Expectation adjustment in the housing market: insights from the Scottish auction system

This paper examines price expectation adjustment of house buyers and sellers to rapid changes in the housing market using data from Scotland where houses are sold through 'first-price sealed-bid' auctions. These auctions provide more information on market signals, incentives and the behaviour of market participants than private treaty sales. This paper therefore provides a theoretical framework for analysing revealed preference data generated from these auctions. We specifically focus on the analysis of the selling to asking price difference, the 'bid-premium'. The bid-premium is shown to be affected by expectations of future price movements, market duration and high bidding frequency. The bid-premium reflects consumers' expectations, adapting to market conditions more promptly than asking price setting behaviour and final sale prices. The volatile conditions of the recent housing market bubble are fully reflected in the bid-premium, whereas the asking and sale prices are much less prone to rapid movements

Cooling and recombination processes in cometary plasma

The ion electron plasma in comets is examined for cooling processes which result from its interactions with the neutral coma. A cometary coma model is formulated that is composed predominantly of H2O and its decomposition products where electrons are cooled in a variety of processes at rates varying with energy. It is shown that solar plasma plus accumulated cometary ions and electrons is affected very strongly as it flows into the coma. The electrons are rapidly cooled and all but some 10% of the ions undergo charge exchange. Photodissociation of H2O is assumed where ion electron recombination is the dominant loss process

Kinetic Equation for a Plasma and Its Application to High-frequency Conductivity

Kinetic equation for inhomogenious nonisotropic plasma and application to high frequency conductivit