Changing the timing of activities in resolving Scheduling Conflicts

Following the growing interest in the characterisation and modelling of activity scheduling and re-scheduling behaviour, this paper reports the results of a study on the resolution of activity scheduling conflicts. Using empirical data collected through an Internet survey, the modification of the timing of pre-planned activities to accommodate a new activity in the schedule was analysed. Schedule adjustment was studied using a parametric hazard model. The results indicate that the characteristics of the activities involved are the most important factors influencing the process of schedule change. Several correlations among schedule modifications were found. Copyright Springer Science+Business Media B.V. 2006Activity scheduling, Duration analysis, Travel behaviour,

Commercial Mortgage Defaults: Proportional Hazards Estimation Using Individual Loan Histories

This paper examines the theory of commercial mortgage default and tests it using a data set of 2,899 loan histories provided by a major multi-line insurance company. A default model is estimated which relates subsequent default incidence and timing to contemporaneous loan term, borrower, property and economic/market conditions. Maximum likelihood estimation is used to estimate a hazard function predicting conditional probability of default over time. Results confirm many expected default relationships, in particular the dominance of loan terms and property value trends over time in affecting default. The effectiveness of the model in discriminating between "good" and "bad" loans is explored. Implications for underwriting practice and credit risk diversification are noted. Finally, suggestions are made for extending these results in pricing applications. Copyright American Real Estate and Urban Economics Association.