In logic and model theory , a valuation can be In propositional logic , an assignment of truth value s to propositional variable s, with a corresponding assignment of truth values to all propositional formula s with those variables. In first order logic and higher order logics, a Structure mathematical logic structure , the Interpretation logic interpretation and the corresponding assignment of a truth value to each sentence in the language for that structure the valuation proper . The interpretation must be a homomorphism , while valuation is simply a function mathematics function . Mathematical logic In mathematical logic especially model theory , a valuation is an assignment of truth values to formal sentences that follows a T schema truth schema . Valuations are also called truth assignments. In propositional logic, there are no quantifiers, and formulas are built from propositional variables using logical connectives. In this context, a valuation begins with an assignment of a truth value to each propositional variable. This assignment can be uniquely extended to an assignment of truth values to all propositional formulas. In first order logic, a language consists of a collection of constant symbols, a collection of function symbols, and a collection of relation symbols. Formulas are built out of atomic formula s using logical connectives and quantifiers. A structure mathematical logic structure consists of a set domain of discourse that determines the range of the quantifiers, along with interpretations of the constant, function, and relation symbols in the language. Corresponding to each structure is a unique truth assignment for all sentence mathematical logic sentences formulas with no free variables in the language. See also algebraic semantics References Citation surname1 Rasiowa given1 Helena authorlink1 Helena Rasiowa surname2 Sikorski given2 Roman authorlink2 ... M. Hardegree title Algebraic methods in philosophical logic url http books.google.com books?id LTOfZn728 ... more details
Wiktionarypar valuationValuation may refer to Economics Valuation finance , the determination of the economic value of an asset or liability Real estate appraisal , sometimes called property valuation especially in British English , the appraisal of land or buildings A distinction between real prices and ideal prices in Marxist theory . Mathematics Valuation algebra ValuationlogicValuation measure theory p adic valuation Other Valuation ethics , the determination of the ethic or philosophic value of an object For personal valuation , see dignity disambig math de Bewertung es Tasaci n fr valuation it Valutazione ... more details
In mathematics , a discrete valuation is an integer valuation algebra valuation on a field mathematics field k , that is a function mathematics function math nu k to mathbb Z cup infty math satisfying the conditions math nu x cdot y nu x nu y math math nu x y geq min big nu x , nu y big math math nu x infty iff x 0. math Note that often the trivial valuation which takes on only the values math 0, infty math is explicitly excluded. A field with a non trivial discrete valuation is called a discrete valuation field . Discrete valuation rings and valuations on fields To every field with discrete valuation math nu math we can associate the subring math mathcal O k left x in k mid nu x geq 0 right math of math k math , which is a discrete valuation ring . Conversely, the valuation math nu A rightarrow Z cup infty math on a discrete valuation ring math A math can be extended to a valuation on the quotient field math text Quot A math giving a discrete valued field math k math , whose associated discrete valuation ring math mathcal O k math is just math A math . Examples For a fixed prime math p math for any element math x in mathbb Q math different from zero write math x p j frac a b math with math j, a,b in Z math such that math p math does not divide math a,b math , then math nu x j math is a valuation, called the p adic valuation. References Citation last Fesenko first Ivan B. last2 Vostokov first2 Sergei V. title Local fields and their extensions publisher American Mathematical Society location Providence, RI year 2002 series Translations of Mathematical Monographs volume 121 edition Second isbn 978 0 821 83259 2 mr 1915966 See also discrete valuation ring Valuation algebra Valuation ring DEFAULTSORT Discrete Valuation Category Commutative algebra Category Field theory pl Waluacja dyskretna ... more details
Valuation Effects is a term in economics . Valuation Effects of a country are the changes in the value of assets it holds abroad, minus the changes in the value of domestic assets held by foreign investors. Valuation Effects The traditional balance of payment identity ignores valuation effects, only recognizes that changes in the net foreign assets are fully captured by the current account . The new balance of payment identity, however, considers the role of asset price changes and valuation effects. Changes in the NFA equal the current account plus valuation effects. math begin align mbox Change in NFA & mbox Current Account mbox Valuation Effects end align math Valuation Effects and the U.S. s Current Account Deficits Valuation effects are increasingly important for the U.S. in the last two decades, given a dramatic, sharp rise in international cross country portfolio holdings. For the U.S., valuation effects are offsetting its current account deficits and therefore mitigating the decline of its net foreign assets . The U.S. during 1994 2007 accumulated more than US 5 trillions in current account deficits. This figure will be rising at least in 2009 and 2010. The phenomenon understandably raises a lot of concerns about the size of the U.S. external debts, because a high, unsustainable external debt will result in painful debt service and or sharp depreciation of the dollar. New evidence however suggests that while the U.S. has been experiencing large, persistent current account deficits, the assets U.S. investors hold overseas are gaining more in value compared to the value of U.S. assets held by foreign investors. The positive valuation effects represent financial gains for the U.S. some attribute this phenomenon to exorbitant privilege . Economists at the Federal Reserve estimated that during 1994 2007, the U.S. valuation effects in stocks and bonds are about 1.2 trillion, about 22 of the U.S. total current account deficits ref name fed1 http www.federalreserve.gov ... more details
