Nuclear Waste Transport and Residential Property Values: Estimating the Effects of Perceived Risk

In: Business and Management

Submitted By volsfanforlife
Words 1044
Pages 5
Nuclear Waste Transport and Residential Property Values: Estimating the Effects of Perceived Risk

by Jeff Smith

This paper attempts to use a current, highly publicized case regarding spent nuclear fuel shipments in South Carolina to test the effects on residential property values. As the title implies, the premise is that perceived risk may be all that’s necessary to affect human behavior, whether the perception is true or not. The authors cite previous studies that have empirically proven that environmental disamenities (hazardous waste sites, garbage dumps, etc.) reduce residential property values. Several other studies cited show that housing markets respond to both the introduction and elimination of disamenities. The authors associate this to the possibility of changing risk perceptions. What is the bottom line from these studies? “Sticky” housing prices may be associated with the differing perceptions of risk by experts and lay persons. Looking specifically at housing prices and nuclear material, this paper uses several studies that failed to establish a link between property values in the vicinity and nuclear power plants that were in close proximity to the houses. This is presumably due to the positive economic affect associated with the plant, such as increased tax base and high paying jobs. However, the authors study nuclear waste storage and transport, an area that may show a negative relationship because there are no offsetting economic benefits, such as well-paying jobs or larger tax revenues. The study focuses on shipments through three counties in South Carolina: Aiken, Beasley and Charleston. Shipments consisted of highly radioactive spent fuel rods, which were previously loaned to foreign governments under the condition that the rods be returned to the U.S. once they were spent (to prevent use of the rods in nuclear weapons).…...

Similar Documents

Risk Practice for Nuclear Construction

...Assessment 1: Risk Management Plan Development and Operation of a Nuclear Power Plant (Taking Fukushima Daiichi Nuclear Power Plant in Japan as an example to make a risk management) Student Name : Cong Danh Bui Student ID :11381581 Lecturer : David Eager Abstract This report will give out a risk management plan for the development and operation of Fukushima Daiichi Nuclear Power Plant in Japan, based on the AS/NZS ISO 31000:2009 standard. The report will begin with the definition of communication and consultation task before coming to the establishing the context, which is to define risks in term of finding the internal and external factors or some risk criteria that influencing in risks management. After that, risk assessment is implemented, including identification, analysis and evaluation. Then, some treatments will be applied to adjust those risk event. Finally, recording the process as well as monitoring and review, the crucial task in every risk management, is done to make sure that the management can bring efficiency in improving the control. Figure 1. Risk Management Process (Source NS/NZS ISO 31000:2009) Word count: 2600 words – excluding abstract, reference and appendix Appendix I. Introduction…………………………………………………………………………………......3 1.1. Power Plant Information……………………………………………………………………...4 1.2. Construction Details…………………………………………………………………………..5 II. Communication and Consultant………………………………………………………………..6 III. Establishing the......

Words: 3067 - Pages: 13

Risk Analysis Estimating Methods - Scheduling Risks

...Risk Analysis Estimating Methods - Scheduling Risks   As Applied to the Panama Canal Case Study 11/8/2010 Kendrick argues that establishing project planning is a necessary key requirement of managing project schedule risk (2009, p.334). Regardless of how thoroughly a project manager works to ensure that a project’s schedule is accurate, he or she cannot fully control the inevitable and random influences that may negatively impact their project schedule. Equipment failures, nature, and sick employees are just a few of the uncontrollable factors that may jointly cause a project manager to miss their project’s target date. In preparation for these risks, a project manager needs discipline to devise an appropriate, risk-controlled project schedule. These Kendrick states that scheduling risks fall into three categories (2009, p.71):   * Delays - Usually caused by material delivery and availability issues.   * Estimates - Minimize this risk by using better estimation procedures.   *   Dependencies - When one project depends on other projects or systems, a failure or delay in any area can cause a domino effect. Risk Identification is the process of documenting risks that threaten a project and determining which of those risk have the potential to cause the most impact it. The act approximating the degree of impact a risk may have on a project schedule is referred to as estimating.   This paper discuses two tools or techniques of estimating scheduling risks used to......

