, Purebred pedigree , equine conformation conformation , and other market factors. ref cite web url http extension.umd.edu publications PDFs FS665.pdf title Price Factors and Sales Trends accessdate 2008 06 05 work Maryland Cooperative Extension format pdf author Commer, Malcolm publisher University of Maryland ref In 2007, Keeneland Sales , a United States based sales company, sold 9,124 horses at auction, with a total value of 814,401,000, which gives an average price of 89,259. ref name Keeneland2007 cite web url http ww2.keeneland.com sales lists copy recap.aspx title Yearly Sales Recap accessdate 2008 06 05 author Keeneland Sales work Keeneland Sales Website publisher Keeneland Sales ref As a whole for the United States in 2007, The Jockey Club auction statistics indicate that the average weanling sold for 44,407, the average yearling sold for 55,300, average sale price for two year olds was 61,843, broodmares averaged 70,150, and horses over two and broodmare prospects sold for an average of 53,243. ref cite web url http www.jockeyclub.com factbook.asp?section 13 title 2007 Auction Statistics accessdate 2008 06 05 author The Jockey Club work The Jockey Club Factbook publisher The Jockey Club ref For Europe, the July 2007 Tattersall s Sale sold 593 horses at auction, with a total for the sale of 10,951,300 Guinea British coin guineas , ref Traditionally, the obsolete guinea, 1.05, formerly 21 Shilling United Kingdom shillings , is retained as the unit of account for these sales. ref for an average of 18,468 guineas. ref cite web url http www.tattersalls.com title Tattersall s Select Sales & Results, then July accessdate 2008 06 05 author Tattersalls work Tattersall s Website publisher Tattersall s ref Doncaster Bloodstock Sales, another British sales firm, in 2007 sold ... more details
no footnotes date July 2009 Automated Valuation Model AVM is the name given to a service that can provide property valuations using mathematical model ling combined with a database. Most AVMs calculate a property s value at a specific point in time by analyzing values of comparable properties. Some also take into account previous surveyor valuations, historical Real estate pricing house price movements and user inputs i.e. number of bedrooms, home improvement property improvements , etc. . AVM is short for Automated Valuation Model . Appraisers, Wall Street investment professionals and lending institutions use AVM technology in their analysis of residential property. An AVM is a residential valuation report that can be obtained in a matter of seconds. It is a technology driven report. The product of an automated valuation technology comes from analysis of public record data and computer decision logic combined to provide a calculated estimate of a probable selling price of a residential property. An AVM generally uses a combination of two types of evaluation, a Hedonic regression hedonic ... to lend against the valuation. The advantages of using AVMs over traditional chartered surveyors are that they save ... the cost of valuing a property. Many AVMs can be made and used with little cost, so more choices in valuation ..., as a physical inspection of the property does not occur and therefore the valuation produced assumes ... Criteria for Automated Valuation Models in the UK. publisher Fitch Ratings year 2007 References Downie, M. L. & Robson G. 2007 Automated Valuation Models an international perspective. pp 10 11 Council ... Criteria for Automated Valuation Models in the UK. Fitch Ratings. Bahjat Abbas, N., Carron & A.Johnstone V. 2005 Guidelines For The Use Of Automated Valuation Models For U.K. RMBS Transactions. Standard ... place.html Free UK Property Valuation Tool http www.rightmove.co.uk Rightmove plc See also Category Real estate Category Real property law es Automated Valuation Model ... more details
Orphan date December 2007 Context date October 2009 Valuation based system VBS is a framework for knowledge representation and inference. Real world problems are modeled in this framework by a network of interrelated entities, called variables. The relationships between variables possibly uncertain or imprecise are represented by the functions called valuations. The two basic operations for performing inference in a VBS are combination and marginalization. Combination corresponds to the aggregation of knowledge, while marginalization refers to the focusing coarsening of it. VBSs were introduced by Prakash P. Shenoy in 1989 as general frameworks for managing uncertainty in expert system s. Applications VBS are used for knowledge representation in expert systems and data fusion. Bibliography Shenoy, Prakash P. A valuation based language for expert systems. Int. Journal of Approximate Reasoning , vol. 3, no. 2, pages 383 411, 1989. Shenoy, Prakash P. Valuation based systems A framework for managing uncertainty in expert systems. In L. A. Zadeh and J. Kacprzyk, editors, Fuzzy Logic and the Management of Uncertainty , chapter 4, pages 83 104. Wiley, New York, 1992. Shenoy, Prakash P. and Shafer, G. Axioms for probability and belief function propagation. In J. Pearl G. Shafer, editor, Readings in uncertain reasoning , pages 575 610. San Mateo, CA Morgan Kaufmann, 1990. External links http benavoli.googlepages.com A brief definition of data fusion http benavoli.googlepages.com TAES VBS.pdf Application of VBS to a threat assessment problem Category Logic ... more details
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