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120-682: The Miami Marine Stadium is a marine stadium on Virginia Key , Miami , Florida, United States. The facility, completed in 1963 on land donated to the City of Miami from the Matheson family , is the first stadium purpose-built for powerboat racing in the United States . The stadium was abandoned in 1992 when officials declared it unsafe following Hurricane Andrew . It was listed on the National Register of Historic Places in 2018. The 6,566-seat stadium

240-410: A halocline . If a zone undergoes a strong, vertical chemistry gradient with depth, it contains a chemocline . Temperature and salinity control ocean water density. Colder and saltier water is denser, and this density plays a crucial role in regulating the global water circulation within the ocean. The halocline often coincides with the thermocline, and the combination produces a pronounced pycnocline ,

360-489: A mid-ocean ridge , which creates a long mountain range beneath the ocean. Together they form the global mid-oceanic ridge system that features the longest mountain range in the world. The longest continuous mountain range is 65,000 km (40,000 mi). This underwater mountain range is several times longer than the longest continental mountain range – the Andes . Oceanographers state that less than 20% of

480-419: A utilitarian perspective. Assuming an accurate CBA, changing the status quo by implementing the alternative with the lowest cost–benefit ratio can improve Pareto efficiency . Although CBA can offer an informed estimate of the best alternative, a perfect appraisal of all present and future costs and benefits is difficult; perfection, in economic efficiency and social welfare, is not guaranteed. The value of

600-724: A boundary between less dense surface water and dense deep water. Cost%E2%80%93benefit analysis CBA has two main applications: CBA is related to cost-effectiveness analysis . Benefits and costs in CBA are expressed in monetary terms and are adjusted for the time value of money ; all flows of benefits and costs over time are expressed on a common basis in terms of their net present value , regardless of whether they are incurred at different times. Other related techniques include cost–utility analysis , risk–benefit analysis , economic impact analysis , fiscal impact analysis, and social return on investment (SROI) analysis. Cost–benefit analysis

720-678: A common temporal footing, using time value of money calculations. This is often done by converting the future expected streams of costs ( C {\displaystyle C} ) and benefits ( B {\displaystyle B} ) into a present value amount with a discount rate ( r {\displaystyle r} ) and the net present value defined as: NPV = ∑ t = 0 ∞ B t − C t ( 1 + r ) t {\displaystyle {\text{NPV}}=\sum _{t=0}^{\infty }{B_{t}-C_{t} \over {(1+r)^{t}}}} The selection of

840-462: A cost–benefit analysis depends on the accuracy of the individual cost and benefit estimates. Comparative studies indicate that such estimates are often flawed, preventing improvements in Pareto and Kaldor–Hicks efficiency . Interest groups may attempt to include (or exclude) significant costs in an analysis to influence its outcome. The concept of CBA dates back to an 1848 article by Jules Dupuit , and

960-417: A discount rate for this calculation is subjective. A smaller rate values the current generation and future generations equally. Larger rates (a market rate of return, for example) reflects human present bias or hyperbolic discounting : valuing money which they will receive in the near future more than money they will receive in the distant future. Empirical studies suggest that people discount future benefits in

1080-402: A financial value to the life. However, non-monetary metrics have limited usefulness for evaluating policies with substantially different outcomes. Other benefits may also accrue from a policy, and metrics such as cost per life saved may lead to a substantially different ranking of alternatives than CBA.In some cases, in addition to changing the benefit indicator, the cost-benefit analysis strategy

1200-579: A gentle breeze on a pond causes ripples to form. A stronger gust blowing over the ocean causes larger waves as the moving air pushes against the raised ridges of water. The waves reach their maximum height when the rate at which they are travelling nearly matches the speed of the wind. In open water, when the wind blows continuously as happens in the Southern Hemisphere in the Roaring Forties , long, organized masses of water called swell roll across

1320-425: A higher weight. One reason for this is that for high income people, one monetary unit is worth less relative to low income people, so they are more willing to give up one unit in order to make a change that is favourable for them. This means that there is no symmetry in agents, i.e. some people benefit more from the same absolute monetary benefit. Any welfare change, no matter positive or negative, affects people with

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1440-424: A lower income stronger than people with a higher income, even if the exact monetary impacts are identical. This is more than just a challenge to the distribution of benefits in CBA, it is a critique of the ability of CBA to accurately measure benefits as, according to this critique, using unweighted absolute willingness to pay overstates the costs and benefits to the wealthy, and understates those costs and benefits to

1560-419: A number of drawbacks and limitations. A number of critical arguments have been put forward in response. That include concerns about measuring the distribution of costs and benefits, discounting the costs and benefits to future generations, and accounting for the diminishing marginal utility of income. in addition, relying solely on cost-benefit analysis may lead to neglecting the multifaceted value factors of

1680-460: A policy is inexact at best. Surveys (stated preferences) or market behavior ( revealed preferences ) are often used to estimate compensation associated with a policy. Stated preferences are a direct way of assessing willingness to pay for an environmental feature, for example. Survey respondents often misreport their true preferences, however, and market behavior does not provide information about important non-market welfare impacts. Revealed preference

1800-670: A project. CBA has been criticized in some disciplines as it relies on the Kaldor-Hicks criterion which does not take into account distributional issues. This means, that positive net-benefits are decisive, independent of who benefits and who loses when a certain policy or project is put into place. Phaneuf and Requate phrased it as follows "CBA today relies on the Kaldor-Hicks criteria to make statements about efficiency without addressing issues of income distribution. This has allowed economists to stay silent on issues of equity, while focusing on