orphan date July 2008 Paper Valuation is a value of privately held Share finance shares that is not directly tradable at an exchange. The value is still to be converted so to speak. The opposite of paper value is exchangeable value. Value that is tradable at an exchange is not a number on paper. Exchangeable value is directly monetizable as long as there is a willing buyer and a willing seller. One example of Paper Valuation Owner A owns 100 of a privately held company and wants to sell 5 of the company s total shares for a sum of 10,000. Buyer A is willing to purchase 5 of Owner A s shares for 10,000. What this means is Paper valuation of the entire company becomes 10,000 5 200,000. Owner A receives 10,000 cash and becomes 190,000 richer on paper 200,000 X 95 of shares . Buyer A now owns 5 of a company he wanted to own a part of. If this exchange was made as an Exchange Valuation this new Valuation finance company valuation would be tradable directly on the stock exchange . Almost directly monetizable. The thing with Paper Valuation is that is not that easy to monetize in a short time period. On the exhanges you can sell it off immediately or at least in less than a week, because there is a ready market for it. This valuation concept is a cornerstone in the stock exchange world. Value exchange is paramount to its existence. Category Stock market ... more details
Multiple issues one source October 2008 refimprove October 2008 orphan September 2008 Biotech valuation refers to the attribution of a financial value to a company or a project within the Biotechnology industrial park biotechnology biotech industry . While the biotech industry contains also agro and energy biotech, biotech valuation is usually used in the context of drug development companies and projects. The nature of drug development project is characterised by high attrition rates, large capital expenditures, and long timelines. This makes the valuation of such projects and companies a challenging task. Not all valuation methods can cope with these particularities. The most commonly used valuation methods are risk adjusted net present value rNPV , decision trees, real options, or comparables. The most important value drivers are the cost of capital or discount rate that is used, the duration of the phases, the success rates of the phases, the estimated phases costs, and the forecasted sales including cost of goods and marketing and sales expenses. Less objective aspects like quality of the management or novelty of the technology should be reflected in the cash flows estimation. References Boris Bogdan and Ralph Villiger, Valuation in Life Sciences. A Practical Guide , 2008, 2nd edition, Springer Verlag. br Nielsen, Nicolaj Hoejer Financial valuation methods for biotechnology , 2010. http biostrat.dk financial valuation methods for biotechnology.pdf Category Biotechnology ... more details
Financial markets Bond valuation is the determination of the fair price of a Bond finance bond . As with any security or capital investment, the theoretical fair value of a bond is the present value of the stream of cash flows it is expected to generate. Hence, the value of a bond is obtained by discounting the bond s expected cash flows to the present using an appropriate discount rate . In practice, this discount rate is often determined by reference to similar instruments, provided that such instruments exist. Various related yield measures are calculated for the given price. If the bond includes embedded option s, the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option premium option price as calculated is either added to or subtracted from the price of the straight portion. See Bond option Embedded options further under Bond option . This total is then the value of the bond. Bond valuation ref name Fabozzi cite book title Valuation of fixed income securities and derivatives author Frank Fabozzi publisher John Wiley ... relationships relating price and yield, see Bond valuation Yield and price relationships ... valuation Clean and dirty price below for adjustments on other dates. math begin align P & left frac ... interest rate, or required yield, or observed appropriate yield to maturity see Bond valuation ..., usually a Government bond government security see Relative valuation . Here, the yield ... pricing logic relating to Rational pricing Assets with identical cash flows Assets with identical ... i math required return in the Bond valuation Present value approach above equation . YTM is thus ... links References http www.duke.edu charvey Classes ba350 bondval bondval.htm Bond Valuation , Prof ... www.wfu.edu palmitar Law&Valuation chapter 204 4 2 2.htm Basic Bond Valuation Prof. Alan R. Palmiter ... Microsoft Excel Excel spreadsheet Bond market DEFAULTSORT Bond Valuation Category Bonds Category ... more details
