Valuation, depreciation and the rate base

Bibliographic data

Monograph

Identifikator:: 174667931X

URN:: urn:nbn:de:zbw-retromon-119897

Document type:: Monograph

Author:: Grunsky, Carl Ewald http://d-nb.info/gnd/10180959X

Title:: Valuation, depreciation and the rate base

Edition:: 2. ed., revised and extended

Place of publication:: New York

Publisher:: Wiley

Year of publication:: 1927

Scope:: X, 500 Seiten

Digitisation:: 2021

Collection:: Economics Books

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PREFACE TO FIRST EDITION A thorough discussion of the principles which control the engineer, the economist, the assessor and the business man in making valuations will not be attempted in these pages. This book is the result of personal contact with the valuation problem. No apology need be made for the fact that, in pre- senting an original analysis of the problem, the arrangement of the material is not always as logical as might have been ex- pected if the present state of the art only had been brought under review. Special consideration has been given to a dis- cussion of the non-agreement of the actual life of articles which have a limited period of usefulness with their probable or normal life. The effect of this non-conformity has been studied by the author and the results have been thought worthy of a special chapter. These results show that there is great advantage in adopting, instead of ““ present value,” a rate-base without deduc- tion of depreciation, which will include but little, if anything, other than legitimate and properly estimated cost as the start- ing point when rates are to be fixed. He therefore recommends for the thoughtful consideration of the student, the method of procedure which he has named the Unlimited Life Method and which is herein fully explained. The author feels, too, that the owner of a public utility is, generally, entitled to larger earnings than will yield a bare interest return on the invested capital. Volume of business transacted and also the unearned increment should, sometimes, be taken into account when estimates are made of the earnings that may with propriety be allowed. Such matters as these have received attention and it is hoped that some of the ideas that are herein advanced may stimulate further thought along similar lines and may, here and there, prove helpful to those who have appraisals to make or

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