A direct test of socially desirable responding in contingent valuation interviews

--environmental valuation,contingent valuation method,socially desirable responding,loss aversion,reforestation

Concurrent Computing with Shared Replicated Memory

The behavioural theory of concurrent systems states that any concurrent system can be captured by a behaviourally equivalent concurrent Abstract State Machine (cASM). While the theory in general assumes shared locations, it remains valid, if different agents can only interact via messages, i.e. sharing is restricted to mailboxes. There may even be a strict separation between memory managing agents and other agents that can only access the shared memory by sending query and update requests to the memory agents. This article is dedicated to an investigation of replicated data that is maintained by a memory management subsystem, whereas the replication neither appears in the requests nor in the corresponding answers. We show how the behaviour of a concurrent system with such a memory management can be specified using concurrent communicating ASMs. We provide several refinements of a high-level ground model addressing different replication policies and internal messaging between data centres. For all these refinements we analyse their effects on the runs such that decisions concerning the degree of consistency can be consciously made.Comment: 23 page

Proving Finite Satisfiability of Deductive Databases

It is shown how certain refutation methods can be extended into semi-decision procedures that are complete for both unsatisfiability and finite satisfiability. The proposed extension is justified by a new characterization of finite satisfiability. This research was motivated by a database design problem: Deduction rules and integrity constraints in definite databases have to be finitely satisfiabl

Respondent incentives in contingent valuation: The role of reciprocity

--public expenditures,environmental valuation,cost-benefit analysis,contingent valuation method,respondent incentives,reciprocity,reforestation

Cross-Commodity Analysis and Applications to Risk management.

The understanding of joint asset return distributions is an important ingredient for managing risks of portfolios. While this is a well-discussed issue in fixed income and equity markets, it is a challenge for energy commodities. In this paper we are concerned with describing the joint return distribution of energy related commodities futures, namely power, oil, gas, coal and carbon. The objective of the paper is threefold. First, we conduct a careful analysis of empirical returns and show how the class of multivariate generalized hyperbolic distributions performs in this context. Second, we present how risk measures can be computed for commodity portfolios based on generalized hyperbolic assumptions. And finally, we discuss the implications of our findings for risk management analyzing the exposure of power plants which represent typical energy portfolios. Our main findings are that risk estimates based on a normal distribution in the context of energy commodities can be statistically improved using generalized hyperbolic distributions. Those distributions are flexible enough to incorporate many characteristics of commodity returns and yield more accurate risk estimates. Our analysis of the market suggests that carbon allowances can be a helpful tool for controlling the risk exposure of a typical energy portfolio representing a power plantCommodities; Risk;

Social Desirability and Environmental Valuation

Socially desirable responding (SDR) is an often-reported source of bias in survey interviews. It describes the tendency of a respondent to answer in a way that is socially desirable rather than to answer truthfully. This response bias also threatens the reliability and validity of survey-based environmental valuation techniques such as the Contingent Valuation Method (CVM). Therefore, the study deals with the assessment of the conditions for the occurrence of SDR in CVM interviews. A behavioral model is devised to take into account a set of factors triggering SDR responses. The impact of these factors of SDR on willingness to pay (WTP) responses is tested. The results reveal that the relevant factors do not affect WTP statements simultaneously but rather influence them in an independent manner. These findings can improve future CVM studies by identifying respondents who are prone to be influenced by SDR

Cross-commodity analysis and applications to risk management.

The understanding of joint asset return distributions is an important ingredient for managing risks of portfolios. Although this is a well-discussed issue in fixed income and equity markets, it is a challenge for energy commodities. In this study we are concerned with describing the joint return distribution of energy-related commodities futures, namely power, oil, gas, coal, and carbon. The objective of the study is threefold. First, we conduct a careful analysis of empirical returns and show how the class of multivariate generalized hyperbolic distributions performs in this context. Second, we present how risk measures can be computed for commodity portfolios based on generalized hyperbolic assumptions. And finally,we discuss the implications of our findings for risk management analyzing the exposure of power plants, which represent typical energy portfolios. Our main findings are that risk estimates based on a normal distribution in the context of energy commodities can be statistically improved using generalized hyperbolic distributions. Those distributions are flexible enough to incorporate many characteristics of commodity returns and yield more accurate risk estimates. Our analysis of the market suggests that carbon allowances can be a helpful tool for controlling the risk exposure of a typical energy portfolio representing a power plantCommodities; Risk;