当前位置：文档之家 › Chapter 6-economic evaluation of facility investments

Chapter 6-economic evaluation of facility investments

  • 格式：ppt
  • 大小：323.50 KB
  • 文档页数：19

下载文档原格式

  / 19

合集下载

六、经济评估的基本概念

六、经济评估的基本概念

It is important to emphasize that many assumptions and policies, some implicit and some explicit, are introduced in economic evaluation by the decision maker .The decision making process will be influenced by the subjective judgment of the management as much as by the result of systematic analysis.
For public projects, the MARR is specified by a government agency, such as the Office of Management and Budget or the Congress of the United States. The public MARR thus specified reflects social and economic welfare considerations, and is referred to as the social rate of discount.
Let Ct,x be the annual cost at the end of year t for the same investment project x. The net annual cash flow is defined as the annual benefit in excess of the annual cost, and is denoted by At,x at the end of year t for an investment project x. Then, for t = 0, 1... n：

Chapter 6 Economic Growth (中级宏观经济学,香港中文大学)

Chapter 6 Economic Growth (中级宏观经济学,香港中文大学)

C is aggregate consumption
C
so that is current consumption per worker
N
• dg / d (C / N ) 0 , mainly due to the fact that higher food
consumption per worker reduces death rates through better nutrition
• From the perspective of the early 21st century: Malthus was wrong Why? - Did not allow for the effect of increases in the capital stock on production, and - Did not account for all the effects of economic forces on population growth
• •
Suppose the economy is initially in a steady state, with
then increases once and for all time to
c* unchanged
z2
z1
, which
• l * falls
• Steady state population N * increases
Y zF (L, N)
(1)
where
Y is current aggregate output L is current fixed supply of land
N is current labor

chapter6 Economic Growth Malthus and Solow 教学课件 中宏Williamson-PPT

chapter6 Economic Growth Malthus and Solow 教学课件 中宏Williamson-PPT

Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
6-3
Figure 6.2 Real Income Per Capita vs. Investment Rate
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Population Control in the Malthusian Model
• Population control alters the relationship between population growth and per-capita consumption.
• In the long run, per capita consumption increases, and living standards rise.
6-12
Equation 6.2: Evolution of the population
Population growth is higher the higher is percapita consumption.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
6-11
Equation 6.1: Production Function
Output is produced from land and labor inputs.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.

斯蒂芬D威廉森宏观经济学第三版第六章Stephen D. Williamson's Macroeconomics, Third Edition chapter6

斯蒂芬D威廉森宏观经济学第三版第六章Stephen D. Williamson's Macroeconomics, Third Edition chapter6

6-25
Figure 6.10 Adjustment to the Steady State in the Malthusian Model When z Increases
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
6-26
6-21
Figure 6.7 The Per-Worker Production Function
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
6-22
Figure 6.8 Determination of the Steady State in the Malthusian Model
6-4
Real Per Capita Income and the Investment Rate
Across countries, real per capita income and the investment rate are positively correlated.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
• There is no tendency for rich countries to grow faster than poor countries, and vice-versa. • Rich countries are more alike in terms of rates of growth than are poor countries.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.

曼昆微观经济学教材第六章练习英文答案

曼昆微观经济学教材第六章练习英文答案

104WHAT’S NEW IN THE SIXTH EDITION:There is a new In the News feature on “Should Unpaid Internships Be Allowed ？”LEARNING OBJECTIVES:By the end of this chapter ， students should understand:➢ the effects of government policies that place a ceiling on prices 。

➢ the effects of government policies that put a floor under prices.➢ how a tax on a good affects the price of the good and the quantity sold 。

➢ that taxes levied on sellers and taxes levied on buyers are equivalent 。

➢ how the burden of a tax is split between buyers and sellers 。

CONTEXT AND PURPOSE ：Chapter 6 is the third chapter in a three-chapter sequence that deals with supply and demand and how markets work. Chapter 4 developed the model of supply and demand 。

Chapter 5 added precision to the model of supply and demand by developing the concept of elasticity —the sensitivity of the quantitysupplied and quantity demanded to changes in economic conditions 。

