A comparison between feature-based and EM-based contour tracking

Most active-contour methods are based either on maximizing the image contrast under the contour or on minimizing the sum of squared distances between contour and image 'features'. The Marginalized Likelihood Ratio (MLR) contour model uses a contrast-based measure of goodness-of-fit for the contour and thus falls into the first class. The point of departure from previous models consists in marginalizing this contrast measure over unmodelled shape variations. The MLR model naturally leads to the EM Contour algorithm, in which pose optimization is carried out by iterated least-squares, as in feature-based contour methods. The difference with respect to other feature-based algorithms is that the EM Contour algorithm minimizes squared distances from Bayes least-squares (marginalized) estimates of contour locations, rather than from 'strongest features' in the neighborhood of the contour. Within the framework of the MLR model, alternatives to the EM algorithm can also be derived: one of these alternatives is the empirical-information method. Tracking experiments demonstrate the robustness of pose estimates given by the MLR model, and support the theoretical expectation that the EM Contour algorithm is more robust than either feature-based methods or the empirical-information method. (c) 2005 Elsevier B.V. All rights reserved.

Contractor project estimates vs. consultant project estimates in Ghana

Ten projects constructed in Ghana between 2003 and 2010 are examined and analysed to ascertain the reliability of estimated costs provided for the projects. Cost estimates for five of the projects were calculated by consultants and cost estimates for the five remaining projects were calculated by contractors. Cost estimates prepared by contractors seemed to be closer to actual costs than estimates calculated by consultants. Projects estimated by consultants experienced an average cost overrun of 40% and time overrun of 62% whereas projects priced by contractors experienced an average cost overrun of 6% and time overrun of 41%. It seemed that contractors had a better understanding of the actual construction processes and a clearer expectation of the needs of the client hence an ability to calculate estimates that were closer to reality. Construction clients in Ghana should rely on contractors for more realistic cost estimates as estimates by consultants may be inaccurate. Where consultants are employed, an allowance of up 40% should be added to the estimated costs as a margin for inaccuracy.

A statistical mechanical approach for the computation of the climatic response to general forcings

The climate belongs to the class of non-equilibrium forced and dissipative systems, for which most results of quasi-equilibrium statistical mechanics, including the fluctuation-dissipation theorem, do not apply. In this paper we show for the first time how the Ruelle linear response theory, developed for studying rigorously the impact of perturbations on general observables of non-equilibrium statistical mechanical systems, can be applied with great success to analyze the climatic response to general forcings. The crucial value of the Ruelle theory lies in the fact that it allows to compute the response of the system in terms of expectation values of explicit and computable functions of the phase space averaged over the invariant measure of the unperturbed state. We choose as test bed a classical version of the Lorenz 96 model, which, in spite of its simplicity, has a well-recognized prototypical value as it is a spatially extended one-dimensional model and presents the basic ingredients, such as dissipation, advection and the presence of an external forcing, of the actual atmosphere. We recapitulate the main aspects of the general response theory and propose some new general results. We then analyze the frequency dependence of the response of both local and global observables to perturbations having localized as well as global spatial patterns. We derive analytically several properties of the corresponding susceptibilities, such as asymptotic behavior, validity of Kramers-Kronig relations, and sum rules, whose main ingredient is the causality principle. We show that all the coefficients of the leading asymptotic expansions as well as the integral constraints can be written as linear function of parameters that describe the unperturbed properties of the system, such as its average energy. Some newly obtained empirical closure equations for such parameters allow to define such properties as an explicit function of the unperturbed forcing parameter alone for a general class of chaotic Lorenz 96 models. We then verify the theoretical predictions from the outputs of the simulations up to a high degree of precision. The theory is used to explain differences in the response of local and global observables, to define the intensive properties of the system, which do not depend on the spatial resolution of the Lorenz 96 model, and to generalize the concept of climate sensitivity to all time scales. We also show how to reconstruct the linear Green function, which maps perturbations of general time patterns into changes in the expectation value of the considered observable for finite as well as infinite time. Finally, we propose a simple yet general methodology to study general Climate Change problems on virtually any time scale by resorting to only well selected simulations, and by taking full advantage of ensemble methods. The specific case of globally averaged surface temperature response to a general pattern of change of the CO2 concentration is discussed. We believe that the proposed approach may constitute a mathematically rigorous and practically very effective way to approach the problem of climate sensitivity, climate prediction, and climate change from a radically new perspective.

