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Item Comments on Chapters Nine and TenCohen, Stephen P.; Carroll, Bill (1977-01-01)Many of the contributors to this volume suggest in their studies that exogenous environmental change in the economic system finds its way into the housing market. Measurement of the impact of that change on the housing market provides useful information on the nature of the change; and, in particular cases, this information may be all that we have for evaluation of alternative public policies. The majority of the studies deal with the need to develop general equilibrium models for interpretation and measurement of the property value reaction (the terms "property" and "housing" are used synonymously). This ability is required if we are to discern from the morass of all the conflicting effects of simultaneous determinants of property values the rather minute effect of a single incremental change. Only then can cross-sectional modeling (which has the data simplicity of dealing with only a single point in time) be satisfactory. Most of the studies dealing with general equilibrium do, in fact, utilize the cross-sectional methodology as a basis for empirical techniqueItem Characteristics and Performance of Real Estate Brokers and Salesmen in the Hawaiian IslandsLiu, Crocker H. (1977-01-01)[Excerpt] Since 1968, there has been a rapid growth rate in the number of real estate licensees. The total active licensees (brokers and salesmen) has increased 187% from June 309 1968 (3,267 licensees) to January 21, 1977 (9,392 licensees) for an annual growth rate of 22% while the civilian labor force increased by 3% a year. The greater portion of this growth has come from the number of new salesmen entering the business rather than from existing salesmen obtaining a broker's license (27% annual salesmen growth compared to 14% for brokers). In 1968, for every active broker, there were 2 active salesmen. By 1977, this discrepancy has widened to 3 active salesmen. However, for all this dynamic development, very little is known about the Hawaiian real estate industry and its licensees, particularly the nature of licensees activities and the degree to which they are qualified to engage in real estate practice. Yet legislation concerning licensee qualifications has been continually expanding. In part, it has tried to protect the consumer while providing a direction where the real estate industry should be going. For all this increasing legislation, very few have pondered the question Quo vadis. Where is it going now…what is the current nature of the industry and the licensees? The following report attempts to provide a portion of this information that has isolated Hawaii's real estate practice from systematic description. However, the report should be looked upon as only a starting point. Further research is needed to validate subsequent decision making for the consumer - the ultimate basis for legislative power - has not been surveyed to measure the effectiveness of current legislation. The present report has been divided into two sections. The first section, which is based on a questionnaire survey, (see Appendix A, D) presents a statistical picture of licensees in the industry. Information is provided concerning such factors as the proportion of licensees who are actually active in the business, the type of work they do, and their backgrounds and experience in the real estate field. Summary tables and graphs have been included in this section to augment the presentation. The second part of the report contains policy suggestions for government agencies responsible for regulation. To facilitate easier readability, a large portion of the report is presented in a topical outline format.Item Elwood Murray’s Interdisciplinary Analogue LaboratoryBrownell, Judi (1979-01-01)Elwood Murray joined the faculty of the Department of Dramatic Arts and Speech at the University of Denver in 1931 and within a year had assumed the responsibilities of chairman. The history of the department for the next thirty years was molded by the philosophy and aspirations of this man, who believes that speech is a broad and interdisciplinary subject and that speech training is essential for every individual.Item Measuring the Impact of Inner City Markets on CBD Retail SalesCorgel, John B.; Hartshorn, Truman A. (1980-01-01)[Excerpt] Observers of Central Business District (CBD) retailing performance have reported many adjustments in recent decades. Sales have steadily declined, relatively and absolutely, since World War II. The function and trade area of the CBD has changed, the clientele is different, and retail establishments have adopted new locational strategies. Contributing substantially to the changing character of CBDs has been the pervasive and continuing decentralization of the metropolitan population. Nearly two decades ago, Vance (1962) conceptualized the impact of this decentralization process as one of relegating the CBD to that of (1) a seller of mass appeal goods to an inner city market and (2) a seller of specialty goods to the metropolitan market. More recently, it appears that a scaling back has also occurred in the specialty goods area. Increasingly, specialty goods sales have been sustained by those who are downtown because of employment or business.Item The Effect of Crime on Residential Rents and Property Values: A CommentCarroll, William J. (1981-03-01)[Excerpt] In the Spring 1979 issue of this Journal, Mario J. Rizzo (8) presented an interesting quantitative analysis of the value placed by households on avoiding crime. He used a technique currently popular among researchers for estimating the value of a whole array of impacts which impinge upon property values. This note does not quarrel with the legitimacy of using such a technique for capturing household marginal willingness to pay for crime