Repair Expenses, Selling Contracts, and House Prices

This paper examines the impact of repair expenses on the selling price of a house. Using data from settlement statements, we investigate the frequency and extent to which performance of major repairs is part of the sales contract. We find that most homes are restored to a "normally maintained" state each time the home changes hands, and that the cost of bringing the home to this condition is included as part of house selling price. This implies it may be unnecessary to measure maintenance levels when using transaction data to study components of house price or to construct house price indexes.

Cellular Gate Technology

We propose a biochemically plausible mechanism for constructing digital logic signals and gates of significant complexity within living cells. These mechanisms rely largely on co-opting existing biochemical machinery and binding proteins found naturally within the cell, replacing difficult protein engineering problems with more straightforward engineering of novel combinations of gene control sequences and gene coding regions. The resulting logic technology, although slow, allows us to engineer the chemical behavior of cells for use as sensors and effectors. One promising use of such technology is the control of fabrication processes at the molecular scale.DARPA/ONR Ultrascale Computing Program under contract N00014-96-1-1228 and by the DARPA Embedded Computing Program under contract DABT63-95-C130

High Performance, Point-to-Point, Transmission Line Signaling

Inter-chip signaling latency and bandwidth can be key factors limiting the performance of large VLSI systems. We present a high performance, transmission line signaling scheme for point-to-point communications between VLSI components. In particular, we detail circuitry which allows a pad driver to sense the voltage level on the attached pad during signaling and adjust the drive impedance to match the external transmission line impedance. This allows clean, reflection-free signaling despite the wide range of variations common in IC device processing and interconnect fabrication. Further, we show how similar techniques can be used to adjust the arrival time of signals to allow high signaling bandwidth despite variations in interconnect delays. This scheme employed for high performance signaling is a specific embodiment of a more general technique. Conventional electronic systems must accommodate a range of system characteristics (e.g. delay, voltage, impedance). As a result, circuit designers traditionally build large operating margins into their circuits to guarantee proper operation across all possible ranges of these characteristics. These margins are generally added at the expense of performance. The alternative scheme exemplified here is to sample these system characteristics in the device\u27s final operating environment and use this feedback to tune system operation around the observed characteristics. This tuning operation reduces the range of characteristics the system must accommodate, allowing increased performance. We briefly contrast this sampled, system-level feedback with the more conventional, fine-grained feedback employed on ICs (e.g. PLLs)

THE ECONOMIC FACTORS INFLUENCING PRODUCERS' DEMAND FOR FARM MANAGERS

Results from a Tobit model showed a complementary relationship between marketing inputs and the decision to hire farm managers. According to the results, as farmers increase expenditure on marketing consultants and information systems, their expenditure on farm managers increase as well.Farm Management,

Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach

A multinomial logit is utilized to model the choice of whether to purchase yield or revenue insurance using subjectively elicited survey data. Our results indicate that the demand for crop insurance is inelastic (-0.40), consistent with most earlier yield elasticity estimates, but the elasticity for choices between yield and revenue insurance is found to be relatively more elastic (-0.88).crop insurance, elasticities, multinomial logit model, revenue demand, subjective elicitation, survey, Agribusiness, Crop Production/Industries, Demand and Price Analysis, Q18,

Target Markets for Grain and Cotton Marketing Consultants and Market Information Systems

This paper examines the use of market consultants and market information systems by grain and cotton producers. A model of producer demand for marketing information and consultants is proposed that decomposes price received into exogenous and endogenous components. The analysis is based on a survey of over 1,600 producers. The results suggest that expenditures on market information systems and market consultants are not independent and, more specifically, expenditures on marketing consultants substitute for expenditures on market information systems.expected utility, market information, marketing, risk, Tobit, Marketing,

Preference for Risk Management Information Sources: Implications for Extension and Outreach Programming

This article examines farmers’ preferences for various risk management information sources. Our results suggest that information from risk management experts, in-depth materials studied on their own, and popular press outlets tend to be preferred and are ranked highly by producers. Using a regression model to investigate farmer/farm attributes that affect preference for a particular risk management information source, we find that younger farmers with college education, higher leverage, assets greater than $1 million, risk-loving attitudes, and who have used professional services (marketing consultants) tend to prefer information from risk management experts, the Internet, and marketing clubs/other producers. On the other hand, producers who prefer self-study of educational materials and popular press information sources tend to be younger, with lower leverage levels, and have used fewer professional services.crop insurance, extension, information sources, outreach, risk management, Risk and Uncertainty,

EXTENSION EDUCATORS' SUPPLY OF RISK MANAGEMENT TRAINING TO FARMERS

A univariate Tobit model of extension educators' provision of risk management educational training was conducted in Mississippi, Texas, Indiana, and Nebraska. A complementary relationship exists between percent of time devoted to agricultural responsibilities and the provision of risk management training courses. The results indicate that, as extension educators perceive farmers to be more knowledgeable of risk management tools, their provision of risk management education decreases. On the other hand, the provision of risk management courses increase as extension educators perceive themselves as being more knowledgeable on the use of risk management tools.Teaching/Communication/Extension/Profession,

Understanding the Economic Factors Influencing Farm Policy Preferences

Freedom to Farm legislation enacted in 1996 was widely perceived as a dramatic step toward a more market oriented farm policy which would create a producer decision environment more conducive to competitive adjustments. Enacted in a time of high market prices and large exports of agricultural products, the transition payments were initially larger than deficiency payments would have provided. Generally, this legislation received strong support from Midwestern and Central Plains states. However, final passage was secured through concessions to legislators from other regions. Abrupt declines in many farm program crop prices in 1998 have tested the support for Freedom to Farm Aggregate net cash income excluding direct government program payments in 1999 is now projected to be $35.4 billion which is 31 percent below the record high of 1997. These changes have brought about a severe test of the Freedom to Farm legislation. This is evidenced by the passage of ad hoc disaster legislation in both 1998 and 1999, after a three-year cessation. In 1999, USDA projects direct government payments to total$22.5 billion -- three times the payment level of 1996, when Freedom to Farm was enacted. Thus, in 2000 there is widespread debate about the future direction of farm policy. The Secretary of Agriculture has repeatedly called for modifications of farm policy to provide a better safety net for agricultural producers. Some have gone as far as suggesting a repeal of the 1996 Farm Bill. Further, substantial attention has been given to crop insurance reform during the past year. The President called for modifications of crop insurance in his State of the Union Address, and a number of bills have been submitted in both Houses of Congress that would significantly modify current crop insurance programs. These proposals generally provide enhanced benefits to producers through increased subsidy percentages for buy-up insurance coverage and/or a higher level of catastrophic coverage. No legislation was ultimately enacted in 1999, but previously budgeted funds will h