Self-Selection and Tests for Bias and Risk in Mortgage Lending: Can You Price the Mortgage If You Don't Know the Process?

There is increasing interest in understanding the determinants of mortgage rejection by lenders and default by borrowers. Although many researchers have proposed simple single-equation models of rejection and default, we argue that far more complex econometric specifications are needed. This paper focuses attention on problems of sample selection in the process creating a sample of applicants for conventional mortgages. We illustrate that corrections for sample selection bias may have a substantial effect on estimation results and hence should not be ignored in studies of mortgage rejection or default.

Position clamping of optically trapped microscopic non-spherical probes

We investigate the degree of control that can be exercised over an optically trapped microscopic non-spherical force probe. By position clamping translational and rotational modes in different ways, we are able to dramatically improve the position resolution of our probe with no reduction in sensitivity. We also demonstrate control over rotational-translational coupling, and exhibit a mechanism whereby the average centre of rotation of the probe can be displaced away from its centre

A compact holographic optical tweezers instrument

Holographic optical tweezers have found many applications including the construction of complex micron-scale 3D structures and the control of tools and probes for position, force, and viscosity measurement. We have developed a compact, stable, holographic optical tweezers instrument which can be easily transported and is compatible with a wide range of microscopy techniques, making it a valuable tool for collaborative research. The instrument measures approximately 30×30×35 cm and is designed around a custom inverted microscope, incorporating a fibre laser operating at 1070 nm. We designed the control software to be easily accessible for the non-specialist, and have further improved its ease of use with a multi-touch iPad interface. A high-speed camera allows multiple trapped objects to be tracked simultaneously. We demonstrate that the compact instrument is stable to 0.5 nm for a 10 s measurement time by plotting the Allan variance of the measured position of a trapped 2 μm silica bead. We also present a range of objects that have been successfully manipulated

Towards critical event monitoring, detection and prediction for self-adaptive future Internet applications

The Future Internet (FI) will be composed of a multitude of diverse types of services that offer flexible, remote access to software features, content, computing resources, and middleware solutions through different cloud delivery models, such as IaaS, PaaS and SaaS. Ultimately, this means that loosely coupled Internet services will form a comprehensive base for developing value added applications in an agile way. Unlike traditional application development, which uses computing resources and software components under local administrative control, FI applications will thus strongly depend on third-party services. To maintain their quality of service, those applications therefore need to dynamically and autonomously adapt to an unprecedented level of changes that may occur during runtime. In this paper, we present our recent experiences on monitoring, detection, and prediction of critical events for both software services and multimedia applications. Based on these findings we introduce potential directions for future research on self-adaptive FI applications, bringing together those research directions

Blue frontiers: managing the environmental costs of aquaculture

The report begins with an overview of the current status of world aquaculture. It then goes on to describe an approach for estimating the current combined biophysical resource demands of aquaculture for producer countries and regions. Following a comparison of these results with those available for other animal food production sectors the report then examines the consequences of likely future trends in production on the environmental impacts of aquaculture. Finally, the policy implications of the report’s findings are discussed along with the research agenda that should be pursued to meet the challenge of sustainable food production

Inferring kangaroo phylogeny from incongruent nuclear and mitochondrial genes

The marsupial genus Macropus includes three subgenera, the familiar large grazing kangaroos and wallaroos of M. (Macropus) and M. (Osphranter), as well as the smaller mixed grazing/browsing wallabies of M. (Notamacropus). A recent study of five concatenated nuclear genes recommended subsuming the predominantly browsing Wallabia bicolor (swamp wallaby) into Macropus. To further examine this proposal we sequenced partial mitochondrial genomes for kangaroos and wallabies. These sequences strongly favour the morphological placement of W. bicolor as sister to Macropus, although place M. irma (black-gloved wallaby) within M. (Osphranter) rather than as expected, with M. (Notamacropus). Species tree estimation from separately analysed mitochondrial and nuclear genes favours retaining Macropus and Wallabia as separate genera. A simulation study finds that incomplete lineage sorting among nuclear genes is a plausible explanation for incongruence with the mitochondrial placement of W. bicolor, while mitochondrial introgression from a wallaroo into M. irma is the deepest such event identified in marsupials. Similar such coalescent simulations for interpreting gene tree conflicts will increase in both relevance and statistical power as species-level phylogenetics enters the genomic age. Ecological considerations in turn, hint at a role for selection in accelerating the fixation of introgressed or incompletely sorted loci. More generally the inclusion of the mitochondrial sequences substantially enhanced phylogenetic resolution. However, we caution that the evolutionary dynamics that enhance mitochondria as speciation indicators in the presence of incomplete lineage sorting may also render them especially susceptible to introgression

Investigating the effect of photodynamic therapy on nerves using tissue engineered culture models

Introduction: Photodynamic therapy (PDT) shows potential as an effective treatment for prostate cancer. Clinical observations indicate that this approach causes fewer nerve damage related side-effects than conventional treatments. The aim here is to investigate the effect of PDT on nerve tissue using engineered 3-dimensional cell culture models. Initial experiments focussed on establishing photosensitiser localisation in neurones and Schwann cells, then developing a model for simulating nerve PDT in culture

Blue frontiers: managing the environmental costs of aquaculture

The report begins with an overview of the current status of world aquaculture. It then goes on to describe an approach for estimating the current combined biophysical resource demands of aquaculture for producer countries and regions. Following a comparison of these results with those available for other animal food production sectors the report then examines the consequences of likely future trends in production on the environmental impacts of aquaculture. Finally, the policy implications of the reportÆs findings are discussed along with the research agenda that should be pursued to meet the challenge of sustainable food production.Aquaculture, Aquaculture systems, Life cycle analysis, Environmental impact, Resource management, Aquaculture statistics, Sustainability