Residential auction clearance rates – what do they really mean?

The residential market in Melbourne is often referred to as the ‘auction capital of the world’ with approximately 30-35% of housing transfers undertaken via the auction process, most of which are conducted on the weekend and then reported in the media the following day. The most quoted measurement of auction success is via the clearance rate which simply indicates the proportion of signed contracts of sale within the auction process. At the same time the clearance rate can have a relatively large variance where the residential market can traditionally range from very good (i.e. a high clearance rate) to very poor (i.e. a low clearance rate). The subsequent effect on the market can directly increase or decrease demand, predominantly based only on this single measure of the perceived level of auction clearance rates only.

This paper examines the concept of the auction clearance rates and the heavy reliance on the only one measure of success (i.e. the clearance rates), regardless of other variables. The emphasis is placed on the auction clearance rate as one measure of demand in the housing market but within the context of the definition of market value i.e. willing buyer-willing seller. This is supported by a discussion about other variables including the asking price, the auction process itself, marketing considerations and seasonal adjustments. The findings provide an insight into how to correctly interpret the auction clearance rate in the context of the overall supply-demand interactions. Whilst the auction process is clearly an integral part of the residential transfer process it is essential that the auction clearance rate is used with caution and also in conjunction with other variables.

Secure buyer - seller watermarking protocol

In the existing watermarking protocols, a trusted third party (TTP) is introduced to guarantee that a protocol is fair to both the seller and buyer in a digital content transaction. However, the TTP decreases the security and affects the protocol implementation. To address this issue, in this article a secure buyer–seller watermarking protocol without the assistance of a TTP is proposed in which there are only two participants, a seller and a buyer. Based on the idea of sharing a secret, a watermark embedded in digital content to trace piracy is composed of two pieces of secret information, one produced by the seller and one by the buyer. Since neither knows the exact watermark, the buyer cannot remove the watermark from watermarked digital content, and at the same time the seller cannot fabricate piracy to frame an innocent buyer. In other words, the proposed protocol can trace piracy and protect the customer’s rights. In addition, because no third party is introduced into the proposed protocol, the problem of a seller (or a buyer) colluding with a third party to cheat the buyer (or the seller), namely, the conspiracy problem, can be avoided.

Directed search, coordination failure, and seller profits: an experimental comparison of posted pricing with single and multiple prices

We experimentally examine posted pricing and directed search. In one treatment, capacity-constrained sellers post fixed prices, which buyers observe before choosing whom to visit. In the other, firms post both “single-buyer” (applied when one buyer visits) and “multibuyer” (when multiple buyers visit) prices. We find, based on a 2 × 2 (two buyers and two sellers) market and a follow-up experiment with 3 and 2 × 3 markets, that multibuyer prices can be lower than single-buyer prices or prices in the one-price treatment. Also, allowing the multibuyer price does not affect seller profits and increases market frictions.

Analysis of a large-scale IT outsourcing "failure": what lessons can we learn?

Much of the research that has been carried out into outsourcing is based on relatively successful case studies. Yet drawing inferences from case studies when those with largely negative outcomes rarely see the light of day represents a significant problem. When negative cases are systematically unrepresented, there is less opportunity to subject theory to scrutiny. This chapter goes some way towards redressing this trend, by reporting on a large scale “selective” outsourcing arrangement that has been publicly described as a failure — the Australian Federal Government’s “whole of government” IT infrastructure outsourcing initiative. This initiative, originally promoted as likely to lead to a billion dollar saving, was abandoned early in 2001, after a damning public report by the Australian Auditor General. However, a detailed study of the initiative suggests that the “failure” occurred despite the project adhering to many of the recommended guidelines for successful outsourcing that had been derived from earlier case analysis. The findings have important implications for decision makers confronted with outsourcing choices. The study suggests that the risks of outsourcing are often downplayed, or ignored in the rush to reap the expected benefits. The study also suggests that expectations of savings from outsourcing IT are often substantially higher than those that have been empirically confirmed in the field. Decision makers are advised that key assumptions about costs, savings, managerial effort, and the effects of outsourcing on operational performance might be incorrect, and to plan for their outsourcing activity accordingly. They should pay particular attention to coordination and transaction costs, as these tend to be overlooked in the business case. These costs will be magnified if “best in breed” multiple-vendor outsourcing is chosen, and if contracts are kept short. Decision-makers are also warned of the difficulties they are likely to have at the end of an outsourcing contract if there is not a large and robust pool of alternative vendors willing to bid against the incumbent.

