The Social Value of Mortality Risk Reduction: VSL vs. The Social Welfare Function Approach

We examine how different welfarist frameworks evaluate the social value of mortality risk reduction. These frameworks include classical, distributively unweighted cost–benefit analysis—i.e., the “value per statistical life” (VSL) approach—and various social welfare functions (SWFs). The SWFs are either utilitarian or prioritarian, applied to policy choice under risk in either an “ex post” or “ex ante” manner. We examine the conditions on individual utility and on the SWF under which these frameworks display sensitivity to wealth and to baseline risk. Moreover, we discuss whether these frameworks satisfy related properties that have received some attention in the literature, namely equal value of risk reduction, preference for risk equity, and catastrophe aversion. We show that the particular manner in which VSL ranks risk-reduction measures is not necessarily shared by other welfarist frameworks

A Chinese Sky Trust? Distributional Impacts of Carbon charges and Revenue Recycling in China

The introduction of carbon charges on the use of fossil fuels in China would have a progressive impact on income distribution. This outcome, which contrasts to the regressive distributional impact found in most studies of carbon charges in industrialized countries, is driven primarily by differences between urban and rural expenditure patterns. If carbon revenues were recycled on an equal per capita basis via a ‘sky trust,’ the progressive impact would be further enhanced: low-income (mainly rural) households would receive more in sky-trust dividends than they pay in carbon charges, and high-income (mainly urban) households would pay more than they receive in dividends. Thus a Chinese sky trust would contribute to both lower fossil fuel consumption and greater income equality.carbon charges, fossil fuels, China, income distribution, carbon revenues, fuel consumption, income equality

Ownership Structure, Property Performance, Multifamily Properties and REITs

This research extends literature that empirically evaluates the impact of ownership and management structure on property level performance. The results show that multifamily properties owned and managed by real estate investment trusts (REITs) generate higher effective rents at the property level than non-REIT-owned properties. After controlling for positive operating scale and brand effects, REIT property level performance is better than non-REIT property level performance in the market studied. The REIT structure represents diversified scale operators with property management skills. The results imply that the structure of property ownership can impact property performance.

The Panchromatic Starburst Intensity Limit At Low And High Redshift

The integrated bolometric effective surface brightness S_e distributions of starbursts are investigated for samples observed in 1. the rest frame ultraviolet (UV), 2. the far-infrared and H-alpha, and 3. 21cm radio continuum emission. For the UV sample we exploit a tight empirical relationship between UV reddening and extinction to recover the bolometric flux. Parameterizing the S_e upper limit by the 90th percentile of the distribution, we find a mean S_{e,90} = 2.0e11 L_{sun}/kpc^2 for the three samples, with a factor of three difference between the samples. This is consistent with what is expected from the calibration uncertainties alone. We find little variation in S_{e,90} with effective radii for R_e ~ 0.1 - 10 kpc, and little evolution out to redshifts z ~ 3. The lack of a strong dependence of S_{e,90} on wavelength, and its consistency with the pressure measured in strong galactic winds, argue that it corresponds to a global star formation intensity limit (\dot\Sigma_{e,90} ~ 45 M_{sun}/kpc^2/yr) rather than being an opacity effect. There are several important implications of these results: 1. There is a robust physical mechanism limiting starburst intensity. We note that starbursts have S_e consistent with the expectations of gravitational instability models applied to the solid body rotation portion of galaxies. 2. Elliptical galaxies and spiral bulges can plausibly be built with maximum intensity bursts, while normal spiral disks can not. 3. The UV extinction of high-z galaxies is significant, implying that star formation in the early universe is moderately obscured. After correcting for extinction, the observed metal production rate at z ~ 3 agrees well with independent estimates made for the epoch of elliptical galaxy formation.Comment: 31 pages Latex (aas2pp4.sty,psfig.sty), 9 figures, accepted for publication in the Astronomical Journa

Wild Bootstrap Inference for Wildly Different Cluster Sizes

The cluster robust variance estimator (CRVE) relies on the number of clusters being large. The precise meaning of 'large' is ambiguous, but a shorthand 'rule of 42' has emerged in the literature. We show that this rule depends crucially on the assumption of equal-sized clusters. Monte Carlo evidence suggests that rejection frequencies at the five percent level can be more than twice the desired size when a dataset has 50 clusters proportional to the populations of the US states. In contrast, using a cluster wild bootstrap procedure for the same dataset usually results in very accurate rejection frequencies. We also show that, when the test regressor is a dummy variable, both conventional and bootstrap tests perform badly when the proportion of clusters treated is very small or very large. A third set of simulations uses placebo laws to see whether similar results hold in a difference-in-differences framework

Computational Bayesian Methods Applied to Complex Problems in Bio and Astro Statistics

In this dissertation we apply computational Bayesian methods to three distinct problems. In the first chapter, we address the issue of unrealistic covariance matrices used to estimate collision probabilities. We model covariance matrices with a Bayesian Normal-Inverse-Wishart model, which we fit with Gibbs sampling. In the second chapter, we are interested in determining the sample sizes necessary to achieve a particular interval width and establish non-inferiority in the analysis of prevalences using two fallible tests. To this end, we use a third order asymptotic approximation. In the third chapter, we wish to synthesize evidence across multiple domains in measurements taken longitudinally across time, featuring a substantial amount of structurally missing data, and fit the model with Hamiltonian Monte Carlo in a simulation to analyze how estimates of a parameter of interest change across sample sizes

High Angular Resolution Stellar Imaging with Occultations from the Cassini Spacecraft I: Observational Technique

We present novel observations utilising the Cassini spacecraft to conduct an observing campaign for stellar astronomy from a vantage point in the outer solar system. By exploiting occultation events in which Mira passed behind the Saturnian ring plane as viewed by Cassini, parametric imaging data were recovered spanning the near-infrared. From this, spatial information at extremely high angular resolution was recovered enabling a study of the stellar atmospheric extension across a spectral bandpass spanning the 1 - 5 {\mu}m spectral region in the near-infrared. The resulting measurements of the angular diameter of Mira were found to be consistent with existing observations of its variation in size with wavelength. The present study illustrates the validity of the technique; more detailed exploration of the stellar physics obtained by this novel experiment will be the subject of forthcoming papers.Comment: 9 pages, 6 figure

High Angular Resolution Stellar Imaging with Occultations from the Cassini Spacecraft II: Kronocyclic Tomography

We present an advance in the use of Cassini observations of stellar occultations by the rings of Saturn for stellar studies. Stewart et al. (2013) demonstrated the potential use of such observations for measuring stellar angular diameters. Here, we use these same observations, and tomographic imaging reconstruction techniques, to produce two dimensional images of complex stellar systems. We detail the determination of the basic observational reference frame. A technique for recovering model-independent brightness profiles for data from each occulting edge is discussed, along with the tomographic combination of these profiles to build an image of the source star. Finally we demonstrate the technique with recovered images of the {\alpha} Centauri binary system and the circumstellar environment of the evolved late-type giant star, Mira.Comment: 8 pages, 8 figures, Accepted by MNRA

Dust devils on Earth and Mars: Extension of particle threshold laboratory simulations

Abstract not available