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Comparing Downpayment and Interest Rate Mortgage Subsidies: An Analytical Approach

Comparing Downpayment and Interest Rate Mortgage Subsidies: An Analytical Approach

Our paper sets up a simple model to assess, for the first time, the relative pros and cons of housing downpayment (DS) and interest rate (IRS) subsidies on the access to and the stability of the mortgage market. Our analysis unveils a number of relevant policy lessons for the design of housing subsidy programs, among them: (a) For fiscal neutrality (same government outlay) to hold, the percentage IRS must be larger than the DS; (b) The IRS raises the loan size a bank is willing to grant, but the DS; (c) When targeting lower income households, the DS is superior to the interest rate subsidy; (d) The DS may increase the probability of default due to this focalization, while the IRS may have the same effect via the increased borrower leverage; and (e) Compared to the IRS, the DS promotes a less aggressive competition in the real estate market.

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When can a party insider, such as an incumbent, feel safe from an outside challenge for a future nomination? In most countries, parties can choose whether to hold a primary election where the rank-and-file members take a vote, or instead allowing party leaders to directly appoint an insider candidate of their liking. The cost of primaries is forcing candidates to drift away from the party leader's policy preferences in order to cater to primary voters. But this paper postulates a benefit: primary elections can reveal information about the electability of potential candidates. I depart from the existing literature by making the realistic assumption that such information is revealed partially rather than fully. A signaling mechanism is introduced whereby pre-candidates send noisy information that is used by primary voters to update their beliefs. In this sense, the paper falls in the tradition initiated by Condorcet(1785), Austen-Smith and Banks (1996), and Feddersen and Pesendorfer (1998) of aggregating information through voting. This leads to surprising insights about the behavior of primary voters: under some circumstances they will use the information provided by primary campaigns, but under other circumstances, they will choose to completely ignore such information. In addition, the results predict that popular incumbents will not be challenged in a primary election, which is consistent with empirical observation. Finally, a prescription for parties is to allow their primaries to be tough given that stiff competition will improve the expected ability of the nominee.

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IFIP TC8 information systems . Conception, birth and early years

IFIP TC8 information systems . Conception, birth and early years

The controversy was triggered by an invitation from the South African representative, Neil Duffy, based on the success of the Australian formula, to hold a subsequent meeting in South Africa. Several representatives stated that they could loose their job if they attended. Others argued IFIP should not be concerned with internal politics of a member nation and that such politics should not dictate IFIP related decisions. The compromise decision was that TC8 would lend its name to a conference held in Johannesburg and those TC8 representatives who wished to participate were free to do so, but there would be no TC8 meeting held in conjunction with the conference. (The conference was actually held in April 1987[15].)

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Memoria 2014 [versió en castellà i anglès]

Memoria 2014 [versió en castellà i anglès]

It has been a great honour for the city of Cáceres to hold the chairmanship of the Network of Spanish Jewish Quarters – Routes of Sefarad, and thus having the opportunity to repre- sent the 24 member cities which are currently composing the network one of whose founding members is our city. During the second half of 2014, the Network has carried out an intense promotional activity in the fields of tourism and gastronomy, the latter with a rather important presence within the Network. Furthermore, the label of touristic ex- cellence, RASGO, has been further built up. But it has also doubtlessly been a period in which important structural changes in the way the Network is running have been tac- kled. A more operational and functional management is required in order to continue to take forward this common project and to adapt to the new times.

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Job search, social interactions and labor market performance of low-skilled immigrants

Job search, social interactions and labor market performance of low-skilled immigrants

This paper developed an on-the-job search model in which individuals are allowed to search for a job using formal and informal methods simultaneously. The model allows for the network size to have a direct e¤ect on the arrival rate of job o¤ers both while employed and while unemployed. We also assume that the distribution of wage o¤ers from the network is di¤erent than the distribution of o¤ers from formal channels. We …nd that the e¤ect of the network size on the reservation wages, and hence on observed wages, is ambiguous. The heterogeneity of the e¤ect arises from the di¤erence in the employment- o¤er arrival rate relative to the unemployment-o¤er arrival rate. Our model is consistent with previous literature in the sense that when there is no on-the-job search (Beaman, 2009; Calvó-Armengol and Zenou, 2005) or when the unemployment-o¤er arrival rate is higher than the employment-o¤er arrival rate (Calvó-Armengol and Jackson, 2004), the reservation wage increases when the network is larger. We also …nd that the proportion of job-to-job transitions due to the network is increasing on the network size. In contrast, the relationship between the network size and the proportion of unemployment-to-employment transitions requires some rather restrictive assumptions for it to be positive. We think that these assumptions are very likely to hold in the case of low-skilled immigrants, in which case our results would be consistent with Patel and Vella (2007).

