Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not alwa...Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not always prevalent due to different economic circumstances. This case study explores option value emerging on vacant land due to office building in the Northern Suburbs of Johannesburg, South Africa （ZA） because land value ＂increased＂ in ＂price＂. Since late 1990s, Northern Suburbs are one of the most expensive areas of Johannesburg. Samuelson-McKean （1965） model is used to calculate option value on vacant land （Geltner ＆ Miller, 2001） and the model is used to estimate option values, first, when there are no costs, then when total costs are taken into account and lastly, when improvements are taken into account. The results are synonymous with option pricing theory （OPT） in sense that costs and land improvements increase option value; however, the impact of fixed costs on option value is debatable as fixed costs lead to an increase in option value while according to OPT they should not as fixed costs could easily be ＂hedged＂.展开更多
To investigate the potential effects of wastewater sludge and sludge biochar on growth, yield and metal bioaccumulation of cherry tomato （Lycopersicon esculentum L.）, a pot experiment was carried out under greenhous...To investigate the potential effects of wastewater sludge and sludge biochar on growth, yield and metal bioaccumulation of cherry tomato （Lycopersicon esculentum L.）, a pot experiment was carried out under greenhouse environment with three different treatments, control soil （CP）, soil with wastewater sludge （SS） and soil with sludge biochar （SB）, to reveal the comparative effect between the amendments of wastewater sludge and sludge biochar. The soil used for pot experiment was Chromosol. Wastewater sludge and sludge biochax produced through pyrolysis process at 550 ℃ were applied at 10 t ha-1. No significant difference was found in growth and production of cherry tomatoes between wastewater sludge and sludge biochar applications to the soil. The accumulation rates of metals in the fruits were lower in the treatment with sludge biochar than in the treatment with wastewater sludge. The study highlights the benefits of risk mitigation from toxic metal accumulation in fruits using wastewater sludge and sludge biochar as soil conditioners.展开更多
文摘Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not always prevalent due to different economic circumstances. This case study explores option value emerging on vacant land due to office building in the Northern Suburbs of Johannesburg, South Africa （ZA） because land value ＂increased＂ in ＂price＂. Since late 1990s, Northern Suburbs are one of the most expensive areas of Johannesburg. Samuelson-McKean （1965） model is used to calculate option value on vacant land （Geltner ＆ Miller, 2001） and the model is used to estimate option values, first, when there are no costs, then when total costs are taken into account and lastly, when improvements are taken into account. The results are synonymous with option pricing theory （OPT） in sense that costs and land improvements increase option value; however, the impact of fixed costs on option value is debatable as fixed costs lead to an increase in option value while according to OPT they should not as fixed costs could easily be ＂hedged＂.
文摘To investigate the potential effects of wastewater sludge and sludge biochar on growth, yield and metal bioaccumulation of cherry tomato （Lycopersicon esculentum L.）, a pot experiment was carried out under greenhouse environment with three different treatments, control soil （CP）, soil with wastewater sludge （SS） and soil with sludge biochar （SB）, to reveal the comparative effect between the amendments of wastewater sludge and sludge biochar. The soil used for pot experiment was Chromosol. Wastewater sludge and sludge biochax produced through pyrolysis process at 550 ℃ were applied at 10 t ha-1. No significant difference was found in growth and production of cherry tomatoes between wastewater sludge and sludge biochar applications to the soil. The accumulation rates of metals in the fruits were lower in the treatment with sludge biochar than in the treatment with wastewater sludge. The study highlights the benefits of risk mitigation from toxic metal accumulation in fruits using wastewater sludge and sludge biochar as soil conditioners.