迈克尔版本微观经济学 第六章 Chapter6_SM

迈克尔版本微观经济学 第六章 Chapter6_SM

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario
A Labour Market with a Minimum Wage
Minimum Wage Brings Unemployment If the minimum wage is set above the equilibrium wage rate, the quantity of labour supplied by workers exceeds the quantity demanded by employers. There is a surplus of labour. The quantity of labour hired at the minimum wage is less than the quantity that would be hired in an unregulated labour market. Because the legal wage rate cannot eliminate the surplus, the minimum wage creates unemployment.
A Housing Market with a Rent Ceiling
Increased Search Activity The time spent looking for someone with whom to do business is called search activity. When a price is regulated and there is a shortage, search activity increases. Search activity is costly and the opportunity cost of housing equals its rent (regulated) plus the opportunity cost of the search activity (unregulated). Because the quantity of housing is less than the quantity in an unregulated market, the opportunity cost of housing exceeds the unregulated rent.

chapter6管理会计英文版

2. The use of budgets to control an organization’s activity is known as budgetary control.
McGraw-Hill/Irwin
Copyright © 2008, The McGraw-Hill Companies, Inc.
McGraw-Hill/Irwin Copyright © 2008, The McGraw-Hill Companies, Inc.
9-9
Advantages of Self-Imposed Budgets
1. Individuals at all levels of the organization are viewed as members of the team whose judgments are valued by top management. 2. Budget estimates prepared by front-line managers are often more accurate than estimates prepared by top managers. 3. Motivation is generally higher when individuals participate in setting their own goals than when the goals are imposed from above. 4. A manager who is not able to meet a budget imposed from above can claim that it was unrealistic. Selfimposed budgets eliminate this excuse.

《财政金融英语综合教程》Unit 6单元

This is the house which we bought last month. 这就是我们上个月买的房子。
2．非限制性定语从句对所修饰的名词没有限制意义作用，只是补充说明，与主句关系不紧密， 把它们去掉，句子照样成立，它们和所修饰的名词之间常加一个逗号。从句可由关系代词和关系 副词引导，但不能使用关系代词that。译成汉语时常译成一个独立的句子。
Grammar
27
定语从句
在主从复合句中起定语作用的从句叫做定语从句。它的作用相当于形容词。被定语从 句所修饰的名词或代词叫先行词，引导定语从句的词为关系词，可以分为关系代词和关系 副词。定语从句一般都要放在先行词的后面。
一、关系代词who，whom，whose，which，that的用法
1． who指代人，在从句中做主语（who是主格）
Do you know the man who is talking with your mother? The man who told me this refused to tell me his name.
28
2． whom指代人，在从句中作宾语（whom是who的宾格）
在口语中常可用who代替whom，但如果whom前面有介词，则不能用who代替，如： The boy (whom) she loved died in the war. The man with whom I worked couldn’t speak Chinese.
✓ Master the useful words, phrases and sentences about management
✓ Know about the different management styles ✓ Understand the main idea of the texts ✓ Master the useful technical terms and phrases ✓ Strengthen English grammar ✓ Read a philosophical story of life

经济学原理 Chapter 6

P S
$800 $500 shortage 150 450 Price ceiling D Q
CHAPTER 6
SUPPLY, DEMAND, AND GOVERNMENT POLICIES
6
Shortages and Rationing
With a shortage, sellers must ration the goods
Price floor
P 140
130 120 110 100 90 80 70 60 50
S
Buyers demand 60 rooms, sellers supply 120, causing a surplus.
D
40 0 Q 50 60 70 80 90 100 110 120 130
15
Evaluating Price Controls
CHAPTER 6 SUPPLY, DEMAND, AND GOVERNMENT POLICIES 7
EXAMPLE 2: The Market for Unskilled Labor
Wage paid to unskilled workers W S
$4
Eq’m w/o price controls
•
• •
Price ceiling: a legal maximum on the price of a good or service. Example: rent control. Price floor: a legal minimum on the price of a good or service. Example: minimum wage. The govt can make buyers or sellers pay a specific amount on each unit bought/sold. We will use the supply/demand model to see how each policy affects the market outcome (the price buyers pay, the price sellers receive, and eq’m quantity).