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905 Risk managmt action paper

905 Risk managmt action paper

Using this definition, individuals or groups could choose to hold a p ositive attitude to a certain risk, for example, choose to support a risky course of action that would lead to a desired outcome, and at the same time hold a negative attitude to a different situation, for example, choose to avoid a risky course of action where the pay-off of taking the chance was not perceived as good enough. The fact that everyone holds a range of different risk attitudes at any one time suggests that risk attitudes are not right or wrong in absolute terms, but are situational responses that may be appropriate, but may also be inappropriate in the circumstances.

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On the possible evolutionary justification of our epistemic capacities

On the possible evolutionary justification of our epistemic capacities

Taking an evolutionary perspective, we must acknowledge the contingency and explicability of our present ways of thinking, and in particular our present ascriptions of necessity. But if we do regard some things as necessarily true we thereby deny their contingency and cannot countenance the possibility of alternatives to them. We must simultaneously appreciate the contingency of the fact that the limits of our thought lie just where they do while remaining unable to think beyond those limits. It is not easy to hold consistently to both points of view simultaneously, and we inevitably find ourselves moving back and forth somewhat unsurely between them. That is perhaps inevitable when we try to stand outside the evolutionary process and see it as a whole, sub specie aeternitatis, while the terms we use to try to understand that process and our place in it are themselves products of the very process we are trying vainly to transcend (B. Stroud, 1981, pp. 247).

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Diagnosis of Sustainable Business Strategies Implemented by Chilean Construction Companies

Diagnosis of Sustainable Business Strategies Implemented by Chilean Construction Companies

The dimensions of market, organization, project and processes should contain a set of strategies that contribute to generate the construction company’s competitive advantages and better environmental performance. The phases of strategic business development that increase competitive advantage through the dimensions of market, organization, project and processes can be seen in Figure 1. This figure, based on the model proposed by Fergusson and Langford [62], illustrates the relationship among environmental management, business strategy and competitive advantage. The left side of Figure 1 shows four dimensions to achieve leadership in the construction industry through business differentiation, trade opportunities, client requirements and compliance with legislation. In the lower x-axis, the model shows that the development of environmental strategies will allow growth and performance improvement, whereas the curve represents the opportunity to increase competitive advantage. The right side of Figure 1 displays the homologation of the dimensions studied in this paper: market, organization, project and processes. The dimensions of this model are consistent with those proposed in this research, emphasizing the environmental, social and economic sustainability for a better understanding of the relationship between sustainable strategy development and competitive advantages. Therefore, strategies have been replaced with the aim of evolving toward corporate sustainability to achieve not only the construction industry’s leadership but also advancement toward medium- and long-term corporate sustainability models. For this reason, it is important to identify and understand strategies that contribute to create competitive advantages and developing a sustainable business model.

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The difficulties of relating sources and scores tend to be rather obvious in the case of judgmental measures. For example, in its more recent annual reports on the state of freedom in the world, Freedom House publishes selective listings of more than 200 periodical publications and over 120 organizations that go into its global estimates of political rights and civil liberties (see e.g. Piano, Puddington and Rosenberg, 2006: 902–906). Of course, one of the key assets experts bring into the measurement process lies precisely in their capacity to process and synthesize large amounts of dispersed information. At the end of the day of measurement judgment, it is usually impossible for them to relate the numerical conclusions they reach to the precise pieces and bits of information that have gone into them. Nor are they in a position to provide an algorithm that would trace the mental process of reasoning that led them from the assessment of empirical evidence to the assignment of scores. And yet. Even if experts are unable to describe all the miniature pieces that comprise a complex mosaic of knowledge generation and analytic judgment, they should be able to document the big picture. They should be able to provide, not all sources and modes of reasoning that have gone into their measurement decisions, but the central ones. And just like historians, they should be able to explain the range of uncertainty and controversy of their judgmental decisions with reference to concrete documentary evidence (or the lack of such evidence). 8

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Proyecto fin de master: Hold up Center

Proyecto fin de master: Hold up Center

Es necesario realizar una patente de nuestros modelos de Hold-Up, tanto del simple como del universal. Sabemos que existe un producto similar al del Hold-Up Simple en Holanda, Italia y otros países europeos, pero no se comercializa en España. Pero puede suceder que ha sido patentado a nivel comunitario y ello será un obstáculo para la venta de nuestros productos en los países de la Unión Europea. En el caso que existan estas patentes, optaríamos por patentar un modelo de utilidad. La diferenciación de los modelos de utilidad con relación a las patentes de invención es en muchos casos difícil, pero la nota esencial es que en los modelos es fundamental la forma del objeto. Además, en el modelo de utilidad la novedad que se exige es sólo relativa o nacional. Esto es, el estado de la técnica a tener en cuenta para examinar la novedad y la actividad inventiva de los modelos de utilidad está constituido por las reglas y conocimientos divulgados sólo en España.

