Developing a Methodology to Evaluate Various Parameters of the General Interest as Defined in Political Philosophy of J. J. Rousseau

The“social contract”is the most famous philosophical text of Zac Jacques Roussos,which was to influence the intellectual and political movement of the 18th century.By publishing the“social contract”or“Civil Law Principles”in 1762,Rousseau,presenting his theory of the state and seeking the foundation of civil society,attempts to expose the conditions of a stable and just state by putting freedom as a precondition for law and the common good must be lawful.A central place in its political theory is the concept of general will,which is in the general interest(otherwise the common good)and on which the idea of a favored constitutional state is based.We estimate approximately the size of the external economy by the method of the Contingent Valuation Method(CVM).The Contingent Valuation Method(CVM)is a survey-based technique,frequently used in Experimental Economics,especially useful for the valuation of non-market resources/goods/services,and cultural heritage objects(of aesthetic,historic,scientific,or social value),such as conservation of monumental remains and preservation of the physical and anthropogenic environment.

Influence of Human Activity Intensity on Habitat Quality in Hainan Tropical Rainforest National Park,China

Due to long-term human activity interference,the Hainan Tropical Rainforest National Park(HTRNP)of China has experienced ecological problems such as habitat fragmentation and biodiversity loss,and with the expanding scope and intensity of human activity impact,the regional ecological security is facing serious challenges.A scientific assessment of the interrelationship between human activity intensity and habitat quality in the HTRNP is a prerequisite for achieving effective management of ecological disturbances caused by human activities and can also provide scientific strategies for the sustainable development of the region.Based on the land use change data in 2000,2010,and 2020,the spatial and temporal variations and the relationship between habitat quality(HQ)and human activity intensity(HAI)in the HTRNP were explored using the integrated valuation of ecosystem services and trade-offs(InVEST)model.System dynamics and land use simulation models were also combined to conduct multi-scenario simulations of their relationships.The results showed that during 2000–2020,the habitat quality of the HTRNP improved,the intensity of human activities decreased each year,and there was a negative correlation between the two.Second,the system dynamic model could be well coupled with the land use simulation model by combining socio-economic and natural factors.The simulation scenarios of the coupling model showed that the harmonious development(HD)scenario is effective in curbing the increasing trend of human activity intensity and decreasing trend of habitat quality,with a weaker trade-off between the two compared with the baseline development(BD)and investment priority oriented(IPO)scenarios.To maintain the authenticity and integrity of the HTRNP,effective measures such as ecological corridor construction,ecological restoration,and the implementation of ecological compensation policies need to be strengthened.

Spatiotemporal variations in ecosystem services and their trade-offs and synergies against the background of the gully control and land consolidation project on the Loess Plateau,China

Studying the spatiotemporal variations in ecosystem services and their interrelationships on the Loess Plateau against the background of the gully control and land consolidation(GCLC)project has significant implications for ecological protection and quality development of the Yellow River Basin.Therefore,in this study,we took Yan'an City,Shaanxi Province of China,as the study area,selected four typical ecosystem services,including soil conservation service,water yield service,carbon storage service,and habitat quality service,and quantitatively evaluated the spatiotemporal variation characteristics and trade-offs and synergies of ecosystem services from 2010 to 2018 using the Integrated Valuation of Ecosystem Services and Trade-offs(InVEST)model.We also analysed the relationship between the GCLC project and regional ecosystem service changes in various regions(including 1 city,2 districts,and 10 counties)of Yan'an City and proposed a coordinated development strategy between the GCLC project and the ecological environment.The results showed that,from 2010 to 2018,soil conservation service decreased by 7.76%,while the other three ecosystem services changed relatively little,with water yield service increasing by 0.56% and carbon storage service and habitat quality service decreasing by 0.16% and 0.14%,respectively.The ecological environment of Yan'an City developed in a balanced way between 2010 and 2018,and the four ecosystem services showed synergistic relationships,among which the synergistic relationships between soil conservation service and water yield service and between carbon storage service and habitat quality service were significant.The GCLC project had a negative impact on the ecosystem services of Yan'an City,and the impact on carbon storage service was more significant.This study provides a theoretical basis for the scientific evaluation of the ecological benefits of the GCLC project and the realization of a win-win situation between food security and ecological security.

