An Investigation into the Impact of Previous Expert Value Estimates on Appraisal Judgment

Is appraisal judgment influenced by the previous value estimates of other experts? This paper documents an investigation into this question. The literatures on appraisal smoothing and heuristic anchoring were explored to build a theoretical and empirical base. Research methods involved asking apprentice and expert appraisers, some supplied with the previous value estimate of an anonymous expert, to estimate the value of a vacant tract of industrial land. The strong support expected for the contention that appraisers are influenced by the previous value judgments of anonymous experts was not found. Whereas differences between the groups supplied with the previous value estimate and those who were not were in the direction consistent with anchoring, these results were not statistically significant, suggesting that anchoring may be more subtle than generally believed.

Trade Liberalization in Latin America and Eastern Europe: The Cases of Ecuador and Slovenia

This paper analyzes the potential effects of two ongoing trade liberalization experiences: Ecuador signing a Free Trade Agreement with the United States and Slovenia joining the European Union as a full member. We construct a static Applied General Equilibrium Model and perform a numerical experiment that consists on eliminating all import tariffs that Ecuador and Slovenia impose on the United States and European Union, respectively. To calibrate our models, we work with Input-Output tables and construct a Social Accounting Matrix for each country. We perform additional numerical experiments, such as sensitivity analysis on the import and export elasticities of substitution, a partial liberalization scenario, the fiscal impact of eliminating the tariff revenues and how this loss can be compensated with other taxes, and an alternative trade liberalization framework for Slovenia. We find that both countries benefit from these trade liberalization reforms, with prices falling in the import sector and production rising in the export sector. However, different forms of trade liberalization (free trade agreement vs. customs union) have different implications on the patterns of trade and welfare.Trade Liberalization; Free Trade Agreement; Customs Union; Fiscal Policy; Social Accounting Matrix; Ecuador; Slovenia

Welfare Impact of Trade Liberalization

This paper constructs a static Applied General Equilibrium Model and analyzes the distributional impact of trade reforms. To calibrate our model, we work with the Household Expenditure Survey to disaggregate household groups by income, age, and skill intensity, and the Input-Output table to construct a Social Accounting Matrix. Our benchmark simulation looks at Slovenia joining the European Union. We then compare with two alternative scenarios: a free trade agreement between Slovenia and the EU, and an alternative fiscal arrangement of distributing tariff revenues under the EU. While trade reforms lead to falling prices in the import sector, rising production in the export sector, and improvement in aggregate welfare, the distributional impacts across household groups vary in its degree.Trade Liberalization; Free Trade Agreement; Customs Union; Social Accounting Matrix; Household welfare

Position control of an industrial robot using an optical measurement system for machining purposes

A series of mechanical properties and disturbances limit the accuracy achievable in robotic applications. External control of the end effector position is commonly known as being an appropriate mean to increase accuracy. This paper presents an approach for position control of industrial robots using the pass-through between an industrial CNC and servomotors. A CNC-controlled robot is used together with an external optical measurement system to close the feedback loop of robot end effector and robot controller in order to improve robot accuracy. For short cycle times and implementation reasons a PLC is used for signal processing and control implementation. The relevance of the approach is outlined in experiments. The robot behaviour in free space motion and in machining application is analysed with the optical measurement system and a CMM

A Comparative Evaluation of Heart Rate Estimation Methods using Face Videos

This paper presents a comparative evaluation of methods for remote heart rate estimation using face videos, i.e., given a video sequence of the face as input, methods to process it to obtain a robust estimation of the subjects heart rate at each moment. Four alternatives from the literature are tested, three based in hand crafted approaches and one based on deep learning. The methods are compared using RGB videos from the COHFACE database. Experiments show that the learning-based method achieves much better accuracy than the hand crafted ones. The low error rate achieved by the learning based model makes possible its application in real scenarios, e.g. in medical or sports environments.Comment: Accepted in "IEEE International Workshop on Medical Computing (MediComp) 2020

Why Do Borrowers Choose Adjustable-Rate Mortgages over Fixed-Rate Mortgages? : A Behavioral Investigation

A considerable number of U.S. borrowers still choose adjustable rate mortgages (ARMs) over fixed rate mortgages (FRMs) even when interest rates are historically very low. This study examines the psychological reasons for the popularity of ARMs by testing the Prospect theory’s reflection hypothesis. Experiments are conducted using business professionals. The results suggest that psychological factors may explain why ARM borrowers tend to ignore the associated risk factors, focusing heavily upon pricing factors when choosing mortgage type. The results also indicate that borrowers may be viewing mortgage selection as part of a positive choice; namely, acquiring a home.Adjustable-rate mortgage; Fixed-rate mortgage; Prospect theory; Reflection hypothesis; Experiment