Calories, obesity and health in OECD countries

Theoretical models suggest that decisions about diet, weight and health status are endogenous within a utility maximization framework. In this article, we model these behavioural relationships in a fixed-effect panel setting using a simultaneous equation system, with a view to determining whether economic variables can explain the trends in calorie consumption, obesity and health in Organization for Economic Cooperation and Development (OECD) countries and the large differences among the countries. The empirical model shows that progress in medical treatment and health expenditure mitigates mortality from diet-related diseases, despite rising obesity rates. While the model accounts for endogeneity and serial correlation, results are affected by data limitations.

Equatorial waves in opposite QBO phases

A methodology for identifying equatorial waves is used to analyze the multilevel 40-yr ECMWF Re-Analysis (ERA-40) data for two different years (1992 and 1993) to investigate the behavior of the equatorial waves under opposite phases of the quasi-biennial oscillation (QBO). A comprehensive view of 3D structures and of zonal and vertical propagation of equatorial Kelvin, westward-moving mixed Rossby–gravity (WMRG), and n = 1 Rossby (R1) waves in different QBO phases is presented. Consistent with expectation based on theory, upward-propagating Kelvin waves occur more frequently during the easterly QBO phase than during the westerly QBO phase. However, the westward-moving WMRG and R1 waves show the opposite behavior. The presence of vertically propagating equatorial waves in the stratosphere also depends on the upper tropospheric winds and tropospheric forcing. Typical propagation parameters such as the zonal wavenumber, zonal phase speed, period, vertical wavelength, and vertical group velocity are found. In general, waves in the lower stratosphere have a smaller zonal wavenumber, shorter period, faster phase speed, and shorter vertical wavelength than those in the upper troposphere. All of the waves in the lower stratosphere show an upward group velocity and downward phase speed. When the phase of the QBO is not favorable for waves to propagate, their phase speed in the lower stratosphere is larger and their period is shorter than in the favorable phase, suggesting Doppler shifting by the ambient flow and a filtering of the slow waves. Tropospheric WMRG and R1 waves in the Western Hemisphere also show upward phase speed and downward group velocity, with an indication of their forcing from middle latitudes. Although the waves observed in the lower stratosphere are dominated by “free” waves, there is evidence of some connection with previous tropical convection in the favorable year for the Kelvin waves in the warm water hemisphere and WMRG and R1 waves in the Western Hemisphere, which is suggestive of the importance of convective forcing for the existence of propagating coupled Kelvin waves and midlatitude forcing for the existence of coupled WMRG and R1 waves.

Lease maturity and initial rent: is there a term structure for UK commercial property leases?

This paper investigates the relationship between lease maturity and rent in commercial property. Over the last decade market-led changes to lease structures, the threat of government intervention and the associated emergence of the Codes of Practice for commercial leases have stimulated growing interest in pricing of commercial property leases. Seminal work by Grenadier (1995) derived a set of hypotheses about the pricing of different lease lengths in different market conditions. Whilst there is a compelling theoretical case for and a strong intuitive expectation of differential pricing of different lease maturities, to date the empirical evidence is inconclusive. Two Swedish studies have found mixed results (Gunnelin and Soderbergh 2003 and Englund et al 2003). In only half the cases is the null hypothesis that lease length has no effect rejected. In the UK, Crosby et al (2003) report counterintuitive results. In some markets, they find that short lease terms are associated with low rents, whilst in others they are associated with high rents. Drawing upon a substantial database of commercial lettings in central London (West End and City of London) over the last decade, we investigate the relationship between rent and lease maturity. In particular, we test whether a building quality variable omitted in previous studies provides empirical results that are more consistent with the theoretical and intuitive a priori expectations. It is found that initial leases rates are upward sloping with the lease term and that this relationship is constant over time.