Indigenous peoples, self-determination and international law

The article examines the re-emergence of indigenous rights in contemporary international law in the context of worldwide agitation by indigenous peoples for the adoption by the United Nations of a Declaration on the Rights of Indigenous Peoples. Two approaches to the protection of indigenous rights are considered: a minimal one that relies on existing human rights conventions, and an inspirational one that seeks a Declaration negotiated in partnership with states willing to recognise indigenous autonomy. Attention is given to judicial recognition of the right to self-determination as a right of free choice, and to the distinction between minority rights and indigenous autonomy. The importance of defining indigenous self-determination in a positive way is emphasised, and prospects for a new UN permanent indigenous forum overcoming the stalemate about indigenous rights are reviewed in terms of the need for greater dialogue.

Eliciting children's recall of events: how do computers compare with humans?

This study investigated the usefulness of an interactive computer program in eliciting children's reports about an event. Fifty-four 5–6- and fifty-nine  7–8-year old children participated in an event with their regular class teacher which involved several activities and a mildly negative secret. Four days and again 14 days later, the children were interviewed individually by computer (alone) or by a human interviewer. The computer program incorporated animation and audio whereby an animated figure asked the questions and the children were required to provide a verbal response. The accuracy and detail of the children’s reports was similar across the interview conditions. The children were more willing to review their answers with the computer than the adult interviewer. However, responses to the computer were less consistent across the interviews, and the children were less willing to disclose the secret in the second interview to the computer compared with the human interviewer. Overall, the computer revealed little benefit in eliciting children’s recall of the event over the standard face-to-face interview.

Safety attitudes and beliefs of junior Australian football players

Objectives: To describe the safety attitudes and beliefs of junior (aged 16–18 years) Australian football players.

Setting: Six Victorian Football League Under 18 (VFL U18) clubs in Victoria, Australia.

Methods: Cross sectional survey. Altogether 103 players completed a self report questionnaire about their safety beliefs and perceptions of support when injured, across three contexts in which they played: VFL U18 club, local club, and school.

Results: Although only 6% believed it was safe to play with injuries, 58% were willing to risk doing so. This increased to almost 80% when players perceived that their chances of being selected to play for a senior elite team would be adversely affected if they did not play. There were significant differences in the perceived level of support for injured players and in the ranking of safety as a high priority across the three settings. In general, the VFL U18 clubs were perceived as providing good support for injured players and giving a high priority to safety issues, but local clubs and particularly schools were perceived to address these issues less well.

Conclusions: Junior Australian football players have certain beliefs and perceptions in relation to injury risk that have the potential to increase injuries. These negative beliefs need to be addressed in any comprehensive injury prevention strategy aimed at these players.

The right to privacy and corporations

Traditionally the right of privacy has not been recognised at common law. However, recently the High Court has indicated that it may be willing to develop a new tort of invasion of privacy. Several of the justices have stated that the new action would only relate to natural persons, not corporations. This is because the principles said to underpin the right to privacy, autonomy and dignity, are supposedly inapposite to corporations. This article argues that this reasoning is flawed. Neither the right to autonomy nor dignity is capable of underpinning the right to privacy. Hence, no sustainable basis has so far been advanced for restricting the availability of any future tort of invasion of privacy to individuals. This article also questions whether a separate tort is needed in view of the protection already provided to the privacy interests of individuals and corporations under the equitable doctrine of confidence.

Inhibition and Phineas Gage : repression and Sigmund Freud

The similarities between the theories of thinking as inhibited action developed by David Ferrier and Sigmund Freud are examined in the context of the changes in the behavior of Phineas Gage, which Ferrier tried to explain with his inhibitory-motor theory. Johannes Müller's concept of will, its development by Alexander Bain, and Bain's influence on Ferrier's conceptualization of inhibitory centers localized in the frontal lobes are traced. Elements of the Bain-Ferrier theory found in Freud's theory of thinking, which do not derive from Brücke, Meynert, or Jackson, are itemized, and the implications of Freud's opting for a mechanism of inhibition that was basically excitatory is examined. Possible reasons for Ferrier's abandoning his concept of inhibitory centers are discussed and are contrasted with the reasons that Freud had for keeping to an excitatory conceptualization. The sensory-motor physiology of the day and its application to willing and thinking as inhibited action provide reasonably certain connections between Phineas Gage, David Ferrier, and Sigmund Freud.

Learning through computer-mediated communication: a comparison of Australian and Chinese heritage students

Twelve Australian and 12 Chinese heritage students from a third-year university computer ethics subject completed a Readiness for Online Learning Questionnaire; and six students from each of these two groups participated in a student-facilitated problem-solving discussion through computer-mediated communication. The questionnaire comparisons showed that the two groups of students were equally willing to self-manage their own learning, but that Australian students were significantly more comfortable with e-learning. The analysis of student postings in the CMC component showed that, collectively, Australian students posted more messages than did the Chinese students. Both groups participated equally in socialisation online; although Chinese heritage students posted a higher number of messages associated with organisational matters; and Australian students posted a larger number of message components associated with intellectual contributions to the discussion. These results are interpreted in a theoretical context and implications for practice are drawn.