Academic literature on the topic 'Property price premium'
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Journal articles on the topic "Property price premium"
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JAYANTHA, Wadu Mesthrige, and Jia Ming LAU. "BUYERS’ PROPERTY ASSET PURCHASE DECISIONS: AN EMPIRICAL STUDY ON THE HIGH-END RESIDENTIAL PROPERTY MARKET IN HONG KONG." International Journal of Strategic Property Management 20, no. 1 (April 14, 2016): 1–16. http://dx.doi.org/10.3846/1648715x.2015.1105322.
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Demand for luxury housing units from the upper and upper-middle income groups in Hong Kong has been increasing over the last few years. as the market cannot satisfy demand, some prospective buyers have turned their attention to “special” housing units. this research paper attempts to investigate buyers’ preferences for two types of “special” units, namely duplex units and adjoining flats. the study investigates the price premiums paid by the buyers, and examines the effects of these special units on property price. the study employs two hedonic price models: one measuring the buyers’ preference on duplex units and the other one measuring buyers’ preference on adjoining flats. The results show that buyers are willing to pay a larger premium for special residential units: HK$588/ft 2 more for a duplex unit and HK$934/ft 2 more for an adjoining property unit, respectively. furthermore, a relatively larger premium is found for adjoining flats compared to duplex units. This implies that a property unit, purchased as an adjoining flat can add more value to the property price (in terms of $s per sq. ft.) compared with being a duplex unit.
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Taltavull de La Paz, Paloma, V. Perez-Sanchez, Raul-Tomas Mora-Garcia, and Juan-Carlos Perez-Sanchez. "Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain)." Sustainability 11, no. 3 (January 28, 2019): 686. http://dx.doi.org/10.3390/su11030686.
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The existence of a green premium in house (asking) prices in Alicante province, Spain, are analyzed using circa 9000 property observations. In developing the sample, information from energy efficiency certificates was matched with two other databases. The model tests for green premium by climatic zones using pool Ordinary Least Squares (pool-OLS) and Instrumental Variables (IV) hedonic models, adds new knowledge concerning the existence of green premiums from Southern Europe, explores differences in their estimation by climatic zone, debates the nature of the estimated green parameters, and explains the role of endogeneity in hedonic green premium models. The empirical evidence assesses the sensitivity of asking price to either energy consumption (KWh) or carbon dioxide emissions (CO2) with an apparent premium of 3%, and captures an association with efficiency rating from G to F of 1.8% and from F to E of 1.1%. Significantly, the results relating to price responses show a distinct variation between the coast and the cooler climatic zone of the interior. The paper shows that energy efficiency incentive policies should discriminate by climatic areas, and provides a price reference by which to assess the amount of incentives needed to achieve European Union (EU) objectives.
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Amidu, Abdul Rasheed Amidu, and Alirat Olayinka Agboola. "International Real Estate Review." International Real Estate Review 12, no. 2 (August 31, 2009): 157–70. http://dx.doi.org/10.53383/100110.
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This study examines the determinants of auction premium using data from a first-price sealed bid auction of Federal Government Landed Properties in Nigeria. The results indicate that the number of bidders and location are important determinants of auction price premiums. These findings are consistent with the auction theory. The empirical estimates also suggest that property type as well as bidder characteristics may also influence auction premiums.
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Shimizu, Chihiro. "Microstructure of asset prices, property income and discount rates in the Tokyo residential market." International Journal of Housing Markets and Analysis 10, no. 4 (August 7, 2017): 552–71. http://dx.doi.org/10.1108/ijhma-12-2016-0082.