Words: 802 - Pages: 4

Value at Risk

...Initially, the VaR has been anticipating to quantify the available risks in derivatives markets, but it has grown widely and it has now been applied in measuring all kinds of risks, primarily credit and market risks. It also developed from a tool that quantifies risk to a tool that is applied in active risk management. Today VaR has shifted beyond application in financial institutions. In the beginning, companies with largely exposed to financial markets used other kinds of activities before spreading to other businesses. Today, an ever-growing numbers of individual businesses apply and appreciate VaR as an effective tool for quantifying financial risksKrause (2003). This trend is evidently aided by the fact that non-specialists easily understand VaR. The risks of the prevalent use of VaR are an overdependence on the results it gives, misconception, and even abuse. It is as a result that, essential individuals using VaR understand its problems and limitations. In this paper, I will explore in depth these constraints, which unluckily do not mark prominently. To begin with, the VaR estimate is founded on precedent data, that is, it uses past distribution of effects of the investment. However, to calculate the peril of an investment, it is of no concern how big this risk has been in the earlier period, but fairly on how much exposure there is within the existing period; therefore, the future distribution of outputs would be the appropriate to consider. As long as the division...

Words: 1351 - Pages: 6

Waste Management

...A.2 Case Waste Management Synopsis In February 1998 Waste Management announced that it was restating its financial statements for 1993 through 1996. In its restatement, Waste Management said that it had materially overstated its reported pretax earnings by $1.43 billion. After the announcement, the company’s stock dropped by more than 33 percent, and shareholders lost over $6 billion. The SEC brought charges against the company’s founder, Dean Buntrock, and five other former top officers. The charges alleged that management had made repeated changes to depreciation-related estimates to reduce expenses and had employed several improper accounting practices related to capitalization policies, also designed to reduce expenses.1 In its final judgment, the SEC permanently barred Buntrock and three other executives from acting as officers or directors of public companies and required payment from them of $30.8 million in penalties.2 History In 1956 Dean Buntrock took over Ace Scavenger, a garbage collector owned by his father-in-law, who had recently died. After merging Ace with a number of other waste companies, Buntrock founded Waste Management in 1968.3 Under Buntrock’s reign as its CEO, the company went public in 1971 and then expanded during the 1970s and 1980s through several acquisitions of local waste hauling companies and landfill operators. At one point the company was performing close to 200 acquisitions a year.4 From 1971 to 1991 the company enjoyed 36 percent...

Words: 5975 - Pages: 24

Value and Risk

...draft: August 2007 Comments welcome The Anatomy of Value and Growth Stock Returns Eugene F. Fama and Kenneth R. French* Abstract We break average returns on value and growth portfolios into dividends and three sources of capital gain, (i) growth in book equity primarily due to earnings retention, (ii) convergence in price-tobook ratios (P/B) due to mean reversion in profitability and expected returns, and (iii) upward drift in P/B during 1927-2006. The capital gains of value stocks trace mostly to convergence: P/B rises as some value firms become more profitable and their stocks move to lower expected return groups. Growth in book equity is trivial to negative for value portfolios, but it is a large positive factor in the capital gains of growth stocks. For growth stocks, convergence is negative: P/B falls because growth firms do not always remain highly profitable with low expected stock returns. Relative to convergence, drift is a minor factor in average returns. Graduate School of Business, University of Chicago (Fama), and Amos Tuck School of Business, Dartmouth College (French). We are grateful for the comments of Jonathan Lewellen. * Value stocks (with low ratios of price to book value) have higher average returns than growth stocks (high price-to-book ratios). (See, for example, Rosenberg, Reid, and Lanstein 1985, Fama and French 1992.) Our goal is a better understanding of the sources of this value premium in returns. The one-period simple return on a......

