Tuesday, October 22, 2019

Dates in June for Science, Trademarks and Inventors

Dates in June for Science, Trademarks and Inventors In the world of science, there are dates in June that are standouts for invention, patents, trademarks and a variety of achievements. Also worthy of mention are the birthdays of the men and women who made these innovations possible. For example, in 1895, the gasoline-powered automobile was patented in June. Also in June, a few years earlier (1887), the Coca-Cola bottle label was trademarked. A famous birthday, long ago, on June 7, 1502, was Pope Gregory XIII, who invented the Gregorian calendar in 1582, which is the same calendar in use today. Significant Happenings in June in the World of Science and Invention The following table outlines the dates of significant scientific events and inventor birthdays: Date Event Birthday June 1 1869Thomas Edison obtained a patent for an electrographic vote recorder 1826Carl Bechstein, German piano manufacturer, who invented improvements to pianos1866Charles Davenport, American biologist who pioneered new standards of taxonomy1907Frank Whittle, English aviation inventor of a jet engine1917William Standish Knowles, American chemist who developed pharmaceutical compounds (Nobel Prize, 2001)1957Jeff Hawkins, American who invented the Palm Pilot and Treo June 2 19062,ure a Grand Old Flag by George M. Cohan was trademark registered1857James Gibbs patented the first chain-stitch single-thread sewing machine 1758Cornelis Rudolphus Theodorus Krayenhoff, Dutch physicist, hydraulic engineer, cartographer and fortress architect June 3 1969New York Rangers was trademark registered1934Dr. Frederick Banting, the coinventor of insulin, was knighted 1761Henry Shrapnel, English inventor of shrapnel1904Charles Richard Drew, pioneer of blood plasma research1947John Dykstra, pioneer in the development of computers in filmmaking for special effects June 4 1963Patent No. 3,091,888 was granted to 6-year-old Robert Patch for a toy truck 1801James Pennethorne, architect who designed Kennington Park and Victoria Park in London1877Heinrich Wieland, German chemist, who researched bile acids; made the first synthesis of Adamsite; and isolated the toxin alpha-amanitin, the principal active agent of one of the worlds most poisonous mushrooms (Nobel Prize, 1927)1910Christopher Cockerell invented the Hovercraft June 5 1984Safety cap for a medicine bottle patented by Ronald Kay 1718Thomas Chippendale, English furniture maker1760Johan Gadolin, Finnish chemist who discovered yttrium1819John Couch Adams, English astronomer who codiscovered Neptune1862Allvar Gullstrand, Swedish ophthalmologist, who researched the refractive properties of the eye to focus images (astigmatism), and invented an improved ophthalmoscope and corrective lenses for use after removal of a cataract (Nobel Prize, 1911)1907Rudolf Peierls, physicist with a major role in Britains nuclear program, who coauthored the Frisch-Peierls memorandum, the first paper on constructing an atomic bomb from a small amount of fissionable uranium-2351915Lancelot Ware founded Mensa1944Whitfield Diffie, American cryptographer, was a pioneer of public-key cryptography June 6 1887J.S. Pembertons Coca-Cola label was trademark registered 1436Johannes Muller, astronomer who invented astronomical tables1850Karl Ferdinand Braun, German scientist who invented the first oscilloscope, known as the Braun tube, and invented a form of wireless telegraphy (Nobel Prize, 1909)1875Walter Percy Chrysler, car manufacturer who founded Chrysler Corporation in 19251886Paul Dudley White, heart specialist who was the father of preventive cardiology1933Heinrich Rohrer, Swiss physicist who co-invented the scanning tunneling microscope in 1981, providing the first images of individual atoms on the surfaces of materials (Nobel Prize, 1986) June 7 1946Eensie Weensie Spider by Yola De Meglio was copyright registered1953The first color network telecast in compatible color was broadcast from a station in Boston 1502Pope Gregory XIII invented the Gregorian calendar in 15821811James Young Simpson, Scottish obstetrician who discovered the anesthetic properties of chloroform, and successfully introduced chloroform into general medical use1843Susan Elizabeth Blow, American educator who invented kindergarten1886Henri Coanda, Romanian inventor and aviation scientist who designed early jet engines1896Robert Mulliken, American chemist and physicist, who was behind the early development of molecular orbital theory (Nobel Prize, 1966)1925Camille Flammarion, French astronomer and writer, was the first to suggest the names Triton and Amalthea for the moons of Neptune and Jupiter and published the magazine LAstronomie June 8 1869Ives McGaffey patented a carpet sweeping machine, the first patent for a device that cleaned rugs 1625Giovanni Cassini, French astronomer who discovered the moons of Saturn1724 John Smeaton, British engineer who invented the air pump for diving gear1916Francis Crick, British molecular biologist, physicist and neuroscientist, who co-discovered DNA structure and had a crucial role in research related to revealing the genetic code, and who also attempted to advance the scientific study of human consciousness with theoretical neurobiology (Nobel Prize, 1962)1955Tim Berners-Lee, computer pioneer who lead the development