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Purpose The purpose of this paper is to decompose and measure the microstructure of property investment returns for Tokyo’s residential property markets in as much detail as possible in comparison with office market. Design/methodology/approach Using enterprise value data for property investment trust companies composed of share prices available on capital markets, this study proposed a method of estimating property investment returns corresponding to changes in capital markets, and clarified the distortion in capitalization rate that are formed based on property appraisal prices. Findings The results for residential property showed that as building floor space increased, income and price increased while the discount rate decreased. In particular, a higher return could be obtained from office property than residential property by investing in larger-scale properties. Building age lowered asset price and income for both residential and office property, especially for residential property. Research limitations/implications In Japan, investors believe that investment returns are high for properties close to the city centre, relatively new properties and those with large design or floor space. Therefore, this study first measured how asset prices, income and asset price–income ratios that comprise property investment returns change based on differences in these property characteristics. Second, the reliability/distortion of information that can be observed on the property investment market was measured. Furthermore, there was a significant divergence between discount rates and risk premiums formed by asset or space markets versus capital markets. Practical implications The differences of discount rate and risk premium formed by asset markets versus capital markets indicate that appraisal prices have biases. Thus, when it comes to property investment decisions, it is essential to make active use not just of property investment returns based on appraisal prices formed by asset markets but also information formed by capital markets. Social implications A greater difference was generated in a shrinking market, suggesting that analysing property returns estimated on asset market information alone could lead to erroneous investment decisions. Originality/value This research is the first to use the enterprise value data from real estate investment trust companies composed of share prices available on capital markets for calculating discount rate and risk premium in property market.
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Copiello, Sergio, and Simone Coletto. "The Price Premium in Green Buildings: A Spatial Autoregressive Model and a Multi-Criteria Optimization Approach." Buildings 13, no. 2 (January 17, 2023): 276. http://dx.doi.org/10.3390/buildings13020276.
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The energy issue has given rise to a prolific research field, which branches into several strands. One of these strands focuses on the role played by building energy features in shaping property prices. Indeed, market players are expected to show a higher willingness to pay for building units characterized by higher energy performance. The study of the so-called price premium for building energy efficiency has flourished in the last decade or so; plenty of evidence is now available concerning its occurrence, although its magnitude is still debated. The literature relies on the methodological frameworks of statistical modeling and multiple regression, primarily employing hedonic price models. Lately, spatial autoregressive models have also been adopted. Here, we propose to deal with estimation of the price premium by adopting an innovative perspective. In particular, we use a methodological framework in which regression models are complemented with a multi-criteria optimization approach. Using a spatial autoregressive model first, and with D as the reference energy rating band, we find the following price premiums: 55% for A4, 42% for A3 to A, 20% for B or C, −14% for F, and −29% for G. The multi-criteria optimization approach proves efficient in estimating the price premium. The estimates above are essentially confirmed: the results converge for all the energy rating bands except for G.
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HUI, Eddie C. M., Cheuk-kin TSE, and Ka-hung YU. "THE EFFECT OF BEAM PLUS CERTIFICATION ON PROPERTY PRICE IN HONG KONG." International Journal of Strategic Property Management 21, no. 4 (December 20, 2017): 384–400. http://dx.doi.org/10.3846/1648715x.2017.1409290.
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In response to the public’s increasing awareness of sustainable development, the construction industry has introduced “green” buildings which emphasize better environmental performance. However, as a building’s environmental performance is difficult to discern for laymen, different green building certifications have been established for evaluations in this regard. This study evaluates whether there exists a price premium for living space in buildings certified with BEAM Plus. The findings show that the prices of flats in BEAM Plus-certified buildings are 4.4% higher than those in nonregistered buildings, and that housing units in buildings with an “unclassified” rating are transacted at a discount of 5.9%. Nevertheless, if homebuyers mistake an “unclassified” building for a non-registered building, due to the non-disclosure of the “unclassified” result by developers, the price premium of BEAM Plus certification becomes higher (6.2%). Regardless, the price premium is much lower than those on the office sector. The reasons behind such differences can be attributed to the disparities in the tangible and intangible benefits associated with green living space and green office space. Policy implications with reference to Hong Kong’s GFA concession policy are then discussed.
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Xiong, Chuyi, and Ka Shing Cheung. "UNDERSTANDING SELLERS’ AGENTS IN THE RESIDENTIAL PROPERTY MARKET." International Journal of Strategic Property Management 25, no. 3 (March 29, 2021): 179–89. http://dx.doi.org/10.3846/ijspm.2021.13724.