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Is uniform persistence a robust property in almost periodic models? A well behaved family: almost periodic Nicholson systems

Is uniform persistence a robust property in almost periodic models? A well behaved family: almost periodic Nicholson systems

providing the initial system (2.3). So that, in the end, the property of u-persistence is characterized in terms of a set of Lyapunov exponents of some lower-dimensional linear systems chosen from the structure of the linearized system along 0. To end the paper, we make a couple of remarks. First, a more general recurrent time variation rather than almost periodicity may be admitted in the statement of Theorem 4.4 (i) and (iii), as we just need Ω to be minimal (for instance, see [22]). However, the unique ergodicity of Ω is also needed in both (ii) and (iv). Second and last, the fact that there exists a bounded solution is sometimes implicitly required in the literature by assuming the existence of an upper-solution (for instance, see Zhao [36] and Mierczy´ nski and Shen [17]) or by asking the system to be dissipative.

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Display response of the Jacky Dragon,

Display response of the Jacky Dragon,

In the present paper we build upon the original descriptions of the visual display by A. muricatus by Carpenter et al . (1970). We begin by exploring vari- ation in the response of resident males to conspecific male intruders in terms of response latency and charac- teristics of the first display bout. Measurements include the duration of tail-flicks and the display bout, the number and hold duration of push-ups, as well as the total number of components in the bout. Recent work in anuran amphibians suggests lateralization of foreleg use in some contexts (Bisazza et al . 1996), so we also examine the choice of arm used in the backward and forward arm-waves. Finally, we determine the relative frequency of display components and analyse serial dependencies (transition probabilities) among com- ponents. These data are a first step in a research program that has broad aims of understanding the visual ecology of a native Australian lizard, as well as building on current knowledge regarding the design of movement-based animal signals and the evolution of communication systems generally.

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New tool to assess the force production in the swallow

New tool to assess the force production in the swallow

This latter approach is the framework of our work, in this case applied to Swallow element (Figure 1), which is a support scale maintained at rings height for at least two seconds (Element 10, group IV, Difficulty D) (FIG, 2009). In the technical implementation of the Swallow, commonly called butterfly, the body must show a position parallel to the ground, while the upper extremities are in the same horizontal plane with a slight shoulder abduction (García Carretero, 2003). The upper extremities, trunk, lower limbs and the lower part of the rings must be maintained in the same horizontal plane for the perfect execution of the element.

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QUALITY ASSURANCE and QUALITY CONTROL

QUALITY ASSURANCE and QUALITY CONTROL

The MDOT Quality Assurance/Quality Control (QA/QC) process for trunkline projects is based on a well-documented plan development procedure. It applies to both in-house and consultant designed projects, as well as road and bridge projects. The procedure includes periodic reviews at pre-determined stages during the design of the project. The Quality Control (QC) includes a plan development process that is described in Chapter 14 of the Road Design Manual and also in the Program/Project Management System (PPMS) Task Manual. Both manuals provide a detailed and chronological procedure for the

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Analyzing Spatial and Temporal User Behavior in Participatory Sensing

Analyzing Spatial and Temporal User Behavior in Participatory Sensing

of sessions and a much larger number of less active data collectors having a much smaller number of sessions [69,70]. Specifically, while the most active data collector had 37 sessions, 227 of 230 data collectors (98.69%) had less than 30 sessions, 222 data collectors (96.52%) had less than 20 sessions, 201 data collectors (87.39%) had less than 10 sessions and 159 data collectors (69.13%) had at most five sessions. Such a distribution of performance is common for this type of participatory and voluntary works [71]. Among the number of average requests per session, there are some outliers. Furthermore, it can be observed that the average number of requests per session is slightly lower, and there is lower variation, among data collectors having more sessions (the smaller group of active data collectors, on the left part of Figure 7) than that of the data collectors having fewer sessions (the bigger group of regular data collectors, on the right part of Figure 7); most of the outliers are from these regular data collectors, which also brings the average number of requests per session slightly up. This observation suggests two different behaviors of the data collectors: the regular data collectors interacted with the Citizense mobile application a few times, and each time they tried to discover (and complete) a larger number of campaigns (in some cases, a very large number of campaigns) and later left the application for a longer time, while their active peers opened the mobile application more frequently, and each time selected (and completed) a smaller number of campaigns. Additionally, this observation is confirmed by some of the interviewed data collectors after the deployment. Three data collectors confirmed that they frequently opened the Citizense mobile application while 10 others acknowledged that they interacted with the Citizense mobile application just a few times, where each time they tried to explored several campaigns. Our further analysis has shown that, in general, the total number of submissions made by an active data collector is larger than that of a regular data collector. To put this in perspective, note that a related study [72] gauged the number of visits to social network platforms among college students with different academic backgrounds. They concluded that the users made between 6 to 60 such visit per day, compared to two sessions per day for the most active data collector day for Citizense.