Words: 7619 - Pages: 31

Perceived Risk and Their Influences on Online Shopping

...PERCEIVED RISK AND THEIR INFLUENCES ON ONLINE SHOPPING Major Project Report Submitted for the partial fulfillment of the requirement for the award Of Master in Business Administration Submitted by: Under the Guidence Kamal Kumar Dr. Vibhuti Tripathi 2012MB35 School of Management Studies Motilal Nehru National Institute of Technology Allahabad – 211004 May, 2014 Introduction Online Shopping There are many factors that point toward the potential for rapid growth of online shopping in India. In terms of education, India annually produces 2 million college graduates including approximately 200,000 engineers and 300,000 technically qualified graduates. The government of India has been heavily promoting investment in the telecom sector in recent years with the number of telephones increasing from 55 million in 2003 to 621 million in 2010. During the same period, broadband subscribers grew from .2 million to 8.8 million. Penetration of the internet, however, is comparatively lower at 6.9 percent of the population in 2009 compared to the world average of 26.8 percent (Internet World Stats, 2010), pointing to growth potential in the Indian market. Electronic payment in India is also steadily increasing thanks to a large young population with growing disposable incomes. There is evidence that the current economic crisis encourages online shopping as more and more Indian shoppers are motivated to compare prices among......

Words: 4268 - Pages: 18

Effects of Nuclear War

...Joshua Roberts Dr. Stanford-Bowers English 102 21 July 2013 Environmental Effects of Nuclear War Thesis: If large scale nuclear war broke out, it would make large areas of the earth uninhabitable and almost completely destroy the environment. I. Immediate effect to the environment a. The Nuclear Blast b. The Thermal Radiation c. Direct nuclear Radiation II. Effects That bring about nuclear winter d. Surface temperature drops e. Upper atmosphere heats causing ozone loss III. Fallout and its effects on the environment f. How people are exposed to fallout g. The effects of this exposure h. How long nuclear fallout last The atomic bomb is our single greatest piece of technology and also the worst piece of destruction we have ever created. It is because of the research in to nuclear weapons that we have had some of our greatest technological breakthroughs in electrical power and medicine. On the other hand, it is this research and testing that have changed our world completely and not for the better. According to Ramesh Thakur “When Manhattan project director J Robert Oppenheim first saw a nuclear explosion he quoted the bhagavad gita”Now I am become death, the shatterer of worlds”” (28). Because of all the superpowers dependence on nuclear weapons we are getting closer to seeing our worst nightmares of an all-out nuclear war becoming a reality. It is through the accident at the Chernobyl power plant and......

Words: 2290 - Pages: 10

Various Strategy Adopted in the Maintenance of Residential Properties

...allocation to the housingsector and resources becoming more and morelimited in the face of growing population,governments are increasingly shifting their attentionaway from new housing development towardsmaintenance of existing ones (Leong, 2009). Maintenance primarily, is to preserve buildings intheir initial functional, structural and aesthetic Statesso that they continue to remain as such and retaintheir investment value over a long period of existence. It is therefore necessitated by deteriorationof the materials and components of buildings and itsenvironment. It is the works undertaken in order tokeep or restore every part of the buildings, itscontents and its environment in an acceptablestandard or condition. This includes but not limited tothe carrying out regular repairs of works and thereplacement of items in buildings and its environmentthat are in deplorable conditions. Odeleye (1995) has posited that in order to prolongthe economic life of property, it is necessary to have a programme of action that would be effectivelyimplemented to keep the property in top form toenable optimum returns to be received on acontinuous basis. This implies that, there is the needto look at the maintenance of existing publichousing estates in order to restore them intoacceptable conditions for habitation or at least toprolong the life-span of the buildings and othercomplimentary services through regular maintenanceactivities, more so that the intensity of buildingmaintenance becomes......

