Bias or rationality? The case of UK commercial real estate investment

Purpose – The purpose of this paper is to test the hypothesis that investment decision making in the UK direct property market does not conform to the assumption of economic rationality underpinning portfolio theory. Design/methodology/approach – The developing behavioural real estate paradigm is used to challenge the idea that investor “man” is able to perform with economic rationality, specifically with reference to the analysis of the spatial dispersion of the entire UK “investible stock” and “investible locations” against observed spatial patterns of institutional investment. Location quotients are derived, combining different data sets. Findings – Considerably greater variation in institutional property holdings is found across the UK than would be expected given the economic and stock characteristics of local areas. This appears to provide evidence of irrationality (in the strict traditional economic sense) in the behaviour of institutional investors, with possible herding underpinning levels of investment that cannot be explained otherwise. Research limitations/implications – Over time a lack of distinction has developed between the cause and effect of comparatively low levels of development and institutional property investment across the regions. A critical examination of decision making and behaviour in practice could break this cycle, and could in turn promote regional economic growth. Originality/value – The entire “population” of observations is used to demonstrate the relationships between economic theory and investor performance exploring, for the first time, stock and local area characteristics.

Improving a convection-permitting model simulation of a cold air outbreak

A convection-permitting local-area model was used to simulate a cold air outbreak crossing from the Norwegian Sea into the Atlantic Ocean near Scotland. A control model run based on an operational configuration of the Met Office UKV high-resolution (1.5 km grid spacing) NWP model was compared to satellite, aircraft and radar data. While the control model captured the large-scale features of the synoptic situation, it was not able to reproduce the shallow (<1.5 km) stratiform layer to the north of the open cellular convection. Liquid water paths were found to be too low in both the stratiform and convective cloud regions. Sensitivity analyses including a modified boundary-layer diagnosis to generate a more well-mixed boundary layer and inhibition of ice formation to lower temperatures improved cloud morphology and comparisons with observational data. Copyright © 2013 Royal Meteorological Society and British Crown Copyright, the Met Office

Analysis of red pigments from the Neolithic sites of Çatalhöyük in Turkey and Sheikh-e Abad in Iran

Samples containing red pigment have been collected from two different archaeological sites dating to the Neolithic (Çatalhöyük in Turkey and Sheikh-e Abad in Iran) and have been analysed by a range of techniques. Sub-samples were examined by IR spectroscopy and X-ray diffraction, whilst thin sections were studied using optical polarising microscopy, synchrotron based IR microscopy and environmental scanning electron microscopy with energy dispersive X-ray analysis. Thin layers of red paint in a wall painting from Çatalhöyük were found to contain ochre (hematite and clay) as well as an unexpected component, grains of red and colourless obsidian, which have not been identified in any previous studies of the wall paintings at Çatalhöyük. These small grains of obsidian may have improved the reflective properties of the paint and made the artwork more vivid in the darkness of the buildings. Analysis of a roughly shaped ball of red sediment found on a possible working surface at Sheikh-e Abad revealed that the cause of the red colouring was the mineral hematite, which was probably from a source of terra rossa sediment in the local area. The results of this work suggest it is unlikely that this had been altered by the Neolithic people through mixing with other minerals.

Aluminium and the human breast

The human population is exposed to aluminium (Al) from diet, antacids and vaccine adjuvants, but frequent application of Al-based salts to the underarm as antiperspirant adds a high additional exposure directly to the local area of the human breast. Coincidentally the upper outer quadrant of the breast is where there is also a disproportionately high incidence of breast cysts and breast cancer. Al has been measured in human breast tissues/fluids at higher levels than in blood, and experimental evidence suggests that at physiologically relevant concentrations, Al can adversely impact on human breast epithelial cell biology. Gross cystic breast disease is the most common benign disorder of the breast and evidence is presented that Al may be a causative factor in formation of breast cysts. Evidence is also reviewed that Al can enable the development of multiple hallmarks associated with cancer in breast cells, in particular that it can cause genomic instability and inappropriate proliferation in human breast epithelial cells, and can increase migration and invasion of human breast cancer cells. In addition, Al is a metalloestrogen and oestrogen is a risk factor for breast cancer known to influence multiple hallmarks. The microenvironment is established as another determinant of breast cancer development and Al has been shown to cause adverse alterations to the breast microenvironment. If current useage patterns of Al-based antiperspirant salts contribute to causation of breast cysts and breast cancer, then reduction in exposure would offer a strategy for prevention, and regulatory review is now justified.

