Hedging Housing Risk

An unusually rich source of data on housing prices in Stockholm is used to analyze the investment implications of housing choices. This empirical analysis derives market-wide price and return series for housing investment during a 13-year period, and it also provides estimates of the individual-specific, idiosyncratic, variation in housing returns. Because the idiosyncratic component follows an autocorrelated process, the analysis of portfolio choice is dependent upon the holding period. We analyze the composition of household investment portfolios containing housing, common stocks, stocks in real estate holding companies, bonds and t-bills. For short holding periods, the efficient portfolio contains essentially no housing. For longer periods, low risk portfolios contain 15 to 50 percent housing. These results suggest that there are large potential gains from policies or institutions that would permit households to hedge their lumpy investments in housing. We estimate the potential value of hedges in reducing risk to households, yet yielding the same investment returns. The value is surprisingly large, especially to poorer homeowners.Portfolio Risk; House Price Index; Hedging

Low-control and robust quantum refrigerator and applications with electronic spins in diamond

We propose a general protocol for low-control refrigeration and thermometry of thermal qubits, which can be implemented using electronic spins in diamond. The refrigeration is implemented by a probe, consisting of a network of interacting spins. The protocol involves two operations: (i) free evolution of the probe; and (ii) a swap gate between one spin in the probe and the thermal qubit we wish to cool. We show that if the initial state of the probe falls within a suitable range, and the free evolution of the probe is both unital and conserves the excitation in the $z$-direction, then the cooling protocol will always succeed, with an efficiency that depends on the rate of spin dephasing and the swap gate fidelity. Furthermore, measuring the probe after it has cooled many qubits provides an estimate of their temperature. We provide a specific example where the probe is a Heisenberg spin chain, and suggest a physical implementation using electronic spins in diamond. Here the probe is constituted of nitrogen vacancy (NV) centers, while the thermal qubits are dark spins. By using a novel pulse sequence, a chain of NV centers can be made to evolve according to a Heisenberg Hamiltonian. This proposal allows for a range of applications, such as NV-based nuclear magnetic resonance of photosensitive molecules kept in a dark spot on a sample, and it opens up possibilities for the study of quantum thermodynamics, environment-assisted sensing, and many-body physics

Ultra Fast Nonlinear Optical Tuning of Photonic Crystal Cavities

We demonstrate fast (up to 20 GHz), low power (5 $\mu W$) modulation of photonic crystal (PC) cavities in GaAs containing InAs quantum dots. Rapid modulation through blue-shifting of the cavity resonance is achieved via free carrier injection by an above-band picosecond laser pulse. Slow tuning by several linewidths due to laser-induced heating is also demonstrated

Robust High-Dynamic-Range Vector Magnetometry via Nitrogen-Vacancy Centers in Diamond

We demonstrate a robust, scale-factor-free vector magnetometer, which uses a closed-loop frequency-locking scheme to simultaneously track Zeeman-split resonance pairs of nitrogen-vacancy (NV) centers in diamond. Compared with open-loop methodologies, this technique is robust against fluctuations in temperature, resonance linewidth, and contrast; offers a three-order-of-magnitude increase in dynamic range; and allows for simultaneous interrogation of multiple transition frequencies. By directly detecting the resonance frequencies of NV centers aligned along each of the diamond's four tetrahedral crystallographic axes, we perform full vector reconstruction of an applied magnetic field

117 THE ASSOCIATION BETWEEN SYNOVIAL FLUID LEVELS OF AGGRECAN ARGS FRAGMENTS AND RADIOGRAPHIC PROGRESSION OF KNEE OSTEOARTHRITIS

ABSTRACT: INTRODUCTION: Aggrecanase cleavage at the 392Glu-393Ala bond in the interglobular domain (IGD) of aggrecan, releasing N-terminal 393ARGS fragments, is an early key event in arthritis and joint injuries. We determined whether synovial fluid (SF) levels of ARGS-aggrecan distinguish subjects with progressive radiographic knee osteoarthritis (ROA) from those with stable or no ROA. METHODS: We studied 141 subjects who, at examination A, had been given meniscectomies an average of 18 years earlier (range, 15 to 22 years). Seventeen individuals without surgery, and without known injury to the menisci or cruciate ligaments, were used as references. At examinations A and B, with a mean follow-up time of 7.5 years, we obtained SF and standing tibiofemoral and skyline patellofemoral radiographs. SF ARGS-aggrecan was measured with an electrochemiluminescence immunoassay, and we graded radiographs according to the OARSI atlas. The association between SF ARGS levels at examination A and progression of radiographic features of knee OA between examinations A and B was assessed by using logistic regression adjusted for age, gender, body mass index, and time between examinations, and stratified by ROA status at examination A. RESULTS: We found a weak negative association between SF ARGS concentrations and loss of joint space: the likelihood of progression of radiographic joint space narrowing decreased 0.9 times per picomole per milliliter increase in ARGS (odds ratio (OR) 0.89; 95% confidence interval (CI), 0.79 to 0.996). In subjects with and without preexisting ROA at examination A, the association was OR, 0.96; 0.81 to 1.13; and 0.77; 0.62 to 0.95, respectively. Average levels of SF ARGS 18 years after meniscectomy were no different from those of reference subjects and were not correlated to radiographic status at examination A. CONCLUSIONS: In subjects with previous knee meniscectomy but without ROA, levels of SF ARGS-aggrecan were weakly and inversely associated with increased loss of joint space over a period of 7.5 years