Contract Incentives and Effort

In a prevailing employment contract, the agent receives a proportional split of commissions. Alternatively, the agent receives a contract paying 100% of revenue above a fixed payment to the firm. In this contract the firm has a prior payment position, similar to a landlord or lender. The coexistence of these equity-only and debt-equity type contracts allows testing incentives for productivity and effort for U.S. real estate licensees. Hourly wages and productivity are increasing in the agent's split, up to and including 100%. Effort as measured by hours worked also positively affected by the split. The contract incentives motivate productivity and induce effort without requiring monitoring.

Economic Valuation of Environmental Benefits and the Targeting of Conservation Programs: The Case of the CRP

The range of environmental problems confronting agriculture has expanded in recent years. As the largest program designed to mitigate the negative environmental effects of agriculture, the Conservation Reserve Program (CRP) has broadened its initial focus on reductions in soil erosion to consider other landscape factors that may also be beneficial. For example, preserving habitats can help protect wildlife, thus leading to more nature-viewing opportunities. This report demonstrates how nonmarket valuation models can be used in targeting conservation programs such as the CRP.Environmental Economics and Policy,

Source of the optical red-slope in iron-rich meteorites

The relationship between ordinary chondrites and S-type asteroids is an unresolved issue in meteorite science. S-type asteroids exhibit a positively red-sloped spectrum that is interpreted to indicate the presence of elemental iron on the surfaces. The characteristic red-sloped spectrum of iron-rich meteorites is produced by only the specular component of the reflectance. Complex metallic surfaces can be modeled as linear mixtures of specular and nonspecular components. It is the geometry of the metal on a surface and its interaction with surrounding material, rather than the absolute amount of metal, that determine the redness of resulting spectra. In order to distinguish between ordinary chondrite and differentiated parent bodies it is important to understand how regolith processes affect the nature and form of metal on asteroid surfaces

Decay Phase Cooling and Inferred Heating of M- and X-class Solar Flares

In this paper, the cooling of 72 M- and X-class flares is examined using GOES/XRS and SDO/EVE. The observed cooling rates are quantified and the observed total cooling times are compared to the predictions of an analytical 0-D hydrodynamic model. It is found that the model does not fit the observations well, but does provide a well defined lower limit on a flare's total cooling time. The discrepancy between observations and the model is then assumed to be primarily due to heating during the decay phase. The decay phase heating necessary to account for the discrepancy is quantified and found be ~50% of the total thermally radiated energy as calculated with GOES. This decay phase heating is found to scale with the observed peak thermal energy. It is predicted that approximating the total thermal energy from the peak is minimally affected by the decay phase heating in small flares. However, in the most energetic flares the decay phase heating inferred from the model can be several times greater than the peak thermal energy.Comment: Published in the Astrophysical Journal, 201

Franchising in Residential Brokerage

This paper explores the profitability of real estate franchises. The database for the study consists of observations from the National Association of Realtors©' 2001 survey of real estate brokerage firms. Franchises are found to generate additional revenue for franchisees. However, net margins defined as the difference between revenues received and expenses paid (including franchise royalties) are lower for firms with franchises. The findings indicate that franchisors appear to extract the excess rents from the franchisee.

Technology and Real Estate Brokerage Firm Financial Performance

This study investigates the impact of Internet usage on the financial performance of residential real estate brokerage firms using a database of over 1,700 observations. Factor loadings and a factor score for Internet usage are developed. The results show that Internet use is positively related to revenue and net income, and negatively related to net margin. In a second stage analysis, Internet use is found to be positively associated with franchise affiliation, affiliation with a referral /relocation network and firm size, while negatively related to firm age, single-office firms and location in the West and South (relative to the Northeast).

Swift UVOT Observations of Core-Collapse SNe

We review recent UV observations of core-collapse supernovae (SNe) with the Swift Ultra-violet/Optical Telescope (UVOT) during its first two years. Rest-frame UV photometry is useful for differentiating SN types by exploiting the UV-optical spectral shape and more subtle UV features. This is useful for the real-time classification of local and high-redshift SNe using only photometry. Two remarkable SNe Ib/c were observed with UVOT -- SN2006jc was a UV bright SN Ib. Swift observations of GRB060218/SN2006aj began shortly after the explosion and show a UV-bright peak followed by a UV-faint SN bump. UV observations are also useful for constraining the temperature and ionization structure of SNe IIP. Rest-frame UV observations of all types are important for understanding the extinction, temperature, and bolometric luminosity of SNe and to interpret the observations of high redshift SNe observed at optical wavelengths.Comment: Figures are enlarged and colorized from print versio