Other uses Philosophy sidebar Logic from the Greek wiktionary logik ref possessed of reason ... Digital, Inc isbn 978 0 385 42533 9 page 238 ref Logic is used in most intellectual activities ... . In philosophy, the study of logic is applied in most major areas metaphysics , ontology ... language . ref name stanford logic onthology Logic is also studied in argumentation theory . ref cite ... Illinois University Press year 1983 isbn 978 0809310500 ref Logic was studied in several ancient ... Greece . In the West, logic was established as a formal discipline by Aristotle , who gave it a fundamental place in philosophy. The study of logic was part of the classical Trivium education trivium , which also included grammar and rhetoric. Logic is often divided into three parts, inductive reasoning , abductive reasoning , and deductive reasoning . The study of logic rquote right Upon this first ... of inquiry. Charles Sanders Peirce , First Rule of Logic The concept of Argument form logical form is central to logic, it being held that the validity of an argument is determined by its logical form, not by its content. Traditional syllogism Aristotelian syllogistic logic and modern symbolic logic are examples of formal logics. Informal logic is the study of natural language Logical argument arguments . The study of fallacies is an especially important branch of informal logic. The dialogues ... logic. Mathematical formalism Formal logic is the study of inference with purely formal content. An inference ... of Aristotle contain the earliest known formal study of logic. Modern formal logic follows and expands ... Analytics ref In many definitions of logic, logical inference and inference with purely formal content are the same. This does not render the notion of informal logic vacuous, because no formal logic captures all of the nuance of natural language. Symbolic logic is the study of symbolic abstractions ... modern treatment, see cite book first A. G. last Hamilton title Logic for Mathematicians publisher ... more details
Ecosystem valuation is a widely used tool in determining the impact of human activities on an environmental system, by assigning an economic value to an ecosystem or its ecosystem services . Value of ecosystem services The simplest form of ecosystem valuation for economists is to hold that an ecosystem ... resources it yields each year. More complex arguments in ecosystem valuation regard environmental ... examples of this extreme case of ecosystem valuation biosphere valuation . Economists assign ... methods. Stated preference methods, such as the contingent valuation method ask people for their willingness ... to pay for the service. Is valuation economics, or ecology? Such valuation, and that of the effectiveness ... ecology as living systems, however, this does not extend to the economics of valuation by which they are related Considering valuation as an economic not ecological issue reflects the way these fields ... whether ecology should include valuation as an issue. It may be anthropocentric to do so, since valuation more clearly refers to a human perception rather than being an objective attribute ... those who deem markets to be out of control , ecosystem valuation is considered a marginal, ignored ... as viable as financial capital, which itself is determined on subjective valuation. Some even suggest that valuation of ecosystem services is more cogent than financial valuation, as the ecosystem would ... Valuation Reference Inventory http ecovalue.uvm.edu evp default.asp The EcoValue Project http www.naturevaluation.org Nature Valuation & Financing Network http www.ecosystemvaluation.org Ecosystem Valuation http conservation strategy.org en reports reports Reports on environmental valuation in Tropical countries http www.gecoserv.org GecoServ Gulf of Mexico Ecosystem Services Valuation Database DEFAULTSORT Ecosystem Valuation Category Environmental economics Category Systems ecology simple Ecosystem valuation ... more details
refimprove date September 2010 Griffith s Valuation was a survey of Ireland completed in 1868. ref cite news first last authorlink coauthors title Griffith s Valuation. What It Is, and When and How It ... Made. url quote Griffith s Valuation is a phrase no often heard but not always understood ... reference ... resolved not pay ... above the rate fixed by Griffith s valuation. The origin of the term dates ... nearly ... in 1806 1807 valuing terrain through the examination of its soils. He used the Scotch system of valuation ... the Office of Commissioner of Valuation. Tasks in Ireland In 1825 Griffith was appointed by the British ... Bill to provide for the general valuation of Ireland. This Act was passed in 1826, and he was appointed Commissioner of Valuation in 1827, but did not start work until 1830 when the new 6 maps, became ... charge of the ongoing revisions of the valuation on an annual basis. Griffith also served as Chairman of the Board of Works. He conducted two major valuation surveys. First, was the townland valuation, which was completed in the 1840s and which took the townland as the geographical unit of valuation ..., heretofore only the larger houses, principally those of the gentry had been valued in the first valuation ... were the valuations of County Armagh on 1 June 1865. Contemporary use of and dates of valuation The valuation is a vital document in genealogical research, since in the absence of census records in Ireland before 1901 the valuation records in many ways can act as a substitute. It is helpful ..., as follows ref cite book last1 Fitz Gerald first1 James F. V., Esq. title A Practical Guide to the Valuation ... chapter XVI Of the Ordnance or Griffith s Valuation quote List of Counties and Cities, showing the Dates at which the Valuation of each was completed. ref Counties Date of completion of survey Carlow ... griffith valuation index.xml Search Griffith s Valuation on Ask about Ireland website http www.leitrim ... s Valuation Than Just Names? by James R. Reilly, CGRS explains how to interpret Griffith ... more details