A reconfigurable neural environment on active networks

This paper proposes the deployment of a neural network computing environment on Active Networks. Active Networks are packet-switched computer networks in which packets can contain code fragments that are executed on the intermediate nodes. This feature allows the injection of small pieces of codes to deal with computer network problems directly into the network core, and the adoption of new computing techniques to solve networking problems. The goal of our project is the adoption of a distributed neural network for approaching tasks which are specific of the computer network environment. Dynamically reconfigurable neural networks are spread on an experimental wide area backbone of active nodes (ABone) to show the feasibility of the proposed approach.

Supporting ad hoc collaborations in peer-to-peer networks

Traditionally, applications and tools supporting collaborative computing have been designed only with personal computers in mind and support a limited range of computing and network platforms. These applications are therefore not well equipped to deal with network heterogeneity and, in particular, do not cope well with dynamic network topologies. Progress in this area must be made if we are to fulfil the needs of users and support the diversity, mobility, and portability that are likely to characterise group work in future. This paper describes a groupware platform called Coco that is designed to support collaboration in a heterogeneous network environment. The work demonstrates that progress in the p development of a generic supporting groupware is achievable, even in the context of heterogeneous and dynamic networks. The work demonstrates the progress made in the development of an underlying communications infrastructure, building on peer-to-peer concept and topologies to improve scalability and robustness.

Practical neural networks in a computer control package

This paper deals with the integration of radial basis function (RBF) networks into the industrial software control package Connoisseur. The paper shows the improved modelling capabilities offered by RBF networks within the Connoisseur environment compared to linear modelling techniques such as recursive least squares. The paper also goes on to mention the way this improved modelling capability, obtained through the RBF networks will be utilised within Connoisseur.

When long-range zero-lag synchronization is feasible in cortical networks

Many studies have reported long-range synchronization of neuronal activity between brain areas, in particular in the beta and gamma bands with frequencies in the range of 14–30 and 40–80 Hz, respectively. Several studies have reported synchrony with zero phase lag, which is remarkable considering the synaptic and conduction delays inherent in the connections between distant brain areas. This result has led to many speculations about the possible functional role of zero-lag synchrony, such as for neuronal communication, attention, memory, and feature binding. However, recent studies using recordings of single-unit activity and local field potentials report that neuronal synchronization may occur with non-zero phase lags. This raises the questions whether zero-lag synchrony can occur in the brain and, if so, under which conditions. We used analytical methods and computer simulations to investigate which connectivity between neuronal populations allows or prohibits zero-lag synchrony. We did so for a model where two oscillators interact via a relay oscillator. Analytical results and computer simulations were obtained for both type I Mirollo–Strogatz neurons and type II Hodgkin–Huxley neurons. We have investigated the dynamics of the model for various types of synaptic coupling and importantly considered the potential impact of Spike-Timing Dependent Plasticity (STDP) and its learning window. We confirm previous results that zero-lag synchrony can be achieved in this configuration. This is much easier to achieve with Hodgkin–Huxley neurons, which have a biphasic phase response curve, than for type I neurons. STDP facilitates zero-lag synchrony as it adjusts the synaptic strengths such that zero-lag synchrony is feasible for a much larger range of parameters than without STDP.

Performance analysis and deployment of VoLTE mechanisms over 3GPP LTE-based networks

Long Term Evolution based networks lack native support for Circuit Switched (CS) services. The Evolved Packet System (EPS) which includes the Evolved UMTS Terrestrial Radio Access Network (E-UTRAN) and Evolved Packet Core (EPC) is a purely all-IP packet system. This introduces the problem of how to provide voice call support when a user is within an LTE network and how to ensure voice service continuity when the user moves out of LTE coverage area. Different technologies have been proposed for the purpose of providing a voice to LTE users and to ensure the service continues outside LTE networks. The aim of this paper is to analyze and evaluate the overall performance of these technologies along with Single Radio Voice Call Continuity (SRVCC) Inter-RAT handover to Universal Terrestrial Radio Access Networks/ GSM-EDGE radio access Networks (UTRAN/GERAN). The possible solutions for providing voice call and service continuity over LTE-based networks are Circuit Switched Fall Back (CSFB), Voice over LTE via Generic Access (VoLGA), Voice over LTE (VoLTE) based on IMS/MMTel with SRVCC and Over The Top (OTT) services like Skype. This paper focuses mainly on the 3GPP standard solutions to implement voice over LTE. The paper compares various aspects of these solutions and suggests a possible roadmap that mobile operators can adopt to provide seamless voice over LTE.