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

Insulin-like growth factor-1 induces hyperproliferation of PKD1 cystic cells via a Ras/Raf dependent signalling pathway

Autosomal dominant polycystic kidney disease (ADPKD) largely results from mutations in the PKD1 gene leading to hyperproliferation of renal tubular epithelial cells and consequent cyst formation. Rodent models of PKD suggest that the multifunctional hormone insulin-like growth factor-1 (IGF-1) could play a pathogenic role in renal cyst formation. In order to test this possibility, conditionally immortalized renal epithelial cells were prepared from normal individuals and from ADPKD patients with known germline mutations in PKD1. All patient cell lines had a decreased or absence of polycystin-1 but not polycystin-2. These cells had an increased sensitivity to IGF-1 and to cyclic AMP, which required phosphatidylinositol-3 (PI3)-kinase and the mitogen-activated protein kinase, extracellular signal-regulated protein kinase (ERK) for enhanced growth. Inhibition of Ras or Raf abolished the stimulated cell proliferation. Our results suggest that haploinsufficiency of polycystin-1 lowers the activation threshold of the Ras/Raf signalling system leading to growth factor-induced hyperproliferation. Inhibition of Ras or Raf activity may be a therapeutic option for decreasing tubular cell proliferation in ADPKD

Fine frequency shift of sigle vortex entrance and exit in superconducting loops

The heat capacity $C_{p}$ of an array of independent aluminum rings has been measured under an external magnetic field $\vec{H}$ using highly sensitive ac-calorimetry based on a silicon membrane sensor. Each superconducting vortex entrance induces a phase transition and a heat capacity jump and hence $C_{p}$ oscillates with $\vec{H}$. This oscillatory and non-stationary behaviour measured versus the magnetic field has been studied using the Wigner-Ville distribution (a time-frequency representation). It is found that the periodicity of the heat capacity oscillations varies significantly with the magnetic field; the evolution of the period also depends on the sweeping direction of the field. This can be attributed to a different behavior between expulsion and penetration of vortices into the rings. A variation of more than 15% of the periodicity of the heat capacity jumps is observed as the magnetic field is varied. A description of this phenomenon is given using an analytical solution of the Ginzburg-Landau equations of superconductivity

Endogenous retinoids in rat epididymal tissue and rat and human spermatozoa

Recent work has demonstrated high levels of retinoid binding proteins in rat epididymis, and a lumenal retinoic acid binding protein has been purified. These findings suggested that vitamin A may be involved in spermatozoal maturation in the epididymis. We further addressed this question by quantifying retinol, retinyl esters, and retinoic acid isomers from perfused epididymal tissue, from rat testicular and epididymal spermatozoa, and from human ejaculate sperm. HPLC showed vitamin A levels to be higher in caput than in corpus or cauda tissue. Retinoic acid and 9-cis-retinoic acid were found to be graded from lowest levels in caput to highest in cauda. Spermatozoa from caput epididymidis and enriched testicular spermatozoa were found to have higher levels of vitamin A than did spermatozoa from corpus or cauda epididymidis. Spermatozoal retinyl esters had acyl substituents similar to those seen in whole epididymis, and diminished in quantity in sperm from distal segments. Human ejaculate sperm were found to retain high levels of retinyl palmitate and stearate. Retinol and retinoic acid were only marginally detectable in human sperm. Retention of retinoids in mature spermatozoa suggests roles for vitamin A in spermatozoal reproductive physiology beyond the epididymal stage

Magnetic-Field-Induced Localization of Quasiparticles in Underdoped La2−x_{2-x}Srx_xCuO4_4 Single Crystals

Magnetic-field-induced ordering of electrons around vortices is a striking phenomenon recently found in high-$T_c$ cuprates. To identify its consequence in the quasiparticle dynamics, the magnetic-field ($H$) dependence of the low-temperature thermal conductivity $\kappa$ of La$_{2-x}$Sr$_x$CuO$_4$ crystals is studied for a wide doping range. It is found that the behavior of $\kappa(H)$ in the sub-Kelvin region changes drastically across optimum doping, and the data for underdoped samples are indicative of unusual magnetic-field-induced localization of quasiparticles; this localization phenomenon is probably responsible for the unusual "insulating normal state" under high magnetic fields.Comment: 4 pages, 4 figures, final version published in PR

Variations in bilingual processing of positive and negative information

Past research suggests that the emotional content of words has greater impact when presented in a bilingual's first language (L1) compared to their second language (L2). This is predicted to be a consequence of automatic processing of emotional words in L1 compared to slower, semantic processing in L2. In the current study 58 Chinese-English bilinguals from Hong Kong rated the valence and arousal of positive, neutral, and negative words presented in Chinese (L1) and English (L2). In contrast to predictions, perceived emotionality of the words was higher in L2, with positive words rated more positively and negative words rated more negatively when presented in English compared to Chinese. The findings suggest that words presented in L2 did not have lower emotional impact than L1, the results indicate that emotional processing of words may be influenced by language proficiency and language complexity