Modelos de valoración en ambiente de incertidumbre

[EN] This work presents different uncertainty valuation models that combine precise and imprecise information. We have extended the basic goal programming technique to models that enable handling intervals in the price or exogenous variables expressions, and state some propositions which are able to inform about the accuracy between observed and estimated values. Furthermore, an accuracy index for model comparison is introduced.[ES] En este trabajo se presentan diversos modelos de valoración en ambiente de incertidumbre que combinan información precisa e imprecisa. En el desarrollo de los mismos se ha extendido la técnica de programación por metas básica a modelos que permiten considerar intervalos en la expresión del precio o las variables explicativas del mismo, enunciando una serie de proposiciones con las que se obtiene un completo conocimiento sobre el grado de adecuación entre los valores observados en el precio y los valores estimados por la función de valoración. Asimismo, se ha formulado un índice de adecuación que permite comparar diferentes modelos obtenidos mediante la metodología propuesta.Aznar Bellver, J.; Guijarro Martínez, F. (2004). Valuation models in an uncertainty environment. Economía Agraria y Recursos Naturales - Agricultural and Resource Economics. 4(7):43-61. doi:10.7201/earn.2004.07.03SWORD43614

Determinación del valor del traspaso de jugadores de futbol profesional. Valoración multicriterio

[EN] Football is a sport that currently constitutes a sector of considerable social, cultural and economic significance, particularly in Europe and such countries as Spain, with one of the main professional football leagues in the world. The estimated economic impact of football in Europe, during the 2010/11 league, was more than 17.000 million euros. Only during 2010/11 season has been paid 525 million euros for the 20 expensive players. Despite the numbers and their importance in the football club balances nowadays there aren´t rules of economic evaluation of professional football rights. The aim of this paper is to present the application of the AHPRatio multicriterion method, to cover the absence of methodology.[ES] El fútbol es un deporte que en la actualidad constituye un sector de gran importancia social, cultural y económica, particularmente en Europa y en países como España, con una de las principales ligas de fútbol profesional. El impacto económico del fútbol en Europa, durante la Liga 2010/11, fue de más de 17.000 millones de euros. Solo en la temporada 2010/11 por los jugadores más caros se han pagado 525 millones de euros. A pesar de estas cifras y de su importancia en los balances de los clubes de fútbol, actualmente no hay normas sobre la valoración económica de los derechos del fútbol profesional. El objetivo de este documento es, presentar la aplicación de un método multicriterio, AHPRatio para cubrir esta falta de metodología.Aznar Bellver, J.; Estruch Guitart, V. (2012). Determinación del valor del traspaso de jugadores de futbol profesional. Valoración multicriterio. Revista Internacional de Derecho y Gestión del Deporte. (17):3-22. http://hdl.handle.net/10251/81547S3221

Valoración de activos ambientales mediante métodos multicriterio. Aplicación a la valoración del Parque Natural del Alto Tajo

[EN] The valuation of these goods can be a relevant element for their conservation and improvement, though the intangible and immaterial aspects of environmental assets difficult the utilisation of the traditional methods of valuation. This work presents a methodology for the valuation of those assets combining multi-criteria methods, the Analytic Hierarchy Process and the Goal Programming and traditional method the Discounted Cash Flows. The combination of both techniques allows extracting an indicator of the Tota Economic Value (TEV) of an environmental asset, as well as of each partial value which make up the TEV, including tangible and intangible elements. The proposed methodology is applied to the valuation of the 'Alto Tajo' Natural Park.[ES] Calcular el valor de los activos ambientales puede ser un elemento importante para su conservación y mejora, pero con los métodos tradicionales de valoración la consideración tanto de sus aspectos intangibles como tangibles, es difícil, y en algunos casos imposible. En el presente trabajo se presenta una metodología de valoración de dichos activos que combina métodos multicriterio (Proceso Analítico Jerárquico y la programación por metas) con métodos tradicionales (método de actualización de rentas). La combinación de dichas técnicas permite deducir un indicador del Valor Económico Total de un activo ambiental y de los distintos valores parciales que lo componen, ya sean tangibles o intangibles. La metodología propuesta se ha aplicado a la valoración del Parque Natural del Alto Tajo.Los autores quieren expresar su reconocimiento a los miembros de la Junta Rectora del Parque Natural del Alto Tajo y muy especialmente a su Director por su colaboración, asimismo agradecer las sugerencias de los dos revisores anónimos que nos han permitido mejorar sensiblemente el trabajo original.Aznar Bellver, J.; Estruch Guitart, V. (2007). Appraisal of environmental assets by means of multi-criteria methods. Application to the natural park of the Alto Tajo. Economía Agraria y Recursos Naturales - Agricultural and Resource Economics. 7(13):107-126. doi:10.7201/earn.2007.13.06SWORD10712671