of the World Wide Web, HTML (used to create web pages), HTTP (HyperText Transfer Protocol) and URLs (Universal Resource Locators) June 9 1953Patent No. 2,641,545 was granted to John Kraft for the manufacture of soft surface cured cheese 1781George Stephenson, English inventor of the first steam locomotive engine for railroads1812Hermann von Fehling, German chemist who invented Fehlings solution used for estimation of sugar1812Johann G. Galle, German astronomer who discovered Neptune1875Henry Dale, British physiologist who identified acetylcholine as a possible neurotransmitter (Nobel Prize, 1936)1892Helena Rubinstein, invented different cosmetics and founded the Helena Rubinstein Company1900Fred Waring, American inventor of the Waring Blender1915Les Paul, American inventor who invented the Les Paul electric guitar, sound-on-sound, the eight-track recorder, overdubbing, the electronic reverb effect and multitrack tape recording. June 10 1952The polyester film Mylar was trademark registered1902A patent for the window envelope for letters was granted to H.F. Callahan 1706John Dollond, English optician and inventor who was granted the first patent for an achromatic lens1832Nicolaus Otto, German automobile designer who invented an effective gas motor engine and the first practical four-stroke internal combustion engine, called the Otto Cycle Engine1908Ernst Chain, German chemist and bacteriologist who invented a manufacturing process for Penicillin G Procaine and made it available as medication (Nobel Prize, 1945)1913Wilbur Cohen was the first hired employee of the Social Security System June 11 1895Charles Duryea patented a gasoline-powered automobile 1842Carl von Linde, German engineer and physicist who wrote the Linde-process1867Charles Fabry, scientist who discovered the ozone layer in the upper atmosphere1886David Steinman, American engineer and bridge designer who built the Hudson and Triborough bridges1910Jacques-Yves Cousteau, French oceanic explorer who invented diving gear June 12 1928The brightly colored, candy-coated, licorice candy, Good and Plenty was trademark registered 1843David Gill, Scottish astronomer known for research on measuring astronomical distances, astrophotography, and geodesy1851Oliver Joseph Lodge, English radio pioneer who invented spark plugs June 13 1944Patent No. 2,351,004 was granted to Marvin Camras for the magnetic tape recorder 1773Thomas Young, British philologist and physician who established the wave theory of light1831James Clerk Maxwell, Scottish physicist who discovered the electromagnetic field1854Charles Algernon Parsons, British inventor of the steam turbine1938Peter Michael, English electronic manufacturer and founder of Quantel, who invented hardware and software packages for video production, including UEI and Paintbox June 14 1927George Washington Carver received a patent for a process of producing paints and stains 1736Charles-Augustin de Coulomb, French physicist who wrote Coulombs Law and invented the torsion balance1868Karl Landsteiner, Austrian immunologist and pathologist who invented the modern system of classification of blood groups (Nobel Prize, 1930)1912E. Cuyler Hammond, scientist who was the first to prove that smoking causes lung cancer1925David Bache, English car designer who invented the Land Rover and Series II Land Rover1949Bob Frankston, computer programmer and inventor of VisiCalc June 15 1844Charles Goodyear was granted patent No. 3,633 for vulcanized rubber 1932Einar Enevoldson, American test pilot for NASA June 16 1980The Supreme Court declared in Diamond v. Chakrabarty that living organisms are products of human ingenuity are patentable 1896Jean Peugeot, French auto manufacturer who invented Peugeot automobiles1899Nelson Doubleday, American publisher who was the founder of Doubleday Books1902Barbara McClintock, American cytogeneticist, who lead in the development of maize cytogenetics (Nobel Prize 1983)1902George Gaylord Simpson, American paleontologist and expert on extinct mammals and their intercontinental migrations1910Richard Maling Barrer, chemist and the founding father of zeolite chemistry June 17 1980Ataris Asteroids and Lunar Lander are the first two video games to be copyright registered 1832William Crookes, English chemist and physicist who invented the Crookes tube and discovered thallium1867John Robert Gregg, Irish inventor of shorthand1870George Cormack, inventor of Wheaties cereal1907Charles Eames, American furniture and industrial designer1943Burt Rutan, American aerospace engineer who invented the light, strong, unusual-looking, energy-efficient Voyager aircraft, the first plane to fly around the world without stopping or refueling June 18 1935Rolls-Royce was trademark registered 1799Prosper Meniere, French ear doctor who identified Meniere Syndrome1799William Lassell, astronomer who discovered the moons of Uranus and Neptune1944Paul Lansky, American electronic-music composer and a pioneer in the development of computer music languages for algorithmic composition June 19 1900Michael Pupin granted a patent for long-distance telephony1940Brenda Starr, the first cartoon strip by a woman, appeared in a Chicago newspaper 1623 Blaise Pascal, French mathematician and physicist who invented an early calculator1922Aage Neals Bohr, Danish physicist who researched the atomic nucleus (Nobel