Words: 3789 - Pages: 16

Causes and Effects of Nuclear Energy

...Causes & Effects of Nuclear Energy Read more : Nuclear power is often hailed as a powerful and important alternative energy source in the quest to reduce dependency on fossil fuels. Through fusion and fission, nuclear power has many important uses such as power and national security, but it also has some controversial effects on human health and the environment. Cause: Weapons Nuclear weapons are created through nuclear fusion reactions, which occurs when two light atoms are fused at high speeds to create a larger atom with a heavier nucleus. This reaction releases monumental amounts of energy and creates large explosions. The most famous examples of nuclear weapon use were the hydrogen bombs dropped on the cities of Hiroshima and Nagasaki, Japan, in 1945. The creation and retention of these weapons was also a main factor in the Cold War between the United States and Soviet Union. Many nations believe these weapons increase national security by dissuading other nations from attacking them. Effect: Radiation While the bombing on Japan did cause serious physical damage due to the initial explosion, the health effects of radiation from nuclear weapons can be more devastating than the original explosion. Ionizing radiation from weapons causes living cells to sicken or mutate, causing nausea, vomiting, open sores, skin irritation, burns, ulcers, internal bleeding, hair loss and cancer. Acute exposure...

Words: 543 - Pages: 3

Perceived Value for International Students

... Edited the topic student wanted I come up with an appropriate topic PERCEVED VALUE OF INTERNATIONAL STUDIES: CASE STUDY, APPROACH OF PRIVATE HIGHER EDUCATION INSTITUITION. Name: Institution: Remember questionnaire I did re write it whole Abstract The international students’ enrolment in Malaysian private higher education institutions acts as a major contributor to the national economic ability of the higher education institutions. Consequently, this has led to the rise of several studies concerning international students on many aspects, including their perceptions, living experiences, and their behaviors towards the renowned values of the choice of their private higher education institution in Malaysia. In this context, there are very few studies that have looked into international students’ overall satisfaction with their experiences in private higher education institutions. This study is committed to investigate the factors affecting decision making of international students in choosing Malaysian private higher education institutions as a study destination for their postgraduate studies. Sampling chosen for this research are international students currently studying at XX College, one of the leading private higher education institutions in Malaysia. This study contains a theoretical......

Words: 16228 - Pages: 65

Value at Risk

...Undergraduate Research Opportunity Programme in Science Value at Risk Dai Bo Supervisor: Dr. Arie Harel Department of Mathematics National University of Singapore Academic year (2000/2001) I Summary Value at Risk (VaR) is one of the most popular tools used to estimate exposure to market risks, and it measures the worst expected loss at a given confidence level. In this report, we explain the concept of VaR, and then describe in detail some methods of VaR computation. We then discuss some VaR tools that are particularly useful for risk management, including marginal VaR, incremental VaR and component VaR. The next consideration is the effect of time varying risk, which can be estimated by a moving average model or a GARCH process. Finally, we introduce some back testing methods to validate the use of VaR model. All description, definitions, examples, results, proofs, tables, and remarks in this report are taken from the 2nd edition of the book of Philppe Jorion “Value at Risk” (Jorion 2001), unless otherwise indicated. II Table of contents Cover page I Summary II Table of contents III Chapter 1 Motivation and Introduction 1 1.1 Motivation 1 1.2 Introduction 1 1.3 Overview of the report 2 Chapter 2 VaR computation 3 2.1 Definition of VaR 3 2.2 Measuring returns 3 2.3 Computation of VaR 4 2.4 VaR measurement over different parameters 9 2.5 Choice of......

Words: 3437 - Pages: 14

Estimating Risk and Return

... ESTIMATING RISK AND RETURN MARISOL ROSARIO MARCH 13, 2016 NANCY ODETT ESTIMATING RISK AND RETURN Question 1: * Proficient-level: "Why is expected return considered forward-looking? What are the challenges for practitioners to utilize expected return?" (Cornett, Adair, & Nofsinger, 2016, p. 258). * Distinguished-level: Explain the role of probability distribution in determining expected return. * Question 2: * Proficient-level: "Describe how different allocations between the risk-free security and the market portfolio can achieve any level of market risk desired" (Cornett, Adair, & Nofsinger, 2016. p. 258). * Distinguished-level: Provide examples of a portfolio for someone who is very risk averse and for someone who is less risk averse. * Question 3: * Proficient-level: Refer to the table below to complete this question. "Compute the expected return given these three economic states, their likelihoods, and the potential returns" (Cornett, Adair, & Nofsinger, 2016, p. 259). * Distinguished-level: Recalculate the expected return under a set of changed economic probabilities. * Question 4: * Proficient-level: "If the risk-free rate is 3 percent and the risk premium is 5 percent, what is the required return?" (Cornett, Adair, & Nofsinger, 2016, p. 259). * Distinguished-level: Identify which financial security's return is typically considered the risk-free rate. * Question 5: *......