Generalized Voltage-based State-Space Modelling of Modular Multilevel Converters with Constant Equilibrium in Steady-State

This paper demonstrates that the sum and difference of the upper and lower arm voltages are suitable variables for deriving a generalized state-space model of an MMC which settles at a constant equilibrium in steady-state operation, while including the internal voltage and current dynamics. The presented modelling approach allows for separating the multiple frequency components appearing within the MMC as a first step of the model derivation, to avoid variables containing multiple frequency components in steady-state. On this basis, it is shown that Park transformations at three different frequencies ($+\omega$, $-2\omega$ and $+3\omega$) can be applied for deriving a model formulation where all state-variables will settle at constant values in steady-state, corresponding to an equilibrium point of the model. The resulting model is accurately capturing the internal current and voltage dynamics of a three-phase MMC, independently from how the control system is implemented. The main advantage of this model formulation is that it can be linearised, allowing for eigenvalue-based analysis of the MMC dynamics. Furthermore, the model can be utilized for control system design by multi-variable methods requiring any stable equilibrium to be defined by a fixed operating point. Time-domain simulations in comparison to an established average model of the MMC, as well as results from a detailed simulation model of an MMC with 400 sub-modules per arm, are presented as verification of the validity and accuracy of the developed model

Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas

The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable neighborhood characteristics and signal to buyers that neighborhood conformity will likely persist. We analyze residential transaction prices in Dallas, Texas and find premiums associated with residential properties within and buffering conservation district locations. These results are robust to the spatial autocorrelation common in residential transaction prices.

PROCESO DINÁMICO PARA LA BIOSORCIÓN DE Pb (II) DE SOLUCIONES ACUOSAS UTILIZANDO UNA COLUMNA EMPACADA CON CÁSCARA DE PIMIENTA (Pimenta dioica L. Merrill)

El residuo de pimienta (RP) es un subproducto del proceso de extracción de aceite esencial de pimienta gorda (Pimienta dioica L. Merrill), y se utiliza como un bioadsorbente de bajo costo para la remoción del plomo (II) de soluciones acuosas. Este material está compuesto principalmente por celulosa, hemicelulosa y lignina. Las partículas de RP utilizadas tienen un diámetro menor a 0.836 mm, una humedad inferior al 12% en peso, una área superficial de 1.30 m2 /g, un diámetro promedio de poro de 5.55 nm y una capacidad teórica de absorción de plomo de 4.33 mg/g

Perfil Logístico de Colombia – Sector textil y confecciones

El sector textil en los últimos 10 años se ha caracterizado por pertenecer a uno de los rubros superiores frente a la economía nacional por lo cual actualmente se está enfrentando a economías emergentes como la china y a mercados como el americano con costos muchos más competentes. Este proyecto, describirá de manera específica el perfil logístico del sector textil en Colombia, el cual debido al auge que ha tenido en los últimos años es importante destacar la relevancia de la logística para llevar a cabo sus objetivos y también al ser uno de los sectores manufactureros de mayor importancia para el desarrollo económico nacional, representando una industria altamente integrada y presentar un flujo de constante de productos; se pretende identificar las oportunidades de mejora en la logística, para lograr mayor eficiencia y efectividad en el sistema de transporte de mercancías del sector. A su vez, este proyecto representará una caracterización enfocada en los países más representativos del sector en términos de exportaciones, importaciones, balanza comercial, productividad y competitividad cuya variable principal es el PIB de cada país. La investigación se complementará con un enfoque desde el punto de vista nacional teniendo en cuenta la cadena de suministro del sector.In the last 10 years the textile sector has been characterized to belong to one of the main industries in the national economy, therefore nowadays is facing strong economies like China and markets as the American with relatively more competitive costs. This project will describe in a specific way the logistic profile of the textile sector in Colombia, which has had a significant growth in the last years, it is important to highlight the roll of the logistic to accomplish their goals and also to be one of the most important manufacturing sectors to the national economic development, representing an industry highly integrated and with a continuous flow of products; it is aim to identify the opportunities to be able to improve the logistic, to get more efficiency and effectiveness in the transport system of merchandising. At the same time, this project will represent a characterization focused in the countries more representative of the sector based on GDP in terms of exportations, importations, trade balance, productivity and competitiveness. The investigation will be complemented with an emphasis from the point of national view considering the supply chain of the sector.Universidad del Rosari