Prize, 1975) June 20 1840Samuel Morse was granted a patent for telegraphy signals 1894Lloyd Augustus Hall, American food chemist who invented food preservation methods June 21 1834Cyrus McCormick of Virginia patented the reaper for the cultivation of grain 1876Willem Hendrik Keesom, Dutch physicist who was the first person to freeze helium gas into a solid1891Pier Luigi Nervi, Italian architect who designed the Nuove Struttura1955Tim Bray, Canadian inventor and software developer who wrote Bonnie, a Unix file system benchmarking tool; Lark, the first XML Processor; and APE, the Atom Protocol Exerciser June 22 1954The antacid Rolaids was trademark registered1847The donut was invented 1701Nikolaj Eigtved, Danish architect who built Christiansborg Castle1864Hermann Minkowski, German mathematician who created a geometry of numbers, and who used geometrical methods to solve difficult problems in number theory, mathematical physics and the theory of relativity1887Julian S. Huxley, English biologist who was a proponent of natural selection, the first director of UNESCO, and a founding member of the World Wildlife Fund1910Konrad Zuse, German civil engineer and computer pioneer who invented the first freely programmable computer June 23 1964Arthur Melin was granted a patent for his Hula-Hoop 1848Antoine Joseph Sax, Belgian inventor of the saxophone1894Alfred Kinsey, entomologist and sexologist, who wrote the famous Kinsey Report on American Sexuality1902Howard Engstrom, American computer designer who promoted the use of the UNIVAC computer1912Alan Turing, mathematician and computer theory pioneer, who invented the Turing Machine1943Vinton Cerf, American inventor of internet protocol June 24 1873Mark Twain patented a scrapbook1963The first demonstration of a home video recorder took place at BBC Studios in London, England 1771E.I. du Pont, French chemist and industrialist, who founded the gunpowder manufacturing company E.I. du Pont de Nemours and Company, now just called Du Pont1883Victor Francis Hess, American physicist who discovered cosmic rays (1936, Nobel Prize)1888Gerrit T. Rietveld, Dutch architect who built Juliana Hall and Sonsbeek Pavillion1909William Penney, British physicist who invented the first British atom bomb1915Fred Hoyle, cosmologist who proposed steady-state universe theory1927Martin Lewis Perl, American physicist who discovered the tau lepton (Nobel Prize, 1995) June 25 1929A patent was granted to G.L. Pierce for a basketball 1864Walther Hermann Nernst, German physical chemist and physicist who is known for his theories behind the calculation of chemical affinity as embodied in the third law of thermodynamics, and for developing the Nernst equation (Nobel Prize, 1920)1894Hermann Oberth, German rocket scientist who invented the V2 rocket1907J. Hans D. Jensen, German physicist who discovered the atomic nucleus (Nobel Prize, 1963)1911William Howard Stein, American biochemist who was known for his work on ribonuclease and for his contribution to the understanding of the connection between chemical structure and catalytic activity of the ribonuclease molecule (Nobel Prize, 1972)1925Robert Venturi, American modern architect who built the Sainsbury Wing of the National Gallery, Wu Hall at Princeton and the Seattle Art Museum June 26 1951The childrens game Candy Land was trademark registered. 1730Charles Joseph Messier, astronomer who catalogued M objects1824William Thomson Kelvin, British physicist who invented the Kelvin scale1898Willy Messerschmitt, German aircraft designer and manufacturer who invented the Messerschmitt Bf 109 fighter plane, the most important fighter in the German Luftwaffe1902William Lear, engineer and manufacturer, who invented jets and eight-track tape, and founded the Lear Jet company1913Maurice Wilkes invented the stored program concept for computers June 27 1929The first color television was demonstrated in New York City1967Baltimore Orioles and NY Jets trademarks were registered1967The name Kmart was trademark registered 1880 Helen Keller was the first deaf and blind person to earn a bachelor of arts degree June 28 1917Raggedy Ann doll was invented1956First atomic reactor built for private research starts operations in Chicago 1824Paul Broca, French brain surgeon, the first person to locate the speech center of the brain1825Richard ACE Erlenmeyer, German chemist, who invented the conical Erlenmeyer flask in 1961, discovered and synthesized several organic compounds, and formulated the Erlenmeyer rule1906Maria Goeppert Mayer, American atomic physicist, who proposed the nuclear shell model of the atomic nucleus (Nobel Prize, 1963)1912Carl F. von Weiszacker, German physicist, who performed nuclear research in Germany during WWII1928John Stewart Bell, Irish physicist who wrote Bells Theorem June 29 1915Juicy Fruit chewing gum was trademark registered 1858George Washington Goethals, civil engineer who built the Panama Canal1861William James Mayo, American surgeon who started the Mayo Clinic1911Klaus Fuchs, German nuclear physicist who worked on the Manhattan Project and was arrested for being a spy June 30 1896William Hadaway was issued a patent for the electric stove 1791Felix Savart, French surgeon and physicist who formulated the Biot-Savart Law1926Paul Berg, American biochemist known for his contributions to research in nucleic acids

