Model-Independent Stellar and Planetary Masses from Multi-Transiting Exoplanetary Systems

Precise exoplanet characterization requires precise classification of exoplanet host stars. The masses of host stars are commonly estimated by comparing their spectra to those predicted by stellar evolution models. However, spectroscopically determined properties are difficult to measure accurately for stars that are substantially different from the Sun, such as M-dwarfs and evolved stars. Here, we propose a new method to dynamically measure the masses of transiting planets near mean-motion resonances and their host stars by combining observations of transit timing variations with radial velocity measurements. We derive expressions to analytically determine the mass of each member of the system and demonstrate the technique on the Kepler-18 system. We compare these analytic results to numerical simulations and find the two are consistent. We identify eight systems for which our technique could be applied if follow-up radial velocity measurements are collected. We conclude this analysis would be optimal for systems discovered by next generation missions similar to TESS or PLATO, which will target bright stars that are amenable to efficient RV follow-up.Comment: 9 pages, 1 figure, submitted to Ap

Pricing, Exposure and Residential Listing Strategies

Sellers of houses signal their motivation or willingness to sell through price and contractual provisions in their listing agreements. A pricing strategy is for motivated sellers to set their listing prices at or below estimated market values as determined by the quality and other characteristics of the house. An exposure strategy is to set a listing price above estimated market value, and increase advertising and broker activity in order to generate more favorable offers. Pricing and exposure are competing strategies and may be revealed in listing contracts through the inclusion of a buyer-broker provision. Empirical results for the Washington, D.C. area indicate that brokers concentrate their time on sellers following the pricing strategy as opposed to those who follow the exposure strategy. There is a tradeoff between price and exposure. The results demonstrate a positive relationship between increasing listing price and using buyer brokerage.

The Supply Adjustment Process in Retail Space Markets

Previous research has reported that the real estate market for retail space is slow to adjust, however, comparatively little research has investigated the supply of retail space for individual metropolitan markets. This study presents our findings by metropolitan statistical area (MSA) of the mean retail space supply lag, the short- and long-run retail space supply elasticities with respect to retail sales and the response of retail space supply to interest rate changes. The considerable variation in mean retail space supply lags and supply elasticities for our sample of fifty-six major MSAs has important implications for investors, developers and others who hold financial stakes in the supply of retail space.

Will Carbon Find a Home on the Range? A Monte Carlo Simulation

Rangeland Carbon Sequestration, Agribusiness, Agricultural and Food Policy, Land Economics/Use,

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).

Culpability and Willingness to Pay to Reduce Negative Externalities: A Contingent Valuation and Experimental Economics Study

Financial Economics,