An Overview of Economic Approaches to Information Security Management

The increasing concerns of clients, particularly in online commerce, plus the impact of legislations on information security have compelled companies to put more resources in information security. As a result, senior managers in many organizations are now expressing a much greater interest in information security. However, the largest body of research related to preventing breaches is technical, focusing on such issues as encryption and access control. In contrast, research related to the economic aspects of information security is small but rapidly growing. The goal of this technical note is twofold: i) to provide the reader with an structured overview of the economic approaches to information security and ii) to identify potential research directions

Public access to the countryside: An exploration of the costs and benefits of farmland walking trails

To date, estimates of individuals’ willingness to pay (WTP) for access to the countryside have typically been on sites of special interest such as developed walking routes, public rights of way in specific areas, national parks and forests (see Lockwood and Tracy, 1995; Bennett and Tranter, 1997; Crabtree and MacDonald, 1997; Liston-Heyes and Heyes, 1999; Garrod et al., 1998; Bennett et al., 2003; Buckley et al., 2009; Morris et al., 2009). There has been little if any attempt to derive estimates of individuals’ WTP for the provision of walking trails in the wider countryside at a national level. The present study aims to build on previous work by examining the demand for particular types of walking trails through a nationally representative survey of the Irish population. One further advantage of this research is that apart from valuing walking activities in a generic sense this paper investigates what types of investment in facilities associated with walking trails generate the greatest welfare gains. Furthermore, using a nationally representative survey of the farming population this paper examines farmers’ willingness to participate in a hypothetical walking scheme whereby the general public will be allowed access to specific trails. First by way of background this paper will discuss the situation in relation to access rights to the countryside across a number of countries. Second this paper will outline the research approach which is followed with a discussion of the empirical results. Finally this paper will conclude with a discussion of the papers main findings and their implications for the provision of public access to the countryside.This work was funded by the Department of Agriculture, Fisheries and Food under the Stimulus Funding

Modelling Heterogeneity and Uncertainty in Contingent Valuation : an Application to the Valuation of Informal Care

Peer reviewedPostprin

Life Cycle Costing and Food Systems: Concepts, Trends, and Challenges of Impact Valuation

Our global food systems create pervasive environmental, social, and health impacts. Impact valuation is an emerging concept that aims to quantify all environmental, social, and health costs of food systems in an attempt to make the true cost of food more transparent. It also is designed to facilitate the transformation of global food systems. The concept of impact valuation is emerging at the same time as, and partly as a response to, calls for the development of legal mechanisms to address environmental, social, and health concerns. Information has long been understood both as a necessary precursor for regulation and as a regulatory tool in and of itself. With global supply chains and widespread impacts, data necessary to produce robust and complete impact valuation requires participation and cooperation from a variety of food system actors. New costing methods, beyond basic accounting, are necessary to incorporate the scope of impacts and stakeholders. Furthermore, there are a range of unanswered questions surrounding realizations of impact valuation methods, e.g. data sharing, international privacy, corporate transparency, limitations on valuation itself, and data collection standardization. Because of the proliferation of calls for costing tools, this article steps back and assesses the current development of impact valuation methods. In this article, we review current methods and initiatives for the implementation of food system impact valuation. We conclude that in some instances, calls for the implementation of costing have outpaced available and reliable data collection and current costing techniques. Many existing initiatives are being developed without adequate consideration of the legal challenges that hinder implementation. Finally, we conclude with a reminder that although impact valuation tools are most often sought and implemented in service of market-based tools for reform, they can also serve as a basis for robust public policies

Real Option Applications to Information Security

Real options present advantages over the standard discounting methods. In this paper we analyze them briefly and examine their potential applications on information security. The applications of real options on valuation of information assets, information security investment and capital budgeting provide considerable benefits. Finally portfolios of real options and other financial products can reduce information security risk.Real options, information security, valuation, information security investment, capital budgeting, portfolio theory, information security risk.

