The Impact of Housing Market Segmentation between Tourists and Residents on the Hedonic Price for Landscape Quality

Market segmentation is an important issue when estimating the implicit price for an environmental amenity from a surrogate market like property. This paper tests the hypothesis of a segmentation of the housing market between tourists and residents and computes the implicit price for natural landscape quality in Swiss alpine resorts. The results show a clear segmentation between both groups of consumers, although tests also show that the estimated coefficient for landscape is similar in the tourists' model and in the residents'. However, since the functional form is non linear, the nominal - rather than relative - value of a change in natural landscape quality is higher in the tourist housing market than in the residents'. Hence, considering the segmentation of the market between tourists and residents is essential in order to provide valid estimates of the nominal implicit price of natural landscape quality.

Laimentimen merkitys metallien neste-nesteuutossa

Työssä tutkittiin korkean leimahduspisteen laimentimien vaikutusta uuton tehokkuuteen ja turvallisuuteen. Kirjallisuusosa sisältää katsauksen uuttolaitoksilla tapahtuneista suuronnettomuuksista, staattisen sähkön aiheuttamista vaaroista uuttolaitoksilla ja kaupallisesti saatavista laimentimista. Lisäksi kirjallisuusosassa tarkastellaan hiilivetyjen molekyylirakenteen vaikutusta niiden leimahduspisteeseen, haihtuvuuteen, viskositeettiin ja liuotinominaisuuksiin. Kokeellisessa osassa tutkittiin uuton tehokkuutta kuvaavia ominaisuuksia, joita olivat sekoituksen pisarakoko, faasien selkeytymisnopeus,uuton ja takaisinuuton kinetiikka, orgaanisen faasin viskositeetti ja tiheys. Uuttoliuosten turvallisuusominaisuuksia tutkittiin mittaamalla synteettisten uuttoliuosten ja laimentimien leimahduspisteitä sekä sähköisesti varattujen laimentimien relaksaatioaikoja. Korkean leimahduspisteen laimentimena käytettiin Orfom SX 11-laimenninta. Vertailukohteena käytettiin Shellsol D70- ja Escaid 100- laimentimia. Malliuuttona käytettiin kuparin uuttoa hydroksioksiimireagensilla happamasta sulfaattiliuoksesta. Kokeissa havaittiin, että korkean leimahduspisteen laimentimen viskositeetti oli huomattavasti suurempi kuin Shellsol D70- laimentimella. Korkea viskositeetti hidasti faasien selkeytymistä uutossa, mutta sillä ei ollut vaikutusta uuton kinetiikkaan tai sekoituksen aiheuttamaan pisarakokoon. Uuttoliuoksen reagenssipitoisuudella havaittiin olevan vaikutusta uuttoliuoksen leimahduspisteeseen, mutta uuttoliuoksen latausasteella ei havaittu olevan vaikutusta. Sähköisesti varattujen laimentimien varauksien relaksaatioajoissa oli hieman eroja, mutta relaksaatioajat olivat kaikilla laimentimilla liian pitkiä staattisen sähkön aiheuttaman vaaran poistamiseksi.

Covariance Matrix Estimation and Mean-Variance Optimization in application to International Diversification

Tutkimus keskittyy kansainväliseen hajauttamiseen suomalaisen sijoittajan näkökulmasta. Tutkimuksen toinen tavoite on selvittää tehostavatko uudet kovarianssimatriisiestimaattorit minimivarianssiportfolion optimointiprosessia. Tavallisen otoskovarianssimatriisin lisäksi optimoinnissa käytetään kahta kutistusestimaattoria ja joustavaa monimuuttuja-GARCH(1,1)-mallia. Tutkimusaineisto koostuu Dow Jonesin toimialaindekseistä ja OMX-H:n portfolioindeksistä. Kansainvälinen hajautusstrategia on toteutettu käyttäen toimialalähestymistapaa ja portfoliota optimoidaan käyttäen kahtatoista komponenttia. Tutkimusaieisto kattaa vuodet 1996-2005 eli 120 kuukausittaista havaintoa. Muodostettujen portfolioiden suorituskykyä mitataan Sharpen indeksillä. Tutkimustulosten mukaan kansainvälisesti hajautettujen investointien ja kotimaisen portfolion riskikorjattujen tuottojen välillä ei ole tilastollisesti merkitsevää eroa. Myöskään uusien kovarianssimatriisiestimaattoreiden käytöstä ei synnytilastollisesti merkitsevää lisäarvoa verrattuna otoskovarianssimatrisiin perustuvaan portfolion optimointiin.

