Do Real Estate Brokers Add Value When Listing Services Are Unbundled?

This paper measures the effects of real estate brokerage services provided to sellers, other than MLS listings, on the terms and timing of home sales. It is not obvious that sellers benefit from those services. On the one hand, brokers offer potentially useful knowledge and expertise. On the other hand, because the relationship between the homeowner and the broker resembles a classical principal-agent problem, the broker may not deploy services in ways that promote the seller’s interests. Yet as long as valuable MLS listings are bundled with brokerage services, homeowners may use brokers even if the agency costs exceed the benefits of brokers’ knowledge and expertise. Thus, quantification of the net value of brokerage services other than MLS listings bears directly on the recent policy debate over the desirability unbundling of MLS listings. We estimate the effect of a seller’s decision to use a broker on list prices, selling prices, and speed of sale for a real estate market with an unusual and critical characteristic: it has a single open-access listing service that is used by essentially all sellers, regardless of whether they employ brokers. Our central finding is that, when listings are not tied to brokerage services, a seller’s use of a broker reduces the selling price of the typical home by 5.9 to 7.7 percent, which indicates that agency costs exceed the advantages of brokers’ knowledge and expertise by a wide margin.

Special studies of AROD system concepts and designs

Signal processing techniques for range and range rate measurements in airborne range and orbit determinatio

Effects of light and soil flooding on the growth and photosynthesis of ramin (Gonystylus bancanus) seedlings in Malaysia

We studied the ecophysiology of ramin (Gonystylus bancanus) seedlings in an experimental set up at the Forest Research Centre in Kuching, Sarawak, Malaysia. Ramin seedlings were grown on flooded and drained peat soil under 100, 76, 46 and 23% sunlight, thus simulating effects of different light conditions (canopy gap size) and drainage that occur in natural ramin populations. Seedling growth was highest in partial sunlight (76%) and reduced with reducing light levels. Aboveground productivity and fine root development were significantly higher in seedlings grown on flooded soil compared with those on drained soil. In contrast, investment in coarse root biomass was significantly higher in seedlings grown on drained soil. It appeared that the aboveground growth benefits in flooded conditions were the result of more advantageous conditions for allocation of carbon to leaves, thus enhancing overall relative growth rates through higher light interception rates despite lower photosynthetic capacity. The results of this experiment suggested that drainage of peat swamp forests would seriously hamper natural regeneration of ramin by limiting the growth of seedlings. It is also suggested that selective logging operations which produce medium-size canopy gaps improve ramin regeneration in hydrologically undisturbed mixed swamp forest

Spatially encoded light for Large-alphabet Quantum Key Distribution

Most Quantum Key Distribution protocols use a two-dimensional basis such as HV polarization as first proposed by Bennett and Brassard in 1984. These protocols are consequently limited to a key generation density of 1 bit per photon. We increase this key density by encoding information in the transverse spatial displacement of the used photons. Employing this higher-dimensional Hilbert space together with modern single-photon-detecting cameras, we demonstrate a proof-of-principle large-alphabet Quantum Key Distribution experiment with 1024 symbols and a shared information between sender and receiver of 7 bit per photon.Comment: 9 pages, 6 figures, Added references, Updated Fig. 1 in the main text, Updated Fig.1 in supplementary material, Added section Trojan-horse attacks in supplementary material, title changed, Added paragraphs about final key rate and overfilling the detector to result sectio

Potential impacts of genetic use restriction technologies (GURTs) on agrobiodiversity and agricultural production systems

Development and application of GURT as an appropriation mechanism may potentially have considerable impact on agriculture, the environment and the food security of rural areas in developing countries. Positive impacts may include increased investments in breeding as a result of increased intellectual property protection. Increased investments may contribute to higher yields and more advanced varieties, and thus to increased food production, a more sustainable production, and better consumer products. Potential negative impacts have been identified as well. These may require further discussion and close attention by regulatory authorities

Above-ground biomass and productivity in a rain forest of eastern South America

Abstract: The dynamics of tropical forest woody plants was studied at the Nouragues Field Station, central French Guiana. Stem density, basal area, above-ground biomass and above-ground net primary productivity, including the contribution of litterfall, were estimated from two large permanent census plots of 12 and 10 ha, established on contrasting soil types, and censused twice, first in 1992¿1994, then again in 2000¿2002. Mean stem density was 512 stems ha¿1 and basal area, 30m2 ha¿1. Stem mortality rate ranged between 1.51% and 2.06% y¿1. In both plots, stem density decreased over the study period. Using a correlation between wood density and wood hardness directly measured by a Pilodyn wood tester,we found that the mean wood densitywas 0.63 g cm¿3, 12% smaller than the mean of wood density estimated from the literature values for the species occurring in our plot. Above-ground biomass ranged from 356 to 398Mgha¿1 (oven-dry mass), and it increased over the census period. Leaf biomass was 6.47Mg ha¿1. Our total estimate of aboveground net primary productivity was 8.81 MgC ha¿1 y¿1 (in carbon units), not accounting for loss to herbivory, branchfalls, or biogenic volatile organic compounds, whichmay altogether account for an additional 1MgC ha¿1 y¿1. Coarse wood productivity (stem growth plus recruitment) contributed to 4.16 MgC ha¿1 y¿1. Litterfall contributed to 4.65MgC ha¿1 y¿1 with 3.16 MgC ha¿1 y¿1 due to leaves, 1.10 MgC ha¿1 y¿1 to twigs, and 0.39MgC ha¿1 y¿1 to fruits and flowers. The increase in above-ground biomass for both trees and lianas is consistentwith the hypothesis of a shift in the functioning of Amazonian rain forests driven by environmental changes, although alternative hypotheses such as a recovery from past disturbances cannot be ruled out at our site, as suggested by the observed decrease in stem density. Key Words: above-ground biomass, carbon, French Guiana, net primary productivity, tropical fores

Electro-optic techniques for longitudinal electron bunch diagnostics

Electro-optic techniques are becoming increasingly important in ultrafast electron bunch longitudinal diagnostics and have been successfully implemented at various accelerator laboratories. The longitudinal bunch shape is directly obtained from a single-shot, non-intrusive measurement of the temporal electric field profile of the bunch. Further- more, the same electro-optic techniques can be used to measure the temporal profile of terahertz / far-infrared opti- cal pulses generated by a CTR screen, at a bending magnet (CSR), or by an FEL. This contribution summarizes the re- sults obtained at FELIX and FLASH