Persistence of UK Real Estate returns: a Markov chain analysis

The persistence of investment performance is a topic of perennial interest to investors. Efficient Markets theory tells us that past performance can not be used to predict future performance yet investors appear to be influenced by the historical performance in making their investment allocation decisions. The problem has been of particular interest to investors in real estate; not least because reported returns from investment in real estate are serially correlated thus implying some persistence in investment performance. This paper applies the established approach of Markov Chain analysis to investigate the relationship between past and present performance of UK real estate over the period 1981 to 1996. The data are analysed by sector, region and size. Furthermore some variations in investment performance classification are reported and the results are shown to be robust

Reported Trip Costs, Gross Revenues, and Net Returns for U.S. Atlantic Pelagic Longline Vessels

Logbook set and trip summary data (containing catch and cost information, respectively) collected by NOAA’s National Marine Fisheries Service (NMFS) were analyzed for U.S. pelagic longline vessels that participated in Atlantic fisheries in 1996. These data were augmented with vessel information from the U.S. Coast Guard. Mean fish weights and ex-vessel prices from NMFS observers and licensed seafood dealers, respectively, were used to estimate gross revenues. Comparisons revealed that net returns varied substantially by vessel size and fishing behavior (i.e. sets per trip, fishing location, season, and swordfish targeting). While the calculated economic effects of proposed regulations will depend on the descriptive statistic chosen for analysis, which itself depends on the type of analysis being conducted, results show that considering heterogeneity within this fleet can have a significant effect on predicted economic consequences

A BIOECONOMIC ANALYSIS OF MANAGEMENT ALTERNATIVES FOR THE U.S. NORTH ATLANTIC SWORDFISH FISHERY

A bioeconomic model of the North Atlantic swordfish (Xiphias gladius) fishery is developed to evaluate policy-relevant management options as changes from the status quo. The model accounts for heterogeneity in vessel and trip characteristics, including the number of sets placed and catch composition. Results indicate that five-year economic returns to the U.S. Atlantic pelagic longline (PLL) fleet can be increased by reducing juvenile swordfish mortality or fleet size (and possibly changing fleet composition). These policies may not be effective, however, if implemented simultaneously. Domestic management of the swordfish fishery was found to be effective, despite the small share of the international quota. Lastly, producer surpluses earned by the domestic PLL vessel owners are significantly affected by: (1) changes in swordfish demand (due to, for example, the recent chef's boycott), (2) success at negotiating the swordfish quota share, (3) catch rates, and (4) relative costs of heterogeneous vessels and trip behavior.Resource /Energy Economics and Policy,

Explorations in engagement for humans and robots

This paper explores the concept of engagement, the process by which individuals in an interaction start, maintain and end their perceived connection to one another. The paper reports on one aspect of engagement among human interactors--the effect of tracking faces during an interaction. It also describes the architecture of a robot that can participate in conversational, collaborative interactions with engagement gestures. Finally, the paper reports on findings of experiments with human participants who interacted with a robot when it either performed or did not perform engagement gestures. Results of the human-robot studies indicate that people become engaged with robots: they direct their attention to the robot more often in interactions where engagement gestures are present, and they find interactions more appropriate when engagement gestures are present than when they are not.Comment: 31 pages, 5 figures, 3 table

π,K,p\pi, K, p and pˉ\bar{p} production from Au+Au collisions at sNN=62.4\sqrt{s_{_{NN}}} = 62.4 GeV

The preliminary results of $\pi^{\pm}, K^{\pm}, p$ and $\bar{p}$ spectra are reported from Au+Au collisions at $\sqrt{s_{_{NN}}} = 62.4$ GeV. Particle identification is from the Time Projection Chamber and Time-of-Flight system at STAR. The nuclear modification factor $R_{CP}$ for mesons ($\pi^{\pm}, K^{\pm}$) and baryons ($p, \bar{p}$) will also be discussed.Comment: 5 pages, 4 figures, Contributed to 8th International Conference on Strangeness in Quark Matter (SQM 2004),to be published in Journal of Physics

Economic profile of Florida's marine life industry

The marine life industry in Florida is defined as the harvest of live marine specimens (fish and invertebrate species including plants, live rock and sand, and small “critters”) for commercial use, primarily aquariums. This paper summarizes data collected on the industry since 1990, including total landings, revenues, and trends over time. Regional analysis shows where the primary collecting areas are located in Florida. Seasonal analysis shows when the majority of landings occur within the year. Statistics on the number of participants by type (i.e., collector versus wholesaler) provide insight into the size of the industry. Trends are evaluated in terms of changes across the 9-year period from 1990 to 1998. In general, the number of licensed collectors has increased substantially, landings of fish and animal invertebrates peaked in 1994, angelfish dominated the fish landings, live rock dominated the invertebrate landings, and the average landings per trip have remained relatively constant. (67pp.

1999 US tropical fish wholesaler survey: results and implications

A survey of marine life wholesalers was initiated in 1999 as a first step towards understanding the nature of Florida’s marine life industry, the demand for Florida products, and the need for changes in the way the industry is regulated. Florida firms deal primarily in marine species and collect much of their own product. Wholesalers outside of Florida handle more freshwater species and purchase most of their inventory, the majority from overseas suppliers. Dealers predict that the average firm size will continue to grow as the industry consolidates. Niche markets for eco-friendly product will gain momentum. In Florida, marketing strategies should point to the high quality of Florida species with emphasis on the growing popularity of invertebrates. Wholesalers should look to provide buyers of Florida product with more consistent quantities throughout the year. Resource managers will be challenged to find ways to protect over-harvested species without interfering with the collection of abundant species while considering the effect of new regulations. (42pp.