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Buyers in the property market often use an agent who is employed by the seller to assist their home searches. This unique and widely used agency arrangement in the property market is known as “sellers’ agents”. While principal-agent theory advocates that buyers should directly hire their agents (i.e., buyers’ agents) to do the home-hunting, search theory however implies that sellers would employ their agents (i.e., sellers’ agents) to increase the probability of the sale and selling prices. Although sellers’ agents and buyers’ agents are two very distinct institutions, many previous studies assume that their agency characteristics are identical and provide limited insights on how such a seemingly subtle but crucial agency arrangement affects transaction outcomes. Using transaction data from Wuhan China, this study disentangles the effects of the buyers’ and sellers’ agents on properties’ selling prices and their time on the market. The findings indicate that on average transactions conducted by sellers’ agents will be associated with a significant selling price premium of around 3.4%. As a critical test, we further show that the transactions completed by sellers’ agents with selling price premiums will have a shorter marketing time than those completed by buyers’ agents.
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D’Alpaos, Chiara, and Paolo Bragolusi. "The Market Price Premium for Buildings Seismic Retrofitting." Sustainability 12, no. 21 (October 22, 2020): 8791. http://dx.doi.org/10.3390/su12218791.
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The Italian territory is largely prone to seismic risk and 6 million buildings require seismic retrofitting. In the last three main seismic events (Abruzzo 2009, Emilia Romagna in 2012 and in Lazio in 2016) 633 people died and considerable financial losses such as the structural collapse of buildings and interruption of production activities were incurred. During the period 1944–2017, economic losses caused by seismic events amounted to EUR 212 billion. More than 80% of the entire building stock does not respect seismic design standards provided by Italian regulations (NTC 2018). Seismic retrofitting of buildings may avoid many deaths and financial losses, as well as increase people’s safety. In addition, seismic retrofitting of buildings may also generate an increase in real estate asset value (namely a market price premium), which may accelerate investments. Despite the relevance of this issue, there is a lack of literature, which investigates the key factors in boosting investments and the market price premium for retrofitted buildings in detail. The aim of this paper is to fill this gap with respect to the Italian Real Estate market. To estimate the capitalization effect of benefits produced by seismic retrofitting on property market values, it is fundamental to know how much people are willing to pay for it. As, to our knowledge, there are no available datasets which provide house characteristics, including seismic performances and market prices of Italian real estate assets, we implemented a contingent valuation approach to determine the market price premium for retrofitted assets. In detail, information about the willingness to pay (WTP) an additional price for a seismically retrofitted home (by considering different risk exposure), ceteris paribus was elicited using open-ended questions in a self-administered web interview. In particular, we applied the methodology to a case study, i.e., a contingent scenario related to masonry-detached houses located in a seismic hazard zone. Our results revealed that individuals are willing to pay an additional price for retrofitted assets and the average market price premium ranges from 10% to 52% of the property market price.
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Fraser, Steve P., and Marcus T. Allen. "International Real Estate Review." International Real Estate Review 19, no. 2 (June 30, 2016): 249–64. http://dx.doi.org/10.53383/100222.
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Considerable prior research confirms the existence of real estate price premiums associated with golf course amenities in residential development projects. This study examines a unique residential development project in which membership in a golf club is appurtenant to the real estate: ownership of certain (but not all) dwellings in the project includes deeded membership in the project¡¦s golf club. In this development project, golf memberships can only be obtained or disposed of by acquiring or selling the associated dwelling, respectively. The results of this analysis indicates that price premiums associated with appurtenant golf memberships, after controlling for golf course view and other relevant property characteristics, are significantly positive. Furthermore, the results indicate that the magnitude of the price premium for appurtenant golf memberships varies across dwelling types (detached vs. attached) in this project. These findings may be important for housing developers, consumers, lenders, appraisers, and property and income tax authorities.
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Bao, Helen X. H., and Doris Ka Chuen Mok. "International Real Estate Review." International Real Estate Review 23, no. 3 (September 30, 2020): 367–95. http://dx.doi.org/10.53383/100306.
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This study examines the impacts of the Guangzhou-Shenzhen-Hong Kong Express Rail Link on the residential property prices in West Kowloon, in which the terminus and only station of the Hong Kong section of the high-speed rail link is located. The express rail is characterised as being a link between Hong Kong and her motherland, China, which is a major source of buyers of property in Hong Kong. We investigate if there is an east-west connection premium introduced by the project by examining the spatial and temporal changes of property prices in the affected areas. Based on a sample of 282,131 transactions, this study uses the hedonic pricing and repeat sales models to examine whether property prices in West Kowloon have increased because of the development of the high-speed rail which signifies a link between Hong Kong and China and whether they have dropped because of the 2019 political movements which emphasize a decoupling. We find significant and consistent evidence to support these hypotheses from both the hedonic price and repeat sales models. The accessibility premium has been capitalised into property prices since the announcement of the project, and the size of the premium is the largest during the announcement period. However, the east-west connection premium is significantly offset by the recent events of political unrest, with properties that are located nearest the West Kowloon Station being the most affected. We derive policy implications regarding practical implications for the design and implementation of land value capture schemes and urban planning.