Contingent valuation is a statistical survey survey based economic technique for the valuation of non ... be tough to value using price based models. Contingent valuation surveys are one technique which is used to measure these aspects. Contingent valuation is often referred to as a stated preference model .... History Contingent valuation surveys were first proposed in theory by S.V. Ciriacy Wantrup 1947 as a method for eliciting market valuation finance valuation of a non market good economics ... s. Existence values are unable to be assessed through market pricing mechanisms so contingent valuation ... Sound was the first case where contingent valuation surveys were used in a quantitative assessment ... s revealed preference s in binding market transactions. Early contingent valuation surveys were .... ref Peter A. Diamond Jerry A. Hausman, Contingent Valuation Is Some Number better than No Number ... used in environmental valuation seemed to indicate people were expressing a general preference .... In response to criticisms of contingent valuation surveys, a panel of high profile economists ... valuation surveys should be carefully designed and controlled due to the inherent difficulties ... consequence of this decision is that they recommended contingent valuation surveys measure willingness .... As a result, current contingent valuation methodology corrects for these shortcomings, and current ... Residential Property Buyers Using Contingent Valuation Surveys, Journal of Real Estate ... valuation is now widely accepted as a real estate appraisal technique, particularly in contaminated ... of Contingent Valuation and Conjoint Analysis to the Required Body of Knowledge for the Estimation ... 1999 demonstrate the acceptability of contingent valuation in real estate expert testimony, ref ... valuation in litigation situations is described by Diamond 2000 . ref Shari S. Diamond, Reference ... a valuation of water quality and recreational opportunities in the river downstream from Glen ... more details
In algebra in particular in algebraic geometry or algebraic number field algebraic number theory , a valuation .... A field with a valuation on it is called a valued field . Definition To define the algebraic concept of valuation, the following objects are needed a field mathematics field K and its multiplicative ... nowrap end for all in . Then a valuation of K is any Map mathematics map nowrap v K which satisfies ... use the term exponential valuation rather than valuation . In this case the term valuation means absolute value algebra absolute value . A valuation v is called trivial or the trivial valuation of K ... that any valuation is a group homomorphism , while the third property is a translation of the triangle ... in , then a valuation of K is any map nowrap v K O satisfying the following properties for all ... are reversed. A valuation is commonly assumed to be surjective , since many arguments ... of the ordered group contained in its codomain . Also, the first definition of valuation given ... considerations and examples. Associated objects If nowrap v K is a valuation, then there are several objects that can be defined from it the value group of v or valuation group of v , denoted sub v sub , is v K sup sup , it is a subgroup of , the valuation ring of v , denoted R sub v sub is the set of elements a of K such that v a 0, it is a valuation ring , the prime ... of valuations Two valuations v sub 1 sub and v sub 2 sub of K with valuation group sub 1 sub and ... the same valuation ring. An equivalence class of valuations of a field is called a place ... completions of Q . span id extensions span Extension of valuations Let v be a valuation of K and let L be a field extension of K . An extension of v to L is a valuation w of L such that the function ... to this metric, then it is called complete valued field . Examples adic valuation Let R be a principal ... valuation of K is then given by math v pi 0 infty math math v pi a b e a e b, text for a,b in R, a, b ... more details
In abstract algebra , a valuation ring is an integral domain D such that for every element x of its field ... for every x in F , then D is said to be a valuation ring for the field F or a place of F . Since F is in this case indeed the field of fractions of D , a valuation ring for a field is a valuation ring. Another way to characterize the valuation rings of a field F is that valuation rings D of F have ... or equivalently their principal ideal s are totally ordered by inclusion. The valuation rings of a field ... B mathfrak m B math . In particular, every valuation ring is a local ring . Examples Any field is a valuation ... is a valuation ring. The field of fractions are the functions meromorphic on the whole plane. If f does ... p sub sup cl sup . Both Z sub p sup and Z sub p sub sup cl sup are valuation rings. Let k be an ordered ... infinite. The set D of finite elements of k is a valuation ring. The set of elements x such that x ... R is a valuation ring of R . F consists of all hyperreal numbers differing from a standard real by an infinitesimal ... of valuation ring. For a subring D of its field of fractions K the following are equivalent ... the valuation K sup × sup G with D x in K x 0 0 The equivalence of the first three definitions ... totally ordered abelian group G , there is a valuation ring D with value group G . Very rarely, valuation ... ideals The unit ring theory unit s, or invertible elements, of a valuation ring are the elements ... in V. Valuation We add to V the special value , defined to be larger than any other element of V , and such that x ... the properties of a valuation algebra valuation , and the study of valuations is essentially the study of valuation rings. Construction For a given totally ordered abelian group G and a residue ... math with math x g cdot x h x g h . math The valuation f for f in K is defined to be the least element ... f 0 along with 0 in K , form a subring D of K that is a valuation ring with value group G , valuation .... A value ring with a valuation of height one has a corresponding absolute value algebra absolute ... more details
