Loss aversion and anchoring in commercial real estate pricing: Empirical evidence and price index implications

Loss aversion behavior plays a major role in the pricing of commercial properties, and it varies both across the type of market participants and across the cycle. We find that sophisticated and more experienced investors are at least as loss averse as their counterparts and that loss aversion operated most strongly during the cycle peak in 2007. We also document a possible anchoring effect of the asking price in influencing buyer valuation and subsequent transaction price. We demonstrate the importance of behavioral phenomena in constructing hedonic price indices, and we find that the impact of loss aversion is attenuated at the aggregate market level. This suggests that the pricing and volume cycle during 2001–2009 was little affected by loss aversion.Real Capital Analytics (Firm)Real Estate Research Institut

Simulation of a Standard Store Separated from Generic Wing

Evaluation of store separation experimentally is expensive; time consuming and dangerous as human risks are involved. This results in development of computational methods to simulate the store separation. Store separation studies include store separation simulation and determination of linear and angular displacements of store under the influence of complex and non-uniform flow field of parent aircraft. In order to validate the methodology, the unsteady CFD results, obtained by coupling six degrees of freedom (6-DOF) with flow solver, are compared with experimental results. Major trends are captured which are consistent with experimental results. Variation in store trajectory has been evaluated with different combinations of forward and rearward ejection forces. By increasing the magnitude of forward ejection force vertical displacement increases and store separates more safely from the wing. Moreover, effects of varying parent wing configuration on store trajectory has also been analyzed by incorporation of leading-edge flaps (LEFs). Store always separates in nose down condition due to LEFs which increases vertical displacement of store and thus safety related to store separation is enhanced

Protocol and statistical analysis plan for the mega randomised registry trial comparing conservative vs. liberal oxygenation targets in adults with sepsis in the intensive care unit (Mega-ROX Sepsis)

Background: The effect of conservative vs. liberal oxygen therapy on 90-day in-hospital mortality in adults with sepsis receiving unplanned invasive mechanical ventilation in the intensive care unit (ICU) is uncertain. Objective: The objective of this study was to summarise the protocol and statistical analysis plan for the Mega-ROX Sepsis trial. Design, setting, and participants: The Mega-ROX Sepsis trial is an international randomised clinical trial that will be conducted within an overarching 40,000-patient registry-embedded clinical trial comparing conservative and liberal ICU oxygen therapy regimens. We anticipate that between 10,000 and 13,000 patients with sepsis who are receiving unplanned invasive mechanical ventilation in the ICU will be enrolled in this trial. Main outcome measures: The primary outcome is in-hospital all-cause mortality up to 90 days from the date of randomisation. Secondary outcomes include duration of survival, duration of mechanical ventilation, ICU length of stay, hospital length of stay, and the proportion of patients discharged home. Results and conclusions: Mega-ROX Sepsis will compare the effect of conservative vs. liberal oxygen therapy on 90-day in-hospital mortality in adults with sepsis who are receiving unplanned invasive mechanical ventilation in the ICU. The protocol and a prespecified approach to analyses are reported here to mitigate analysis bias

The Transformation of Turkish Foreign Policy Towards the Middle East

Turkey has traditionally looked at the Middle East with caution ever since it's declaration of secular republic and tilted towards the West in its foreign policy formulation. However, the onset of 21 st century brought Justice and Development Party (AKP) to rule the country straddling the two continents. The party, internally, has turned around the country putting it on the path of progress and development. On the international front, it has taken an active approach towards the Middle East, especially its neighboring countries in recent years. Ankara's approach towards Iran, Iraq and Syria – the three countries with which it shares land borders – as well as Israel has seen many ups and downs in the post 2000 period. Factors like Iraq War and the resultant autonomy of the Kurds; Israel's belligerent posture; the Arab Spring and more recently the emergence of the Islamic State have all played significant role in this transformation. The overall impact of this transformation and the future course of action, however, remain yet to be seen

Estimating Real Estate Price Movements for High Frequency Tradable Indexes in a Scarce Data Environment

Indexes of commercial property prices face much scarcer transactions data than housing indexes, yet the advent of tradable derivatives on commercial property places a premium on both high frequency and accuracy of such indexes. The dilemma is that with scarce data a low-frequency return index (such as annual) is necessary to accumulate enough sales data in each period. This paper presents an approach to address this problem using a two-stage frequency conversion procedure, by first estimating lower-frequency indexes staggered in time, and then applying a generalized inverse estimator to convert from lower to higher frequency return series. The two-stage procedure can improve the accuracy of high-frequency indexes in scarce data environments. In this paper the method is demonstrated and analyzed by application to empirical commercial property repeat-sales data.Real Capital Analytics (Firm)Real Estate Analysts Limite

Commercial Buildings Capital Consumption and the United States National Accounts

Commercial buildings are a major asset class, over 30 percent of the value of the stock of all produced assets according to the BEA. Yet, US commercial buildings depreciation has not been comprehensively studied since the highly influential work of Hulten and Wykoff almost 40 years ago. This paper's major contributions include: (i) More flexible and precise estimation of the net depreciation value/age profile, allowing much finer characterization of the building life cycle; (ii) Explicit quantification of the land value component of commercial property value, enabling net depreciation to be quantified as a fraction of remaining structure value; (iii) Inclusion of capital improvement expenditures, allowing estimates of “gross depreciation” (total capital consumption); and (iv) Implications of the paper's findings to and for the national accounts

The Impact of Virtual Engagement Environments on Student Engagement and Academic performance

This article examines how virtual engagement environments affect student engagement and performance. Virtual engagement environments are categorized and a study is presented on the frequency of access and its relationship to students. The investigation was quantitative. For data gathering, easy sampling was used. The 500 students were 50% male and 50% female from various universities. The sampled students varied in age. The questionnaire was sent over WhatsApp, Facebook, and Instagram. For data analysis, SPSS was employed. To demonstrate scale dependability, factor analysis was performed. Next, descriptive statistics were employed to show study variable frequency, percentages, and relationships. Virtual interaction affects student engagement and academic achievement both positively and negatively, according to the study. Students have more flexibility, online resources, and individualized interaction with virtual engagement. However, pupils experienced digital distractions, lack of face-to-face connection, and limited technology and internet access. These obstacles disproportionately affected low-income kids, widening achievement inequalities during the pandemic. Teachers struggled to adapt their methods to remote learning and keep students engaged. This study has major consequences for online student academic achievement. This study examined student difficulties and factors that affected their online involvement. Students have various positive and negative outcomes from online classes

Bargaining based design mechanism for delay sensitive tasks of mobile crowdsensing in IoT

Internet of Things (IoT) is getting growing interest to offer great opportunities in combination with Mobile Crowd Sensing for real-time applications. Existing approaches motivate mobile workers (MWs) for approaching the distant locations to receive attractive incentives for traveling. The main question addressed is that a number of tasks remain incomplete out of total al-located tasks. Moreover, the profitability and feasible budget constraints of the platform is also not considered. This paper presents Bargaining based Design Mechanism (BDM) to involve the nearest located MWs to improve the completion of tasks. The main method involves a bargaining based game model that increases the task completion ratio while considering the feasible budget constraint, platform profitability and social welfare. The proposed approach comprises of two algorithms: one for the selection of optimal MWs with low cost and less delay. Second is to organize bargaining for rewarding the platform on social welfare. Our work is validated by developing a testbed on Windows Azure cloud. Results prove that proposed BDM out-performs the counterparts in terms of decay coefficient, task completion ratio, participant's winning ratio, fraction of task incompletion and social welfare