THE AUSTRALIAN BOOK AUCTION RECORDS

This paper describes the Australian Book Auction Records, a dataset of prices and other information collected from auctions of rare books. The dataset contains a large number of prices from Australian rare book auctions, and a much smaller number from London rare book auctions. All the books in the records are connected in some way to Australasia. The sources and inclusion criteria of the records are set out, and the process of converting the records into a digital database is described. The paper presents a statistical profile of the data which includes the distribution of prices, the sizes of the auction events documented and details about repeat sales. The usefulness of the data is discussed, and suggestions for supplementing the data are provided, along with directions for future research.

PRICES IN SEQUENTIAL AUCTIONS: PRELIMINARY EVIDENCE FROM AUSTRALIAN RARE BOOK AUCTIONS

This paper examines price paths in sequential ascending auctions of identical rare books in Australia. Economic theory is inconclusive but suggests prices in sequential auctions of identical objects should follow flat or rising paths. The empirical literature is in several ways unsatisfactory, but points most commonly to falling price paths. Data from rare book auctions promise to overcome some of the problems in the empirical literature. A preliminary examination of rare book auction data from Australia indicates prices tended to be equal in sequential auctions of identical books in the 1980's and 1990's, and unequal in the 1970's. These results are consistent with the conjecture that more mature auction markets feature flatter price paths in sequential auctions of identical assets. Rare book auctions are a context in which further progress on sequential auctions is likely.

EXPLAINING THE BREADTH OF EXPERT ESTIMATE RANGES IN AUCTIONS OF RARE BOOKS

This paper uses data from 3144 rare book auctions to study the breadth of auctioneers’ estimate ranges. The ‘information hypothesis’ proposes that wider ranges reflect greater uncertainty. The ‘reserve hypothesis’ proposes that a narrower range indicates a higher reserve price. The information hypothesis is tested by seeing whether estimate breadths are related to the presence of greater information about likely prices. The reserve hypothesis is tested by seeing whether narrower estimate ranges predict ‘no sales’. Evidence is found in support of the information hypothesis but not the reserve hypothesis. The paper identifies differences between the auction houses Christie’s and Sotheby’s in the estimate strategies they adopt.

Conflict between Independent Scrutinisers of Transport Megaprojects: Evidence from Australia

If, in the context of an ‘audit explosion’, public sector projects are subject to multiple and uncoordinated forms of independent scrutiny, then the different scrutinisers could reach contradictory conclusions, adopt incompatible methods, and ultimately provide less effective oversight. In the Australian state of Victoria, three independent scrutiny mechanisms operate concurrently on transport megaprojects. The three mechanisms – performance auditing, probity auditing and gateway reviews – are not coordinated and yet have overlapping goals relating to integrity and value for money. This paper describes the three scrutiny mechanisms, before presenting evidence that the mechanisms can generate contradictory conclusions that remain unreconciled, and that the mechanisms conflict in ways that affect the viability of at least one of the mechanisms. The paper concludes with a discussion of implications for Europe and directions for future research. &nbsp

Observation of Parametric Instability in Advanced LIGO

Parametric instabilities have long been studied as a potentially limiting effect in high-power interferometric gravitational wave detectors. Until now, however, these instabilities have never been observed in a kilometer-scale interferometer. In this work we describe the first observation of parametric instability in an Advanced LIGO detector, and the means by which it has been removed as a barrier to progress

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead

The Australian book auction records

This paper describes the Australian Book Auction Records (ABAR), a resource of information collected from auctions of old, fine and rare books. All the books in the records are connected in some way with Australasia. The authors outline the history of ABAR, consider the usefulness of the resource for librarians and other potential users of the data, explain the inclusion criteria of the records, and present a statistical profile of the data. The authors discuss their recommendations for supplementing the records, focusing on their contention that the results of on-line book sales should be included in future if the resource is to remain relevant for users.Published versio