Spatiotemporal Characteristics of Typical Ecosystem Services and Their Spatial Responses to Driving Factors in Ecologically Fragile Areas in Upper Yellow River,China

The identification of dominant driving factors for different ecosystem services(ESs)is crucial for ecological conservation and sustainable development.However,the spatial heterogeneity of the dominant driving factors affecting various ESs has not been adequately elucidated,particularly in ecologically fragile regions.This study employed the integrated valuation of ESs and trade-offs(InVEST)model to evaluate four ESs,namely,water yield(WY),soil conservation(SC),habitat quality(HQ),and carbon storage(CS),and then to identify the dominant driving factors of spatiotemporal differentiation of ES and further to characterize the spatial heterogeneity characteristics of the dominant driving factors in the eco-fragile areas of the upper Yellow River,China from 2000 to 2020.The results demonstrated that WY exhibited northeast-high and northwest-low patterns in the upper Yellow River region,while high values of SC and CS were distributed in central forested areas and a high value of HQ was distributed in vast grassland areas.The CS,WY,and SC exhibited decreasing trends over time.The most critical factors affecting WY,SC,HQ,and CS were the actual evapotranspiration,precipitation,slope,and normalized difference vegetation index,respectively.In addition,the effects of different factors on various ESs exhibited spatial heterogeneity.These results could provide spatial decision support for eco-protection and rehabilitation in ecologically fragile areas.

Exploring the Spatiotemporal Changes and Driving Forces of Ecosystem Services of Zhejiang Coasts,China,Under Sustainable Development Goals

Ecosystem services(ESs)refer to the continuous provisioning of ecosystem goods and services that benefit human beings.Over recent decades,rapid urbanization has exerted significant pressure on coastal ecosystems,resulting in biodiversity and habitat loss,environmental pollution,and the depletion of natural resources.In response to these environmental challenges,the Sustainable Development Goals(SDGs)were proposed.Given the pressing need to address these issues,understanding the changes in ESs under the SDGs is crucial for formulating specific ecological strategies.In this study,we first analyzed land use and cover change in the Zhejiang coasts of China during 2000–2020.Then,we investigated the spatiotemporal configuration of ESs by integrating carbon storage(CS),soil retention(SR),habitat quality(HQ)and water yield(WY)using the Integrated Valuation of Ecosystem Services and Tradeoffs(InVEST)model.The driving mechanisms of ESs,which varied by space and time,were also explored using the Geo-detector method.The results revealed that,over the past two decades:1)the Zhejiang coasts have experienced a significant increase of 2783.72 km^(2) in built-up land areas and a continuous decrease in farmland areas due to rapid urbanization;2)owing to higher precipitation,extensive vegetation cover,and reduced anthropogenic disturbances,forests emerge as a crucial land use type for maintaining ecosystem services such as HQ,CS,WY,and SR;3)ESs have generally declined across the entire Zhejiang coasts,with a significant decrease observed in the northern areas and an increase in the southern areas spatially;4)the expansion of built-up land areas emerged as the primary factor affecting ecosystem services,while the vegetation factor has been increasingly significant and is expected to become predominant in the near future.Our study provides insights of understanding of ecosystem service theory and emphasizing the importance of preserving biodiversity for long-term sustainable development,and valuable scientific references to support the ecological management decision-making for local governments.

Spatiotemporal variations of ecosystem services and driving factors in the Tianchi Bogda Peak Natural Reserve of Xinjiang,China