avoidance. Instead, it focuses on two questions about how Rizzo used the technique. First, should income be used, even as a proxy for other variables, in estimating an essentially reduced form equation which relates housing characteristics (quantity measurements) to their implicit prices? Second, if a liberal estimate of the value of crime avoidance is generated, why not a conservative one also?Item Long-Term Effects of Firm Size on Life Insurer Mortgage InvestmentCorgel, John B. (1981-06-01)In this paper the reoccurring question of whether the life insurance industry's largest insurers possess and benefit from unique mortgage investment opportunities is examined. A portfolio adjustment model is presented which incorporates mortgage commitment behavior. Using this model and data for 15 insurers, speed of adjustment parameters are estimated for each insurer. The speed of adjustment, which is utilized as a measure of mortgage lending efficiency, is found to be invariant with respect to insurer size. This evidence suggests that the likelihood of significant aggregation bias in previous econometric work on life insurer mortgage investment is quite low.Item Effective Hedging of Mortgage Interest Rate RiskKolb, Robert W.; Corgel, John B.; Chiang, Raymond (1982-01-01)Unfortunately, the hedging effectiveness of the GNMA futures market has been diminished by a lack of understanding of the selection of proper hedge ratios. This paper presents a derivation of the optimal hedge ratio for hedging interest rate risk with a GNMA futures contract. The hedge ratio is then applied to different hedging situations and the results of the traditional and newly derived hedging strategies are examined.Item Elwood Murray’s Laboratory in Interpersonal CommunicationBrownell, Judi (1982-01-01)Elwood Murray's pioneering Laboratory in Interpersonal Communication was first conducted on the campus of the University of Denver in 1949. The laboratory was designed to help students internalize the principles of general semantics and apply them to practical, everyday problems in communication. This objective was accomplished through such methods as sociodrama, picture making, problem solving group discussion, and lecture. Various feedback techniques were used as a means of enabling participants to see themselves objectively.Item Interest Rates, Forward Commitments, and Life Insurance Company Demand for MortgagesCorgel, John B. (1982-01-01)[Excerpt] Periodic flows of life insurance company (LIC) funds into the mortgage market result almost entirely from acceptances of forward commitment contracts negotiated months, and often years, earlier. Thus, Jaffee (1972) and others (Bisignano, 1971; Lintner, 1976; Lintner et al., 1978; Pesando, 1974; Ribble, 1973; and Smith and Sparks, 1971) have considered forward commitment behavior as the appropriate foundation for developing supply-of-mortgage-fund equations in large-scale econometric models and for analyzing the portfolio behavior of LICs and other financial institutions involved in issuing mortgage commitments.Item Judging Similarity among Strings Described By Hierarchical TreesLopes, Lola L.; Johnson, Michael D. (1982-08-01)The paper compares the tree-theoretical model of similarity judgement (in which the similarity between two objects is a function of the distance between them in a conceptual tree) with an averaging model of similarity judgement that is drawn jointly from information integration theory and from current research indicating the prevalence of anchoring and adjustment mechanisms in judgement. Results of an experiment are presented that suggest that even when subjects organize conceptual material as a hierarchical tree, judgments of similarity among the objects are better accounted for by an averaging mechanism than by distances in the tree. These data are discussed in terms of the differences between the representation in which knowledge is encoded and the processes that operate on the represented information.Item Giraffes, Institutions and Neglected FirmsArbel, Avner; Carvell, Steven A.; Strebel, Paul (1983-01-01)Certain securities - in particular, those of small capitalization firms - are generally unsuited to the investment requirements of financial institutions, hence attract minimal coverage by analysts. As a result, these securities may offer a premium as a compensation for associated information deficiencies and/or because pricing inefficiencies exist as a result of the lack of information. An analysis of 510 firms over a 10-year period indicates that the shares of those firms neglected by institutions outperform significantly the shares of firms widely held by institutions. The superior performance persists over and above any "small firm effect"; that is, both small and medium-sized neglected firms exhibit superior performance. The "neglected firm effect" suggests some potentially rewarding investment strategies for individuals and institutions alike.Item Elwood Murray's Interdisciplinary View: Expanding the Boundaries of the Speech FieldBrownell, Judi (1983-01-01)Elwood Murray believes in the interdisciplinary nature of speech and has been quick to incorporate findings from other disciplines to enhance his understanding of the communication process. This paper traces the development of Professor Murray's view of speech as the field moved from public speaking to the broader, more interdisciplinary concept of communication. The rote he played in this transition process is described, and his involvement in the founding of the International Communication Association highlighted.Item Antitrust Immunity and the Economics of Occupational LicensingJohnson, Steve B.; Corgel, John B. (1983-01-01)[Excerpt] The proposition that the common law tends to evolve in the direction of economic efficiency has been advanced by Posner and others. This proposition implies that, over