Economic Valuation of the Goods and Services Offered by the High Relict High-Andean Ecosystem Located in the Districts of Chiguata, Characato and Pocsi, Arequipa, Peru

[EN] The relict high-Andean forest covered by associations of Polylepis Rugulosa found in the arid Andean region of southwestern Peru is a provider of a series of environmental goods and services such as water supply, climate regulation, erosion control, among others, that contribute to the wellbeing of societies. This investigation allows us to know the allocation of a range of economic value of the ecosystem services developed in the study area, based on different perspectives of analysis through the application of the multicriteria model Analytic Network Process (ANP) and the economic estimation of CO2eq sequestration. The results obtained range from USD 32,641,387 to USD 102,098,052.This study was financially supported by the Universidad Nacional de San Agustin de Arequipa through contract NaTP-05-2019-UNSAAraca, J.; Estruch-Guitart, V.; Aznar Bellver, J.; Yufra, S. (2021). Economic Valuation of the Goods and Services Offered by the High Relict High-Andean Ecosystem Located in the Districts of Chiguata, Characato and Pocsi, Arequipa, Peru. Polish Journal of Environmental Studies. 30(6):5443-5452. https://doi.org/10.15244/pjoes/137371S5443545230

Valoración de activos ambientales. Teoría y casos

La importancia del medioambiente y de los activos y recursos naturales cada vez es mayor. La determinación de un Indicador del valor económico de los activos ambientales es un parámetro de gran utilidad para la sensibilización de la sociedad, la conservación de los activos y como instrumento de gestión para la administración.En este libro tras unos capítulos de introducción a la economía ambiental y de repaso de algunos de los métodos clásicos de valoración ambiental,se presenta una nueva metodología AMUVAM basada en técnicas multicriterio que nos permite calcular, de los activos ambientales, su Valor Económico Total y el de sus componentesAznar Bellver, J.; Estruch Guitart, AV. (2020). Valoración de activos ambientales. Teoría y casos. Editorial Universitat Politècnica de València. http://hdl.handle.net/10251/160238EDITORIA

Analytical hierarchical process (AHP) as a decision support tool in water resources management

©IWA Publishing 2011. The definitive peer-reviewed and edited version of this article is published in Acqua Journal of Water Supply: Research and Technology, 60 6 p.343-351 2011 DOI 10.2166/aqua.2011.016 and is available at www.iwapublishing.com.Despite advances in water conservation, abstraction and transport, water demand has been increasing worldwide in the past few decades. This has resulted in an increased pressure on stakeholders to provide sustainable solutions to meet future water demands. The decision-making process to find those solutions is becoming increasingly complicated. First, owing to the arrival of new technologies or the evolution of existing ones, the number of available alternatives has increased. Additionally, economic criteria have been abandoned as the sole reference for the comparison of alternatives. The increase of both options and restrictions has complicated significantly the choice of the best alternative. Until now, the search for solutions has usually focused on the reduction of all parameters and restrictions to a common denominator or the use of complex and scarcely transparent models. This paper shows how to make use of the AHP technique to improve the decision-making process in order to satisfy new water demands in a local context. This methodology has been widely used in other fields and allows the combination of quantitative and qualitative criteria. Among the virtues of AHP are transparency, simplicity and the fact that it relies on actual opinions from experts. © IWA Publishing 2011.The Ministry of Education and Science of Spain through Project No CGL2008-01910/BTE has supported this research.Cabrera Rochera, E.; Cobacho Jordán, R.; Estruch Guitart, V.; Aznar Bellver, J. (2011). Analytical hierarchical process (AHP) as a decision support tool in water resources management. Journal of water supply : research and technology - Aqua. 60(6):343-351. https://doi.org/10.2166/aqua.2011.016S34335160

A Multicriteria Alternative to Companies' Valuation: Application to a Spanish Savings Bank

