Real Estate Returns and Inflation: An Added Variable Approach

This study analyses the inflation hedging effectiveness of residential real estate over the 1969-94 period. The results indicate that residential real estate is a significant hedge against both expected and unexpected inflation. These results indicate that since financial assets are not good inflation hedges in periods of high unexpected inflation, including real estate in a portfolio should decrease the variance of the portfolio returns. These results were made possible by the use of the Added Variable Regression Method (AVRM), a measure which has yet to be employed in this context. There are nine variables included in the AVRM framework which are also found to have significant explanatory power relative to residential real estate returns.

Cluster evolution as a probe of primordial density fluctuations

Although COBE's detection of large angle microwave background anisotropies fixes the amplitude of density fluctuations on length scales k exp -1 approximately = (300-6000) h(exp -1)Mpc, what is crucial for the level of large scale clustering is the amplitude of density fluctuations on scales (5-50) h(exp -1)Mpc. The level of dynamical clustering is usually parameterized by the size of the mass fluctuations in 8 h exp -1 Mpc spheres, sigma sub 8. For the cold dark matter model, COBE gives sigma sub 8 approximately = 1, while models with extra large scale power give sigma sub 8 approximately = 1/2. The most massive clusters of galaxies (greater than or approximately = 10 exp 15 solar mass) form from rare 'peak patches' found in the initial mass density distribution. Their abundance as a function of redshift is a sensitive probe of the wave number band k(exp -1) approx. (3-8) h(exp -1)Mpc, hence of sigma sub 8, and so cluster evolution can discriminate among models allowed by the COBE results. We use our Hierarchical Peaks Method, which accurately reproduces the results of P3M N-body simulations, to calculate the evolution of cluster x-ray flux counts, luminosity, and temperature functions as a function of sigma sub 8 for CDM models and those with more large scale power. We find that the EMSS and Edge et al. cluster samples support sigma sub 8 in the range from approx. 0.6-0.9, and that models with more large scale power (and hence flatter fluctuation spectra in the cluster regime) fit the x-ray bright end better

Primeval galaxies in the sub-mm and mm

Although the results of COBE's FIRAS experiment 1 constrain the deviation in energy from the CMB blackbody in the 500-5000 micron range to be delta E/E, sub cmb less than 0.005, primeval galaxies can still lead to a brilliant sub-mm sky of non-Gaussian sources that are detectable at 10 inch resolution from planned arrays such as SCUBA on the James Clerk Maxwell Telescope and, quite plausibly, at sub-arcsecond resolution in planned mm and sub-mm interferometers. Here, we apply our hierarchical peaks method to a CDM model to construct sub-mm and mm maps of bursting PG's appropriate for these instruments with minimum contours chosen to correspond to realistic observational parameters for them and which pass the FIRAS limits

The effect of an internet option and single-sided printing format to increase the response rate to a population-based study : a randomized controlled trial

Acknowledgements We would like to thank the Institute of Applied Health Sciences (IAHS) at the University of Aberdeen for funding the PhD studentship of EF. Furthermore, we would like to thank everyone who was involved in the study, including Professor Sir Lewis Ritchie (Director of Public Health, NHS Grampian), John Lemon (University of Aberdeen), Dr. Fiona Garton (University of Aberdeen) and the Aberdeen Service User Group. Lastly, we would like to acknowledge all data entry clerks (Maxx Livingstone, Rory Macfarlane, Georgia Mannion-Krase and Hazel Reilly) and participants of the study.Peer reviewedPublisher PD

Residential Real Estate Prices: A Room with a View

This article is the winner of the Real Estate Broker / Agency manuscript prize (sponsored by the Center for the Study of Real Estate Brokerage/ Agency at Cleveland State University) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the effect that a view of Lake Erie has on the value of a home. Unlike previous studies, the current investigation is able to successfully control for view. That is, because of the unique building codes of lakefront homes in this sample, homes analyzed either do or do not have a view. Moreover, transaction-based home prices are used which is an improvement over previous studies that rely on appraisal-based data. The results indicate that square footage and lot size also significantly affect a home’s value. More importantly, having this very desirable view adds $256,544.72 (an 89.9% premium) to the value of the home.