Learning through Computer Model Improvisations

It has been convincingly argued that computer simulation modeling differs from traditional science. If we understand simulation modeling as a new way of doing science, the manner in which scientists learn about the world through models must also be considered differently. This article examines how researchers learn about environmental processes through computer simulation modeling. Suggesting a conceptual framework anchored in a performative philosophical approach, we examine two modeling projects undertaken by research teams in England, both aiming to inform flood risk management. One of the modeling teams operated in the research wing of a consultancy firm, the other were university scientists taking part in an interdisciplinary project experimenting with public engagement. We found that in the first context the use of standardized software was critical to the process of improvisation, the obstacles emerging in the process concerned data and were resolved through exploiting affordances for generating, organizing, and combining scientific information in new ways. In the second context, an environmental competency group, obstacles were related to the computer program and affordances emerged in the combination of experience-based knowledge with the scientists' skill enabling a reconfiguration of the mathematical structure of the model, allowing the group to learn about local flooding.

Descripción y biología de Dryomia lichtensteini (F. Low) en Lleida

Se estudió el ciclo biológico de Dryomia lichtensteini (F. Löw) en una población de encinas de Lleida y se describieron los diferentes estados de desarrollo del díptero. Los adultos aparecieron en abril y volaron hasta mediados de mayo. Las hembras realizaron la puesta en los brotes jóvenes del árbol. Cuando aparecieron las hojas nuevas, las larvas nacidas a finales de mayo produjeron picadas para alimentarse. Como respuesta, el árbol produjo agallas uniloculares de forma ovoide en el envés de las hojas. Las larvas puparon dentro de las agallas de marzo a mayo del año siguiente, y en abril aparecieron los nuevos adultos mediante la apertura de las agallas por el haz de la hoja mediante una estrecha fisura. Se observó una única generación al año. La distribución de las agallas no siguió un patrón concreto y se localizaron en toda la copa, con mayor abundancia en el estrato inferior de la misma.

Place actuelle de la papillotomie chirurgicale transduodénale [Current status of surgical transduodenal papillotomy].

The treatment of biliary lithiasis has changed during the past 20 years. Cholecystectomy remains the gold standard for cholelithiasis, but many options are available for calculi of the common bile duct. Among them are surgical open or laparoscopic choledochotomy, biliary-enteric anastomosis, transduodenal sphincterotomy (TDS), endoscopic sphincterotomy. With the aim to describe the current place of TDS, we reviewed the patients operated on in our department between 1976 and 1992. We found 78 patients with a mean age of 58 years (26-89 years). 34 (43%) of them had acute cholecystitis, with 26 being operated on urgently. 47 (60%) were jaundiced, 15 (19%) had pancreatitis and 12 (15%) had cholangitis before operation. Indications for TDS have been impacted stone or absence of progression of the contrast medium on intraoperative cholangiography in 71 patients (91%). 3 patients died (1 pulmonary embolism, 1 sepsis of pulmonary origin, 1 MOF syndrome complicating preoperative necrotizing pancreatitis). 30 patients (38%) had complications, of which 20 were directly related to TDS. Hemorrhage occurred in 4 cases, and resolved spontaneously without transfusion. Hyperamylasemia occurred in 17 instances, but clinical pancreatitis developed in only 1 case, with complete resolution. 1 duodenal fistula healed after conservative therapy. No death is attributable directly to TDS. Today, the importance of endoscopic sphincterotomy is increasing. This retrospective study shows that TDS, if performed with caution, does not increase the operative risks even in emergent operations. During surgical exploration of the common bile duct, TDS is indicated to remove an impacted stone, or as a bilio-enteric anastomosis if multiple stones are present with a thin common duct.(ABSTRACT TRUNCATED AT 250 WORDS)

In situ spectroellipsometric study of the nucleation and growth of amorphous silicon

