Flippers in housing market search

Session - HousingWe add flippers-specialist investors who attempt to profit from buying low and selling high to a canonical housing market search model. These agents facilitate the turnover of mismatched houses on behalf of end-users and they may survive even if they face an arbitrarily large cost of financing vis-a-vis ordinary households. Multiple equilibrium may exist. In one equilibrium, most, if not all, transactions are intermediated by flippers, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by these agents. Turnover is sluggish, few houses are vacant, and prices are moderate. When flippers face a lower cost of financing, their presence can, rather unexpectedly, decline. There may then be lower, not higher, housing prices to follow an interest rate decline.postprin

Increasing wealth and increasing instability: The role of collateral

In development economics, growth in credit is generally associated with faster long-run growth as financial intermediation improves the efficiency of channeling capital to productive investment. Yet, among developing countries high growth in credit almost always guarantees the outbreak of a financial crisis. The authors attempt to reconcile the two seemingly contradictory facts with an endogenous growth model in which entry to international borrowing entails some significant fixed cost. The poorest countries are excluded from international borrowing because of the fixed cost. The higher-income developing countries will find it optimal to sink the fixed cost to borrow internationally, growing faster as a result, but also become prone to fluctuations arising from shocks to the international financial market.preprin

Bond between microwave cured repair and concrete substrate

The bond strength between a concrete substrate and repair patch is critical to its durability. This paper investigates the effect of microwave curing the freshly applied repair, for 45 min at 132 Watts, on the 28 day bond strength between substrate concrete and different commercial repair materials. The repairs were applied at different ambient temperatures of 20, 10, 2 and −5 °C. Tensile split tests on repaired cube specimens were performed to determine the interfacial bond strength. The ability of microwave curing to prevent the detrimental effects of freezing at early age on the bond and compressive strength of repair patches is investigated. Experimental results show that microwave curing prevents loss of long term (28 day) repair/substrate bond strength of repair materials applied at freezing temperatures (−5 °C), relative to the repairs applied at higher temperatures (2–20 °C), except one lightweight repair formulation. In comparison, the control samples (non-microwave cured) of repairs applied at −5 °C suffered severe loss of bond strength and compressive strength due to early age freezing. In addition, no adverse effects on the bond strength and a small reduction of 6.75% in the 28 day compressive strength are observed in the early age microwave cured repairs applied at ambient temperatures of 2–20 °C. The repair/substrate bond strength is independent of the compressive strength of the repair material at all temperatures of repair application. Microwave curing can accelerate the concrete repair process and facilitate construction activity in cold weather

Protective efficacy against pandemic influenza of seasonal influenza vaccination in children in Hong Kong: a randomized controlled trial

BACKGROUND: The efficacy of seasonal influenza vaccination against 2009 pandemic influenza A(H1N1) remains unclear. METHODS: One child aged 6-17 years in each of 796 households was randomized to receive 2009-2010 seasonal trivalent inactivated influenza vaccine (TIV) or saline placebo between August 2009 and February 2010. Households were followed up with serology, symptom diaries, and collection of respiratory specimens during illnesses. The primary outcomes were influenza infection confirmed by reverse-transcription polymerase chain reaction (RT-PCR) or a >/=4-fold rise in serum antibody titer measured by hemagglutination inhibition assay. RESULTS: Receipt of TIV led to 8-13-fold mean geometric rises in antibody titers against seasonal A and B viruses, but only 1.5-fold mean geometric rises against the pandemic A(H1N1) virus that was not included in the vaccine. Children who received TIV had a reduced risk of seasonal influenza B confirmed by RT-PCR, with a vaccine efficacy estimate of 66% (95% confidence interval [CI], 31%-83%). Children who received TIV also a had reduced risk of pandemic influenza A(H1N1) indicated by serology, with a vaccine efficacy estimate of 47% (95% CI, 15%-67%). CONCLUSIONS: Seasonal TIV prevented pandemic influenza A(H1N1) and influenza B infections in children. Pandemic A(H1N1) circulated at the time of vaccination and for a short time afterward with no substantial seasonal influenza activity during that period. The potential mechanism for seasonal TIV to provide protection, possibly short lived, for children against pandemic A(H1N1) infection despite poor cross-reactive serologic response deserves further investigation. Clinical Trials Registration. NCT00792051.postprin

Getting to the Root of Fine Motor Skill Performance in Dentistry: Brain Activity During Dental Tasks in a Virtual Reality Haptic Simulation.

BACKGROUND: There is little evidence considering the relationship between movement-specific reinvestment (a dimension of personality which refers to the propensity for individuals to consciously monitor and control their movements) and working memory during motor skill performance. Functional near-infrared spectroscopy (fNIRS) measuring oxyhemoglobin demands in the frontal cortex during performance of virtual reality (VR) psychomotor tasks can be used to examine this research gap. OBJECTIVE: The aim of this study was to determine the potential relationship between the propensity to reinvest and blood flow to the dorsolateral prefrontal cortices of the brain. A secondary aim was to determine the propensity to reinvest and performance during 2 dental tasks carried out using haptic VR simulators. METHODS: We used fNIRS to assess oxygen demands in 24 undergraduate dental students during 2 dental tasks (clinical, nonclinical) on a VR haptic simulator. We used the Movement-Specific Reinvestment Scale questionnaire to assess the students' propensity to reinvest. RESULTS: Students with a high propensity for movement-specific reinvestment displayed significantly greater oxyhemoglobin demands in an area associated with working memory during the nonclinical task (Spearman correlation, rs=.49, P=.03). CONCLUSIONS: This small-scale study suggests that neurophysiological differences are evident between high and low reinvesters during a dental VR task in terms of oxyhemoglobin demands in an area associated with working memory