Monday, October 21, 2019

Imperialist vs Anti- Imperialist essays

Imperialist vs Anti- Imperialist essays The United States has had a long tradition of territorial expansion across the continent so it is easy to understand why the notion of imperialism was so easily accepted by such a large number of people. And to back this imperialist sentiment we had things like the Monroe Doctrine, the Manifest Destiny, Social Darwinism, overabundance of industrial goods, and the military advantages of acquiring new territory. There were others who felt much differently about the concept of imperialism. The other group of people felt it was wrong so they formed the Anti-Imperialist League. The Anti-Imperialist League fought and campaigned against imperialism. And aiding the anti-imperialist sentiment were the struggles for Cuban and Filipino independence, the true meaning of independence, Whenever we felt the need to expand our boundaries and acquire new territories we would purchase, negotiate, or conquer the desired land. These were the methods we used to acquire territories like Florida, Louisiana, Texas, New Mexico, California, and Oregon, from England, France, and Spain. Our imperialist ways are precisely the reason why we own as much of the country as we do. I mean if we would have left it up to England, France, or Spain they would still own the other half of our country. But, our imperialist motives did not stop there first we had the Monroe Doctrine, which expressed U.S. hostility towards Europeans intervening in affairs occurring in our half of the hemisphere. Later an idea called Manifest Destiny emerged this was the idea that since we were of Anglo-Saxon decent we were superior and our industrial, political, and military strength were proof of that superiority thus we carried the responsibility to extend our rule and prosperity to the less-able people. The ...