Words: 488 - Pages: 2

Nuclear Waste Storage

... Nuclear Waste Storage The nuclear waste material is the useless waste material after screening from the nuclear reactor and the process of nuclear fuel production and machining (Michio and Jennifer, 1983). There are three characteristics of nuclear waste material. The first one is it has radioactivity, it can radiates harmful radial and can not use normal physics, chemistry or biology method to eliminate. The second characteristic of nuclear waste material is radiation hazards. It means when the harmful radial from nuclear waste material touch stuffs can make some hazard damage, such as burn people’s skin. The third characteristic is generating heat. After a series of reaction, the nuclear waste material will generate a lot of heat from the inside and makes pollution (Wang, 2009). Therefore, because of those dangers characteristic, how to handling and storage the nuclear waste materials safety and permanently is a serious problem for every country. Scientists from many countries used to think about several ways to storage the nuclear waste materials, and the way to storage is according three types of specificactivity nuclear waste materials, which are high-level wastes, mid- level wastes and low-level wastes. There are two necessary requirements about safety and permanently storage the nuclear waste materials, a sealing container and a safe place. Because of some kinds of high-level wastes have over ten thousand year radiate period, so it is hard to find a sealing container......

Words: 855 - Pages: 4

Estimating Risk and Return

...return investors expect to receive in the future. This comes in the form of compensation for the market risk taken. The challenge that practitioners face in utilizing expected return is not being able to precisely know what the future holds. Therefore, methods to estimate the expected return are created. * Distinguished-level: Explain the role of probability distribution in determining expected return. * Question 2: * Proficient-level: "Describe how different allocations between the risk-free security and the market portfolio can achieve any level of market risk desired" (Cornett, Adair, & Nofsinger, 2016. p. 258). An investor can allocate money between a risk-free security that has zero risk (β=0), and the market portfolio that has market risk (β=1). If 75% of the portfolio is invested in the market, then the portfolio will have a β=0.75. If only 25% is invested in the market, then the portfolio will have a market risk of β=0.25. * Distinguished-level: Provide examples of a portfolio for someone who is very risk averse and for someone who is less risk averse. The first example (β=0.75) might be taken by a less risk averse investor while the second example (β=0.25) illustrates the portfolio of a more risk averse investor. By allocating the investment money between 0 and 100% into the market portfolio, an investor can achieve any level of market risk desired. * Question 3: * Proficient-level: Refer to the table below to complete......

Words: 891 - Pages: 4

Environmental Concerns, Mission-Related Risks and Potential Effects

...mission, each of us must comply with the host nation, with Federal, State and Local environmental laws and Regulations. Protecting the environment is everyone responsibilities. The best way we can comply with this is identifying the different areas such as: Areas of environmental concerns, mission- related environmental risks and Potential effects of environmental factors on missions and operations. 1-. Areas of Environmental Concerns: A-.Hazardous Waste (HW): Units must • Have a collection and turn in point • Keep a cleanup, report and document any hazardous spill properly. • Transport all HW according to local and installation procedures. B-.Hazardous material (HM): Units must • Report the location of any unexploded ordnance. • Conduct maintenance involving that HM only after being trained. • Maintain a current inventory and a material safety data sheet (MSDS). • Support the Installation Recycling Program. • Remove materials such as expended brass, communication wires, concertina, booby traps, and propellant charts from training sites. • Conduct police calls to collect and dispose of solid-waste materials (trash). • Dispose of liquid waste from kitchens, showers and baths properly. • Avoid entering terrain drainage areas with vehicles unless the area is dry and the ground will support such activities. C-. Noise Pollution; Units must • Avoid tactical maneuvers in erosion susceptible areas and refill fighting positions. • Verify range......

Words: 757 - Pages: 4