HISTORICAL COST VERSUS FAIR VALUE

The current process of accounting globalization is based mainly on the concept of just value. This concept has been the source of vivid debates with regards to its meaning in contemporary accountancy, both in theory and in practice. The increased importanhistorical cost, fair value, valuation, accounting system

Value and utility in a historical perspective

Since value and utility are the highest profile abstractions that underlie an epoch’s intellectual climate and ethical principles, their evolution reflects the transformation of socioeconomic conditions and institutions. The “Classical Phase” flourished during the first global system, laissez-faire/metal money/zero multilateralism (GS1); the second, “Subjective/Utilitarian” phase marked the long transition to the current epoch of “Modern Subjectivism/General Equilibrium,” tied to the second and extant global system, mixed economy/minimum reserve banking/weak multilateralism (GS2). History has witnessed the material de-essentialization of value and substantialization of utility. But now the two concepts face a thorough transvaluation as the world’s combined demographic and economic expansion encounters ecological/physical limitations. An extended macrohistoric implosion may lead to a third form of global self-organization: two-level economy/maximum bank reserve money/strong multilateralism (GS3). If history unfolds along the suggested path, not only economics, but also thinking about economics would change. It would be considered an evolving hermeneutic of the human condition expressed through global-system-specific texts. The implied critical alteration, with the recognition of the entropy law’s importance as its focal point, matches the prediction of Swiss thinker Jean Gebser (1905-1973) about the impending mutation of human consciousness into its integral/arational structure. Such extrapolations form the context in which the fourth historical phase of value and utility is hypothesized, leading to the material re-essentialization of value and de-substantialization of utility

Using Historical Simulation to Compare the Accuracy of Nine Alternative Methods of Estimating the Present Value of Future Lost Earnings

To estimate the present value of future lost earnings, forensic economists must employ some method to determine the interest rate and the earnings growth rate, or the net discount rate derived from them, to use in that estimation. Historical simulation can be used to determine how accurate any such method would have been had it been used in the past. In this paper, historical simulation is used to compare the accuracy of nine different methods of choosing the net discount rate to estimate present value for numerous 30-, 20- and 10-year loss periods. These methods include historical averages, current rates, recent rates, total offset, and a number of methods that combine historical averages with current or recent rates. While no one method is obviously superior in all cases, the results do provide some support for blending historical averages with current or recent rates

Land Value Taxation in Germany: Theoretical and Historical Issues

Land value taxation in Germany has a long history pre-dating and post-dating Henry George''s own influence. Some of the ideas Henry George stood for had already taken root in German practice before him, and when his books began to appear almost simultaneously with their American editions in Germany, a German intellectual and political movement began to emerge rallying around the issue of land reform. In this essay, first the intellectual roots of Georgist ideas in German literature are being retraced. Secondly, the practice of land value taxation, or more precisely land added value taxation is being described. The core of Henry George''s ideas, however, is embodied not in the legislation on land added value taxation, but rather appended to the income tax code. This is the topic of the third section. Since the interplay between German income tax legislation and investment decisions is hard to grasp for the uninitiated from a purely theoretical discussion, an example is being analyzed in the fourth section in order to illustrate how this AGeorgist@ system of taxation operates in practice.Economics ;

Identities with historical regions – are they adapting to modern administrative division? The case of Ukraine

Historical regions remain the most common basis for the formation or promotion of regional identities in Europe. However, regions and regional identities are in the process of constant formation and can change significantly in line with new conditions. In this paper we focused on the changes of the spatial spread of identities with historical regions in Ukraine in comparison to the initial boundaries of those. The results show that identities with historical regions are markedly adapting to modern administrative boundaries. At the same time, the symbolic value of historical regions constitutes an essential element of identity building in contemporary administrative regions

Extreme Value Theory and Value at Risk : Application to Oil Market

Recent increases in energy prices, especially oil prices, have become a principal concern for consumers, corporations, and governments. Most analysts believe that oil price fluctuations have considerable consequences on economic activity. Oil markets have become relatively free, resulting in a high degree of oil-price volatility and generating radical changes to world energy and oil industries. As a result oil markets are naturally vulnerable to significant negative volatility. An example of such a case is the oil embargo crisis of 1973. In this newly created climate, protection against market risk has become a necessity. Value at Risk (VaR) measures risk exposure at a given probability level and is very important for risk management. Appealing aspects of Extreme Value Theory (EVT) have made convincing arguments for its use in managing energy price risks. In this paper, we apply both unconditional and conditional EVT models to forecast Value at Risk. These models are compared to the performances of other well-known modelling techniques, such as GARCH, historical simulation and Filtered Historical Simulation. Both conditional EVT and Filtered Historical Simulation procedures offer a major improvement over the parametric methods. Furthermore, GARCH(1, 1)-t model may provide equally good results, as well as the combining of the two procedures.Extreme Value Theory, Value at Risk, oil price volatility, GARCH, Historical Simulation, Filtered Historical Simulation.

On the Relative Accuracy of Discounting Based on Risk-Free and Risky Portfolios

The degree of risk that should be incorporated into the net discount rate that is used to estimate the present value of future lost earnings has been the subject of controversy. While some forensic economists insist that a risk-free discount rate must be used, others have offered economic arguments that support use of a risk-adjusted rate. Historical simulation studies have found that, when the discount rate is based on risk-free or low-risk securities, the historical averages method of estimating present value is subject to large forecast errors due to significant changes in net discount rates over time. This study explores whether basing the discount rate on mixed portfolios of equities, intermediate- term government bonds, and Treasury bills might result in more accurate estimation. Using the historical averages method with data covering the period 1926-2008, results are generated for four mixed portfolios of varying degrees of risk, and these results are compared to the results obtained with Treasury bills, intermediate-term government bonds and long-term corporate bonds. The historical simulations do show that the mixed portfolios often provide more accurate estimates. These results should be of considerable interest to forensic economists who believe that some degree of risk should be incorporated into the discount rate

BALINESE GAMELAN GONG BERI

Gamelan Gong Beri is an uniqure ensemble found in two village, i.e., Renon and Semawang in southn Bali. It is unique in its historical background, instrumentation, musical function, and value its society. This study is a preliminary of material I have been collecting for the past nine years. In this paper I focus on one particular tradition, i.e., Gamelan Gong Beri Renon, and also include brief discussion of its historical background, the ensemble, the ganding (musical piece), as well as its cultural valu

MODELING THE VALUE OF HOUSEHOLD PRODUCTION AND LEISURE TIME: AN HISTORICAL DEVELOPMENT

Consumer/Household Economics,