The marginal benefit of diversification in commercial real estate portfolios

The number of properties to hold to achieve a well-diversified real estate property portfolio presents a puzzle, as the estimated number is considerably higher than that seen in actual portfolios. However, Statman (1987) argues that investors should only increase the number of holdings as long as the marginal benefits of diversification exceed their costs. Using this idea we find that the marginal benefits of diversification in real estate portfolios are so small that investors are probably rational in holding small portfolios, at least as far as the reduction in standard deviation is concerned.

Granular flow in the marginal ice zone

The region of sea ice near the edge of the sea ice pack is known as the marginal ice zone (MIZ), and its dynamics are complicated by ocean wave interaction with the ice cover, strong gradients in the atmosphere and ocean and variations in sea ice rheology. This paper focuses on the role of sea ice rheology in determining the dynamics of the MIZ. Here, sea ice is treated as a granular material with a composite rheology describing collisional ice floe interaction and plastic interaction. The collisional component of sea ice rheology depends upon the granular temperature, a measure of the kinetic energy of flow fluctuations. A simplified model of the MIZ is introduced consisting of the along and across momentum balance of the sea ice and the balance equation of fluctuation kinetic energy. The steady solution of these equations is found to leading order using elementary methods. This reveals a concentrated region of rapid ice flow parallel to the ice edge, which is in accordance with field observations, and previously called the ice jet. Previous explanations of the ice jet relied upon the existence of ocean currents beneath the ice cover. We show that an ice jet results as a natural consequence of the granular nature of sea ice.

Feminism's marginal problem: Women in management

Contemporary feminism has, from its inception, been ambivalent in its responses to the issue of women in management. On the one hand, feminists have recognised as a problem the limited numbers of women in management and the barriers that they encounter. They have promoted the development of programs such as affirmative action with, arguably, greater, or lesser success. At the same time, there has been a reluctance by some feminists to attach too much importance to the issue, given the manifestly more severe forms of discrimination encountered by other groups of women. According to this view, the problems of a privileged elite are a lesser priority, that is, marginal to more pressing feminist concerns.

This paper is based on research into career success predictors. It draws on work on culture and models of change in higher education to show that while interventions such as legislation granting maternity leave are significant initiatives to be strongly supported, the impact of such policies is mediated by the social rules of the organisation. These rules are a corollary of enduring value structures which are embedded in organisational cultures.

Research findings showed that the value systems, and especially the social rules which operate within organisations impact on men and women's career success differently. This research provides valuable insights into the mechanisms operating at several levels (at the organisational level as well as at the level of individual women) which tend to construct women as marginal in management.

Seeking to understand the marginality experienced by women in management has benefits that extend well beyond improving the lot of individual women managers. This is because better conceptualisations of marginality and, concomitantly, power in organisations can provide leverage for more far reaching changes for women generally.

The politics of NGOs : empowering marginal groups in a climate of micro-management and distrust

The role of peak NGOs in Australian civil society is considered crucial for representing marginal groups in the public and policy arena. The Howard government had particularly challenged the advocacy, coordination, information, research and policy role of peak NGOs. Instead of dealing with NGOs, the Howard government developed a 'governing through communities' process establishing new arrangements between the Federal government and local communities. It is of concern that 'governance through communities' may directly erode the values of voluntary association, broad representation of diverse groups in society and may negate non-instrumental political relations that NGOs aim to contribute to a healthy democracy. How the new Rudd government relates to peak NGOs is thus worthy of close analysis to understand what democratic role especially peak NGO's will play in Australian civil society.

Marginalising the marginal in holocaust films : fictional representations of jewish policeman

This paper explores the issue of how Jewish victims who occupied so-called 'privileged' positions during the Holocaust are represented in fictional films. Such figures, particularly Jewish policemen in the ghettos, may be seen to inhabit the 'marginal' in two ways, both in terms of the unprecedented ethical dilemmas they faced, and the relative lack of attention such figures have received. Taking Primo Levi's paradigmatic essay on the 'grey zone' as a point of departure, this paper analyses how Jewish policemen are represented in mainstream, 'Hollywood' fictional films, namely Steven Spielberg's Schindler's List, in order to reveal that the narrative concerns of such works preclude any serious engagement with themes of moral ambiguity and 'compromise'. Attention will also be given to a more recent trend in the genre of Holocaust film that directly confronts these issues, nonetheless such films may themselves be viewed as marginalised due to their subject matter.

Comparison theory in economic psychology regarding the easterlin paradox and decreasing marginal utility : a critique

This paper challenges the assumption within Economics that the relationship between money and subjective wellbeing is determined by processes of cognitive comparison. An alternative explanation for such well known phenomena as the Easterlin Paradox and Decreasing Marginal Utility are provided through a consideration of affect. The theoretical basis for such explanations relies on theory from Psychology usually overlooked by Economists, such as affect heuristics and Subjective Wellbeing Homeostasis. The presented evidence for this alternative source of explanation melds psychological theory with empirical data. It is concluded that affective processes offer a coherent alternative explanation for the phenomena under discussion.

Incorporating differences in marginal utilities of time across activities in a time allocation model

Most existing activity time allocation models assume that individuals allocate their time to different activities over a period in such a way that the marginal utilities of time across activities are equal. Their argument is that, if not equal, an individual is free to allocate more time to those activities whose marginal utilities of time are higher and, finally allocates the optimal time to each activity with equal marginal utility. However, such an ideal situation may not always prevail in reality, especially when an individual is under income constraint and/or under intense time pressure. In order to incorporate such differences in marginal utilities of time across activities, we enrich the traditional activity time allocation model by explicitly including income constraint and by adding marginal extension activity choice model. As an application, the developed integrated model is used to estimate the value of activity time during weekends in Tokyo. The results are encouraging in that they forecast the individual time allocation more accurately and estimate realistically the value of activity time for each activity in a set of different activities than do by existing traditional models.