Affordability and the Value of Seller Financing

The typical methodology in valuing seller financing consists of calculating a discount -- the present value of the after-tax interest savings due to the creative financing --and including this variable, along with other characteristics of the purchased house, in an hedonic price equation explaining the house price actually paid. Resulting from this equation is a set of marginal prices corresponding to each characteristic of the house, including the quantity (discount) of creative finance accompanying the house. The central question usually addressed is whether the discount is fully capitalized in the value of the house -- whether the price of creative finance is unity. In our view, one should not ask what the price of creative finance is because this price, like that of other housing attributes, likely depends upon supply and demand conditions. We develop and estimate a model incorporating this dependency.

The Perfect Binary One-Error-Correcting Codes of Length 15: Part II--Properties

A complete classification of the perfect binary one-error-correcting codes of length 15 as well as their extensions of length 16 was recently carried out in [P. R. J. \"Osterg{\aa}rd and O. Pottonen, "The perfect binary one-error-correcting codes of length 15: Part I--Classification," IEEE Trans. Inform. Theory vol. 55, pp. 4657--4660, 2009]. In the current accompanying work, the classified codes are studied in great detail, and their main properties are tabulated. The results include the fact that 33 of the 80 Steiner triple systems of order 15 occur in such codes. Further understanding is gained on full-rank codes via switching, as it turns out that all but two full-rank codes can be obtained through a series of such transformations from the Hamming code. Other topics studied include (non)systematic codes, embedded one-error-correcting codes, and defining sets of codes. A classification of certain mixed perfect codes is also obtained.Comment: v2: fixed two errors (extension of nonsystematic codes, table of coordinates fixed by symmetries of codes), added and extended many other result

On Optimal Binary One-Error-Correcting Codes of Lengths 2m−42^m-4 and 2m−32^m-3

Best and Brouwer [Discrete Math. 17 (1977), 235-245] proved that triply-shortened and doubly-shortened binary Hamming codes (which have length $2^m-4$ and $2^m-3$, respectively) are optimal. Properties of such codes are here studied, determining among other things parameters of certain subcodes. A utilization of these properties makes a computer-aided classification of the optimal binary one-error-correcting codes of lengths 12 and 13 possible; there are 237610 and 117823 such codes, respectively (with 27375 and 17513 inequivalent extensions). This completes the classification of optimal binary one-error-correcting codes for all lengths up to 15. Some properties of the classified codes are further investigated. Finally, it is proved that for any $m \geq 4$, there are optimal binary one-error-correcting codes of length $2^m-4$ and $2^m-3$ that cannot be lengthened to perfect codes of length $2^m-1$.Comment: Accepted for publication in IEEE Transactions on Information Theory. Data available at http://www.iki.fi/opottone/code

On The Reporting Of Reliability In Content Analysis

This article explores one type of misreporting of reliability that has been seen in recent conference papers and articles using the method of content analysis. The reporting of reliability is central to the validity of claims made using this method. A brief overview of content analysis is offered, followed by the exploration of one type of misreporting of reliability. Suggestions are offered to address the problem