1920-451: A result, the photic zone is the most biodiverse and the source of the food supply which sustains most of the ocean ecosystem . Ocean photosynthesis also produces half of the oxygen in the Earth's atmosphere. Light can only penetrate a few hundred more meters; the rest of the deeper ocean is cold and dark (these zones are called mesopelagic and aphotic zones). The continental shelf is where

2040-496: A shallow area and this, coupled with a low pressure system, can raise the surface of the ocean dramatically above a typical high tide. The average depth of the oceans is about 4 km. More precisely the average depth is 3,688 meters (12,100 ft). Nearly half of the world's marine waters are over 3,000 meters (9,800 ft) deep. "Deep ocean," which is anything below 200 meters (660 ft), covers about 66% of Earth's surface. This figure does not include seas not connected to

2160-414: A theoretical foundation on the societal worth or benefit of a project. The cost of the project proved much simpler to calculate. Simply taking the sum of the materials and labor, in addition to the maintenance afterward, would give one the cost. Now, the costs and benefits of the project could be accurately analyzed, and an informed decision could be made. The Corps of Engineers initiated the use of CBA in

2280-618: A variety of software tools, including HERS, BCA.Net, StatBenCost, Cal-BC, and TREDIS . Guides are available from the Federal Highway Administration , Federal Aviation Administration , Minnesota Department of Transportation , California Department of Transportation (Caltrans), and the Transportation Research Board 's Transportation Economics Committee. In health economics , CBA may be an inadequate measure because willingness-to-pay methods of determining

2400-403: A wave-cut platform develops at the foot of the cliff and this has a protective effect, reducing further wave-erosion. Material worn from the margins of the land eventually ends up in the sea. Here it is subject to attrition as currents flowing parallel to the coast scour out channels and transport sand and pebbles away from their place of origin. Sediment carried to the sea by rivers settles on

2520-405: A way similar to these calculations. The choice makes a large difference in assessing interventions with long-term effects. An example is the equity premium puzzle , which suggests that long-term returns on equities may be higher than they should be after controlling for risk and uncertainty. If so, market rates of return should not be used to determine the discount rate because they would undervalue

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2640-406: A zone undergoes dramatic changes in temperature with depth, it contains a thermocline , a distinct boundary between warmer surface water and colder deep water. In tropical regions, the thermocline is typically deeper compared to higher latitudes. Unlike polar waters , where solar energy input is limited, temperature stratification is less pronounced, and a distinct thermocline is often absent. This

2760-439: Is a bay , a small bay with a narrow inlet is a cove and a large bay may be referred to as a gulf . Coastlines are influenced by several factors including the strength of the waves arriving on the shore, the gradient of the land margin, the composition and hardness of the coastal rock, the inclination of the off-shore slope and the changes of the level of the land due to local uplift or submergence. Normally, waves roll towards

2880-482: Is a direct correspondence between the form of a maximum entropy distribution and the exponential family . Examples of commonly used continuous maximum entropy distributions in simulations include: The increased use of CBA in the US regulatory process is often associated with President Ronald Reagan 's administration. Although CBA in US policy-making dates back several decades, Reagan's Executive Order 12291 mandated its use in

3000-628: Is a major contributor to Friends of Miami Marine Stadium. The City of Miami granted control of the stadium property to the group in 2013, and the group returned in late 2014 with a revitalization proposal and supposed funds. This project brought the Miami International Boat Show to the Miami Marine Stadium on February 11–15, 2016. The Miami International Boat Show used the Marine Stadium as a venue from 2016 until 2021. In 2016,

3120-738: Is about −2 °C (28 °F). In all parts of the ocean, deep ocean temperatures range between −2 °C (28 °F) and 5 °C (41 °F). Constant circulation of water in the ocean creates ocean currents . Those currents are caused by forces operating on the water, such as temperature and salinity differences, atmospheric circulation (wind), and the Coriolis effect . Tides create tidal currents, while wind and waves cause surface currents. The Gulf Stream , Kuroshio Current , Agulhas Current and Antarctic Circumpolar Current are all major ocean currents. Such currents transport massive amounts of water, gases, pollutants and heat to different parts of

3240-444: Is an important reference point for oceanography and geography, particularly as mean sea level . The ocean surface has globally little, but measurable topography , depending on the ocean's volumes. The ocean surface is a crucial interface for oceanic and atmospheric processes. Allowing interchange of particles, enriching the air and water, as well as grounds by some particles becoming sediments . This interchange has fertilized life in

3360-568: Is an indirect approach to individual willingness to pay. People make market choices of items with different environmental characteristics, for example, revealing the value placed on environmental factors. The value of human life is controversial when assessing road-safety measures or life-saving medicines. Controversy can sometimes be avoided by using the related technique of cost–utility analysis, in which benefits are expressed in non-monetary units such as quality-adjusted life years . Road safety can be measured in cost per life saved, without assigning

3480-411: Is customarily divided into five principal oceans – listed below in descending order of area and volume: The ocean fills Earth's oceanic basins . Earth's oceanic basins cover different geologic provinces of Earth's oceanic crust as well as continental crust . As such it covers mainly Earth's structural basins , but also continental shelfs . In mid-ocean, magma is constantly being thrust through

3600-718: Is directly abandoned as a measure. In the 1980s, to ensure workers' safety, the US Supreme Court made an important decision to abandon the consideration of return on investment and instead seek the lowest cost-benefit to meet specific standards. Another metric is valuing the environment, which in the 21st century is typically assessed by valuing ecosystem services to humans (such as air and water quality and pollution ). Monetary values may also be assigned to other intangible effects such as business reputation, market penetration, or long-term enterprise strategy alignment. CBA generally attempts to put all relevant costs and benefits on