Customs Valuation is the process where customs authorities assign a monetary value to a good or service for the purposes of import or export. Generally, authorities engage in this process as a means of protecting tariff concessions, collecting revenue for the governing authority, implementing trade policy, and protecting public health and safety. Custom duties, and the need for customs valuation, have existed for thousands of years among different cultures, with evidence of their use in the Roman Empire , the Han Dynasty and the Indian sub continent. The first recorded customs tariff was from 336 in Palmyra , an oasis city in the Syrian desert. ref Hironori Asakura, World History of the Customs ... century, the procedures used throughout most of the world for customs valuation were codified ... VII of GATT Article VII of the GATT outlines the requirements for Valuation for Customs Purposes ... of Article VII known as the WTO Agreement on Customs Valuation or the Valuation Agreement ensures .... ref United States Trade Representative Customs Valuation, http www.ustr.gov trade agreements wto multilateral affairs wto issues customs issues customs valuation ref The Agreement was negotiated ... by the WTO Committee on Customs Valuation, which holds two formal meetings a year. The Agreement also established a Technical Committee on Customs Valuation, which operates under the auspices ... substantive rules of customs valuation. Part II provides for the international administration of the Agreement ... valuation under the Agreement is transaction value as defined in Article 1. Article 1 defines transaction ... of importation. ref WTO Agreement on Customs Valuation, http www.wto.org english docs e legal e 20 ... it cannot be determined under the provisions of Article 1. The methods of customs valuation, in descending ... and Trade World Customs Organization References Reflist External links WTO Customs Valuation Gateway, http www.wto.org english tratop E cusval e cusval e.htm Categories DEFAULTSORT Customs Valuation ... more details
Relative valuation is a generic term that refers to the notion of comparing the price of an asset to the market value of similar assets. In the field of securities investment, the idea has led to important practical tools, which could presumably spot pricing anomalies. These tools have subsequently become instrumental in enabling analysts and investors to make vital decisions on asset allocation. Equities In equities , the concept separates into two areas one pertaining to individual equities and the other to indices. Individual equities The most common methodology for individual equities is based on comparing certain financial ratio s or multiples, such as the P B ratio price to book value , P E ratio price to earnings , EV EBITDA , etc., of the equity in question to those of its peers. This type of approach, which is popular as a strategic tool in the financial industry, is mainly statistical and based on historical data. Equity indexes For an equity index the above fails mainly because it is difficult to group indices into peer groups. Consequently, relative valuation here is generally carried out by comparing a national or industry stock index s performance to the economic and market fundamentals of the related industry or country. Those fundamentals may include GDP growth, interest rate and inflation forecasts, as well as earnings growth, among others. This style of comparison is popular among practising economists in their attempt to rationalise the connections between the equity markets and the economy. National equity index are not fully relevant in this respect due to the proportion of multinational companies listed in most national stock markets. Bonds In bond valuation .... See Bond valuation Relative price approach Bond valuation Relative price approach . References R.D. Cohen 2005 The Relative Valuation of an Equity Price Index http rdcohen.50megs.com RVEPIabstract.htm ... based valuation Category Stock market ... more details
Multiple issues essay like May 2008 orphan May 2008 unreferenced August 2008 Valuation Risk combines aspects of data management , financial engineering and modelling and uncertainties related to the changing conditions of financial markets . Valuation Risks have a direct impact on internal and regulatory compliance , counterparty exposure and performance management . Recently, valuation risks have led to reputational risks potentially impacting credit ratings, funding costs and the management structures of financial institutions. Valuation risks concern each stage of the transaction processing and investment management chain. From front office , to back office , distribution, asset management , private wealth and advisory services transparency, integrity and reliability of valuations have become critical. Moreover, issues associated with valuation risks go beyond the firm itself. With straight through processing and algorithmic trading , data and valuations must remain synchronized among the participants of the trade processing chain. The executing venue, prime brokers, custodian banks, fund administrators, transfer agents and audit now share files electronically and try to automate such processes, raising potential risks related to data management and valuations. The need to provide transparency and ensure the integrity and consistency of the data, models and processes used to process and report calculations within valuations is at the forefront of any risk management strategy ... exposure intricately mix into a single notion of valuation risk. Managing Valuation Risk Valuation .... It allows organisations to define and control pricing and valuation procedures as required for compliance ... and probabilities of default . In addition, an important aspect of managing valuation risk is associated ... changing assumptions. The final aspect of managing valuation risks relate to the action s that will be taken ... of events or simply overlooking the tail risk. DEFAULTSORT Valuation Risk Category Financial ... more details