Nature reserves play a significant role in providing ecosystem services and are key sites for biodiversity conservation.The Tianchi Bogda Peak Natural Reserve(TBPNR),located in Xinjiang Uygur Autonomous Region,China,is an important ecological barrier area in the temperate arid zone.The evaluation of its important ecosystem services is of great significance to improve the management level and ecological protection efficiency of the reserve.In the present study,we assessed the spatiotemporal variations of four ecosystem services(including net primary productivity(NPP),water yield,soil conservation,and habitat quality)in the TBPNR from 2000 to 2020 based on the environmental and social data using the Integrated Valuation of Ecosystem Services and Trade-offs(InVEST)model.In addition,the coldspot and hotspot areas of ecosystem services were identified by hotspot analysis,and the trade-off and synergistic relationships between ecosystem services were analyzed using factor analysis in a geographic detector.During the study period,NPP and soil conservation values in the reserve increased by 48.20%and 25.56%,respectively;conversely,water yield decreased by 16.56%,and there was no significant change in habitat quality.Spatially,both NPP and habitat quality values were higher in the northern part and lower in the southern part,whereas water yield showed an opposite trend.Correlation analysis revealed that NPP showed a synergistic relationship with habitat quality and soil conservation,and exhibited a trade-off relationship with water yield.Water yield and habitat quality also had a trade-off relationship.NPP and habitat quality were affected by annual average temperature and Normalized Difference Vegetation Index(NDVI),respectively,while water yield and soil conservation were more affected by digital elevation model(DEM).Therefore,attention should be paid to the spatial distribution and dynamics of trade-off and synergistic relationships between ecosystem services in future ecological management.The findings of the present study provide a reference that could facilitate the sustainable utilization of ecosystem services in the typical fragile areas of Northwest China.

Response of ecosystem carbon storage to land use change from 1985 to 2050 in the Ningxia Section of Yellow River Basin,China

Regional sustainable development necessitates a holistic understanding of spatiotemporal variations in ecosystem carbon storage(ECS),particularly in ecologically sensitive areas with arid and semi-arid climate.In this study,we calculated the ECS in the Ningxia Section of Yellow River Basin,China from 1985 to 2020 using the Integrated Valuation of Ecosystem Services and Tradeoffs(InVEST)model based on land use data.We further predicted the spatial distribution of ECS in 2050 under four land use scenarios:natural development scenario(NDS),ecological protection scenario(EPS),cultivated land protection scenario(CPS),and urban development scenario(UDS)using the patch-generating land use simulation(PLUS)model,and quantified the influences of natural and human factors on the spatial differentiation of ECS using the geographical detector(Geodetector).Results showed that the total ECS of the study area initially increased from 1985 until reaching a peak at 402.36×10^(6) t in 2010,followed by a decreasing trend to 2050.The spatial distribution of ECS was characterized by high values in the eastern and southern parts of the study area,and low values in the western and northern parts.Between 1985 and 2020,land use changes occurred mainly through the expansion of cultivated land,woodland,and construction land at the expense of unused land.The total ECS in 2050 under different land use scenarios(ranked as EPS>CPS>NDS>UDS)would be lower than that in 2020.Nighttime light was the largest contributor to the spatial differentiation of ECS,with soil type and annual mean temperature being the major natural driving factors.Findings of this study could provide guidance on the ecological construction and high-quality development in arid and semi-arid areas.

Preserving environmental quality of ecotourism sites through community participation in Purulia District of West Bengal,India

The importance of valuing environmental resources,especially in ecotourism sites,has become increasingly important over the last two decades.Ecotourism is now considered as an important source of livelihood of local stakeholders in backward regions.Therefore,the preservation of ecotourism sites through community participation seems very important to maintain continued flow of tourists.This study aimed at recognizing the importance of community participation for the preservation of ecotourism sites.For this,this study executed a survey based on non-probability sampling in two ecotourism sites(Garpanchkot and Baranti)covering 100 respondents in Purulia District,West Bengal of India.The central issue of this study was to assess the tendency of community participation for the conservation of ecotourism sites and find the optimum condition for offering participatory labour time.This study showed that the participation of young people is high,and the majority of respondents are aware of the importance in protecting ecotourism sites.Because respondents were too poor to offer money,the contingent valuation method(CVM)was used to elicit their willingness to pay(WTP)participatory labour time for the conservation of ecotourism sites.Respondents’age,income,education level,caste,and their perceived environmental quality had significant relationship with their WTP participatory labour time by applying the ordinary least square(OLS)model.It was found that the mean WTP participatory labour time of each respondent in a month is approximately 3.64 h.The significance of this study is that community participation can improve the sense of belonging,trust,and credibility of ecotourism sites,making them more appreciative of the value and protection of these sites.