3720-399: Is due to the fact that surface waters in polar latitudes are nearly as cold as deeper waters. Below the thermocline, water everywhere in the ocean is very cold, ranging from −1 °C to 3 °C. Because this deep and cold layer contains the bulk of ocean water, the average temperature of the world ocean is 3.9 °C. If a zone undergoes dramatic changes in salinity with depth, it contains

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3840-449: Is governed by OMB Circular A-4 . CBA attempts to measure the positive or negative consequences of a project. A similar approach is used in the environmental analysis of total economic value . Both costs and benefits can be diverse. Costs tend to be most thoroughly represented in cost–benefit analyses due to relatively-abundant market data. The net benefits of a project may incorporate cost savings, public willingness to pay (implying that

3960-452: Is irregular, unevenly dominating the Earth's surface . This leads to the distinction of the Earth's surface into a water and land hemisphere , as well as the division of the ocean into different oceans. Seawater covers about 361,000,000 km (139,000,000 sq mi) and the ocean's furthest pole of inaccessibility , known as " Point Nemo ", in a region known as spacecraft cemetery of

4080-556: Is less laborious and time-consuming, since it does not involve the monetization of outcomes (which can be difficult in some cases). It has been argued that if modern cost–benefit analyses had been applied to decisions such as whether to mandate the removal of lead from gasoline, block the construction of two proposed dams just above and below the Grand Canyon on the Colorado River , and regulate workers' exposure to vinyl chloride ,

4200-503: Is often used by organizations to appraise the desirability of a given policy. It is an analysis of the expected balance of benefits and costs, including an account of any alternatives and the status quo . CBA helps predict whether the benefits of a policy outweigh its costs (and by how much), relative to other alternatives. This allows the ranking of alternative policies in terms of a cost–benefit ratio. Generally, accurate cost–benefit analysis identifies choices which increase welfare from

4320-516: Is possible to use different methods. One is to use weights, and there are a number of different approaches for calculating these weights. Often, a Bergson- Samuelson social welfare function is used and weights are calculated according to the willingness-to-pay of people. Another method is to use percentage willingness to pay, where willingness to pay is measured as a percentage of total income or wealth to control for income. These methods would also help to address distributional concerns raised by

4440-454: Is produced and magma is forced up creating underwater mountains, some of which may form chains of volcanic islands near to deep trenches. Near some of the boundaries between the land and sea, the slightly denser oceanic plates slide beneath the continental plates and more subduction trenches are formed. As they grate together, the continental plates are deformed and buckle causing mountain building and seismic activity. Every ocean basin has

4560-407: Is pushed across the surface of the ocean by the wind, but this represents a transfer of energy and not horizontal movement of water. As waves approach land and move into shallow water , they change their behavior. If approaching at an angle, waves may bend ( refraction ) or wrap around rocks and headlands ( diffraction ). When the wave reaches a point where its deepest oscillations of the water contact

4680-423: Is reflected back out of the water. Red light is most easily absorbed and thus does not reach great depths, usually to less than 50 meters (164 ft). Blue light, in comparison, can penetrate up to 200 meters (656 ft). Second, water molecules and very tiny particles in ocean water preferentially scatter blue light more than light of other colors. Blue light scattering by water and tiny particles happens even in

4800-467: Is sometimes referred to as the World Ocean, global ocean or the great ocean . The concept of a continuous body of water with relatively unrestricted exchange between its components is critical in oceanography . The word ocean comes from the figure in classical antiquity , Oceanus ( / oʊ ˈ s iː ə n ə s / ; Ancient Greek : Ὠκεανός Ōkeanós , pronounced [ɔːkeanós] ),

4920-405: Is the primary component of Earth's hydrosphere and is thereby essential to life on Earth. The ocean influences climate and weather patterns, the carbon cycle , and the water cycle by acting as a huge heat reservoir . Ocean scientists split the ocean into vertical and horizontal zones based on physical and biological conditions. The pelagic zone is the open ocean's water column from

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5040-743: Is the support set of a probability density function f ( x ) {\displaystyle f(x)} . Suppose that we impose a series of constraints that must be satisfied: where the last equality is a series of moment conditions. Maximizing the entropy with these constraints leads to the functional : J = max f ∫ S ( − f log ⁡ f + λ 0 f + ∑ i = 1 m λ i r i f ) d x {\displaystyle J=\max _{f}\;\int _{\mathcal {S}}\left(-f\log f+\lambda _{0}f+\sum _{i=1}^{m}\lambda _{i}r_{i}f\right)dx} where

5160-622: Is to make use of the principle of maximum entropy , which states that the distribution with the best representation of current knowledge is the one with the largest entropy - defined for continuous distributions as: H ( X ) = E [ − log ⁡ f ( X ) ] = − ∫ S f ( x ) log ⁡ f ( x ) d x {\displaystyle H(X)=\mathbb {E} \left[-\log f(X)\right]=-\int _{\mathcal {S}}f(x)\log f(x)dx} where S {\displaystyle {\mathcal {S}}}

5280-414: The β i {\displaystyle \beta _{i}} terms correspond to the factor loadings. A generalization of these methods can be found in arbitrage pricing theory , which allows for an arbitrary number of risk premiums in the calculation of the required return. Risk associated with project outcomes is usually handled with probability theory . Although it can be factored into

5400-522: The λ i {\displaystyle \lambda _{i}} are Lagrange multipliers . Maximizing this functional leads to the form of a maximum entropy distribution: f ( x ) = exp ⁡ [ λ 0 − 1 + ∑ i = 1 m λ i r i ( x ) ] {\displaystyle f(x)=\exp \left[\lambda _{0}-1+\sum _{i=1}^{m}\lambda _{i}r_{i}(x)\right]} There