refimprove date March 2009 accounting In finance , valuation is the process of estimating what something ..., financial reporting , taxable events to determine the proper tax liability, and in litigation . Valuation overview Valuation of financial assets is done using one or more of these types of models ... of market prices of similar assets. Valuation of options Option pricing model s are used for certain ... may be subject to personal opinion and vary among analysts. Business valuation Business es or fractional ..., sale of securities, and taxable events. An accurate valuation of privately owned companies largely ... an incentive to buy a riskier bond. For a valuation using the discounted cash flow method, one ... of stock or sales of entire firms. The observed prices serve as valuation benchmarks. From ... is not relevant. The valuation premise normally used is that of an orderly liquidation of the assets, although some valuation scenarios e.g. purchase price allocation imply an in use valuation such as depreciated ..., valuation analysis is required for many reasons including tax assessment, wills and estates, divorce .... Where the valuation is for the purpose of a mergers and acquisitions merger or acquisition the respective ... disclosure agreement . It is important to note that valuation is part art and science because ... can lead to different valuation methods or different interpretations of the method results. All valuation ... to them. Then they can weigh the degree of reliability of the result and make their decision. Valuation of a suffering company Additional adjustments to a valuation approach, whether it is market ... 2008 . A Practitioner s Guide to CorRestructuring, Andrew Miller s Valuation of a Distressed Company page 24. ISBN 9781905121311 ref Valuation of intangible assets Valuation models can be used to value ... its market capitalisation and its book value by including only hard assets in it . Valuation of mining projects In mining , valuation is the process of determining the value or worth of a mining ... more details
mergefrom Enterprise value date September 2011 Business valuation is a process and a set of procedures used to estimate the valuation finance economic value of an owner s interest in a business. Valuation finance Valuation is used by financial market participants to determine the price they are willing ..., the same valuation tools are often used by business appraisers to resolve disputes related ... of a business can be measured, the valuation assignment must specify the reason for and circumstances surrounding the business valuation. These are formally known as the business value standard and premise ... of its assets minus the related debt sum of the parts or assemblage of business assets . Business valuation ... are assumed because they yield a uniform standard of value, after applying generally accepted valuation .... Elements of business valuation Economic conditions Globalize USA date March 2011 A business valuation ... existing as of the valuation date, as well as the conditions of the industry in which the subject business operates. A common source of economic information for the first section of the business valuation ... and industry comparative analysis. This permits the valuation analyst to compare the subject company ..., the valuation expert can view growth or decline in revenues or expenses, changes in capital structure ..., asset and market approaches Three different approaches are commonly used in business valuation the income ... business valuation three approaches.html Economic Principles behind the Market, Asset and Income ... the same region. A number of business valuation models can be constructed that utilize various methods under the three business valuation approaches. Venture Capitalists and Private Equity professionals ... approach. In determining which of these approaches to use, the valuation professional must ... for the valuation of closely held operating companies. Discount or capitalization rates A discount ... flow s. On the other hand, a capitalization rate is applied in methods of business valuation that are based ... more details
Studio Scene WGA4049.jpg 380px thumb An art studio visit Art valuation , an art specific subset of Valuation finance financial valuation , is the process of estimating the potential market value of works ... views of cultural value play a part as well. Art valuation involves comparing data from multiple ... at a value. Art valuation is accomplished not only for collection, investment, divestment, and financing ... Christie s and http www.sothebys.com help faq faq beforeauction.html a04 Sotheby s descriptions of valuation. ref Historic valuation and contemporary art The source of a work s artistic charisma has ... fungible like stock s, they have valuation challenges not similarly affecting securities. ref ... valuation relies to a great extent on the advice and enthusiasm of a variety of specialized market analysts ... analysis and thus valuation of such work is more difficult, and more speculative. ref name gerald ... valuation measures, its axiomatic effect is of lesser artistic diversity negatively impacting ... Byzantine valuation methods, and a perceived lack of ethical behavior enabled by structural inadequacies in the market itself. In response, a 2009 debate occurred between valuation setting members ... of final valuation by selling price at auction. ref name transpADAA2 ADAA, video 3 at 22 05 min, et seq.. ref Valuing Art Art valuation activity concerns itself with estimating market demand ..., and with valuation trends such as average sale price and mean estimates. ref name artnetTrends ... an effect on the auction prices. ref name campbellRAJ Valuation trends Trends for values from the world ... impact on the selling price for those artists works and as a result, the valuation of those works ... the prices quoted in those databases reflect auction hammer price without other, crucial valuation ... their use for art valuation is but one source among many needed for determining value. ref name campbellRAJ General valuation factors Valuation estimates are given in ranges of prices to offset uncertainty ... more details