展望理论效用决定于利得和损失

第六章 展望理論對財務決策之影響
處分效果 賭資效果 權益風險貼水異常現象
隱含波動率指數
行為財務學 Chapter 6 展望理論對財務決策之影響

6-2
第一節 處分效果
處分效果 Shefrin and Statman (1985) 指投資人存在賣出賺錢股票太快而持有賠錢股票太 久的現象 Kahneman and Tversky (1979)的展望理論常被用 來解釋此一現象
行為財務學 Chapter 6 展望理論對財務決策之影響
6-3
展望理論
效用決定於利得和損失，而非財富水準 效用函數在賠錢時呈現击向 (convex) ，投資人較願意 承受風險，具有風險承擔的傾向；而在賺錢時呈現凹 向(concave)，投資人較不願意承擔風險，具有風險趨 避的傾向。 效用函數在賠錢時比賺錢時更加陡峭，也就是投資人 在賠錢時會顯示出風險偏好的態度 故會繼續持有虧損的股票，以期待股價的上漲 但是在賺錢時且變成風險趨避者 故容易出售有獲利的股票。
行為財務學 Chapter 6 展望理論對財務決策之影響 6-15
情緒會影響市場價格
證券交易所所在城市的氣候 : 有陽光的早晨使投資人 有好心情，進而造成當日較高的股票報酬率 [Hirshleifer and Shumway, 2003] 日光節約時間，調整時鐘 : 美國由於日光節約時間， 調整時鍾，干擾投資人睡眠模式時，股市會下跌 [Kamstra, Kramer and Levi, 2002]
十二月資料：投資人偏好實現損失(稅賦考量)
行為財務學 Chapter 6 展望理論對財務決策之影響 6-6
PLR和PGR
行為財務學 Chapter 6 展望理論對財務決策之影響
6-7
  1. 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
  2. 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
  3. 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。



Generate a set of projects or purchases for investment consideration. Establish the planning horizon for economic analysis. Estimate the cash flow profile for each project. Specify the minimum attractive rate of return (MARR). Establish the criterion for accepting or for selecting the best among a group of mutually exclusive proposals, on the basis of the objective of the investment. Perform sensitivity or uncertainty analysis. Accept or reject a proposal on the basis of the establish criterion.
Chapter 6 Economic Evaluation of Facility Investments
6.1 Basic Concepts of Economic Evaluation 6.2 Investment Profit Measures 6.3 Methods of Economic Evaluation 6.4 Public versus Private Ownership of Facilities
Nanjing University Technology
6.2 Investment Profit Measures
If a decision maker understands clearly the meaning of the various profit measures for a given project, there is no reason why one cannot use all of them for the restrictive purposes for which they are appropriate. With the availability of computer based analysis and commercial software, it takes only a few seconds to compute these profit measures. However, it is important to define these measures precisely:
Nanjing University Technology
6.2 Investment Profit Measures
Nanjing University Technology
6.2 Investment Profit Measures
4.Internal Rate of Return.



The internal rate of return (IRR) is defined as the discount rate which sets the net present value of a series of cash flows over the planning horizon equal to zero. It is used as a profit measure since it has been identified as the "marginal efficiency of capital" or the "rate of return over cost". The IRR gives the return of an investment when the capital is in use as if the investment consists of a single outlay at the beginning and generates a stream of net benefits afterwards.
Nanjing University of Technology
6.1 Basic Concepts of Economic Evaluation
A systematic approach for economic evaluation of facilities consists of the following major steps:
Nanjing University Technology
6.1 Basic Concepts of Economic Evaluation
The period of time to which the management of a firm or agency wishes to look ahead is referred to as the planning horizon. The net annual cash flow is defined as the annual benefit in excess of the annual cost, and is denoted by At,x at the end of year t for an investment project x. then, for t=0,1,…,n: At,x=Bt,x-Ct,x
Nanjing University Technology
6.2 Investment Profit Measures
2.Equivqlent Uniform Annual Net Value(NUV).（Net Annual Value=NAVvalent uniform annual net value (NUV) is a constant stream of benefits less costs at equally spaced time periods over the intended planning horizon of a project. This value can be calculated as the net present value multiplied by an appropriate "capital recovery factor." Therefore, the EUAC is an indicator of the negative attribute of a project which should be minimized.
Nanjing University Technology
6.2 Investment Profit Measures
A profit measure is defined as an indicator of the desirability of a project from the standpoint of a decision maker. A profit measure may or may not be used as the basis for project selection. Since various profit measures are used by decision makers for different purposes, the advantages and restrictions for using these profit measures should be fully understood.
Nanjing University Technology
6.1 Basic Concepts of Economic Evaluation
Once the management has committed funds to a specific project, it must forego other investment opportunities which might have been undertaken by using the same funds. The opportunity cost reflects the return that can be earned from the best alternative investment opportunity foregone. The public MARR thus specified reflects social and economic welfare considerations, and is referred as the social rate of discount.
Nanjing University Technology
6.2 Investment Profit Measures
Future Value and Net Present Value.



The profitability is measured by the net future value (NFV) which is the net return at the end of the planning horizon above what might have been gained by investing elsewhere at the MARR. The net present value (NPV) of the estimated cash flows over the planning horizon is the discounted value of the NFV to the present. A positive NPV for a project indicates the present value of the net gain corresponding to the project cash flows.