5520-522: The Clinton administration during the 1990s. Clinton furthered the anti-regulatory environment with his Executive Order 12866 . The order changed some of Reagan's language, requiring benefits to justify (rather than exceeding) costs and adding "reduction of discrimination or bias" as a benefit to be analyzed. Criticisms of CBA (including uncertainty valuations, discounting future values, and the calculation of risk) were used to argue that it should play no part in

5640-1072: The Fama-French model : r = r f ⏟ Risk-Free Rate + β M [ E ( r M ) − r f ] ⏟ Market Risk + β S M B [ E ( r S ) − E ( r B ) ] ⏟ Size Factor + β H M L [ E ( r H ) − E ( r L ) ] ⏟ Value Factor {\displaystyle r=\underbrace {r_{f}} _{\text{Risk-Free Rate}}+\beta _{M}\underbrace {\left[\mathbb {E} (r_{M})-r_{f}\right]} _{\text{Market Risk}}+\beta _{SMB}\underbrace {\left[\mathbb {E} (r_{S})-\mathbb {E} (r_{B})\right]} _{\text{Size Factor}}+\beta _{HML}\underbrace {\left[\mathbb {E} (r_{H})-\mathbb {E} (r_{L})\right]} _{\text{Value Factor}}} where

5760-469: The Gordon–Loeb model for decisions concerning cybersecurity investments). CBA's application to broader public policy began with the work of Otto Eckstein , who laid out a welfare economics foundation for CBA and its application to water-resource development in 1958. It was applied in the US to water quality, recreational travel, and land conservation during the 1960s, and the concept of option value

5880-511: The Monte Carlo method . However, even a low parameter of uncertainty does not guarantee the success of a project. Suppose that we have sources of uncertainty in a CBA that are best treated with the Monte Carlo method, and the distributions describing uncertainty are all continuous. How do we go about choosing the appropriate distribution to represent the sources of uncertainty? One popular method

6000-670: The North Sea or the Red Sea . There is no sharp distinction between seas and oceans, though generally seas are smaller, and are often partly (as marginal seas ) or wholly (as inland seas ) bordered by land. The contemporary concept of the World Ocean was coined in the early 20th century by the Russian oceanographer Yuly Shokalsky to refer to the continuous ocean that covers and encircles most of Earth. The global, interconnected body of salt water

6120-472: The South Pacific Ocean , at 48°52.6′S 123°23.6′W  /  48.8767°S 123.3933°W  / -48.8767; -123.3933  ( Point Nemo ) . This point is roughly 2,688 km (1,670 mi) from the nearest land. There are different customs to subdivide the ocean and are adjourned by smaller bodies of water such as, seas , gulfs , bays , bights , and straits . The ocean

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6240-578: The Thames Barrier is designed to protect London from a storm surge, while the failure of the dykes and levees around New Orleans during Hurricane Katrina created a humanitarian crisis in the United States. Most of the ocean is blue in color, but in some places the ocean is blue-green, green, or even yellow to brown. Blue ocean color is a result of several factors. First, water preferentially absorbs red light, which means that blue light remains and

6360-514: The central business districts and barrier islands of Miami. Citations Bibliography Ocean The ocean is the body of salt water that covers approximately 70.8% of Earth . In English , the term ocean also refers to any of the large bodies of water into which the world ocean is conventionally divided. The following names describe five different areas of the ocean: Pacific , Atlantic , Indian , Antarctic/Southern , and Arctic . The ocean contains 97% of Earth's water and

6480-406: The coastline and structure of the world ocean. A global ocean has existed in one form or another on Earth for eons. Since its formation the ocean has taken many conditions and shapes with many past ocean divisions and potentially at times covering the whole globe. During colder climatic periods, more ice caps and glaciers form, and enough of the global water supply accumulates as ice to lessen

6600-591: The ocean floor , they begin to slow down. This pulls the crests closer together and increases the waves' height , which is called wave shoaling . When the ratio of the wave's height to the water depth increases above a certain limit, it " breaks ", toppling over in a mass of foaming water. This rushes in a sheet up the beach before retreating into the ocean under the influence of gravity. Earthquakes , volcanic eruptions or other major geological disturbances can set off waves that can lead to tsunamis in coastal areas which can be very dangerous. The ocean's surface

6720-808: The Baseball and Soccer stadiums in Cartagena, Colombia, by Guillermo Gonzalez Zuleta in 1947 and The University Stadium in Caracas designed by Carlos Raul Villanueva , built in 1950. The Miami Marine Stadium bears striking resemblance to the more elegant horse-racing Hipódromo de la Zarzuela in Madrid, Spain, designed by Carlos Arniches Moltó and Martín Domínguez in 1934–35. The Stadium was host for many world class powerboat events including Unlimited Hydroplane , Inboard, Outboard, Performance Craft, Stock, Modified, Grand National divisions as well as other special event races. The Stadium

6840-456: The EU's Sixth Framework Programme , reviewed transport appraisal guidance of EU member states and found significant national differences. HEATCO aimed to develop guidelines to harmonise transport appraisal practice across the EU. Transport Canada promoted CBA for major transport investments with the 1994 publication of its guidebook. US federal and state transport departments commonly apply CBA with

6960-442: The Earth's biosphere . Oceanic evaporation , as a phase of the water cycle, is the source of most rainfall (about 90%), causing a global cloud cover of 67% and a consistent oceanic cloud cover of 72%. Ocean temperatures affect climate and wind patterns that affect life on land. One of the most dramatic forms of weather occurs over the oceans: tropical cyclones (also called "typhoons" and "hurricanes" depending upon where