Dissertations / Theses on the topic "Property price premium"
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Carlsson, Frida, and Malin Strömberg. "Is there a Real Estate Portfolio Premium? : An Empirical Analysis of Portfolio Premiums." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298065.
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This thesis aims to explore if the existence of portfolio price premiums can be verified and if they differ in time and over property segments. The purpose is to contribute with valuable insights within the field of portfolio premiums in the real estate industry. In order to explore this further a regression model was developed. The model includes six portfolio variables controlling for size in the aspect of transactional value and number of properties included in the portfolio. We further test if the premium varies over property segments and over time. The data was provided by Cushman & Wakefield and consists of 825 property transactions. The results show that a portfolio premium for small, medium and large portfolios with a transactional value over 500 million SEK, and a discount on small portfolios with a transactional value below 500 million SEK is present. The premium was found to be 17.5% for small portfolios, 16.8% for medium sized and 26.3% for large portfolios. While premiums were found for portfolios with a transactional value over 500 million SEK an 13.7% discount was found for small portfolios with a transaction value below 500 million SEK. Which indicates that investors are willing to pay a premium, but only for larger portfolios. Furthermore, the only segment test with significant results were residential and industrial of which residential indicated a discount on small and medium portfolios with a transactional value over 500 million SEK and industrial indicated a discount on small portfolios with a transactional value over 500 million SEK. The test of variation of a portfolio premium over time gave mixed results and showed that investors payed a premium for medium and large portfolios with a transactional value over 500 million SEK during 2010 - 2015.Detta masterarbete syftar till att undersöka fenomenet portföljpremier och bidra till utökad kunskap om premier och möjliga förklaringar till varför de uppkommer. Författarna har undersökt om det går att kvantifiera den påstådda portföljpremien och om denna skiljer sig över fastighetsegmenten och tid. Syftet med arbete är att bidrag med värdefulla insikter och kunskap om portföljpremier inom fastighetsbranschen. För att kunna besvara frågeställningen utvecklade författarna en regressionsmodell. Modellen innehöll sex portföljvariabler som bland annat kontrollerade för storlek i förhållande till transaktionsvärde samt antal fastigheter inkluderade i portföljen. För att undersöka om premien varierade över fastighetssegment och med tid utfördes fem olika segmentstest och två års tester. Data som användes i regressionerna tillhandahölls av Cushman & Wakefield. Resultatet av studien visar att det finns en portföljpremie på små, medelstora och stora fastighetsportföljer med ett transaktionsvärde över 500 millioner kronor. Premien noterades till 17,5% för små portföljer, 16,8% för medelstora portföljer och 26,3% för stora portföljer. Medans en premie noterades för portföljer med ett transaktionsvärde över 500 millioner kronor kunde en rabatt om 13,7% hittas för små portföljer med etttransaktionsvärde under 500 millioner kronor. Segmenttesten som genomfördes gav blandade resultat. De test som gav signifikanta resultat var segmentstest för industri och bostäder. Resultatet av regressionen visade att det finns en rabatt för små och medelstora bostadsportföljer med ett transaktionsvärde överstigande 500 millioner kronor samt en rabatt för små industriportföljer med ett transaktionsvärde över 500 millioner kronor. Utöver segmentstesten gjordes även två tester där författarna testade om premien varierade över tid. Likaså här gav testerna blandade resultat. Det kan konstateras att en premie återfinns för portföljer handlade under perioden 2010 - 2015.
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Hsu, Chun-Kang, and 徐俊綱. "Cointegration analysis of price, interest rate and property insurance premium rate in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/29533060048865883889.
