A Model for Federal Public Land Surface Rights' Management

The U.S. Forest Service and U.S. Bureau of Land Management control larges tracts of Federal public lands mainly in the western United States. Management goals for lands controlled by these agencies are described as "multiple-use." Some of the lands are forested, mountainous, contain wildlife or possess other scenic and recreational attributes and warrant the federal multiple-use designation; however, a significant portion of the land, especially that under BLM control, contains little scenic, recreation or wildlife value, thus offering very little multiple-use potential and non-pecuniary value. Much of the land not warranting multiple-use potential has never been titled to anyone except the Federal Government (never sold nor homesteaded). Inherent in the management of all Federal lands is a defacto fiduciary responsibility to prudently and efficiently manage these assets. We develop a framework that measures present values of both quantitative and qualitative economic benefits and costs of Federal public lands to assist managers and policy makers in determining future management policy. By applying this framework, Federal public land policymakers may be aided in fulfilling their fiduciary responsibilities.

Valuation of Property Surrounding a Resort Community

This article uses hedonic modeling for valuation of real estate located near Jackson, Wyoming and agricultural property throughout the remainder of Wyoming. The attributes of the hedonic model used to value resort properties are compared with attributes of the model used to value agricultural properties. It is observed that attributes affecting the value of resort property are significantly different from attributes affecting the value of agricultural property. Resort properties, even though classified as agricultural, derive their values from scenic amenities, existence of streams, vegetation and relative location. Alternatively, agricultural lands throughout the remainder of Wyoming derive value from a combination of productive and nonproductive attributes.

Additional Evidence on the Homogeneity of the Value of Government Grazing Leases and Changing Attributes for Ranch Values

Using Wyoming ranch sales from 1979-1983 and 1989-1993, this study investigates how ranch value determining attributes may have changed over this period. The 1979-1983 period is one of political stability and rising prices. In constrast, the 1989-1993 period is one of political uncertainty but stable prices. It is found, during 1989-1993, ranch prices were based more on productivity; whereas, during the earlier period, prices were based more on speculative potential. Also, it is found that government grazing leases were valued differently between time periods, ecological regions, and types of leases. This suggests that the current single-price grazing fee commonly used misprices many leases. Because of the heterogeneity in the value of grazing leases, we recommend a variable-fee form of pricing be adopted.

A Relationship of Trust: Are State ?School Trust Lands? Being Prudently Managed for the Beneficiary?

Every state entering the Union in the United States since 1803 received land grants from the federal government for the support of their public schools. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage trust assets for the beneficiary, their school systems. This paper addresses the question of whether managers of trust lands are meeting their fiduciary responsibilities of ??maximum economic benefit?? for their beneficiaries. Realized market value-based economic returns from grazing lease revenues and capital appreciation for all twenty-three counties in Wyoming are compared with returns that may have been generated from alternative investment policy alternatives. Market values and capital appreciation for school trust lands in Wyoming are estimated from hedonic models formulated from ranch sales data and grazing revenue data.

Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns

This study develops nominal and real holding period return indices for operating ranches. The indices contain two components, monthly ranch operating profit and capital appreciation. A regression model that determines the effect of various attributes on total market value is used to estimate capital appreciation, and a second model determines operating profit. The two different ranch data series are compared with United States Long Term Government Bonds, the S&P 500 Index and Small Capitalization Stocks. Both ranch indices show very low correlation with the S&P 500 Index and very low or negative betas. Further, both ranch series have excess actual nominal and real returns when compared to expected returns determined from the Capital Asset Pricing Model.

A Multiple Criteria Framework to Evaluate Bank Branch Potential Attractiveness

Remarkable progress has occurred over the years in the performance evaluation of bank branches. Even though financial measures are usually considered the most important in assessing branch viability, we posit that insufficient attention has been given to other factors that affect the branches’ potential profitability and attractiveness. Based on the integrated used of cognitive maps and MCDA techniques, we propose a framework that adds value to the way that potential attractiveness criteria to assess bank branches are selected and to the way that the trade-offs between those criteria are obtained. This framework is the result of a process involving several directors from the five largest banks operating in Portugal, and follows a constructivist approach. Our findings suggest that the use of cognitive maps systematically identifies previously omitted criteria that may assess potential attractiveness. The use of MCDA techniques may clarify and add transparency to the way trade-offs are dealt with. Advantages and disadvantages of the proposed framework are also discussed.

The Valuation of Undeveloped Land: A Reconciliation of Methods

This paper investigates the value and proposes a public policy regarding government grazing leases. It is found that federal grazing leases have little impact upon the value of ranches. It is speculated that state leases are valued more highly than federal grazing leases because of the higher level of certainty of future availability and reasonable leasing fees. Based on these findings, this paper recommends a change in the classification of multiple use and possible divesting of much of the BLM lands. In addition, it is recommended that the federal government should set grazing rates no higher than their fair market value and attempt to reduce the uncertainty regarding future availability.

How to create indices for bank branch financial performance measurement using MCDA techniques: an illustrative example

Most banks have been negatively affected by the recent economic recession, which has forced them to evaluate their operating performance including the financial performance of bank branches. Approaches that have been applied to address the financial performance evaluation of bank branches include: optimization techniques, simulations, stochastic tools, fuzzy logics and decision support systems. Although recent improvements have been made in assessing financial performance, the potential for significant further improvement remains since the recent world economic crisis is adding pressure on business margins. The purpose of this paper is to construct an exemplificative evaluation index for bank branch financial performance by integrating cognitive maps with measuring attractiveness by a categorical based evaluation technique. We aim to apply this methodology constructively to serve as a learning mechanism and introduce transparency in the decision making process. Practical applications, strengths and weaknesses of the proposed evaluation index are also discussed

New banking trends, MCDA and financial decisions: insights and a framework for retail banking

Since most decision making involves multiple criteria, extensive research has been developed in this area over the past few decades. However, as it is widely known in the decision-making field, there are significant differences in the way that the decision-making process has been addressed. This has lead to two different approaches: Multiple Criteria Decision Making (MCDM) and Multiple Criteria Decision Analysis (or Aid) (MCDA). Having the most recent world economic and financial trends as a background, this paper aims to highlight the relationship between MCDA and financial decisions in a banking context. The paper is based on previous work of well-known authors in the financial decisionmaking field, but highlights new findings and presents a multicriteria framework for retail banking in order to increase the interest of the MCDA approach for banking issues. In particular, the framework offers a holistic view of banking activities at a bank branch level, where at least eight different phases, when correctly integrated and performed, provide banks with a greater capacity to support decisions and to adapt strategies to a permanent changing environment. The paper discusses insights, advantages and disadvantages of MCDA to provide recommendations for successful applications of this approach in similar contexts

Using multiple criteria decision analysis (MCDA) to assist in estimating residential housing values

Considerable literature exists regarding the complexity of the residential real estate appraisal process and the methods employed to determine initial listing prices as estimates of intrinsic market prices. Deviations in residential real estate intrinsic values occur due to a multiplicity of attributes and explanatory factors requiring consideration. We conduct a panel study using a Multiple Criteria Decision Analysis (MCDA) based framework that utilizes the skills and knowledge of a panel of residential real estate professionals (i.e. appraisers and realtors). We demonstrate how cognitive mapping and the Measuring Attractiveness by a Categorical Based Evaluation Technique (MACBETH) may assist in estimating appropriate offer/sale prices and strengthening current valuation approaches such as using comparables and/or hedonic modeling. The managerial implications of our MCDA-based framework and some avenues for future research are also presented