Cleanup date September 2008 Unreferenced date September 2008 An inventory valuation allows a company to provide a monetary value for items that make up their inventory . Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statement s. If inventory is not properly measured, expenses and revenue s cannot be properly matched and a company could make poor business decisions. Inventory accounting systems The two most widely used inventory accounting system s are the periodic and the perpetual. br Perpetual The perpetual inventory system requires accounting records to show the amount of inventory on hand at all times. It maintains a separate account in the subsidiary ledger for each good in stock, and the account is updated each time a quantity is added or taken out. Periodic In the periodic inventory system, sales are recorded as they occur but the inventory is not updated. A physical inventory must be taken at the end of the year to determine the cost of goods sold. Regardless of what inventory accounting system is used, it is good practice to perform a physical inventory at least once a year. Inventory costing methods periodic The periodic system records only revenue each time a sale is made. Determining the cost of goods sold requires taking inventory. The most commonly used inventory costing methods under a periodic system are FIFO and LIFO accounting first in first out FIFO last in first out LIFO average cost or weighted average cost These methods produce different results because their flow of costs are based upon different assumptions. The FIFO method bases its cost flow on the chronological order purchases are made, while the LIFO method bases it cost flow in a reverse chronological ... Under certain circumstances, Valuation finance valuation of inventory based on cost is impractical ... of valuation is recommended. This method allows declines in inventory value to be offset against income ... more details
Thoroughbred valuation is the art of determining the value or potential value of a Thoroughbred horse, particularly of horse racing race horses . Prices on Thoroughbreds vary greatly, depending on age, Purebred pedigree , equine conformation conformation , and other market factors. ref cite web url http extension.umd.edu publications PDFs FS665.pdf title Price Factors and Sales Trends accessdate 2008 06 05 work Maryland Cooperative Extension format pdf author Commer, Malcolm publisher University of Maryland ref In 2007, Keeneland Sales , a United States based sales company, sold 9,124 horses at auction, with a total value of 814,401,000, which gives an average price of 89,259. ref name Keeneland2007 cite web url http ww2.keeneland.com sales lists copy recap.aspx title Yearly Sales Recap accessdate 2008 06 05 author Keeneland Sales work Keeneland Sales Website publisher Keeneland Sales ref As a whole for the United States in 2007, The Jockey Club auction statistics indicate that the average weanling sold for 44,407, the average yearling sold for 55,300, average sale price for two year olds was 61,843, broodmares averaged 70,150, and horses over two and broodmare prospects sold for an average of 53,243. ref cite web url http www.jockeyclub.com factbook.asp?section 13 title 2007 Auction Statistics accessdate 2008 06 05 author The Jockey Club work The Jockey Club Factbook publisher The Jockey Club ref For Europe, the July 2007 Tattersall s Sale sold 593 horses at auction, with a total for the sale of 10,951,300 Guinea British coin guineas , ref Traditionally, the obsolete guinea, 1.05, formerly 21 Shilling United Kingdom shillings , is retained as the unit of account for these sales. ref for an average of 18,468 guineas. ref cite web url http www.tattersalls.com title Tattersall s Select Sales & Results, then July accessdate 2008 06 05 author Tattersalls work Tattersall s Website publisher Tattersall s ref Doncaster Bloodstock Sales, another British sales firm, in 2007 sold ... more details
instance. Tautologies A propositional formula is a tautology logic tautology if it is true under every valuationlogicvaluation or Interpretation logic interpretation of its predicate symbols. If ...Substitution is a fundamental concept in logic . Substitution is a syntax logic syntactic transformation on String computer science strings of symbol formal symbols of a formal language . In propositional logic , a substitution instance of a propositional formula is a second formula obtained by replacing symbols of the original formula by other formulas. For any consistency consistent formal system , any substitution of a tautology logic tautology will also produce a tautology. Definition Where and represent Well formed formula formula s of propositional logic, is a substitution instance of if and only if may be obtained from by substituting formulas for symbols in , always replacing an occurrence of the same symbol by an occurrence of the same formula. For example R imp S & T imp S is a substitution instance of P & Q and A eqv A eqv A eqv A is a substitution instance of A eqv A In some deduction systems for propositional logic, a new expression a proposition may be entered on a line of a derivation if it is a substitution instance of a previous line of the derivation Hunter 1971, p. 118 . This is how new lines are introduced in some axiomatic system s. In systems ... for the purpose of introducing certain variables into a derivation. In first order logic , every ... in Equality mathematics Some basic logical properties of equality First order logic Rules of inference ... to the Metatheory of Standard First Order Logic . University of California Press. ISBN 0 520 01822 2 Kleene, S. C. 1967 . Mathematical Logic . Reprinted 2002, Dover. ISBN 0 486 42533 9 DEFAULTSORT Substitution Logiclogic Category Propositional calculus Category Concepts in logic Category Logical truth Category Automated theorem proving Category Logic programming de Substitution Logik ... more details