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Full Potentiostat System with wireless communication in a Programmable System On a Chip and a PC

Full Potentiostat System with wireless communication in a Programmable System On a Chip and a PC

Today, the electrochemical biosensors are an opportunity area for research and development [2]. One line of investigation is wearable monitoring devices [3]. Those sensors focus on fitness and health issues to track relevant human body variables. The challenges of an electrochemical biosensor instrument are the small size of the components, great autonomy, and wireless data transmission capabilities. Those opportunities for development can be seen as well in the centrifugal microfluidic platform commonly called Lab-on-a-Disc [4]. Someone can use this platform as a clinical diagnostic tool with the ability to detect glucose [5], and cancer cells [6].

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Seismic response of wood frame shear walls with sturdy end studs and strong hold down anchorages and design implications

Seismic response of wood frame shear walls with sturdy end studs and strong hold down anchorages and design implications

walls with nails in the edges of OSB panels spaced at 50 mm than 100 mm; the main benefit of a smaller nail spacing was a slower stiffness degradation and the increase of the strength. The unit shear was influenced by wall length: 1200 mm walls presented a better unit shear capacity than 2400 and 3600 walls, and there were not observable differences between 2400 and 3600 mm walls. A characteristic damping of the wall was calculated and was obtained that the walls had in average a 9% and varied between 7 and 10%. Properties of shear walls provided by current editions of the International Building code and the Seismic Design provisions for Wind and Seismic do not consider the effects of sturdy end studs and strong hold-downs in lateral strength and stiffness of the walls, therefore, this kind of shear walls are not properly characterized, and the design procedures generate too conservative designs of walls to be used in mid-height timber buildings.

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The Greatest Spiritual Energy Extraction Scam of the 20th Century By Matthew Delooze

The Greatest Spiritual Energy Extraction Scam of the 20th Century By Matthew Delooze

1987 was long before Diana even started her relationship with Dodi Fayed or before her marriage was in such a state too. The murder was not about Diana’s relationship or opening her mouth. So I tell you again that Diana’s murder was planned many years before it actually happened and on a spiritual level at least Diana played a very willing part in it. High rankers inside the Royal family would have known Diana had incarnated in to this world to carry out this ritual from detail before and at her birth, again the royal family are privy to information you are not. Diana would then have been groomed and she would have taken part in many other occult rituals including her wedding and the birth/ Christenings of her children and of course playing the role of the black virgin for Rome. Indeed, as some researchers have already pointed out she was married in St Paul’s (Temple of Apollo /Diana) and her funeral was in Westminster Abbey (Temple of Apollo/Diana) Please note now that she also gave birth to her first born at the summer solstice. Again Diana was 100% Serpent Cult.

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Exploring Learners and Teachers’ Beliefs towards English Teaching and Learning in the Local Context.

Exploring Learners and Teachers’ Beliefs towards English Teaching and Learning in the Local Context.

Every day, ESL teachers make many decisions in their classrooms about language teaching/learning processes. These include decisions about which activities their learners might possibly enjoy, which are most effective, and which would provide learners with skills that they could use for academic and communicative purpose (p.85). He also argues that learners are rarely taken into account in this decision- making process. Moreover, language educators have long recognized that learners bring to the language classroom a complex web of attitudes, experiences, expectations, beliefs, and learning strategies (Benson, 2001; Nyikos & Oxford, 1993; Oxford, 1992). That is to say, that not only teachers, but also students bring beliefs with them into the classroom and could create a gap between the learner and the teacher perceptions of classroom events. Unfortunately, teachers and students do not grasp what happens in the classroom in the same way, leading to potential mismatches between learners’ interpretation and teachers’ intention that in turn would affect the final desired

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JXTA resource access control by means of advertisement encryption

JXTA resource access control by means of advertisement encryption

Advertisements can be located using the JXTA core Discovery Service via the Peer Discovery Protocol (PDP). This service is able to retrieve advertisements published both locally and remotely within a peer group, using two different approaches: by propagating the discovery query to rendezvous peers and the local subnet via IP multicast, or by forwarding the query to a specific peer. In order to locate a specific advertisement, the discovery query defines a search criteria. The search criteria determines pairs of attribute-value that the de- sired advertisement should include. The Discovery Service may not provide a complete search on any available advertisement, but a ”best effort” approach to deliver a selection of advertisements matching the search criteria. The se- lection returned may be random or predictable depending on the network configuration and no particular behavior should be assumed.

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