[ES] En numerosas ocasiones las metodologías de valoración usualmente empleadas presentan dificultades en su aplicación a la valoración de empresas, bien porque el valorador no dispone de suficientes datos para utilizar los métodos comparativos tradicionales, bien por la dificultad de estimar los flujos de caja futuros con objetividad. Ante esta problemática, el presente trabajo propone una alternativa que combina el método multicriterio CRITIC con el Ratio de Valoración de las Normas Internacionales de Valuación. La nueva metodología se inserta dentro de los métodos comparativos o de enfoque de mercado y requiere únicamente disponer de un número reducido de empresas comparables. En este trabajo se ha aplicado a la valoración de una caja de ahorros. La valoración de este tipo de instituciones financieras, por la situación actual del sector, es un cometido de gran interés y constituye además un ejemplo muy ilustrativo para mostrar las fortalezas de la metodología propuesta.[EN] In several occasions the traditional valuation methodologies present difficulties in their application to the companies' valuation, either due to valuator¿s lack of enough data to use in the traditional comparative methods, or due to the difficulty when estimating the future cash-flows with objectivity. In this situation, the present study suggests an alternative which combines the CRITIC multicriteria methodology with the Valuation Ratio of the International Standards of Valuation. The new methodology is included in the comparative or market approach methods and it only requires having at its disposal a small number of comparable companies. In this work this methodology is applied to get the value of a savings bank. The valuation of this kind of financial institutions, due to the current situation of the sector, implies a task of great interest and it also constitutes a very illustrative example to show the strengths of the proposed methodology.Aznar Bellver, J.; Cervelló Royo, RE.; García García, F. (2011). Una alternativa multicriterio a la valoración de empresas: aplicación a las Cajas de Ahorro. Estudios de Economía Aplicada. 29(1):1-15. http://hdl.handle.net/10251/29625S11529

New Spanish Banking Conglomerates. Application of the Analytic Hierarchy Process (AHP) to their Market Value

The Spanish financial system is undergoing profound changes, as a consequence of the present international financial crisis and the directives laid down by the European Central Bank (ECB). One of the most important of th ese changes is the emergence of new financial/banking conglomerates from the mergers of various savings banks and their transformation into IPSs (Institutional Protection Systems). Therefore, determining the value of these financial conglomerates and shares in these is of great interest. This study proposes a scheme which combines the multiple criteria AHP method with the valuation ratio of the International Valuation Standards. This new methodology can be seen as a comparative method or market approach and it only requires a limited number of comparable companies, with their corresponding qual itative and quantitative variables. For this study this valuation method has been applied to the de facto mergers of savings banks. Due to the current situation of the industry, the valuation of financial institutions of this type is a task of great interest and this also serves to showcase the strengths of the proposed methodology.Aznar Bellver, J.; Cervelló Royo, RE.; Romero-Civera, A. (2011). New Spanish Banking Conglomerates. Application of the Analytic Hierarchy Process (AHP) to their Market Value. International Research Journal of Finance and Economics. 78:71-82. http://hdl.handle.net/10251/35967S71827

Spanish Savings Banks and their Future Transformation into Private Capital Banks. Determining their Value by a Multicriteria Valuation Methodology

As the result of the current international financial crisis and due to Basel II and Basel III Capital Accords, the Spanish financial system is undergoing profound changes. Among the most significant changes are the mergers of savings banks and their future transformation into private capital banks. Therefore, determining the value of these financial companies and their share prices is of great interest for different economic agents. This paper presents the application of a multicriteria method called CRITIC, combined with the valuation ratio, which together compose a valuation model. This new approach can overcome some of the problems faced by the traditional valuation methods since it calculates the value of a company by comparing with similar companies whose value is known. The comparison is made using criteria or variables which are indicative of the value of these types of companies. A case study is presented in which the combined methodology is applied to the valuation of a particular Spanish savings bank.Aznar Bellver, J.; Cervelló Royo, RE.; García García, F. (2011). Spanish Savings Banks and their Future Transformation into Private Capital Banks. Determining their Value by a Multicriteria Valuation Methodology. European Journal of Economics, Finance and Administrative Sciences. 35:156-164. http://hdl.handle.net/10251/35857S1561643

Optional models for strengthening the Spanish co-operative banking sector

Authors contributing to Business Systems & Economics agree to publish their articles, allowing third parties to share their work (copy, distribute, transmit) and to adapt it, under the condition that the authors are given credit. Authors retain copyright of their work, with publication rights granted to Mykolas Romeris UniversityThe financial crisis that started in 2008 has had a major impact on the Spanish financial system, including the co-operative banking sector. Among the restructuring measures being considered for the industry, one option is to create larger co-operative banking groups, employing different formulas. Given this context, it is interesting to compare the success achieved by the main European cooperative banking groups, which must surely serve as rolemodels for the Spanish process. The present study makes this comparison both from the usual economic and financial perspective and by taking the traditional cooperative style of management into account. The methodology used is the Analytic Hierarchy Process (AHP), enabling the use of both quantitative and qualitative information, as well as the opinions of experts.Aznar Bellver, J.; Bartual Sanfeliu, C.; García García, F.; Romero Civera, A. (2012). Optional models for strengthening the Spanish co-operative banking sector. Business Systems & Economics. 2(2):1-18. http://hdl.handle.net/10251/60120S1182