Environmental Contamination and Industrial Real Estate Prices

This article is the winner of the Industrial Real Estate manuscript prize (sponsored by Society of Industrial and Office REALTORS) presented at the American Real Estate Society Annual Meeting. This article examines the effects of environmental contamination on the sales prices of industrial properties. Two general questions are addressed. The first is the extent to which sales prices may be impacted by contamination. The second is whether sales price effects due to contamination persist subsequent to the remediation of previously contaminated industrial properties. Using data on industrial property sales in Southern California, this study estimates sales price models that address these two questions. The results show that there are statistically significant impacts on property values in the period before and during remediation, but that these effects dissipate subsequent to cleanup.

Environmental Risk Perceptions of Commercial and Industrial Real Estate Lenders

This study analyzes the risk perceptions of commercial and industrial mortgage lenders related toenvironmental contamination. Two research questions are addressed. The first is whether perceived risks vary with a property’s remediation/cleanup status. The second is whether market conditions have an intervening effect on environmental risk. An analysis of national lender survey data found significant differences in perceived risk before, during and after cleanup, with most lenders unwilling to make a loan before cleanup and a majority willing to loan at typical rates and terms after cleanup. The study also found that strong market demand significantly reduces risk while weak demand increases risk.

Efficiency and Voluntary Implementation in Markets with Repeated Pairwise Bargaining

We examine a simple bargaining setting, where heterogeneous buyers and sellers are repeatedly matched with each other. We begin by characterizing efficiency in such a dynamic setting, and discuss how it differs from efficiency in a centralized static setting. We then study the allocations which can result in equilibrium when the matched buyers and sellers bargain through some extensive game form. We take an implementation approach, characterizing the possible allocation rules which result as the extensive game form is varied. We are particularly concerned with the impact of making trade voluntary: imposing individual rationality {\sl on and off} the equilibrium path. No buyer or seller consumates an agreement which leaves them worse off than the discounted expected value of their future rematching in the market. Finally, we compare and contrast the efficient allocations with those that could ever arise as the equlibria of some voluntary negotiation procedure.implementation, bargaining, matching, search, individual rationality

Evolution of disturbances in stagnation point flow

The evolution of three-dimensional disturbances in an incompressible three-dimensional stagnation-point flow in an inviscid fluid is investigated. Since it is not possible to apply classical normal mode analysis to the disturbance equations for the fully three-dimensional stagnation-point flow to obtain solutions, an initial-value problem is solved instead. The evolution of the disturbances provide the necessary information to determine stability and indeed the complete transient as well. It is found that when considering the disturbance energy, the planar stagnation-point flow, which is independent of one of the transverse coordinates, represents a neutrally stable flow whereas the fully three-dimensional flow is either stable or unstable, depending on whether the flow is away from or towards the stagnation point in the transverse direction that is neglected in the planar stagnation point

Climatology of the Southeastern United States Continental Shelf Waters

Data from 2872 hydrographic stations have been used to determine the oceanographie climatology of the southeastern United States continental shelf waters. The data were sorted by each degree of latitude and by depth into three zones (0–20 m, 21–40 m, 41–60 m). Inner shelf water temperatures were similar to adjacent land air temperatures, while outer shelf temperatures were moderated by the Gulf Stream. Minimum and maximum water temperatures occurred in Georgia and South Carolina inner shelf water. Bottom temperatures were unusually low off Florida in the summer probably because of shelf break upwelling. Surface salinity was lowest adjacent to the rivers and reached minimums in the spring at the time of high runoff. An exception to this occurred in the fall, when strong southward winds apparently advected low salinity coastal water southward and offshore flow was restricted. Heat flux was calculated from changes in monthly mean depth-averaged inner shelf water temperatures. Heating occurred from March through July with maximum rates of 103 W m−2. Cooling occurred from October through February with maximum rates of −90 W m−2. Bulk stratification was estimated from the difference in near-surface and near-bottom monthly mean density. In the spring, stratification increases in inner shelf areas because of decreasing winds and increasing heat flux and runoff. By summer the whole shelf is highly stratified reflecting the contrast between high surface water temperatures and cooler bottom waters. Highest bulk stratification is found over the outer shelf. Stratification decreased with the approach offall with the associated cooling and high winds. Mean flow at midshelf was northward and appears to be produced by an along-shelf slope of sea level of oceanic origin

Hydrographic Variability of Southeastern United States Shelf and Slope Waters During the Genesis of Atlantic Lows Experiment: Winter 1986

Continental shelf waters are particularly responsive to winter storm events mainly because of their shallow depths. Those of the southeastern United States (the South Atlantic Bight (SAB)) are especially responsive because they are broad and shallow. Also, the Gulf Stream serves as a continual source of warm water at the outer boundary. Thus the SAB receives strong meteorological (wind stress and heat loss) and oceanographic (advective) forcing. During the Genesis of Atlantic Lows Experiment (GALE) the response of shelf waters to winter storm events and Gulf Stream forcing was observed. The mean conditions showed a mixed water column with areas of stratification near the coast and at the shelf break. The nearshore area was stratified only during weak offshore winds, and the shelf break area was stratified during southward winds with accompanying onshore Ekman flow. On the inner shelf, advective buoyancy flux was similar in value to heat flux buoyancy and the buoyancy equivalent of wind mixing. Over the shelf break the advective buoyancy flux was 4 times the other forms of buoyancy flux and controlled the observed potential energy variability. A simple box model heat budget used to separate the effect of Gulf Stream eddies and meanders, and Ekman flow and air‐sea heat exchange on the shelf heat content showed that the observed heat content variability was caused by intrusion of Gulf Stream water. The intrusions may be caused either by onshore Ekman flow during southward winds or Gulf Stream meander events

Undominated Nash Implementation in Bounded Mechanisms

We study implementation in undominated Nash equilibrium by bounded mechanisms. (An undominated Nash equilibrium is a Nash equilibrium in which no agent uses a weakly dominated strategy. A mechanism is bounded if every dominated strategy is dominated by some undominated strategy.) We identify necessary conditions and sufficient conditions for such implementation. These conditions are satisfied in virtually all economic environments, and are also satisfied by interesting correspondences from the social choice literature. For economic settings, we provide a particularly simple implementing mechanism for which the undominated equilibrium outcomes coincide with those obtained from the iterative elimination of weakly dominated strategies

Recommended Procedures for Measuring Radon Fluxes from Disposal Sites of Residual Radioactive Materials

This report recornmenrls instrumentation and methods suitable for measuring radon fluxes emanating from covered disposal sites of residual radioactive materials such as uranium mill tailings. Problems of spatial and temporal variations in radon flux are discussed and the advantages and disadvantages of several instruments are examined. A year-long measurement program and a two rnonth measurement rnethodology are then presented based on the inherent difficulties of measuring average radon flux over a cover using the recommended instrumentation

Spin-orbit coupling and the conservation of angular momentum

In nonrelativistic quantum mechanics, the total (i.e. orbital plus spin) angular momentum of a charged particle with spin that moves in a Coulomb plus spin-orbit-coupling potential is conserved. In a classical nonrelativistic treatment of this problem, in which the Lagrange equations determine the orbital motion and the Thomas equation yields the rate of change of the spin, the particle's total angular momentum in which the orbital angular momentum is defined in terms of the kinetic momentum is generally not conserved. However, a generalized total angular momentum, in which the orbital part is defined in terms of the canonical momentum, is conserved. This illustrates the fact that the quantum-mechanical operator of momentum corresponds to the canonical momentum of classical mechanics.Comment: 10 pages, as published by Eur. J. Phy