Sunday, October 20, 2019

Discover the Code-Breaking History of the Rosetta Stone

Discover the Code-Breaking History of the Rosetta Stone The Rosetta Stone, which is housed in the British Museum, is a black, possibly basalt slab with three languages on it (Greek, demotic and hieroglyphs) each saying the same thing. Because the words are translated into the other languages, it provided Jean-Francois Champollion the key to the mystery of Egyptian hieroglyphs. Discovery of the Rosetta Stone Discovered at Rosetta (Raschid) in 1799, by Napoleons army, the Rosetta Stone proved the key to deciphering Egyptian hieroglyphs. The person who found it was Pierre Francois-Xavier Bouchards, a French officer of engineers. It was sent to the Institut dEgypte in Cairo and then taken to London in 1802. Rosetta Stone Content The British Museum describes the Rosetta Stone as a priestly decree affirming the cult of 13-year-old Ptolemy V. The Rosetta Stone tells of an agreement between Egyptian priests and the pharaoh on March 27, 196 B.C. It names honors bestowed on Macedonian Pharaoh Ptolemy V Epiphanes. After praising the pharaoh for his generosity, it describes the siege of Lycopolis and the kings good deeds for the temple. The text continues with its main purpose: establishing a cult for the king. Related Meaning for the Term Rosetta Stone The name Rosetta Stone is now applied to just about any type of key used to unlock a mystery. Even more familiar may be a popular series of computer-based language-learning programs using the term Rosetta Stone as a registered trademark. Among its growing list of languages is Arabic, but, alas, no hieroglyphs. Physical Description of the Rosetta Stone From the Ptolemaic Period, 196 B.C.Height: 114.400 cm (max.)Width: 72.300 cmThickness: 27.900 cmWeight: about 760 kilograms (1,676 lb.). Location of the Rosetta Stone Napoleons army found the Rosetta Stone, but they surrendered it to the British who, led by Admiral Nelson, had defeated the French at the Battle of the Nile. The French capitulated to the British at Alexandria in 1801 and as terms of their surrender, handed over the artifacts they had unearthed, chiefly the Rosetta Stone and a sarcophagus traditionally (but subject to dispute) attributed to Alexander the Great. The British Museum has housed the Rosetta Stone since 1802, except for the years 1917-1919 when it was temporarily moved underground to prevent possible bomb damage. Prior to its discovery in 1799, it had been in the town of el-Rashid (Rosetta), in Egypt. Languages of the Rosetta Stone The Rosetta Stone is inscribed in 3 languages: Demotic (the everyday script, used to write documents),Greek (the language of Ionian Greeks, an administrative script), andHieroglyphs (for priestly business). Deciphering the Rosetta Stone No one could read hieroglyphs at the time of the discovery of the Rosetta Stone, but scholars soon pieced out a few phonetic characters in the demotic section, which, by comparison with the Greek, were identified as proper names. Soon proper names in the hieroglyphic section were identified because they were circled. These circled names are called cartouches. Jean-Francois Champollion (1790-1832) was said to have learned enough Greek and Latin by the time he was 9-years-old to read Homer and Vergil (Virgil). He studied Persian, Ethiopic, Sanskrit, Zend, Pahlevi, and Arabic, and worked on a Coptic dictionary by the time he was 19. Champollion finally found the key to translating the Rosetta Stone in 1822, published in Lettre M. Dacier.

