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By increasing marginal land clearing costs, an improvement in institutions [beta]' > [beta] makes forests relatively more abundant and less valuable, decreasing further their shadow price [micro](t) along the optimal path as well as their capitalized value P(F).
(7) These responses may include one or both of the following: (1) delay operations if the net capitalized value of the in situ resource is increasing at a rate exceeding the rate of return on the next most profitable investment, and (2) adapt the timing of investments in exploration and development in response to previously unexpected change in the market.
The capitalized value of rent for the wine portion of the wine and liquor license held by a liquor store owner in New York State, denoted as R in Equation (26), is calculated using changes in liquor store revenues, employing simulated results for [[OMEGA].sub.L], the average net profit earned by liquor store owners, denoted as TEL, and the share of wine sales in a liquor store, denoted as [[theta].sub.L].
A decrease in cash rent also lowers capitalized values. For example, the $5,281 per acre capitalized value for 2010 is associated with a $169 per acre cash rent.
--put more emphasis on the visual identity of a brand strategy and not on the substance, the development of its capitalized value;
(9) Detailed projections for net returns and capitalized values are presented in the appendix.
Equation (4) gives the capitalized value of the return differential relative to a given benchmark rate.
One could make a case that wealth is just the capitalized value of future income streams, but in the real world there is much more to it than that.
The rationale and illustrations presented thus far have demonstrated that substituting proprietary income for management expenses can be and often is misapplied, resulting in an overstated capitalized value that significantly exceeds reasonable value relative to the cost and sales comparison approach indications for the tangible assets.
Nakamura estimates the capitalized value of these investments using a quite conservative depreciation rate.