Judgments, forecasts and decisions: an analysis of fund managers over time

Decision theory is the study of models of judgement involved in, and leading to, deliberate and (usually) rational choice. In real estate investment there are normative models for the allocation of assets. These asset allocation models suggest an optimum allocation between the respective asset classes based on the investors’ judgements of performance and risk. Real estate is selected, as other assets, on the basis of some criteria, e.g. commonly its marginal contribution to the production of a mean variance efficient multi asset portfolio, subject to the investor’s objectives and capital rationing constraints. However, decisions are made relative to current expectations and current business constraints. Whilst a decision maker may believe in the required optimum exposure levels as dictated by an asset allocation model, the final decision may/will be influenced by factors outside the parameters of the mathematical model. This paper discusses investors' perceptions and attitudes toward real estate and highlights the important difference between theoretical exposure levels and pragmatic business considerations. It develops a model to identify “soft” parameters in decision making which will influence the optimal allocation for that asset class. This “soft” information may relate to behavioural issues such as the tendency to mirror competitors; a desire to meet weight of money objectives; a desire to retain the status quo and many other non-financial considerations. The paper aims to establish the place of property in multi asset portfolios in the UK and examine the asset allocation process in practice, with a view to understanding the decision making process and to look at investors’ perceptions based on an historic analysis of market expectation; a comparison with historic data and an analysis of actual performance.

Energy generation and consumption in Ghana

Electricity consumption in Ghana is estimated to be increasing by 10% per annum due to the demand from the growing population. However, current sources of production (hydro and thermal facilities) generate only 66% of the current demand. Considering current trends, it is difficult to substantiate these basic facts, because of the lack of information. As a result, research into the existing sources of generating electricity, electricity consumption and prospective projects has been performed. This was achieved using three key techniques; review of literature, empirical studies and modelling. The results presented suggest that, current annual installed capacity of energy generation (i.e. 1960 MW) must be increased to 9,405.59 MW, assuming 85% plant availability. This is then capable to coop with the growing demand and it would give access to the entire population as well as support commercial and industrial activities for the growth of the economy. The prospect of performing this research is with the expectation to present an academic research agenda for further exploration into the subject area, without which the growth of the country would be stagnant.

A method to weight three categories of adaptive thermal comfort

The adaptive thermal comfort theory considers people as active rather than passive recipients in response to ambient physical thermal stimuli, in contrast with conventional, heat-balance-based, thermal comfort theory. Occupants actively interact with the environments they occupy by means of utilizing adaptations in terms of physiological, behavioural and psychological dimensions to achieve ‘real world’ thermal comfort. This paper introduces a method of quantifying the physiological, behavioural and psychological portions of the adaptation process by using the analytic hierarchy process (AHP) based on the case studies conducted in the UK and China. Apart from three categories of adaptations which are viewed as criteria, six possible alternatives are considered: physiological indices/health status, the indoor environment, the outdoor environment, personal physical factors, environmental control and thermal expectation. With the AHP technique, all the above-mentioned criteria, factors and corresponding elements are arranged in a hierarchy tree and quantified by using a series of pair-wise judgements. A sensitivity analysis is carried out to improve the quality of these results. The proposed quantitative weighting method provides researchers with opportunities to better understand the adaptive mechanisms and reveal the significance of each category for the achievement of adaptive thermal comfort.

Ownership Advantages in Cross-border Real Estate Development: Some Evidence from European Markets

Drawing upon European industry and country case studies, this paper investigates the scope and drivers of cross-border real estate development. It is argued that the real estate development process encompasses a diverse range of activities and actors. It is inherently localised, the production process is complex and emphermal, and the outputs are heterogeneous. It analyses a transactions database of European real estate markets to provide insights into the extent of, and variations in, market penetration by non-domestic real estate developers. The data were consistent with the expectation that non-domestic real estate developers from mature markets would have a high level of market penetration in immature markets. Compared to western European markets, the CEE real estate office sales by developers were dominated by US, Israeli and other EU developers. This pattern is consistent with the argument that non-domestic developers have substantial Dunning-type ownership advantages when entering immature real estate markets. However, the data also suggested some unexpected patterns. Relative to their GDP, Austria, Belgium, Denmark, Sweden, Netherlands and Israel accounted for large proportions of sales by developers. All are EU countries (except Israel) with small, open, affluent, highly traded economies. Further, the data also indicate that there may be a threshold where locational disadvantages outweigh ownership advantages and deter cross-border real estate development.