Saturday, October 19, 2019

Research paper on global warming Essay Example | Topics and Well Written Essays - 1000 words

Research paper on global warming - Essay Example Research into the subject reveals that reducing greenhouse gasses through the development of renewable energy would provide tremendous benefits to the country. By understanding the effects of greenhouse gasses on the atmosphere we breathe, the water cycle we’re truly dependent on and the resulting effects these changes will have on the landmasses we live on, it can be seen how the development of new forms of energy can introduce highly beneficial changes into our lifestyles and future. The rising global temperature is and will continue to cause major changes to the environment which in turn will negatively affect the U.S. economy to an extent that can only be speculative. What is known is that the impact will be nothing short of catastrophic regarding both the earth and economy. Only by quickly implementing alternative sources of automobile fuel and electricity on a large scale can this looming disaster be averted. Worldwide, carbon dioxide emissions are creating widespread health impacts even as greater numbers of people begin using cars for longer distances (Dearry, 2004: A600). Eighty percent of the world’s population accounts for just 35 percent of CO2 emissions while the United States is responsible for generating nearly half of this amount. Automobiles are the main cause of air pollution with toxins emitted from stacks at coal-burning electric power plants running a close second (Dahl, 2005: A239). In addition to CO2 emissions, vehicles emit carbon mo noxides (CO), hydrocarbons (HC) and nitrogen oxides (NOx), all of which contribute to global warming (Energy Information Administration, 2004). At the same time, these emissions begin to break down the overall health of the population with increases in respiratory diseases and other illnesses as a result of the chemicals being pulled deep into our lungs (Carter in NOW, 2007). Thus, our

Friday, October 18, 2019

Coorinating Emergency Response - Crisis Management Essay

Coorinating Emergency Response - Crisis Management - Essay Example Myanmar Government preferred government to government aid. AmeriCares required permission for airlift supplies which was a challenging and proved to be time taking process. The efforts could have brought more differences in relieving people from suffering and dying. The political pressure was high in the case of efforts of AmeriCares. However during such kind of natural disaster the effort should be to ensure proper assessment of disaster, coordination among various teams of rescue efforts, proper flow of food, medical and other supplies for relief, coordinating response through public information officers and media channels, collaboration of global efforts for the rescue and relief operations, informing public about their lost relatives, friends and dear ones and informing general public about disaster. However political situation of Myanmar did not allow all these things. Once disaster takes place in certain area, depending upon the nature of disaster and damage caused to the communication network, disaster management team finds out alternatives for communication to ensure proper flow of communication. In major disasters, communication infrastructure gets damaged or destroyed. Government agencies and disasters management agencies should have an alternative communication strategy for disasters. The information sent or receive should be short, clear and simple. An effective communication strategy during any disaster supports the coordination activities and helps in rescue and damage control operations. The Transitional Fires are significantly dangerous as the exposure of firefighters is high on hourly basis and is very risky for them. It is highly risky for resulting in injuries and fatality. It is threatening for the firefighters and influences their level of motivations negatively. The crisis management and emergency response to the transition fire requires combined efforts of Forest Service Firefighters, researchers and analysts. These can

