Expectation adjustment in the housing market: insights from the Scottish auction system

This paper examines price expectation adjustment of house buyers and sellers to rapid changes in the housing market using data from Scotland where houses are sold through 'first-price sealed-bid' auctions. These auctions provide more information on market signals, incentives and the behaviour of market participants than private treaty sales. This paper therefore provides a theoretical framework for analysing revealed preference data generated from these auctions. We specifically focus on the analysis of the selling to asking price difference, the 'bid-premium'. The bid-premium is shown to be affected by expectations of future price movements, market duration and high bidding frequency. The bid-premium reflects consumers' expectations, adapting to market conditions more promptly than asking price setting behaviour and final sale prices. The volatile conditions of the recent housing market bubble are fully reflected in the bid-premium, whereas the asking and sale prices are much less prone to rapid movements

Determinations of upper critical field in continuous Ginzburg-Landau model

Novel procedures to determine the upper critical field $B_{c2}$ have been proposed within a continuous Ginzburg-Landau model. Unlike conventional methods, where $B_{c2}$ is obtained through the determination of the smallest eigenvalue of an appropriate eigen equation, the square of the magnetic field is treated as eigenvalue problems so that the upper critical field can be directly deduced. The calculated $B_{c2}$ from the two procedures are consistent with each other and in reasonably good agreement with existing theories and experiments. The profile of the order parameter associated with $B_{c2}$ is found to be Gaussian-like, further validating the methodology proposed. The convergences of the two procedures are also studied.Comment: Revtex4, 8 pages, 4 figures, references modified, figures and table embedde

Hope as a Source of Resilience in Later Adulthood

This research provided a preliminary investigation of how variations in trait and state hope are associated with positive adaptation to stress in later adulthood. Trait hope and neuroticism were measured by questionnaires and state hope, stress, and negative emotions were assessed daily for 45 days. Results from multilevel random coefficient modeling analyses suggested that daily hope provides protective benefits by keeping negative emotions low, while also contributing to adaptive recovery from stress. The dynamic linkages between daily hope, stress, and emotion were further moderated by individual differences in trait hope. Compared with those low in trait hope, high-hope individuals showed diminished stress reactivity and more effective emotional recovery

Superluminal Propagation and Acausality of Nonlinear Massive Gravity

Massive gravity is an old idea: trading geometry for mass. Much effort has been expended on establishing a healthy model, culminating in the current ghost-free version. We summarize here our recent findings -- that it is still untenable -- because it is locally acausal: CTC solutions can be constructed in a small neighborhood of any event.Comment: Contribution to Conference in Honour of the 90th Birthday of Freeman Dyson -- To Appear in Proceeding. v2: Explicit CTC example, and other improvements, adde

Linear and Nonlinear Programming Methods for Dispatching Power in an Integrated AC-DC System

As the number of dc systems increases, it is natural to ask what other roles, aside that of bulk power transfer, that these systems could play in the operation of modern power systems. The objective of this research is to develop formulations and methods of solution to coordinate the dispatch of powers in an integrated ac-dc power system for purposes of minimizing transmission losses and production costs. In Section I we present an LP formulation and method of solution to minimize the ac and dc network transmission losses by coordinating the traditional reactive sources with the dispatch of the dc power transfers, taking into consideration the usual constraints on equipment ratings, line flows and bus voltage magnitudes. Results on sample test systems indicate that substantial reduction in network losses can be achieved by a coordinated dispatch involving the dc power transfers. Section II describes the mathematical formulation and method of solution for the optimal power flow problem of an integrated ac-dc power system. The method is capable of handling the network, converter tap, and control constraints of more than one multiterminal dc systems. The method uses a sequence of quadratic programming subproblems to determine the search directions. Also discussed are ways for determining the initial estimates of the Lagrange multiplier. Tests performed on modified IEEE 30 and 118 bus systems gave reasonable solution time and rate of convergence. The results obtained on the sample systems also indicate that there could be further economic advantage when the dispatch of dc powers is coordinated with the conventional controllable sources using the optimal power flow program. Section III reports on the findings from a comparative study of three methods to screen and rank severe contingencies for preventive dispatch

Making a Difference to the Environment: Understanding Undergraduates Environmental Behaviour

Understanding undergraduates’ environmental behaviour is important as they will be the leaders of the country in the near future. They play an important role in protecting and conserving the environment. This paper investigates the undergraduates’ behaviours towards the environment after completing the Environment Economics course. Theory of Planned Behaviour (TPB) together with some other factors such as academic performance, government regulations and perceived importance of nature are employed. Multiple regression analysis shows undergraduates’ behaviours is positively affected by attitude and perceived importance of nature, and negatively influenced by government regulations. Although academic performance is very important to provide an understanding of basic principles of environmental sustainability, it however does not significantly influence their environmental behaviour. The finding hopes to assist the policy makers to plan future strategies so that the undergraduates behaviours can make a difference to nature and the environment