Multi-scenario Simulation for 2060 and Driving Factors of the Eco-spatial Carbon Sink in the Beibu Gulf Urban Agglomeration, China

Since China announced its goal of becoming carbon-neutral by 2060, carbon neutrality has become a major target in the development of China's urban agglomerations. This study applied the Future Land Use Simulation(FLUS) model to predict the land use pattern of the ecological space of the Beibu Gulf urban agglomeration, in 2060 under ecological priority, agricultural priority and urbanized priority scenarios. The Integrated Valuation of Ecosystem Services and Trade-offs(In VEST) model was employed to analyse the spatial changes in ecological space carbon storage in each scenario from 2020 to 2060. Then, this study used a Geographically Weighted Regression(GWR) model to determine the main driving factors that influence the changes in land carbon sinking capacity. The results of the study can be summarised as follows: firstly, the agricultural and ecological priority scenarios will achieve balanced urban expansion and environmental protection of resources in an ecological space. The urbanized priority scenario will reduce the carbon sinking capacity. Among the simulation scenarios for 2060, carbon storage in the urbanized priority scenario will decrease by 112.26 × 10^(6) t compared with that for 2020 and the average carbon density will decrease by 0.96 kg/m^(2) compared with that for 2020. Carbon storage in the agricultural priority scenario will increase by 84.11 × 10^(6) t, and the average carbon density will decrease by 0.72 kg/m^(2). Carbon storage in the ecological priority scenario will increase by 3.03 × 10^(6) t, and the average carbon density will increase by 0.03 kg/m^(2). Under the premise that the population of the town will increases continuously, the ecological priority development approach may be a wise choice.Secondly, slope, distance to river and elevation are the most important factors that influence the carbon sink pattern of the ecological space in the Beibu Gulf urban agglomeration, followed by GDP, population density, slope direction and distance to traffic infrastructure.At the same time, urban space expansion is the main cause of the changes of this natural factors. Thirdly, the decreasing trend of ecological space is difficult to reverse, so reasonable land use policy to curb the spatial expansion of cities need to be made.

Spatially Heterogeneous Response of Carbon Storage to Land Use Changes in Pearl River Delta Urban Agglomeration, China

Carbon storage of terrestrial ecosystems plays a vital role in advancing carbon neutrality. Better understanding of how land use changes affect carbon storage in urban agglomeration will provide valuable guidance for policymakers in developing effective regional conservation policies. Taking the Pearl River Delta Urban Agglomeration(PRDUA) in China as an example, we examined the heterogeneous response of carbon storage to land use changes in 1990–2018 from a combined view of administrative units and physical entities. The results indicate that the primary change in land use was due to the expansion of construction land(5897.16 km2). The carbon storage in PRDUA decreased from 767.34 Tg C in 1990 to 725.42 Tg C in 2018 with a spatial pattern of high wings and the low middle. The carbon storage loss was largely attributed to construction land expansion(55.74%), followed by forest degradation(54.81%). Changes in carbon storage showed significant divergences in different sized cities and hierarchical boundaries. The coefficients of geographically weighted regression(GWR) reveal that the alteration in carbon storage in Guangzhou City was more responsive to changes in construction land(-0.11) compared to other cities, while that in Shenzhen was mainly affected by the dynamics of forest land(8.32). The change in carbon storage was primarily influenced by the conversion of farmland within urban extent(5.05) and the degradation of forest land in rural areas(5.82). Carbon storage changes were less sensitive to the expansion of construction land in the urban center, urban built-up area, and ex-urban built-up area, with the corresponding GWR coefficients of 0.19, 0.04, and 0.02. This study necessitates the differentiated protection strategies of carbon storage in urban agglomerations.

