Determining Off-Site Damages to Non-Residential Property from Leaking Underground Storage Tanks Using Contingent Valuation Analysis

This research evaluates the effect of leaking underground storage tanks (LUSTs) from gas stations on nearby commercial property when the existing data is incomplete or imperfect. While methodologies such as hedonic regression may be preferred for evaluating the effects of LUSTs on property values, the rigorous data requirements of these methodologies often cannot be met. Contingent valuation analysis is one method that enables estimation of losses when the data available is incomplete. A contingent valuation analysis of real estate professionals in South Carolina and Ohio provides estimates of commercial property losses, which ranges from 0-40%, depending on environmental conditions and proximity to the source. This research has developed a methodology for estimating real estate property value losses when data requirements cannot be fulfilled based on the best available data.Environmental contamination; Commercial property; Underground storage tanks; Contingent valuation analysis

The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio

This study analyzes the effect of both new and rehabilitation residential investment on nearby property values in Cleveland, Ohio. The methodology used is hedonic price regression with spatial lagged variables that are generated applying geographic information systems. There are four major findings. First, the effect of investment on property values is geographically limited. Second, new investment has a greater impact on nearby property values than rehabilitation. Third, there is evidence that new construction and rehabilitation have a significantly positive impact in low-income areas, as well as predominantly non-minority neighborhoods. Finally and most importantly, the research suggests that small-scale investment has no impact on nearby property values. Thus, investment policy, which promotes and encourages investments that are not sufficiently large, may not be able to improve tax bases and enhance neighborhoods. We also found that results could be misleading if spatial lagged variables are inappropriately measured.

A Meta-Analysis of the Effect of Environmental Contamination and Positive Amenities on Residential Real Estate Values

This paper addresses the effects of environmental contamination and positive amenities on proximate residential real estate property values in the United States. Contamination sources include leaking underground storage tanks, superfund sites, landfills, water and air pollution, power lines, pipeline ruptures, nuclear power plants, animal feedlots and several other urban nuisance uses. The study summarizes a literature review of 75 peer-reviewed journal articles and selected case studies, and generates a data set of about 290 observations that contain information about each study’s loss (the dependent variable), with the independent variables being distance from the source, type of contamination, urban or rural environment, geographic region, market conditions and several other variables. Ordinary least squares is used to determine the effect of the contamination variables on reduction in property value. Broad contamination types, amenities, selected economic regions, distance from the source, information, research method and several other variables are statistically significant.

Microwave characterization and modeling of GaAs/AlGaAs heterojunction bipolar transistors

The characterization and modeling of a microwave GaAs/AlGaAs heterojunction Bipolar Transistor (HBT) are discussed. The de-embedded scattering parameters are used to derive a small signal lumped element equivalent circuit model using EEsof's Touchstone software package. Each element in the equivalent circuit model is shown to have its origin within the device. The model shows good agreement between the measured and modeled scattering parameters over a wide range of bias currents. Further, the MAG (maximum available power gain) and the h sub 21 (current gain) calculated from the measured data and those predicted by the model are also in good agreement. Consequently, the model should also be capable of predicting the f sub max and the f sub T of other HBTs

The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price

The topic of neighborhood redevelopment is central to residential appraisal and the lending process. We examine both the effect of neighborhood upgrading and decline, captured by subsidized new residential construction and sustained property tax delinquency respectively, on the sales price of one-to-two family homes. The research uses a two stage hedonic price model of 12,100 individual residential sales in Cleveland, Ohio during 1992-94. Results show a significant positive effect of $670 on the sales price of existing housing for each new unit built in a one-to-two block area. A decrease in sales price of$778 is associated with a 1% increase in the tax delinquency rate. The spatial variability of these effects is also explored.

It's worse than you thought : the feedback negativity and violations of reward prediction in gambling tasks

The reinforcement learning theory suggests that the feedback negativity should be larger when feedback is unexpected. Two recent studies found, however, that the feedback negativity was unaffected by outcome probability. To further examine this issue, participants in the present studies made reward predictions on each trial of a gambling task where objective reward probability was indicated by a cue. In Study 1, participants made reward predictions following the cue, but prior to their gambling choice; in Study 2, predictions were made following their gambling choice. Predicted and unpredicted outcomes were associated with equivalent feedback negativities in Study 1. In Study 2, however, the feedback negativity was larger for unpredicted outcomes. These data suggest that the magnitude of the feedback negativity is sensitive to violations of reward prediction, but that this effect may depend on the close coupling of prediction and outcome