Stochastic perturbations to dynamical systems: a response theory approach

Using the formalism of the Ruelle response theory, we study how the invariant measure of an Axiom A dynamical system changes as a result of adding noise, and describe how the stochastic perturbation can be used to explore the properties of the underlying deterministic dynamics. We first find the expression for the change in the expectation value of a general observable when a white noise forcing is introduced in the system, both in the additive and in the multiplicative case. We also show that the difference between the expectation value of the power spectrum of an observable in the stochastically perturbed case and of the same observable in the unperturbed case is equal to the variance of the noise times the square of the modulus of the linear susceptibility describing the frequency-dependent response of the system to perturbations with the same spatial patterns as the considered stochastic forcing. This provides a conceptual bridge between the change in the fluctuation properties of the system due to the presence of noise and the response of the unperturbed system to deterministic forcings. Using Kramers-Kronig theory, it is then possible to derive the real and imaginary part of the susceptibility and thus deduce the Green function of the system for any desired observable. We then extend our results to rather general patterns of random forcing, from the case of several white noise forcings, to noise terms with memory, up to the case of a space-time random field. Explicit formulas are provided for each relevant case analysed. As a general result, we find, using an argument of positive-definiteness, that the power spectrum of the stochastically perturbed system is larger at all frequencies than the power spectrum of the unperturbed system. We provide an example of application of our results by considering the spatially extended chaotic Lorenz 96 model. These results clarify the property of stochastic stability of SRB measures in Axiom A flows, provide tools for analysing stochastic parameterisations and related closure ansatz to be implemented in modelling studies, and introduce new ways to study the response of a system to external perturbations. Taking into account the chaotic hypothesis, we expect that our results have practical relevance for a more general class of system than those belonging to Axiom A.

Timing and the holding periods of institutional real estate

The literature on investors’ holding periods for equities and bonds suggest that high transaction costs are associated with longer holding periods. Return volatility, by contrast, is associated with short-term trading and hence shorter holding periods. High transaction costs and the perceived illiquidity of the real estate market leads to an expectation of longer holding periods. Further, work on depreciation and obsolescence might suggest that there is an optimal holding period. However, there is little empirical work in the area. In this paper, data from the Investment Property Databank are used to investigate sales rate and holding period for UK institutional real estate between 1981 and 1994. Sales rates are investigated using the Cox proportional hazards framework. The results show longer holding periods than those claimed by investors. There are marked differences by type of property and sales rates vary over time. Contemporaneous returns are positively associated with an increase in the rate of sale. The results shed light on investor behaviour.

Institutional capacity and implementation issues in farmers' rights

Armed with the ‘equity’ and ‘conservation’ arguments that have a deep resonance with farming communities, developing countries are crafting a range of measures designed to protect farmers’ access to innovations, reward their contributions to the conservation and enhancement of plant genetic resources and provide incentives for sustained on-farm conservation. These measures range from the commericialization of farmers’ varieties to the conferment of a set of legally enforceable rights on farming communities – the exercise of which is expected to provide economic rewards to those responsible for on-farm conservation and innovation. The rights-based approach has been the cornerstone of legislative provision for implementing farmers’ rights in most developing countries. In drawing up these measures, developing countries do not appear to have systematically examined or provided for the substantial institutional capacity required for the effective implementation of farmers’ rights provisions. The lack of institutional capacity threatens to undermine any prospect of serious implementation of these provisions. More importantly, the expectation that significant incentives for on-farm conservation and innovation will flow from these ‘rights’ may be based on a flawed understanding of the economics of intellectual property rights. While farmers’ rights may provide only limited rewards for conservation, they may still have the effect of diluting the incentives for innovative institutional breeding programs – with the private sector increasingly relying on non-IPR instruments to profit from innovation. The focus on a rights-based approach may also draw attention away from alternative stewardship-based approaches to the realization of farmers’ rights objectives.

Reliability, sufficiency, and the decomposition of proper scores

Scoring rules are an important tool for evaluating the performance of probabilistic forecasting schemes. A scoring rule is called strictly proper if its expectation is optimal if and only if the forecast probability represents the true distribution of the target. In the binary case, strictly proper scoring rules allow for a decomposition into terms related to the resolution and the reliability of a forecast. This fact is particularly well known for the Brier Score. In this article, this result is extended to forecasts for finite-valued targets. Both resolution and reliability are shown to have a positive effect on the score. It is demonstrated that resolution and reliability are directly related to forecast attributes that are desirable on grounds independent of the notion of scores. This finding can be considered an epistemological justification of measuring forecast quality by proper scoring rules. A link is provided to the original work of DeGroot and Fienberg, extending their concepts of sufficiency and refinement. The relation to the conjectured sharpness principle of Gneiting, et al., is elucidated.