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碩士真理大學
數理科學研究所
95
In the risk programming, it is an inevitable trend in the present day to purchase insurance for oneself to avoid risks. This paper begins with property insurance product’s purchase intention. The researcher examines whether general economy variations, such as price and interest rate, have an effect on property insurance product’s purchase intention, and the situation of such an effect. In this paper, the research variable is property insurance income rate. Johansen’s cointegration technique and vector error correcting model were employed to investigate the relationship between property insurance income rate, and price and interest rate. The Granger causality test was used to determine the causal relationship in order to predict future trend. The yearly data employed in this research covers the period from 1985 and 2006. Using Johansen’s cointegration technique and vector error correcting model, we found that there was a cointegration relationship. It showed that there was a positive effect between consumer price index and property insurance income rate, while a negative effect was found between rediscount rate and property insurance income rate. The Granger causality test showed that wholesale price index, consumer price index and rediscount rate were Granger cause property insurance income rate.
Book chapters on the topic "Property price premium"
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Larsson, Johan P. "Innovation Without Entrepreneurship: The Pipe Dream of Mission-Oriented Innovation Policy." In International Studies in Entrepreneurship, 77–91. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-94273-1_5.
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AbstractIn this chapter, I analyze state entrepreneurship, as exercised through mission-oriented innovation policy: the mobilization of large pools of resources and capabilities to solve the pressing issues of our time. The state entrepreneur is not subject to real risk, often faces no market, and cannot be properly evaluated. It pays no price for being wrong and it struggles in assigning responsibility. Missions are motivated by a false dichotomy: that there is a difference in principle between fixing and creating markets. This premise is splitting hairs at best. Instead, what sets missions apart, other than sheer ambition, is a shift from bottom-up to top-down approaches to knowledge creation. Missions are most likely to achieve intended ends when reasonable people agree on the problem, what needs to be done, and when responsibility can be assigned. Even then, opportunity costs are ignored. The entrepreneurial state is currently pushing to solve those issues where it is likely to do the least good and the most harm: where we lack the knowledge of what to do, where accountability is unassigned, and where the failure-success axis cannot be meaningfully assessed. Successful mission policy further requires politics well beyond what democratic systems can achieve.
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Boustan, Leah Platt. "Motivations for White Flight: The Role of Fiscal/Political Interactions." In Competition in the Promised Land. Princeton University Press, 2016. http://dx.doi.org/10.23943/princeton/9780691150871.003.0006.
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This chapter compares the trajectory of housing prices in adjacent neighborhoods separated by a municipal border. In each of these pairs, one neighborhood is located within the city limits and the other is just across the border into the suburbs. The housing stock and local attributes of these neighborhoods were virtually identical, but residents on either side of the municipal border were assessed different property tax rates and had access to a different set of public goods. This chapter shows that the price premium associated with suburban units increased at the border as the black population rose in the city from 1960 to 1980, even though the racial composition of the neighborhoods under consideration was little changed. This pattern suggests that the decline in the demand for city residence with black in-migration was, in part, due to fiscal/political changes at the citywide level.
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Miladinović, Zoran. "OBAVEZE OSIGURAVAČA IZ UGOVORA O OSIGURANjU." In XXI vek - vek usluga i uslužnog prava : Knj. 10, 39–50. University of Kragujevac, Faculty of Law, 2019. http://dx.doi.org/10.46793/xxiv-10.039m.
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In most civil law or commercial contracts, the contracting parties assume their responsibilities, that is their obligations come into effect upon signing the contract. However, there are some type of contracts, where law foresees certain responsibilities of the contracting parties before signing the contract. An insurance contract is a typical contract where the legislator prescribes certain obligations of future contracting parties before signing the contract. In that context, we can speak about the insurer’s obligations before signing the contract, during its lifetime and at the moment of the accident covered by the insurance contract. All these obligations have their specific weight and are defined by legal provisions and insurance terms and conditions, regardless the fact we are speaking about the legal or voluntary insurance, that is whether it is property insurance, personal insurance or liability insurance. Basically, the insurer’s responsibilities are related to the obligations of the insured, who, by paying his insurance premiums as the price of the risk, expects certain security from signing an insurance contract.
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Kur, Annette, and Martin Senftleben. "Rationales of Trade Mark Protection." In European Trade Mark Law. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780199680443.003.0002.