time, legal precedent which promotes efficiency of exchange in the market, and thus maximizes the wealth of market agents, will displace precedent that is incompatible with this objective. In evaluating market impact, however, it is important to note that legal precedent which is perceived to be compatible with efficient exchange when viewed from the perspective of outmoded economic theory may not be as compatible as it appears.Item Market Intervention by the Courts: The Economics of Occupational Boundary-SettingJohnson, Steven; Corgel, John B. (1983-07-01)[Excerpt] Market intervention by the courts may take many forms and may occur in a variety of contexts. Sometimes even the most obscure types of judicial decisions can exert a significant impact on the efficiency of exchange (i.e., the price-quality equilibrium) in the market. Consequently, one criterion for evaluating legal precedent is its impact, if any, on the efficiency of exchange in the market.Item Responses to Lonely Hearts Advertisements: Effects of Reported Physical Attractiveness, Physique, and ColorationLynn, Michael; Shurgot, Barbara A. (1984-01-01)This study employed lonely hearts advertisements to investigate the effects of reported physical appearance on interpersonal attraction. The personal advertisements in a local Columbus magazine were coded in terms of the individual's gender, height, weight, hair color, eye color, and evaluative self-description of his or her own appearance. The magazine recorded the number of responses each ad received, and this constituted the dependent measure. Multiple linear regression analyses indicated that more responses were received by women and by individuals providing nonnegative, evaluative self-descriptions than by their counterparts. Also, tall male advertisers and light female advertisers received more responses than their shorter and heavier counterparts. Finally, advertisers with red or salt and pepper hair received more responses than blonde and brunette advertisers. Discussion focused on the relations between these findings and those of past research and on the utility of lonely hearts advertisements in psychological research.Item The Psychology of Restaurant TippingLynn, Michael; Latané, Bibb (1984-01-01)Since its origins in 18th-century English pubs, tipping has become a custom involving numerous professions and billions of dollars. Knowledge of the psychological factors underlying tipping would benefit service workers, service managers, and customers alike. Two studies were conducted to provide such knowledge about restaurant tipping. The percent tipped in these studies was related to group size, the customer's gender, the method of payment (cash or credit), and in some cases, the size of the bill. Tipping was not related to service quality, waitperson's efforts, waitperson's gender, restaurant's atmosphere, or restaurant's food.Item The Impact of GNMA Futures Trading on Cash Market VolatilityCorgel, John B.; Gay, Gerald D. (1984-07-01)[Excerpt] A general conclusion that can be drawn from theoretical analyses of spot market volatility when futures markets exist is best summarized by Turnovsky [1983, p. 1364] who states "under their (theoretical studies) respective assumptions, the futures market almost certainly stabilizes the “spot price." This suggests that trading in futures contracts may originate when cash markets experience considerable volatility. Indeed, futures trading on a variety of financial instruments was initiated shortly after periods of historically high interest rates.Item Consumer Choice Strategies for Comparing Noncomparable AlternativesJohnson, Michael D. (1984-12-01)Research on consumer choice has focused on easily comparable alternatives, a subset of the choices consumers regularly face. This paper outlines the problem and two general strategies for comparing noncomparable alternatives, a subset of choices that has been overlooked in the literature. Experiments are reported that support use of the strategies.Item Personal Advertisements: Sources of Data about RelationshipsLynn, Michael; Bolig, Rosemary (1985-01-01)Personal advertisements are a growing means of meeting other people and establishing relationships. The variety of these advertisements makes them an excellent source of data for social science research, but this interesting resource is presently underutilized. This article attempts to persuade more social scientists to use personal ads as a source of research data and it discusses the positive features of this data source and outlines various research methods possible with them. Existing studies using personal advertisements as a source of data are reviewed as illustrations of the methods presented.Item Effects of Pictures on the Organization and Recall of Social InformationLynn, Michael; Shavitt, Sharon; Ostrom, Thomas (1985-01-01)The role of visual stimuli in the organization and recall of social information was investigated in a study that presented photographs of stimulus persons along with verbal trait descriptors. Paired with four trait descriptors of each stimulus person, subjects saw either (a) no picture, (b) one trait-unrelated picture, (c) four trait-unrelated pictures, or (d) four trait-related pictures. These conditions permitted a test of several competing explanations for the previously obtained improvement in memory for semantic information when accompanied by pictorial information. Results indicated that pictures incremented recall of trait information in two distinct stages—once with the addition of pictorial information and again when the pictures became relevant to the traits. Clustering in free recall on the basis of person categories was unaffected by the experimental conditions. These findings were consistent with the hypothesis that pictures enhance person memory by fostering elaboration on stimulus information at encoding.