Why Do Computers Depreciate?

The value of installed computers falls rapidly and therefore computers have a very high user cost. The paper provides a complete account of the non-financial user cost of personal computers -- decomposing it into replacement cost change, obsolescence, instantaneous depreciation, and age-related depreciation. The paper uses data on the resale price of computers and a hedonic price index for new computers to achieve this decomposition. Once obsolescence is taken into account, age-related depreciation -- which is often identified as deterioration -- is estimated to be negligible. While the majority of the loss in value of used computers comes from declines in replacement cost, this paper shows the second most important source of decline in value is obsolescence. Obsolescence is accelerated by the decline in replacement cost of computers. Cheaper computing power drives developments in software and networks that make older computers less productive even though their original functionality remains intact.

Displaced Capital

This paper studies the efficiency with which physical capital can be reallocated across sectors. It presents a model of a firm selling specialized capital in a thin resale market. The model predicts that the selling price depends not only on the sectoral specificity of capital, but also on the thinness of the market and the discount factor of the firm. It then provides empirical evidence on the sectoral mobility of capital based on equipment-level data from aerospace industry auctions. These data track the flow of used capital across industries, as well as the discounts at which the capital sells. The results suggest substantial sectoral specificity of capital. Capital that flowed out of the sector sold for only one-third of its estimated replacement cost.

What Trump and Clinton’s personality traits tell us about how they might govern as president.

During the course of the 2016 presidential election, the topic of candidate temperament and fitness for office has been widely discussed. Adam J. Ramey, Jonathan D. Klingler, and Gary E. Hollibaugh, Jr. show how their personality traits can be estimated from their speech, and what these estimates imply for how they might govern from the White House: Clinton is likely to push substantive policies and back them up, while Trump would push for bolder and more costly proposals, without as much follow-through

Explaining Africa’s public consumption procyclicality : revisiting old evidence

This paper compiles a novel dataset of time-varying measures of government consumption cyclicality for a panel of 46 African economies between 1960 and 2014. Government consumption has, generally, been highly procyclical over time in this group of countries. However, sample averages hide serious heterogeneity across countries with the majority of them showing procyclical behavior despite some positive signs of graduation from the “procyclicality trap” in a few cases. By means of weighted least squares regressions, we find that more developed African economies tend to have a smaller degree of government consumption procyclicality. Countries with higher social fragmentation and those are more reliant on foreign aid inflows tend to have a more procyclical government consumption policy. Better governance promotes counter- cyclical fiscal policy whileincreased democracy dampens it. Finally, some fiscal rules are important in curbing the procyclical behavior of government consumption.info:eu-repo/semantics/publishedVersio

Cryo-Vacuum Testing of the Integrated Science Instrument Module for the James Webb Space Telescope

With delivery of the science instruments for the James Webb Space Telescope (JWST) to Goddard Space Flight Center (GSFC) expected in 2012, current plans call for the first cryo-vacuum test of the Integrated Science Instrument Module (ISIM) to be carried out at GSFC in early 2013. Plans are well underway for conducting this ambitious test, which will perform critical verifications of a number of optical, thermal, and operational requirements of the IS 1M hardware, at its deep cryogenic operating temperature. We describe here the facilities, goals, methods, and timeline for this important Integration & Test milestone in the JWST program

Classification of human chromosomes in context using constrained Markov networks and Bayesian probability

This thesis presents a system for the classification for human chromosomes in cell context, using constrained Markov networks and Bayesian probability. The system presupposes that the networks already exist, the chromosomes have been classified in isolation, a normal cell is analyzed such that there are no missing or extra chromosomes, and the sex chromosomes are excluded. Statistical methods, alignment probabilities from constrained Markov networks, and information when considering the chromosomes as isolated objects are used to classify chromosomes in cell-context. For classification in cell-context, classification accuracy is 100% until the confusion matrix is changed. Since the channel model is the fundamental structure, the probability of correct classification in cell-context is much greater than the probability of any errors. The product of probabilities is close enough that the correct chromosome types are forced. As a result, the system always chooses the correct vector which maximizes overall classification. The results are surprising, but the performance is degraded by significantly altering the Classification Confusion Matrix. Classification accuracy improves by 3.1% for classes A and B combined and about 10.2% for classes F and G combined compared to previous results for classes A, B, F, and G in isolation

Maintaining Personal Resiliency: Lessons Learned from Evangelical Protestant Clergy

Despite the prominence of clergy in providing human services, and the work-related stressors they experience, clergy health and coping responses have rarely been the focus of psychological research. We report two studies. In the first, we evaluated responses of 398 senior pastors to three open-ended questions regarding personal coping, structural support for their work, and remediation efforts in times of distress. In the second study, Christian mental health professionals and Christian education professionals identified Protestant Christian clergy who exemplify emotional and spiritual health. Twenty-six participated in individual 30-minute interviews. Respondents emphasized the importance of being intentional in maintaining balance in life and developing healthy relationships. They also value a vital spiritual life, emphasizing both their sense of calling into ministry the importance of spiritual disciplines, and an ongoing awareness of God's grace. We suggest ways that Christian mental health professionals can support pastors in preventive and remedial roles. </jats:p