Review: optical fiber sensors for civil engineering applications

Optical fiber sensor (OFS) technologies have developed rapidly over the last few decades, and various types of OFS have found practical applications in the field of civil engineering. In this paper, which is resulting from the work of the RILEM technical committee “Optical fiber sensors for civil engineering applications”, different kinds of sensing techniques, including change of light intensity, interferometry, fiber Bragg grating, adsorption measurement and distributed sensing, are briefly reviewed to introduce the basic sensing principles. Then, the applications of OFS in highway structures, building structures, geotechnical structures, pipelines as well as cables monitoring are described, with focus on sensor design, installation technique and sensor performance. It is believed that the State-of-the-Art review is helpful to engineers considering the use of OFS in their projects, and can facilitate the wider application of OFS technologies in construction industry

Efficacy of seasonal influenza vaccination in children in Hong Kong: a randomized controlled trial

Oral Presentation: abstract no. VII-1BACKGROUND: Seasonal influenza vaccination is most effective in preventing influenza infection and disease in healthy school-age children when circulating strains are similar to those included in the vaccine. The efficacy of seasonal influenza vaccination against 2009 pandemic influenza A(H1N1) remains unclear…postprintThe 14th International Symposium on Respiratory Viral Infections, Istanbul, Turkey, 23-26 March 2012

A Novel Structural Assessment Technique to Prevent Damaged FRP-Wrapped Concrete Bridge Piers from Collapse

Repairing deteriorated concrete bridge piers using externally wrapped fiber reinforced polymer (FRP) composites have been proven as an effective approach. This technique has also been applied to low-rise building structures. Failures in FRP-wrapped concrete structures may occur by flexural failures of critical sections or by debonding of FRP plate from the concrete substrate. Debonding in the FRP/adhesive/concrete interface region may cause a significant decrease in member capacity leading to a premature failure of the system. In this chapter, a novel structural assessment technique aiming at inspecting the near-surface FRP debonding and concrete cracking of damaged FRP-wrapped concrete bridge piers to prevent the structures from collapse is presented. In the first part of this chapter, failure mechanisms of FRP-wrapped concrete systems are briefly discussed. The second part of this chapter introduces a novel structural assessment technique in which far-field airborne radar is applied. In this development, emphasis is placed on inspection of debonding in glass FRP (GFRP)-wrapped concrete cylinders, while the technique is also applicable to beams and slabs with bonded GFRP composites. Physical radar measurements on laboratory specimens with structural damages were conducted and used for validating the technique. Processed experimental measurements have shown promising results for the future application of the technique. Finally, research findings and issues are summarized.National Science Foundation (U.S.) (Grant CMS-0324607)Lincoln Laborator

Effect of the displacement rate and inclination angle in steel fiber pullout tests

This paper summarizes the results obtained in an experimental campaign on the effect of the displacement pullout rate and the inclination angle of the steel fiber pullout tests. For that purpose, specimens were obtained from a self-compacting concrete with a compressive strength of 86 MPa. In the experimental program, hooked-end steel fibers of 0.75 mm diameter and 60 mm length were used. Tests were executed with both hooked-end fibers, and smooth fibers obtained from the former by cutting the hooked end. For both type of fibers, their embedment length into concrete was 20 mm, and the influence of fiber inclination angle toward the load direction was investigated by adopting values of 0∘, 30∘ and 60∘. The tests were performed at displacement rates of 0.01, 0.1 and 1 mm/s. The results have shown that the peak pullout load increased with the inclination angle, in particular for the smooth series. Furthermore, higher displacement rates led to a higher energy absorption capacity for the pullout of the smooth fibers, while the energy absorption remained almost stable for hooked-end fibers.project BIA2015-68678-C2-1-R. M. Tarifa appreciates the financial support from the Department of Applied Mechanics and Project Engineering, UCLM (2018), and from the Programa propio de I+D+i de la Universidad Politécnica de Madrid para realizar estancias de investigación internacional igual o superior a un mes (2019), to do two stays at the University of Minho, Guimarães, Portugal. E. Poveda acknowledges the funding from the International Campus of Excellence CYTEMA and the University of Castilla-La Mancha, throughout Ayudas para estancias en universidades y centros de investigación en el extranjero en 2019 en el ámbito del plan propio de investigación susceptibles de cofinanciación por el Fondo Europeo de Desarrollo Regional (FEDER), Programa 010100021 to fund her stays in the University of Minho during 2018 and 2019, respectively. The authors thank the support of the Department of Civil Engineering and the Laboratory of the Structural Division (LEST), University of Minh

Fibre optic sensors for health monitoring of concrete structures

After years in service, many concrete structures are showing severe deterioration. To ensure safety of these structures and to prioritize maintenance effort, there is a need to monitor the structural condition over time. Since concrete structures degrade through the formation and propagation of cracks, the monitoring of cracking and delamination (material separation parallel to the surface) is the most effective way to assess the 'health' of a structure. In this paper, we will focus on two novel fiber optic sensors for crack and delamination sensing in concrete structures. For each novel fiber optic sensor, the sensing principle is first described. Both theoretical and experimental results are then shown to verify their applicability to concrete structures. With these novel sensors, cracks and delaminations can be located and monitored without a-priori knowledge of their locations. This 'distributed' sensing capability of optical sensors is a big advantage over conventional gauges and transducers that can only obtain information at a single point