EB Outcomes Essay Example | Topics and Well Written Essays - 1000 words

EB Outcomes - Essay Example This paper will discuss the implementation of a change program covering poor hand washing among healthcare service providers at Veema center, which has been found to cause adverse outcomes, during service delivery (Titler, 2008). Planning for Change This stage will cover the phases of preparation (Phase I), Validation (Phase II), and Decision making/ Comparative Evaluation (Phase III) From the evidence given studies, including Garrette (2013) and Canham (2011) hand hygiene is acknowledged by control experts and infection prevention personnel, as the single and most effective measure that helps in reducing the spread of infections in the community and at health care settings (Garrette, 2013). This is the case, because the hands are transmission areas between individuals and the objects, as well as the surfaces within the healthcare environment. Some of the objects that can transfer infections in the healthcare setting include blood pressure cuffs. The means of hand hygiene include tha t of using soap and water, and using alcohol-based products, in the cases where water and soap cannot be used. The World Health Organization (WHO) and the CDC (Center for Disease Control and Prevention) maintain that hand hygiene can aid healthcare providers to uphold quality practice, and patient safety (Pittet, Allegranzi & Boyce, 2009). The practice of extensive hand washing will lessen the risk of infection between patients, lessen the infection of healthcare personnel, and lessen the cases of morbidity, mortality and the costs incurred during the treatment of infection-based conditions (Garrette, 2013). In preparation for the change, a survey was administered to the personnel at the health care center, aiming at realizing the factors limiting hand hygiene. Some of the factors explained as causes of poor hand hygiene at the health center and from studies like Garrette (2013) and Pittet, Allegranzi and Boyce (2009) include that hand washing agents leads to dryness and the irritat ion of the skin; sinks are not available in convenient areas and there is also a lack of soap, water, and disposable towels for drying hands. Others include understaffing, giving priority to patient care needs, disagreement with hand hygiene directives and the low risk of getting infected by patients (Cambell, 2010). Towards ensuring that the factors affecting hand hygiene at the Veema health center are addressed through consulting the medical personnel at the center, when developing the best recommendations on hand hygiene. Secondly, the materials required for hand hygiene, which may not be available should be supplied at all times and hand washing areas should be available at all areas, including wards, casualty and admission centers. From the evidence of studies like Garrette (2013) and Pittet, Allegranzi and Boyce (2009), alcohol-based agents should be used for hand washing, before and after patient contact, after removing gloves, and in emergency situations where water is not a vailable. Implementing the EBP Project (Phase IV Translation/ Application) Towards the implementation of the project, a team will be formed, comprising of staff nurses and doctors, clinical nurse specialists, departmental nurse administrators, nurse and doctor researchers and infection control nurse and

Real Estate Price Volatility Research Paper Example | Topics and Well Written Essays - 1000 words

Real Estate Price Volatility - Research Paper Example In this context, the present paper attempts to discuss about one of the early developed models that is still prevalent in the present economic scenario. The model was developed by R. Engle in 1982, which came to be known as Autoregressive Conditional Heteroskedasticity (ARCH). The paper also attempts to through lights on how effective is the model in the present real estate climate in the United States of America with particular reference to California. The paper takes an analytical approach wherein the model is suggested with a brief explanation of its application, merits and demerits. The various stakeholders (participants) in the real estate market comprising of real estate investors, banks, non-bank financial institutions, portfolio managers have always been curious to predict the local housing prices. Naturally, they have always encouraged the attempts to evolve mathematical models that can prevent the losses and chaos from the volatility of real estate prices. Parties who are also interested in housing prices estimating models include managers of banks, Real Estate Investment Trusts (REITs), and homebuilding companies. Prior models have tried to incorporate many of the macroeconomic variables including the bubbles and crashes in the stock market. Experts such as Alan Stockman and Tesar Linda, Lane Philip and Girouard N and Bl'ndal have described the housing price behavior from a dynamic general equilibrium point of view (Stockman and Tesar, 1995, Girouard and Bl'ndal, 2001 and Lane, 2001). Studies undertaken by Driffill John and Sola Martin explored the model in the context of market bubbles (Driffill and Sola 1998). Attempts have also been done to evolve a model that incorporate the interaction of an array of variables such as transactions in the real estate sector, changes in the demography of participants, and macro factors comprising of diversity in the income distribution and changes in the economic activity as a whole. For example, Francois Ortalo-Magne and Rady Sven have studied these aspects through a significant research (Ortalo-Magne and Rady 1998, 1999, 2003a and 2003b). Economic Analysis The model developed by R. Engle in 1982 is found relevant in the present scenario where traditional models that describe variables such as location factors, structural variables and floor area and income are no longer valid (Engle 1982). This model was coined as Autoregressive Conditional Heteroskedasticity (ARCH). The basic contention of this model is that housing price prediction should take care of time-varying volatility and studied through time series analysis. The Model The ARCH model was developed using mathematical and statistical notations and theories. For a better understanding of the model, the ARCH process consisting of conditional mean process and a conditional variance process will have to be known. The conditional mean process is developed in conformity to the standard Autoregressive Moving Average (ARMA) equation (Engle 1982). Where, Rt is the return on average home prices on a monthly basis, e, and s2 are constants. Through this model, Engle try to analyze and incorporate the pricing behavior with two