Household portfolios in the UK

This paper presents a detailed analysis of the composition of household portfolios, using both aggregate and micro-data. Among the key findings are that: Most household wealth is held in the form of housing and pensions. Over time, there has been a shift away from housing towards financial assets, driven largely by the growth in life and pension funds. Liquid financial wealth (excluding life and pension funds) is not predominantly held in risky form. By far the most commonly held asset is an interest-bearing account at a bank or building society account. Of people with positive (liquid) financial wealth, more than half is held in savings accounts. The importance of risky assets in an individual's portfolio varies according to their characteristics. The unconditional portfolio share held in risky assets (i.e. averaged across those with and without any risky assets) rises with both age and total financial wealth. However, most of the variation in unconditional portfolio shares is due to differences in ownership rates as opposed to the proportion of the portfolio held in risky assets. Looking only at the people within each wealth decile who have risky assets, the conditional portfolio share is relatively constant across wealth, suggesting a possible role for entry costs or other fixed costs in explaining portfolio holdings. Multivariate analysis shows that the conditional portfolio share in risky assets actually falls with age as classical portfolio theory would predict. Finally, the tax treatment of savings products has an effect on portfolio choice. Separate probit regressions for the ownership of tax-favoured assets and similar assets without the tax exemption, show that, controlling for other factors, marginal tax rates are important in determining asset ownership. These results are in accordance with those found by Poterba in the US.

Oxidation protection coatings for polymers

A polymeric substrate is coated with a metal oxide film to provide oxidation protection in low Earth orbital environments. The film contains about four volume percent polymer to provide flexibility

Carbon-13 in groundwater from English and Norwegian crystalline rock aquifers: a tool for deducing the origin of alkalinity?

The 13C signature is evaluated for various environmental compartments (vegetation, soils, soil gas, rock and groundwater) for three crystalline rock terrains in England and Norway. The data are used to evaluate the extent to which stable carbon isotopic data can be applied to deduce whether the alkalinity in crystalline bedrock groundwaters has its origin in hydrolysis of carbonate or silicate minerals by CO2. The resolution of this issue has profound implications for the role of weathering of crystalline rocks as a global sink for CO2. In the investigated English terrain (Isles of Scilly), groundwaters are hydrochemically immature and DIC is predominantly in the form of carbonic acid with a soil gas signature. In the Norwegian terrains, the evidence is not conclusive but is consistent with a significant fraction of the groundwater DIC being derived from silicate hydrolysis by CO2. A combined consideration of pH, alkalinity and carbon isotope data, plotted alongside theoretical evolutionary pathways on bivariate diagrams, strongly suggests real evolutionary pathways are likely to be hybrid, potentially involving both open and closed CO2 conditions

Flexible fluoropolymer filled protective coatings

Metal oxide films such as SiO2 are known to provide an effective barrier to the transport of moisture as well as gaseous species through polymeric films. Such thin film coatings have a tendency to crack upon flexure of the polymeric substrate. Sputter co-deposition of SiO2 with 4 to 15 percent fluoropolymers was demonstrated to produce thin films with glass-like barrier properties that have significant increases in strain to failure over pure glass films which improves their tolerance to flexure on polymeric substrates. Deposition techniques capable of producing these films on polymeric substrates are suitable for durable food packaging and oxidation/corrosion protection applications

Eye position sense contributes to the judgement of slant.

We measured monocular judgements of the slant of a cube face while varying eye position in the absence of stereoscopic and external lighting cues. Errors were found to be small, only 10% on average of the cube\u27s eccentricity. Two factors appear to have contributed approximately equally to this error: an underestimate of cube slant as seen by the eye and an underestimate of eye position. When prism adaptation altered the sensed eye position, the pattern of slant judgements changed to reflect the altered sense of eye position

Extracting heading and temporal range from optic flow: Human performance issues

Pilots are able to extract information about their vehicle motion and environmental structure from dynamic transformations in the out-the-window scene. In this presentation, we focus on the information in the optic flow which specifies vehicle heading and distance to objects in the environment, scaled to a temporal metric. In particular, we are concerned with modeling how the human operators extract the necessary information, and what factors impact their ability to utilize the critical information. In general, the psychophysical data suggest that the human visual system is fairly robust to degradations in the visual display, e.g., reduced contrast and resolution or restricted field of view. However, extraneous motion flow, i.e., introduced by sensor rotation, greatly compromises human performance. The implications of these models and data for enhanced/synthetic vision systems are discussed

Background Oriented Schlieren (BOS) of a Supersonic Aircraft In Flight

This article describes the development and use of Background Oriented Schlieren on a full-scale supersonic jet in flight. A series of flight tests was performed in October, 2014 and February 2015 using the flora of the desert floor in the Supersonic Flight Corridor on the Edwards Air Force Base as a background. Flight planning was designed based on the camera resolution, the mean size and color of the predominant plants, and the navigation and coordination of two aircraft. Software used to process the image data was improved with additional utilities. The planning proved to be effective and the vast majority of the passes of the target aircraft were successfully recorded. Results were obtained that are the most detailed schlieren imagery of an aircraft in flight to date

Vacua of M-theory and string theory

We argue that supersymmetric higher-dimension operators in the effective actions of M-theory and IIB string theory do not affect the maximally supersymmetric vacua: $adS_4\times S^7$ and $adS_7\times S^4$ in M-theory and $adS_5\times S^5$ in IIB string theory. All these vacua are described in superspace by a fixed point with all components of supertorsion and supercurvature being supercovariantly constant. This follows from 32 unbroken supersymmetries and allows us to prove that such vacua are exact.Comment: 16 pages, late