7080-500: The Kaldor-Hick criterion. Economic cost-benefit analysis tends to limit the assessment of benefits to economic values, ignoring the importance of other value factors such as the wishes of minority groups, inclusiveness and respect for the rights of others. These value factors are difficult to rank and measure in terms of weighting, yet cost-benefit analysis suffers from the inability to consider these factors comprehensively, thus lacking

7200-475: The Miami City Commission voted to approve up to $ 45 million in revenue-bond financing to restore the stadium. An architecture firm was hired and restoration plans were finalized, but the bond authorization expired. The city had planned to renovate the Miami Marine Stadium into a concert venue, but, by late 2020, Miami officials had refused to disclose detailed plans for the venue. By 2021, the city of Miami

7320-452: The Moon are 20x stronger than the Moon's tidal forces on the Earth.) The primary effect of lunar tidal forces is to bulge Earth matter towards the near and far sides of the Earth, relative to the moon. The "perpendicular" sides, from which the Moon appears in line with the local horizon, experience "tidal troughs". Since it takes nearly 25 hours for the Earth to rotate under the Moon (accounting for

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7440-403: The Moon's 28 day orbit around Earth), tides thus cycle over a course of 12.5 hours. However, the rocky continents pose obstacles for the tidal bulges, so the timing of tidal maxima may not actually align with the Moon in most localities on Earth, as the oceans are forced to "dodge" the continents. Timing and magnitude of tides vary widely across the Earth as a result of the continents. Thus, knowing

7560-468: The Moon's gravity, oceanic tides are also substantially modulated by the Sun's tidal forces, by the rotation of the Earth, and by the shape of the rocky continents blocking oceanic water flow. (Tidal forces vary more with distance than the "base" force of gravity: the Moon's tidal forces on Earth are more than double the Sun's, despite the latter's much stronger gravitational force on Earth. Earth's tidal forces upon

7680-400: The Moon's position does not allow a local to predict tide timings, instead requiring precomputed tide tables which account for the continents and the Sun, among others. During each tidal cycle, at any given place the tidal waters rise to maximum height, high tide, before ebbing away again to the minimum level, low tide. As the water recedes, it gradually reveals the foreshore , also known as

7800-643: The Okeanos is represented with a dragon-tail on some early Greek vases. Scientists believe that a sizable quantity of water would have been in the material that formed Earth. Water molecules would have escaped Earth's gravity more easily when it was less massive during its formation. This is called atmospheric escape . During planetary formation , Earth possibly had magma oceans . Subsequently, outgassing , volcanic activity and meteorite impacts , produced an early atmosphere of carbon dioxide , nitrogen and water vapor , according to current theories. The gases and

7920-511: The US, after the Federal Navigation Act of 1936 mandated cost–benefit analysis for proposed federal-waterway infrastructure. The Flood Control Act of 1939 was instrumental in establishing CBA as federal policy, requiring that "the benefits to whomever they accrue [be] in excess of the estimated costs." More recently, cost-benefit analysis has been applied to decisions regarding investments in cybersecurity-related activities (e.g., see

8040-706: The World Ocean, such as the Caspian Sea . The deepest region of the ocean is at the Mariana Trench , located in the Pacific Ocean near the Northern Mariana Islands . The maximum depth has been estimated to be 10,971 meters (35,994 ft). The British naval vessel Challenger II surveyed the trench in 1951 and named the deepest part of the trench the " Challenger Deep ". In 1960, the Trieste successfully reached

8160-421: The amounts in other parts of the water cycle. The reverse is true during warm periods. During the last ice age, glaciers covered almost one-third of Earth's land mass with the result being that the oceans were about 122 m (400 ft) lower than today. During the last global "warm spell," about 125,000 years ago, the seas were about 5.5 m (18 ft) higher than they are now. About three million years ago

8280-678: The application of CBA to public policies include the Canadian guide for regulatory analysis, the Australian guide for regulation and finance, and the US guides for health-care and emergency-management programs. CBA for transport investment began in the UK with the M1 motorway project and was later used for many projects, including the London Underground 's Victoria line . The New Approach to Appraisal (NATA)

8400-456: The approval of the boat ramp, but Miami city commissioners rejected the request in early 2023. Workers began restoring the Miami Marine Stadium in early 2023, repairing damaged pilings at a cost of $ 2.4 million. Poured entirely in concrete, the Miami Marine Stadium consists of a cantilevered folded plate roof supported by eight big slanted columns anchored in the ground through the grandstand. A huge horizontal beam tied them all together. A cut in

8520-479: The atmosphere are thought to have accumulated over millions of years. After Earth's surface had significantly cooled, the water vapor over time would have condensed, forming Earth's first oceans. The early oceans might have been significantly hotter than today and appeared green due to high iron content. Geological evidence helps constrain the time frame for liquid water existing on Earth. A sample of pillow basalt (a type of rock formed during an underwater eruption)

8640-420: The basin provides a 1,500 meter 7 lane course for practice, training and racing. From its opening for nearly 30 years, the stadium was used for its intended water sports as well as concerts, sporting events such as boxing (which began in 1972), and even figured prominently in the 1967 Elvis Presley film Clambake , serving as the scene of Elvis' climactic speedboat race. In the wake of Hurricane Andrew , it

8760-545: The bond. Meanwhile, Miami officials proposed in late 2022 to build a boat ramp, as well as parking space for boat trailers, next to the Miami Marine Stadium. Miami's Planning and Zoning Advisory Board approved the proposal in December 2022, in spite of concerns that the construction of the boat ramp would cause congestion on the Rickenbacker Causeway . Preservationist group Dade Heritage Trust asked city officials to cancel

8880-407: The bottom of the trench, manned by a crew of two men. Oceanographers classify the ocean into vertical and horizontal zones based on physical and biological conditions. The pelagic zone consists of the water column of the open ocean, and can be divided into further regions categorized by light abundance and by depth. The ocean zones can be grouped by light penetration into (from top to bottom):