Spatiotemporal Characteristics and Future Scenario Simulation of the Trade-offs and Synergies of Mountain Ecosystem Services: A Case Study of the Dabie Mountains Area, China

Mountain ecosystems play an essential role in supporting regional sustainable development and improving local ecological environments. However, economic development in mountainous areas has long been lagging, and multiple conflicts related to resource assurance, ecological protection, and economic development have emerged. An accurate grasp of the current status and evolutionary trends of mountain ecosystems is essential to enhance the overall benefits of ecosystem services and maintain regional ecological security. Based on the In VEST(Integrated Valuation of Ecosystem Services and Trade-offs) model, this study analyzed the spatiotemporal evolution patterns and the trade-offs and synergies among ecosystem services(ES) in the Dabie Mountains Area(DMA) of eastern China. The Markov-PLUS(Patch-generating Land Use Simulation) model was used to conduct a multi-scenario simulation of the area's future development. Water yield(WY) and soil conservation(SC) had overall increasing trends during 2000-2020, carbon storage(CS)decreased overall but slowed with time, and habitat quality(HQ) increased and then decreased. The ecological protection scenario is the best scenario for improving ES in the DMA by 2030;compared to 2020, the total WY would decrease by 3.77 × 10^(8) m^(3), SC would increase by 0.65 × 10^(6) t, CS would increase by 1.33 × 10^(6) t, and HQ would increase by 0.06%. The comprehensive development scenario is the second-most effective scenario for ecological improvement, while the natural development scenario did not have a significant effect. However, as the comprehensive development scenario considers both environmental protection and economic development, which are both vital for the sustainable development of the mountainous areas, this scenario is considered the most suitable path for future development. There are trade-offs between WY, CS, and HQ, while there are synergies between SC, CS, and HQ. Spatially, the DMA's central core district is the main strong synergistic area, the marginal zone is the weak synergistic area, and trade-offs are mainly distributed in the transition zone.

Spatio-temporal Changes in Water Conservation Ecosystem Service During 1990–2019 in the Tumen River Basin, Northeast China

The water conservation(WC) function of ecosystems is related to regional ecological security and the sustainable development of water resources, and the assessment of WC and its influencing factors is crucial for ecological and water resource management.The Tumen River Basin(TRB) is located in the core of the Northeast Asian ecological network and has been experiencing severe ecological crises and water shortages in recent years due to climate change and human activities. However, these crises have not been fully revealed to the extent that corresponding scientific measures are lacking. This study analyzed the spatial and temporal evolution characteristics and drivers of WC in the TRB from 1990 to 2019 based on the water yield module of the Integrated Valuation of Ecosystem Services and Tradeoffs(InVEST) model. The results showed that: 1) under the combined effect of nature and socioeconomics, the WC depth of the TRB has slowly increased at a rate of 0.11 mm/yr in the past 30 years, with an average WC depth of 36.14 mm. 2) The main driving factor of the spatial variation in WC is precipitation, there is a significant interaction between precipitation and velocity, the interaction between each factor is higher than the contribution of a single factor, and the interactions between factors all have nonlinear enhancement and two-factor enhancement. 3) Among the seven counties and municipalities in the study area, the southern part of Helong City and the southeastern part of Longjing City are extremely important areas for WC(> 75 mm), and they should be regarded as regional water resources and ecological priority protection areas. It is foreseen that under extreme climate conditions in the future, the WC of the watershed is under great potential threat, and protection measures such as afforestation and forestation should begin immediately. Furthermore, the great interannual fluctuations in WC depth may place more stringent requirements on the choice of time scales in the ecosystem service assessment process.

Evaluation of the water conservation function in the Ili River Delta of Central Asia based on the InVEST model

The Ili River Delta(IRD)is an ecological security barrier for the Lake Balkhash and an important water conservation area in Central Asia.In this study,we selected the IRD as a typical research area,and simulated the water yield and water conservation from 1975 to 2020 using the water yield module of the Integrated Valuation of Ecosystem Services and Tradeoffs(InVEST)model.We further analyzed the temporal and spatial variations in the water yield and water conservation in the IRD from 1975 to 2020,and investigated the main driving factors(precipitation,potential evapotranspiration,land use/land cover change,and inflow from the Ili River)of the water conservation variation based on the linear regression,piecewise linear regression,and Pearson's correlation coefficient analyses.The results indicated that from 1975 to 2020,the water yield and water conservation in the IRD showed a decreasing trend,and the spatial distribution pattern was"high in the east and low in the west";overall,the water conservation of all land use types decreased slightly.The water conservation volume of grassland was the most reduced,although the area of grassland increased owing to the increased inflow from the Ili River.At the same time,the increased inflow has led to the expansion of wetland areas,the improvement of vegetation growth,and the increase of regional evapotranspiration,thus resulting in an overall reduction in the water conservation.The water conservation depth and precipitation had similar spatial distribution patterns;the change in climate factors was the main reason for the decline in the water conservation function in the delta.The reservoir in the upper reaches of the IRD regulated runoff into the Lake Balkhash,promoted vegetation restoration,and had a positive effect on the water conservation;however,this positive effect cannot offset the negative effect of enhanced evapotranspiration.These results provide a reference for the rational allocation of water resources and ecosystem protection in the IRD.