Strengthening impact assessment: a call for integration and focus

We suggest that the impact assessment community has lost its way based on our observation that impact assessment is under attack because of a perceived lack of efficiency. Specifically, we contend that the proliferation of different impact assessment types creates separate silos of expertise and feeds arguments for not only a lack of efficiency but also a lack of effectiveness of the process through excessive specialisation and a lack of interdisciplinary practice. We propose that the solution is a return to the basics of impact assessment with a call for increased integration around the goal of sustainable development and focus through better scoping. We rehearse and rebut counter arguments covering silo-based expertise, advocacy, democracy, sustainability understanding and communication. We call on the impact assessment community to rise to the challenge of increasing integration and focus, and to engage in the debate about the means of strengthening impact assessment

Spin Hall Conductance of the Two Dimensional Hole Gas in a Perpendicular Magnetic Field

The charge and spin Hall conductance of the two-dimensional hole gas within the Luttinger model with and without inversion symmetry breaking terms in a perpendicular magnetic field are studied, and two key phenomena are predicted. The sign of the spin Hall conductance is modulated periodically by the external magnetic field, which means a possible application in the future. Furthermore, a resonant spin Hall conductance in the two-dimensional hole gas with a certain hole density at a typical magnetic field is indicated, which implies a likely way to firmly establish the intrinsic spin Hall effect. The charge Hall conductance is unaffected by the spin-orbit coupling.Comment: accepted for publication in Phys. Rev. B; 6 pages, 4 figure

Two hundred fifty years of aerosols and climate: the end of the age of aerosols

Carbonaceous and sulfur aerosols have a substantial global and regional influence on climate, resulting in a net cooling to date, in addition to their impact on health and ecosystems. The magnitude of this influence has changed substantially over the past and is expected to continue to change into the future. An integrated picture of the changing climatic influence of black carbon, organic carbon and sulfate over the period 1850 through 2100, focusing on uncertainty, is presented using updated historical inventories and a coordinated set of emission projections. We describe, in detail, the aerosol emissions from the RCP4.5 scenario and its associated reference scenario. While aerosols have had a substantial impact on climate over the past century, we show that, by the end of the 21st century, aerosols will likely be only a minor contributor to radiative forcing due to increases in greenhouse gas forcing and a net global decrease in pollutant emissions. This outcome is even more certain under a successful implementation of a policy to limit greenhouse gas emissions as low-carbon energy technologies that do not emit appreciable aerosol or SO₂ are deployed

Analysis of the functional morphology of mouthparts of the beetle Priacma serrata, and a discussion of possible food sources.

PublishedJournal ArticleWith the help of scanning electron microscopy, high resolution X-ray tomography (µCT), and finite element analysis, the mechanical and functional properties of the mandibles and associated muscles of the beetle Priacma serrata (LeConte) (Coleoptera: Archostemata) were studied. The combination of these techniques allowed for studying mechanical properties of the headmandible- system without using living animals. The µCT analysis delivered precise volumetric data of the geometry of the system to be studied. Dimensions of the cuticle of the parts involved could be readily deduced from the µCT-data. Thus, an exact representation of the specimen without significant artifacts like deformations and misalignments, usually resulting from histological sectioning, could be reconstructed. A virtual 3D model built from these data allowed for investigating different stress scenarios with finite element analysis. Combining these methods showed that P. serrata most likely uses its robustly-built mandibles for cutting hard material. In combination with available information on its habitat, possible food sources are discussed.The authors are grateful for the help provided by Freek Pasop of SkyScan in preparing the µCT data of Priacma serrata and for the very helpful comments on the manuscript by Benjamin Wipfler and an anonymous reviewer. A collecting trip of T. Hörnschemeyer to Montana, USA, was financially supported by the DAAD (D/96/05967). T. Hörnschemeyer was supported by a DFG Heisenberg grant HO 2306/6-1,2. T. Hörnschemeyer wishes to thank Mike Ivy, Montana State University, Bozeman, Montana, USA, for his generous general support