9000-487: The discount rate (to have uncertainty increasing over time), it is usually considered separately. Particular consideration is often given to agent risk aversion : preferring a situation with less uncertainty to one with greater uncertainty, even if the latter has a higher expected return . Uncertainty in CBA parameters can be evaluated with a sensitivity analysis , which indicates how results respond to parameter changes. A more formal risk analysis may also be undertaken with

9120-598: The distant future. For publicly traded companies, it is possible to find a project's discount rate by using an equilibrium asset pricing model to find the required return on equity for the company and then assuming that the risk profile of a given project is similar to that the company faces. Commonly used models include the capital asset pricing model (CAPM): r = r f + β [ E ( r M ) − r f ] {\displaystyle r=r_{f}+\beta \left[\mathbb {E} (r_{M})-r_{f}\right]} and

9240-501: The elder of the Titans in classical Greek mythology . Oceanus was believed by the ancient Greeks and Romans to be the divine personification of an enormous river encircling the world. The concept of Ōkeanós has an Indo-European connection. Greek Ōkeanós has been compared to the Vedic epithet ā-śáyāna-, predicated of the dragon Vṛtra-, who captured the cows/rivers. Related to this notion,

9360-412: The formation of unusually high rogue waves . Most waves are less than 3 m (10 ft) high and it is not unusual for strong storms to double or triple that height. Rogue waves, however, have been documented at heights above 25 meters (82 ft). The top of a wave is known as the crest, the lowest point between waves is the trough and the distance between the crests is the wavelength. The wave

9480-421: The interface between water and air is called swell – a term used in sailing , surfing and navigation . These motions profoundly affect ships on the surface of the ocean and the well-being of people on those ships who might suffer from sea sickness . Wind blowing over the surface of a body of water forms waves that are perpendicular to the direction of the wind. The friction between air and water caused by

9600-482: The intertidal zone. The difference in height between the high tide and low tide is known as the tidal range or tidal amplitude. When the sun and moon are aligned (full moon or new moon), the combined effect results in the higher "spring tides", while the sun and moon misaligning (half moons) result in lesser tidal ranges. In the open ocean tidal ranges are less than 1 meter, but in coastal areas these tidal ranges increase to more than 10 meters in some areas. Some of

9720-710: The largest tidal ranges in the world occur in the Bay of Fundy and Ungava Bay in Canada, reaching up to 16 meters. Other locations with record high tidal ranges include the Bristol Channel between England and Wales, Cook Inlet in Alaska, and the Río Gallegos in Argentina. Tides are not to be confused with storm surges , which can occur when high winds pile water up against the coast in

9840-466: The majority of Earth's surface. It includes the Pacific , Atlantic , Indian , Southern/Antarctic , and Arctic oceans. As a general term, "the ocean" and "the sea" are often interchangeable. Strictly speaking, a "sea" is a body of water (generally a division of the world ocean) partly or fully enclosed by land. The word "sea" can also be used for many specific, much smaller bodies of seawater, such as

9960-469: The measures would not have been implemented (although all are considered highly successful). The US Clean Air Act has been cited in retrospective studies as a case in which benefits exceeded costs, but knowledge of the benefits (attributable largely to the benefits of reducing particulate pollution ) was not available until many years later. A generic cost–benefit analysis has the following steps: In United States regulatory policy, cost-benefit analysis

10080-453: The more familiar task of measuring costs and benefits". The challenge raised is that it is possible for the benefits of successive policies to consistently accrue to the same group of individuals, and CBA is ambivalent between providing benefits to those that have received them in the past and those that have been consistently excluded. Policy solutions, such as progressive taxation can address some of these concerns. Others have critiqued

10200-408: The ocean faces many environmental threats, such as marine pollution , overfishing , and the effects of climate change . Those effects include ocean warming , ocean acidification and sea level rise . The continental shelf and coastal waters are most affected by human activity. The terms "the ocean" or "the sea" used without specification refer to the interconnected body of salt water covering

10320-423: The ocean meets dry land. It is more shallow, with a depth of a few hundred meters or less. Human activity often has negative impacts on marine life within the continental shelf. Ocean temperatures depend on the amount of solar radiation reaching the ocean surface. In the tropics, surface temperatures can rise to over 30 °C (86 °F). Near the poles where sea ice forms, the temperature in equilibrium

10440-508: The ocean, on land and air. All these processes and components together make up ocean surface ecosystems . Tides are the regular rise and fall in water level experienced by oceans, primarily driven by the Moon 's gravitational tidal forces upon the Earth. Tidal forces affect all matter on Earth, but only fluids like the ocean demonstrate the effects on human timescales. (For example, tidal forces acting on rock may produce tidal locking between two planetary bodies.) Though primarily driven by

10560-469: The ocean. If the wind dies down, the wave formation is reduced, but already-formed waves continue to travel in their original direction until they meet land. The size of the waves depends on the fetch , the distance that the wind has blown over the water and the strength and duration of that wind. When waves meet others coming from different directions, interference between the two can produce broken, irregular seas. Constructive interference can lead to

10680-419: The oceans absorb CO 2 from the atmosphere , a higher concentration leads to ocean acidification (a drop in pH value ). The ocean provides many benefits to humans such as ecosystem services , access to seafood and other marine resources , and a means of transport . The ocean is known to be the habitat of over 230,000 species , but may hold considerably more – perhaps over two million species. Yet,

10800-425: The oceans could have been up to 50 m (165 ft) higher. The entire ocean, containing 97% of Earth's water, spans 70.8% of Earth 's surface, making it Earth's global ocean or world ocean . This makes Earth, along with its vibrant hydrosphere a "water world" or " ocean world ", particularly in Earth's early history when the ocean is thought to have possibly covered Earth completely. The ocean's shape

