Robust evaluation of fixed-event forecast rationality

In this paper we introduce a new testing procedure for evaluating the rationality of fixed-event forecasts based on a pseudo-maximum likelihood estimator. The procedure is designed to be robust to departures in the normality assumption. A model is introduced to show that such departures are likely when forecasters experience a credibility loss when they make large changes to their forecasts. The test is illustrated using monthly fixed-event forecasts produced by four UK institutions. Use of the robust test leads to the conclusion that certain forecasts are rational while use of the Gaussian-based test implies that certain forecasts are irrational. The difference in the results is due to the nature of the underlying data. Copyright © 2001 John Wiley & Sons, Ltd.

Do laws influence the cost of real estate brokerage services? A state fixed effects approach

A FTC-DOJ study argues that state laws and regulations may inhibit the unbundling of real estate brokerage services in response to new technology. Our data show that 18 states have changed laws in ways that promote unbundling since 2000. We model brokerage costs as measured by number of agents in a state-level annual panel vector autoregressive framework, a novel way of analyzing wasteful competition. Our findings support a positive relationship between brokerage costs and lagged house price and transactions. We find that change in full-service brokers responds negatively (by well over two percentage points per year) to legal changes facilitating unbundling

The problem of two fixed centers: bifurcation diagram for positive energies

We give a comprehensive analysis of the Euler-Jacobi problem of motion in the field of two fixed centers with arbitrary relative strength and for positive values of the energy. These systems represent nontrivial examples of integrable dynamics and are analysed from the point of view of the energy-momentum mapping from the phase space to the space of the integration constants. In this setting, we describe the structure of the scattering trajectories in phase space and derive an explicit description of the bifurcation diagram, i.e., the set of critical value of the energy-momentum map.

"When I go to bed hungry and sleep, I'm not hungry": children and parents' experiences of food insecurity

Evidence demonstrates food insecurity has a detrimental impact on a range of outcomes for children, but little research has been conducted in the UK, and children have rarely been asked to describe their experiences directly. We examined the experiences of food insecure families living in South London. Our mixed-methods approach comprised a survey of parents (n = 72) and one-to-one semi-structured interviews with children aged 5-11 years (n = 19). The majority of parents (86%) described their food security during the preceding year as very low. Most reported they had often or sometimes had insufficient food, and almost all had worried about running out of food. Two thirds of parents had gone hungry. Most parents reported they had been unable to afford a nutritionally balanced diet for their children, and just under half reported that their children had gone hungry. Four themes emerged from the interviews with children: sources of food; security of food, nutritional quality of food, and experiences of hunger. Children's descriptions of insufficient food being available indicate that parents are not always able to shield them from the impact of food insecurity. The lack of school-meals and after-school clubs serving food made weekends particularly problematic for some children. A notable consequence of food insecurity appears to be reliance on low-cost takeaway food, likely to be nutritionally poor.

The Birmingham Urban Climate Laboratory: an open meteorological test bed and challenges of the smart city

Existing urban meteorological networks have an important role to play as test beds for inexpensive and more sustainable measurement techniques that are now becoming possible in our increasingly smart cities. The Birmingham Urban Climate Laboratory (BUCL) is a near-real-time, high-resolution urban meteorological network (UMN) of automatic weather stations and inexpensive, nonstandard air temperature sensors. The network has recently been implemented with an initial focus on monitoring urban heat, infrastructure, and health applications. A number of UMNs exist worldwide; however, BUCL is novel in its density, the low-cost nature of the sensors, and the use of proprietary Wi-Fi networks. This paper provides an overview of the logistical aspects of implementing a UMN test bed at such a density, including selecting appropriate urban sites; testing and calibrating low-cost, nonstandard equipment; implementing strict quality-assurance/quality-control mechanisms (including metadata); and utilizing preexisting Wi-Fi networks to transmit data. Also included are visualizations of data collected by the network, including data from the July 2013 U.K. heatwave as well as highlighting potential applications. The paper is an open invitation to use the facility as a test bed for evaluating models and/or other nonstandard observation techniques such as those generated via crowdsourcing techniques.