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Although trade mark law is generally regarded as forming part of the larger body of intellectual property, the protection mechanism underlying its functioning is distinct from other intellectual property rights. Patents, copyright, or design rights award creative or innovative achievements with a limited period of market exclusivity thus creating artificial scarcity of the respective commodities. This grants the proprietor of such rights the possibility to raise prices above the marginal costs so as to recoup the investments made. Whether and to what extent that strategy is successful and even allows gaining a premium is determined by the market. Trade mark law coincides with that scheme insofar as it also engages market forces to determine commercial gains or losses. However, instead of creating artificial exclusivity of the goods or services offered, it provides a communication channel for entrepreneurs, so as to identify the goods or services originating from their business, distinguish them from competing goods, and transport product-related messages they want to convey to their customers. This, by reflex, provides information to the market, guiding consumer choice towards goods satisfying their demands, and helping to avoid those they do not want, at minimal search costs (see paragraph 1.08 et seq.). Thus, instead of restricting competition on the production level, trade marks are designed as an enabling tool without which competition in today’s mass markets would not function at all.
Conference papers on the topic "Property price premium"
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Miladinović, Zoran. "RIZIK KAO ELEMENT OSIGURANjA." In 14 Majsko savetovanje. University of Kragujevac, Faculty of Law, 2018. http://dx.doi.org/10.46793/xivmajsko.265m.
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Risk as a concept is associated with many assumptions depending how it is viewed or analyzed. If it is viewed from the aspect of insurance, risk is one of its basic elements , that is the constituent part of insurance. In insurance risk represents danger or threat to a person or property that are subject of insurance and whose insurance is permitted by legal and ethical rules. Risk directly influences the amount of insurance premium which is, actually, the price of insurance services and an important element of insurance contract. The amount of insurance premium, as the price of insurance, primarily depends on the risk levels, but on other factors as well: the amount that is being insured, the period of insurance, general insurance costs, etc. In the essence, risk and insurance premium are closely connected. Each change in risk levels definitely reflects on the level of insurance premium. If the risk level covered by the insurance is increased or decreased during the insurance period, this will have direct influence on the increase or decrease of insurance premium. In economical and technical terms, risk represents probability that economically hazardous incident will take place. As a legal term, risk represents an important element of insurance contracts that entails numerous obligations of contracting parties – both the insurer and the insured.
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Qiu, Waishan, Xiaokai Huang, Xiaojiang Li, Wenjing Li, and Ziye Zhang. "Investigating the impacts of street environment on pre-owned housing price in Shanghai using street-level images." In CARMA 2020 - 3rd International Conference on Advanced Research Methods and Analytics. Valencia: Universitat Politècnica de València, 2020. http://dx.doi.org/10.4995/carma2020.2020.11410.
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Studies considering street environment quality’s impact on housing value were limited to top-down variables such as the green ratio measured from satellite maps. In contrast, this study quantified street views’ impacts on the value of second-hand commodity residential properties in Shanghai based on analysis of street view imagery. (1) It applied computer vision to objectively measure street features from largely accessible street view imagery. (2) Based on the classical urban design measures frameworks, it applied machine learning to evaluate human perceived street quality as street scores systematically, in contrast to the common practice of doing so in a more intuition-based fashion. (3) It further identified important indicators from both human-centered street scores as well as the more objective street feature measures with positive or adverse effects on property values based on a hedonic modeling method. The estimation suggested both street scores and features are significant and non-negligible. For the perceived street scores (from 0-10 scale), neighborhoods with a unit increase in their “enclosure” or “safety” score enjoy price premium of 0.3% to 0.6%. Meanwhile, streets with 10% greater tree canopy exposure are attributable to a 0.2% increase in the property value. This study enriched our current understanding at a micro level of the factors that impact property values from the perspective of the built environment. It introduced human-centered perception of street scores and objective measures of street features as spatial variables into the analysis of neighborhood attribute vectors.
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Miladinović, Zoran. "Opšta pravila za osiguranje imovine." In XVI Majsko savetovanje. University of Kragujevac, Faculty of Law, 2020. http://dx.doi.org/10.46793/upk20.199m.