Evaluation and Quantitative Attribution Analysis of Water Yield Services in the Peak-cluster Depression Basins in Southwest of Guangxi,China

Karst environmental issues have become one of the hot spots in contemporary international geological research. The same problem of water shortage is one of the hot spots of global concern. The peak-cluster depression basins in southwest of Guangxi is an important water connotation and ecological barrier areas in the Pearl River Basin of China. Thus, studying the spatial and temporal variations and the influencing factors of its water yield services is critical to achieve the sustainable development of water resources and ecological environmental protection in this region. As such, this paper uses the Integrated Valuation of Ecosystem Services and Tradeoffs(InVEST) model to assess the spatial and temporal variabilities of water yield services and its trends in the peak-cluster depression basins in southwest of Guangxi from 2000 to 2020. This work also integrates precipitation(Pre), reference evapotranspiration(ET), temperature(Tem), digital elevation model(DEM), slope, normalized difference vegetation index(NDVI), land use/land cover(LULC) and soil type to reveal the main factors that influence water yield services with the help of Geodetector. Results show that: 1) in time scale,the total annual water yield in the study area show a fluctuating and increasing trend from 2000 to 2020, with a growth rate of 7.3753 × 10^(8)m^(3)/yr, and its multi-year average water yield was 538.07 mm;2) in spatial pattern, with high yield areas mainly distributed in the south of the study area(mainly including Shangsi County, Pingxiang City, Ningming County, Longzhou County and Jingxi County), and low yield areas mainly distributed in Baise City and Nanning City;3) the dominant factor of water yield within karst and non-karst landforms is not necessarily controlled by precipitation, and the explanation degree of DEM factors in karst areas is significantly higher than that in non-karst areas;4) amongst the climatic factors, Pre, ET and Tem are dominant in the spatial pattern of region water yield capacity. among which Pre has the highest explanatory power for the spatial heterogeneity of annual water production, with q values above0.8, and each driver showed a significant interaction on the spatial distribution of water yield, with Pre exhibiting the strongest interaction with LULC.

Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Estimating the value of a statistical life in China: A contingent valuation study in six representative cities

The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six representative cities in China based on face-to-face contingent valuation interviews(n=3936)from March 7,2019 to September 30,2019.The results reveal that the WTP varied from CNY 455 to 763 in 2019(USD 66-111),corresponding to a VSL range of CNY 3.79-6.36 million(USD 549395-921940).The VSL in China in 2019 is estimated to be CNY 4.76 million(USD 689659).The statistics indicate that monthly expenditure levels,environmental concerns,risk attitudes,and assumed market acceptance,which have seldom been dis‐cussed in previous studies,significantly impact WTP and VSL.These findings will serve as a reference for ana‐lyzing mortality risk reduction benefits in future research and for policymaking.

