Issue 2, 2008

The management process is not adressless. It is directed toward realization of certain goals. Possible are reasons of different kind as well as the influence of different factors leading to price deviations. By that means they can be realized or partially fulfilled and even when their fulfillment is ensured it is at the expense of the accelerated exhaustion of resource potential. The possible deviations from the goals are always accompanied by specific problems. Generally they can be defined as instantly accruing, active for a short term and those which act for a longer term. The second are related to the chronic management deficiency (CMD). That does not mean that the first could not be transformed in long-term if not resolved timely and completely.

The necessity of radical change in economic theory is grounded. The conclusion is made that with the accumulated by now economic knowledge its harder to explain a series of economic processes and to outline the further development of society.
Covered is the idea for changes in the established in economic science paradigms towards creation of knowledge corresponding to the current economic situation but not only for the revival, modernization and correction of the existing theories, conceptions and models.

The article outlines the challenges in the practical application of the market-based instruments (MBI) for the protection of water resources; formulates a definition for "activating MBIs" and deduces the concept of an "MBI-standard" as a possibility to bridge the gap between environmental economics theory and practice.
The experience of different EU-member states in applying MBI for waste water has been analysed and a number of good practices has been identified. These practices have been systematized and grouped in four groups in the context of the integrated water resources management concept, and the content of the "MBI-standard" has been grounded on them. A methodology has been proposed for the evaluation of MBIs in a given country through a comparison with the "MBI-standard".

Examined are the main factors influencing the increased demand for residential property as main accelerator of their price increase. Special attention is focused on the significant increase in residential mortgage credits due to the more advantageous loan conditions and the improved acquittal capacity of households. Of great significance is the sharply increasing during the last years external demand for residences as an engine of the estate market. Analyzed are the perspectives for the development of the estate market and the factors for a future containment and eventual decrease of prices of real estates in Bulgaria.

In some cases when statistical methods of examination of relations and dependences are applied to distributions which are different than normal the results are questioned. One of the reasons is that in the construction of these methods grounded are just a first initial, second central and a compound element. The measures grounded on elements of a higher order as these of asymmetry and excess are usually neglected nevertheless they carry information which in many cases is very valuable. Presented is an idea of simultaneous use of the moments from the first to the fourth order - mean value, mean quadratic digression and the coefficients of asymmetry and excess while comparing several distributions towards a single moment as well as to examine the dynamics of distributions.

Examined are the determinants and models for evaluation of corporative value in case of insecurity. Supported is the opinion that determinants of corporative value are the expected returns of the possessed assets and of future investment opportunities which are evaluated with the relevant traditional models of discounted money flows and with the models of real options. Endorsed is the leading role of management flexibility which allows management in acquiring new information the usage of potential to increase the returns and to restrain the risks of decrease of corporative value. Analyzed are the real options as instruments for revealing of the wide corporative value in case of insecurity.