Internet of Things and Their Coming Perspectives: A Real Options Approach

Internet of things is developing at a dizzying rate, and companies are forced to implement it in order to maintain their operational efficiency. The high flexibility inherent to these technologies makes it necessary to apply an appropriate measure, which properly assesses risks and rewards. Real options methodology is available as a tool which fits the conditions, both economic and strategic, under which investment in internet of things technologies is developed. The contribution of this paper is twofold. On the one hand, it offers an adequate tool to assess the strategic value of investment in internet of things technologies. On the other hand, it tries to raise awareness among managers of internet of things technologies because of their potential to contribute to economic and social progress. The results of the research described in this paper highlight the importance of taking action as quickly as possible if companies want to obtain the best possible performance. In order to enhance the understanding of internet of things technologies investment, this paper provides a methodology to assess the implementation of internet of things technologies by using the real options approach; in particular, the option to expand has been proposed for use in the decision-making process

Articulation of Plural Values in Deliberative Monetary Valuation: Beyond Preference Economisation and Moralisation

The use of deliberative methods to assess environmental values in monetary terms has been motivated by the potential for small group discussion to help with preference formation and the inclusion of non-economic values. In this review, two broad approaches are identified: preference economisation and preference moralisation. The former is analytical, concentrates upon issues of poor respondent cognition and produces a narrow conception of value linked to utilitarianism. The latter emphasises political legitimacy, appeals to community values and tends to privilege arguments made in the public interest. Both approaches are shown to embrace forms of value convergence which undermine the prospects for value pluralism. As a result exclusion and predefinition of values dominates current practice. In order to maintain democratic credentials, the importance attributed to monetary value needs to be left as an open question to be addressed as part of a process determining an ‘agreement to pay’. To this end we identify a discourse-based approach as a third way consistent with the democratic and value plural potential of deliberative monetary valuation.environmental valuation; deliberation; stated preferences; democracy; willingness to pay; value pluralism

\u27Complete\u27 Accrual Taxation

Under the realization rule, accrued gains and losses generally are not taken into account for income tax purposes until a disposition occurs. Thus, the realization rule is responsible for tax deferral, which in turn likely leads to economic inefficiencies and inequities. The realization rule also contributes greatly to the complexity of the federal income tax system by necessitating numerous Internal Revenue Code provisions that address the many consequences arising from the decision to postpone taxation until a disposition occurs. An alternative to the realization rule is accrual taxation - the inclusion in the tax base of annual increases and decreases in the value of property, regardless of disposition. Accrual taxation may improve economic efficiency and equity, and certainly would obviate a substantial portion of the Code. Yet, accrual taxation presents serious problems of its own - the difficulty of valuing assets and possible taxpayer illiquidity. For these reasons, few have supported such a system. And the rare proposals made are merely calls for partial accrual taxation. This article considers and analyzes complete accrual taxation. Actually, like prior proposals, the system considered here also excludes certain assets as well as the imputed income on consumer items. However, this accrual system is more complete in that it seeks to value and tax on an annual basis what are likely the most difficult-to-value assets - nonmarketed business interests and collectibles. To value these assets, this article suggests the use of computer software, in particular, artificial intelligence. The goal of this article is to demonstrate that complete accrual taxation is potentially beneficial and feasible, and that further research should be done to address these issues. Much of the remaining work should be left to those who are expert in the fields of economics, artificial intelligence, and valuation. While this research may be difficult and costly, the potential benefits of complete accrual taxation warrant the endeavor

\u27Complete\u27 Accrual Taxation

Under the realization rule, accrued gains and losses generally are not taken into account for income tax purposes until a disposition occurs. Thus, the realization rule is responsible for tax deferral, which in turn likely leads to economic inefficiencies and inequities. The realization rule also contributes greatly to the complexity of the federal income tax system by necessitating numerous Internal Revenue Code provisions that address the many consequences arising from the decision to postpone taxation until a disposition occurs. An alternative to the realization rule is accrual taxation - the inclusion in the tax base of annual increases and decreases in the value of property, regardless of disposition. Accrual taxation may improve economic efficiency and equity, and certainly would obviate a substantial portion of the Code. Yet, accrual taxation presents serious problems of its own - the difficulty of valuing assets and possible taxpayer illiquidity. For these reasons, few have supported such a system. And the rare proposals made are merely calls for partial accrual taxation. This article considers and analyzes complete accrual taxation. Actually, like prior proposals, the system considered here also excludes certain assets as well as the imputed income on consumer items. However, this accrual system is more complete in that it seeks to value and tax on an annual basis what are likely the most difficult-to-value assets - nonmarketed business interests and collectibles. To value these assets, this article suggests the use of computer software, in particular, artificial intelligence. The goal of this article is to demonstrate that complete accrual taxation is potentially beneficial and feasible, and that further research should be done to address these issues. Much of the remaining work should be left to those who are expert in the fields of economics, artificial intelligence, and valuation. While this research may be difficult and costly, the potential benefits of complete accrual taxation warrant the endeavor