Mass Valuation of Unimproved Land Value Case Study: Nairobi County

The purpose of this study is to investigate mass valuation of unimproved land value using machine learning techniques. The study was conducted in Nairobi County. It is one of the 47 Kenyan Counties under the 2010 constitution. A total of 1440 geocoded data points containing the market selling price of vacant land in Nairobi were web scraped from major property listing websites. These data points were adopted as dependent variables given as unit price of vacant land per square meter. The Covariates used in this study were categorized into Accessibility, Environmental, Physical and Socio-Economic Factors. Due to multi-collinearity problem present in the covariates, PLS and PCA methods were adopted to transform the observed features using a set of vectors. These methods resulted in an uncorrelated set of components that were used in training machine learning algorithms. The dependent variable and uncorrelated components derived feature reduction methods were used as training data for training different machine learning regression models namely;Random forest, support vector regression and extreme gradient boosting regression (XGboost regression). PLS performed better than PCA because the former maximizes the covariance between dependent and independent variables while the latter maximizes variance between the independent variables only and ignores the relationship between predictors and response. The first 9 components were identified as significant both by PLS and PCA methods. The spatial distribution of vacant land value within Nairobi County was consistent for all the three machine learning models. It was also noted that the land value pattern was higher in the central business district and the pattern spread northwards and westwards relative to the CBD. A relative low vacant land value pattern was observed on the eastern side of the county and also at the extreme periphery of Nairobi County boundary. From the accuracy metrics of R-squared and MAPE, Random Forest Regression model performed better than XGBoost and SVR models. This confirms the capability of random forest model to predict valid estimates of vacant land value for purposes of property taxation in Nairobi County.

Economic Valuation of Auctioned Tourist Hunting Blocks in Tanzania

Economic valuation of ecosystems is increasingly being recognized as an important exercise to inform sustainable utilization and conservation of natural assets. It helps in planning and establishing fair profit margins that accrue either directly or indirectly from the consumptive and non-consumptive uses of ecosystem goods and services. This paper is based on a study which estimated the economic values of tourist hunting blocks (HBs) in Tanzania using the Analytic Multicriteria Valuation Method (AMUVAM). The study used a sample size of 12 out of 24 vacant hunting blocks which were to be auctioned to potential hunting companies in December 2022. The economic values of HBs were estimated using the time horizon of 10 years (the mean tenure for winning company). The results show that the economic values ranged from USD 6,215,588 to USD 653,470,695 per hunting block and the Existence Value (EV) constituted about 19% of the Total Economic Value (TEV). EV ranged from USD 632,210 to USD 125,147,285. The study underscores the need for decisions to allocate ecosystems, such as HBs, to both direct and indirect uses, to be guided by a though understanding of their values. We further recommend building the capacity of staff charged with the role of managing and allocating uses of these ecosystems to enable them undertake economic valuation of ecosystems using both simple and more robust analytical tools, such as the GIS, relational databases, and worldwide websites based tools, like InVEST (Integrated Valuation of Environmental Services and Tradeoffs), ARIES (Artificial Intelligence for Ecosystem Services), and Co$ting Nature.

Pricing European Options Based on a Logarithmic Truncated t-Distribution

The t-distribution has a “fat tail” feature, which is more suitable than the normal probability density function to describe the distribution characteristics of return on assets. The difficulty of using t-distribution to price European options is that a fat tail can lead to a deviation in one integral required for option pricing. We use a distribution called logarithmic truncated t-distribution to price European options. A risk neutral valuation method was used to obtain a European option pricing model with logarithmic truncated t-distribution.

Seagrass Bed Ecosystem Service Valuation——A Case Research on Hepu Seagrass Bed in Guangxi Province

Seagrass bed ecosystem is a coastal ecosystem with abundant biodiversity and high production. It is also an important system for the sustainable development of human society and economy. Based on the local research, statistical data and prevenient research results, the main services of Hepu seagrass ecosystem were analyzed in the paper, including fishing production, nutrient cycling, scientific research, protecting the coast from eroding, climate regulation, biodiversity, culture, bequest valuation, option valuation and existence valuation and so on. At the same time, we used ecological and economic methods for economic evaluation of seagrass in Hepu of Guangxi, including the market valuation method, contingent valuation method, carbon and tax method, benefit transfer method and expert survey method. The results showed that the total valuation of the Hepu seagrass ecosystem service was about 6.29 × 10^5 Yuan RMB/ha in 2005. Among these services, the indirect using valuation is the main aspect, which was 4.47 x 10^5Yuan RMB/ha in 2005, accounting for 70.97 % of the total valuation. The non-using valuation was 1.54 × 10^5 Yuan RMB/ha in 2005, accounting for 24.52 % of the total valuation. The direct using valuation is the least, which was only 2.84 × 10^4 Yuan RMB/ha in 2005, accounting for 4.51% of the total valuation.