10920-434: The oceans have been mapped. The zone where land meets sea is known as the coast , and the part between the lowest spring tides and the upper limit reached by splashing waves is the shore . A beach is the accumulation of sand or shingle on the shore. A headland is a point of land jutting out into the sea and a larger promontory is known as a cape . The indentation of a coastline, especially between two headlands,

11040-533: The oceans may have always been on the Earth since the beginning of the planet's formation. In this model, atmospheric greenhouse gases kept the oceans from freezing when the newly forming Sun had only 70% of its current luminosity . The origin of Earth's oceans is unknown. Oceans are thought to have formed in the Hadean eon and may have been the cause for the emergence of life . Plate tectonics , post-glacial rebound , and sea level rise continually change

11160-451: The photic zone, the mesopelagic zone and the aphotic deep ocean zone: The pelagic part of the aphotic zone can be further divided into vertical regions according to depth and temperature: Distinct boundaries between ocean surface waters and deep waters can be drawn based on the properties of the water. These boundaries are called thermoclines (temperature), haloclines (salinity), chemoclines (chemistry), and pycnoclines (density). If

11280-457: The poor. Sometimes this is framed in terms of an argument about democracy, that each person's preferences should be given the same weight in an analysis (one person one vote), while under a standard CBA model the preferences of the wealthy are given greater weight. Taken together, according to this objection, not using weights is a decision in itself – richer people receive de facto a bigger weight. To compensate for this difference in valuation, it

11400-465: The potential harmful impacts of climate change. The growing relevance of climate change has led to a re-examination of the practice of discounting in CBA. These biases can lead to biased resource allocation. The main criticism stems from the diminishing marginal utility of income. According to this critique, without using weights in the CBA, it is not the case that everyone "matters" the same but rather that people with greater ability to pay receive

11520-418: The power of a storm wave impacting on the foot of a cliff has a shattering effect as air in cracks and crevices is compressed and then expands rapidly with release of pressure. At the same time, sand and pebbles have an erosive effect as they are thrown against the rocks. This tends to undercut the cliff, and normal weathering processes such as the action of frost follows, causing further destruction. Gradually,

11640-406: The practice of discounting future costs and benefits for a variety of reasons, including the potential undervaluing of the temporally distant cost of climate change and other environmental damage, and the concern that such a practice effectively ignores the preferences of future generations. Some scholars argue that the use of discounting makes CBA biased against future generations, and understates

11760-496: The public has no legal right to the benefits of the policy), or willingness to accept compensation (implying that the public has a right to the benefits of the policy) for the policy's welfare change. The guiding principle of evaluating benefits is to list all parties affected by an intervention and add the positive or negative value (usually monetary) that they ascribe to its effect on their welfare. The actual compensation an individual would require to have their welfare unchanged by

11880-533: The regulatory process. The use of CBA in the regulatory process continued under the Obama administration, along with the debate about its practical and objective value. Some analysts oppose the use of CBA in policy-making, and those in favor of it support improvements in analysis and calculations. As a concept in economics, cost-benefit analysis has provided a valuable reference for many public construction and governmental decisions, but its application has gradually revealed

12000-502: The regulatory process. After campaigning on a deregulation platform, he issued the 1981 EO authorizing the Office of Information and Regulatory Affairs (OIRA) to review agency regulations and requiring federal agencies to produce regulatory impact analyses when the estimated annual impact exceeded $ 100 million. During the 1980s, academic and institutional critiques of CBA emerged. The three main criticisms were: These criticisms continued under

12120-455: The seabed between adjoining plates to form mid-oceanic ridges and here convection currents within the mantle tend to drive the two plates apart. Parallel to these ridges and nearer the coasts, one oceanic plate may slide beneath another oceanic plate in a process known as subduction . Deep trenches are formed here and the process is accompanied by friction as the plates grind together. The movement proceeds in jerks which cause earthquakes, heat

12240-407: The seabed causing deltas to form in estuaries. All these materials move back and forth under the influence of waves, tides and currents. Dredging removes material and deepens channels but may have unexpected effects elsewhere on the coastline. Governments make efforts to prevent flooding of the land by the building of breakwaters , seawalls , dykes and levees and other sea defences. For instance,

12360-569: The seating arrangement allowed spectators to appreciate the full height of the posts, which were pushed as far back as possible to permit unobstructed views over the watercourse. This concept was presented by one of the project's architects, Hilaro Candela to be original, however the idea was synonymous to several other well-established stadiums throughout Latin America and Europe, including the Florence Stadium designed by Pier Luigi Nervi , built 1932,

12480-401: The shore at the rate of six to eight per minute and these are known as constructive waves as they tend to move material up the beach and have little erosive effect. Storm waves arrive on shore in rapid succession and are known as destructive waves as the swash moves beach material seawards. Under their influence, the sand and shingle on the beach is ground together and abraded. Around high tide,

12600-712: The stadium as a National Treasure in March 2012. On April 18, 2012, the Florida Chapter of the American Institute of Architects placed the stadium on its list of Florida Architecture: 100 Years. 100 Places as the Ralph Middleton Munroe Miami Marine Stadium. A group, Friends of Miami Marine Stadium, was formed in 2008 with the purpose of restoring the Marine Stadium and returning it to operation. Performer Gloria Estefan , through her charity group,

12720-466: The sum of each user's willingness to pay, Dupuit illustrated that the social benefit of the thing (bridge or road or canal) could be measured. Some users may be willing to pay nearly nothing, others much more, but the sum of these would shed light on the benefit of it. It should be reiterated that Dupuit was not suggesting that the government perfectly price-discriminate and charge each user exactly what they would pay. Rather, their willingness to pay provided