A detailed in situ spectroellipsometric analysis of the nucleation and growth of hydrogenated amorphous silicon (a:Si:H) is presented. Photoelectronic quality a‐Si:H films are deposited by plasma‐enhanced chemical vapor deposition on smooth metal (NiCr alloy) and crystalline silicon (c‐Si) substrates. The deposition of a‐Si:H is analyzed from the first monolayer up to a final thickness of 1.2 μm. In order to perform an improved analysis, real time ellipsometric trajectories are recorded, using fixed preparation conditions, at various photon energies ranging from 2.2 to 3.6 eV. The advantage of using such a spectroscopic experimental procedure is underlined. New insights into the nucleation and growth mechanisms of a‐Si:H are obtained. The nucleation mechanism on metal and c‐Si substrates is very accurately described assuming a columnar microstructural development during the early stage of the growth. Then, as a consequence of the incomplete coalescence of the initial nuclei, a surface roughness at the 10-15 Å scale is identified during the further growth of a‐Si:H on both substrates. The bulk a‐Si:H grows homogeneously beneath the surface roughness. Finally, an increase of the surface roughness is evidenced during the long term growth of a‐Si:H. However, the nature of the substrate influenced the film growth. In particular, the film thickness involved in the nucleation‐coalescence phase is found lower in the case of c‐Si (67±8 Å) as compared to NiCr (118±22 Å). Likewise films deposited on c‐Si present a smaller surface roughness even if thick samples are considered (>1 μm). More generally, the present study illustrates the capability of in situ spectroellipsometry to precisely analyze fundamental processes in thin‐film growth, but also to monitor the preparation of complex structures on a few monolayers scale.

Drosophilid collection in the Font Groga site, Barcelona (Spain)

During October 23rd and 24th and November 2012 we collected a sample of drosophilids at Font Groga (Barcelona). This site is located on the foothills of the Tibidabo mountain, which is located on the northwest edge of Barcelona and at approximately 400m above sea level. The vegetation is typical for the area, and it is mainly composed of a sparse pine forest (Pinus pinea) with some oaks (Quercus ilex) and Mediterranean brushwood. Flies were netted over 12 baits containing fermenting bananas. A large proportion of D. simulans males was found. The invasive species D. suzukii (Calabria et al. 2010; Cini et al. 2012) was detected in a non-negligible quantity. Taking into account the number of males and females, the estimated Ne for D. suzukii in the Font Groga sample was 33.70. A similar value was obtained for D. subobscura (34.97). Finally, in the study of species diversity the values obtained for H" (Shannon diversity index) and J (Shannon uniformity index) were 0.678 and 0.421, respectively. These estimates are very similar to those obtained in September 2009 in Montpellier by Calabria (2012), who reported H" = 0.679 and J = 0.422, but differ from those reported by the same author in a Font Groga sample of October 2007 (H" = 0.904 and J = 0.505).

Time-Varying Benefits of International Diversification for Finnish Investor: Country-Specific Strategy Concentrating on Emerging Markets

The main objective of this study is to investigate whether the Finnish investors’ country-specific strategy concentrating on emerging markets provides diversification benefits. We also analyze whether the benefits of international diversification has been diminished after periods of high volatility caused by different market crisis. The objective is investigated with three methods: Correlation coefficients, rolling correlations added with OLS trend-lines and Box’s M statistic. All the empirical tests are analyzed and calculated with logarithmic returns of weekly time series data from Friday closing values between January 1995 and December 2007. The number of weekly observations is 678. The data type is total return indices of different countries. Data is collected from DataStream and provided by Datastream Financial. Countries investigated are Finland, Argentina, Brazil, Chile, China, India, Mexico, Poland, Russia, South Africa, South Korea, Thailand and Turkey. The current data is quoted both in U.S. Dollars and local currencies. The empirical results of this thesis show that the correlation coefficients are time-varying across Finland and 12 emerging market countries. Although the correlations have risen from 1995 to 2007, there can be found sub-periods where the correlation has declined from earlier period. The results also indicate that a Finnish investor constructing a portfolio of emerging market countries cannot rely on the correlation coefficients estimated from historical data because of the instability of correlation matrices.