Orphan date December 2007 Context date October 2009 Valuation based system VBS is a framework for knowledge representation and inference. Real world problems are modeled in this framework by a network of interrelated entities, called variables. The relationships between variables possibly uncertain or imprecise are represented by the functions called valuations. The two basic operations for performing inference in a VBS are combination and marginalization. Combination corresponds to the aggregation of knowledge, while marginalization refers to the focusing coarsening of it. VBSs were introduced by Prakash P. Shenoy in 1989 as general frameworks for managing uncertainty in expert system s. Applications VBS are used for knowledge representation in expert systems and data fusion. Bibliography Shenoy, Prakash P. A valuation based language for expert systems. Int. Journal of Approximate Reasoning , vol. 3, no. 2, pages 383 411, 1989. Shenoy, Prakash P. Valuation based systems A framework for managing uncertainty in expert systems. In L. A. Zadeh and J. Kacprzyk, editors, Fuzzy Logic and the Management of Uncertainty , chapter 4, pages 83 104. Wiley, New York, 1992. Shenoy, Prakash P. and Shafer, G. Axioms for probability and belief function propagation. In J. Pearl G. Shafer, editor, Readings in uncertain reasoning , pages 575 610. San Mateo, CA Morgan Kaufmann, 1990. External links http www.idsia.ch alessio TAES VBS.pdf Application of VBS to a threat assessment problem Category Logic ... more details
logic , where a tautology is defined as a propositional formula that is true under any possible Boolean valuation of its propositional variable s. A key property of tautologies in propositional logic ...About the term in formal logic other uses Tautology disambiguation Tautology No footnotes date September 2010 In logic, a tautology from the Greek language Greek word is a well formed formula formula which is true in every possible interpretation logic interpretation . Philosopher Ludwig Wittgenstein first applied the term to redundancies of propositional logic in 1921 it had been used earlier ... in predicate logic , which may contain Quantification quantifiers , unlike sentences of propositional logic. In propositional logic, there is no distinction between a tautology and a Validity logically valid formula. In the context of predicate logic , many authors define a tautology to be a sentence that can be obtained by taking a tautology of propositional logic and uniformly replacing ... of such formulas is a proper subset of the set of logically valid sentences of predicate logic which are the sentences that are true in every structure mathematical logic model . History The word ... tautologies . Between 1800 and 1940, the word gained new meaning in logic, and is currently used in mathematical logic to denote a certain type of propositional formula, without the pejorative connotations ... is still valid. In 1800, Immanuel Kant wrote in his book Logic The identity of concepts in analytical ... proposed in his Grundlagen that a truth is analytic exactly if it can be derived using logic. But he ... truth synthetic , he later spoke in favor of them in 1918 Everything that is a proposition of logic .... Here logical proposition refers to a proposition that is provable using the laws of logic. During the 1930s, the formalization of the semantics of propositional logic in terms of truth ... regardless of the truth or falsity of their propositional variables. Some early books on logic ... more details
Relevance logic , also called relevant logic , is a kind of non classical logic requiring the Antecedent logic antecedent and consequent of Entailment implications be relevantly related. They may be viewed as a family of substructural logic substructural or modal logic modal logics. It is generally, but not universally, called relevant logic by Australian logicians, and relevance logic by other English speaking logicians. Relevance logic aims to capture aspects of implication that are ignored by the material implication operator in classical truth functional logic, namely the notion of relevance ... to invent modal logic, and specifically strict implication , on the grounds that classical logic grants ... to whether two and two is four. How does relevance logic formally capture a notion of relevance ... feature of relevance logics is that they are paraconsistent logic s the existence of a contradiction ... cannot be true or derivable . History Relevance logic was proposed in 1928 by Soviet Russian philosopher Ivan E. Orlov 1886 circa 1936 in his strictly mathematical paper The Logic of Compatibility ... in medieval logic, and some pioneering work was done by Wilhelm Ackermann Ackermann , ref Citation ... Wilhelm Ackermann journal Journal of Symbolic Logic pages 113 128 volume 21 issue 2 ref Moh ... The Logic of Relevance and Necessity in the 1970s the second volume being published in the nineties ... kinds are supposed to be both relevant and necessary. Semantics Relevance logic is, in syntactical terms, a substructural logic because it is obtained from classical logic by removing some ... of a natural deduction system . It is sometimes referred to as a modal logic because it can be characterized ... semantics for relevant logic, the implication operator is a binary modal operator, and negation ... F is a frame and V is a valuation function mapping sets of worlds propositions to propositional letters ... Alan Ross Anderson and Nuel Belnap , 1975. Entailment the logic of relevance and necessity, vol ... more details
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