12840-512: The surface to the ocean floor. The water column is further divided into zones based on depth and the amount of light present. The photic zone starts at the surface and is defined to be "the depth at which light intensity is only 1% of the surface value" (approximately 200 m in the open ocean). This is the zone where photosynthesis can occur. In this process plants and microscopic algae (free floating phytoplankton ) use light, water, carbon dioxide, and nutrients to produce organic matter. As

12960-456: The system forms). As the world's ocean is the principal component of Earth's hydrosphere , it is integral to life on Earth, forms part of the carbon cycle and water cycle , and – as a huge heat reservoir – influences climate and weather patterns. The motions of the ocean surface, known as undulations or wind waves , are the partial and alternate rising and falling of the ocean surface. The series of mechanical waves that propagate along

13080-466: The value of human life can be influenced by income level. Variants, such as cost–utility analysis , QALY and DALY to analyze the effects of health policies, may be more suitable. For some environmental effects, cost–benefit analysis can be replaced by cost-effectiveness analysis . This is especially true when one type of physical outcome is sought, such as a reduction in energy use by an increase in energy efficiency. Using cost-effectiveness analysis

13200-434: The very clearest ocean water, and is similar to blue light scattering in the sky . Ocean water represents the largest body of water within the global water cycle (oceans contain 97% of Earth's water ). Evaporation from the ocean moves water into the atmosphere to later rain back down onto land and the ocean. Oceans have a significant effect on the biosphere . The ocean as a whole is thought to cover approximately 90% of

13320-476: The world, and from the surface into the deep ocean. All this has impacts on the global climate system . Ocean water contains dissolved gases, including oxygen , carbon dioxide and nitrogen . An exchange of these gases occurs at the ocean's surface. The solubility of these gases depends on the temperature and salinity of the water. The carbon dioxide concentration in the atmosphere is rising due to CO 2 emissions , mainly from fossil fuel combustion. As

13440-701: Was also the site of a number of nationally televised events including the Orange Bowl Regatta (power boat races), the Bill Muncey Invitational and the ESPN All American Challenge Series. The last major race in the Stadium was the 20th Annual Budweiser Hydroplane Regatta, June 1–3, 1990. Since its condemnation in 1992, the stadium has become a haven for graffiti artists , but remains an attraction for its photographic panoramic view of

13560-588: Was built in 1963 by the Millman Construction Company of Miami Beach . The structure was built on land donated for water sports, and designed by architect Hilario Candela , then a 28-year-old recent immigrant from Cuba . It was dedicated as the Ralph Munroe Marine Stadium and cost $ 2 million (equivalent to $ 19,904,000 in 2023). A speed boat racer, James Tapp, was killed on opening day. The venue, located just south of Downtown Miami ,

13680-575: Was declared an unsafe building under Miami-Dade County building code on September 18, 1992. In 2004, $ 3 million was pledged in a municipal bonds by county residents for the restoration and renovation of the facilities. In 2009, the National Trust for Historic Preservation named the Commodore Ralph Middleton Munroe Marine Stadium to its list of America's 11 Most Endangered Historic Places. The National Trust designated

13800-517: Was developed to represent the non-tangible value of resources such as national parks. CBA was expanded to address the intangible and tangible benefits of public policies relating to mental illness, substance abuse, college education, and chemical waste. In the US, the National Environmental Policy Act of 1969 required CBA for regulatory programs; since then, other governments have enacted similar rules. Government guidebooks for

13920-420: Was formalized in subsequent works by Alfred Marshall . Jules Dupuit pioneered this approach by first calculating "the social profitability of a project like the construction of a road or bridge" In an attempt to answer this, Dupuit began to look at the utility users would gain from the project. He determined that the best method of measuring utility is by learning one's willingness to pay for something. By taking

14040-664: Was later introduced by the Department for Transport, Environment and the Regions . This presented balanced cost–benefit results and detailed environmental impact assessments . NATA was first applied to national road schemes in the 1998 Roads Review, and was subsequently rolled out to all transport modes. Maintained and developed by the Department for Transport , it was a cornerstone of UK transport appraisal in 2011. The European Union 's Developing Harmonised European Approaches for Transport Costing and Project Assessment (HEATCO) project, part of

14160-407: Was looking to hire a new advisor to consult on the restoration of the Miami Marine Stadium. City commissioners were expected to vote on a $ 61.2 million revenue bond financing on February 24, 2022, but the vote was deferred until late May 2022. This delay was intended to allow Miami officials to conduct a cost–benefit analysis of the renovation. In June 2022, Miami officials further postponed a vote on

14280-750: Was recovered from the Isua Greenstone Belt and provides evidence that water existed on Earth 3.8 billion years ago. In the Nuvvuagittuq Greenstone Belt , Quebec , Canada, rocks dated at 3.8 billion years old by one study and 4.28 billion years old by another show evidence of the presence of water at these ages. If oceans existed earlier than this, any geological evidence either has yet to be discovered, or has since been destroyed by geological processes like crustal recycling . However, in August 2020, researchers reported that sufficient water to fill

14400-571: Was revered for its scenic views of Downtown and Miami Beach , hosting motorboat events, and events featuring the likes of Mitch Miller , Sammy Davis Jr. , and U.S. President Richard Nixon (whose seasonal winter residence, dubbed "the Florida White House ", was on nearby Key Biscayne ). In 1979, Miami Rowing Club relocated to an empty lot between the stadium and MAST Academy (then known as Planet Ocean museum). The Miami International Regatta has been hosted by Miami Rowing Club since 1973,

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