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The rules for property insurance are different from other insurance rules, especially from those regulating the insurance of persons. Compensation for incurred damage and interest to avoid damage are two basic principles of the property insurance. As for the first principle, the property insurance is calculated in an objective way meaning that the insurance claim cannot exceed the amount of the incurred damage. In the property insurance law this principle is known as the principle of indemnification. The other principle, the interest to avoid damage is the subjective principle in property insurance which assumes that the right to insurance is granted only to those persons whose material interest is to avoid damage. These two principles serve as the basis for establishing other general rules (characteristics) of property insurance which are discussed in this paper in details. In order to secure indemnification, the insured person’s has burden of proof to demonstrate that the damage is covered by the policy and specific risk. Double insurance and supplementary insurance are not permitted. In case of sub-insurance, damage claims are proportionally compensated. Cumulative claims (from the insurance company and from the person who caused the damage) are not permitted. Given the fact that the value of the insured property is expressed in monetary terms, and that the purpose of property insurance is the compensation of the damage incurred, the insured value, therefore, is not the important part of the insurance contract and may be omitted. The application of the mentioned insurance rules gives full meaning to the protection of the insured property since by concluding an insurance contract and paying the premium, as the price of service offered by insurance company, the insured person is protected from adverse consequences of property damage.
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Rahman, AHM E., and David Pugh. "Design of a Composite Mountain Bike Hydraulic Disc Brake." In ASME 2019 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/imece2019-11057.
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Abstract The primary goal of the project is to design a hydraulic disk brake system for mountain bikes made from reinforced plastics. Hydraulic brakes offer significantly better performance for a mountain bike over traditional cable rim break or cable disk break. Nevertheless, people are unable to appreciate advantage because of the price. The traditional hydraulic disk brake systems are made of aluminum alloy. With a proper design, it may be possible to create a lever assembly and a caliper that would be competitive on price and weight. Often bike parts are judged by how much they weight, the less they weight, the more they are desirable. This is only true to a certain extent because lighter parts come with a premium price tag. The current project proposed that the injection molded brakes would be lighter because of the material being used and cost-effective because the manufacturing process can be utilized. Commercial reinforced plastic composites have been identified as lighter materials compared to aluminum alloy. Through an iterative design process, the final designs of lever assembly and caliper have been achieved. The stopping force has been determined considering the abrupt stoppage with a standard weight person riding the bike. Based on the stopping force the stress analyses were obtained using FEA simulation for master cylinder, slave cylinder, and lever. At the end, the final designs were chosen based on the stress analyses and manufacturability.
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Lucas, Franck, Jean Perouzel, Frantz Sinama, and Franc¸ois Garde. "Instrumentation and Simulation of the Hygro-Thermal Conditions of a Green Building: A Study of the Impact of the Post-Occupancy Usages on Thermal Comfort." In ASME 2010 4th International Conference on Energy Sustainability. ASMEDC, 2010. http://dx.doi.org/10.1115/es2010-90499.
Full textAbstract:
Post-occupancy evaluations (POEs) are useful for evaluating the success of any building design, but are particularly useful in evaluating green buildings. It is the only opportunity architects and engineers have to learn if their buildings actually work as planned. On the other hand, following the “guidebook” of a green building, i.e. having occupants aware of the particularity of the premise and taught about how it works and what the proper usages are (which are not automatically straightforward), is of prime importance since misuse of a green building can directly lead to discomfort and energy over consumption. In that framework, this paper stresses the link between occupants’ usages and their indoor thermal comfort by attempting a quantification of the impact of each usage on indoor temperature and hygrometry (and thus thermal comfort), showing by the way that, in order a POE to fully give exploitable results, a communication to occupants on proper usages has to be the first step after the delivery of a green building. To study that link, the real case of a green building located in the French tropical island of La Re´union has been used. The overall idea followed in this work lies in two steps: The first one is the creation of a “validated” digital building description obtained thanks to a process of comparison between simulations outputs (DesignBuilder) and field measurements (weather and comfort stations), and to a “block by block” approach that allows independent validations of the description of the fabrics and of the description of the usages. The second step is the utilization of the model obtained in the first step to perform simulations of new usages, as modifications in natural ventilation features (doors, windows open or closed) or in number of occupants, lighting schedule etc. These new simulations lead to the possibilities of comparing situations between each others, and therefore of quantifying the contribution, positive or negative, of each chosen usage to thermal comfort. Eventually, this paper will describe an example of combination of new usages that makes the conditions noticeably more comfortable within the building, stressing that following the good usages in a green building is a first requirement before realizing any POE.