Hedging Housing Risk

An unusually rich source of data on housing prices in Stockholm is used to analyze the investment implications of housing choices. This empirical analysis derives market-wide price and return series for housing investment during a 13-year period, and it also provides estimates of the individual-specific, idiosyncratic, variation in housing returns. Because the idiosyncratic component follows an autocorrelated process, the analysis of portfolio choice is dependent upon the holding period. We analyze the composition of household investment portfolios containing housing, common stocks, stocks in real estate holding companies, bonds and t-bills. For short holding periods, the efficient portfolio contains essentially no housing. For longer periods, low risk portfolios contain 15 to 50 percent housing. These results suggest that there are large potential gains from policies or institutions that would permit households to hedge their lumpy investments in housing. We estimate the potential value of hedges in reducing risk to households, yet yielding the same investment returns. The value is surprisingly large, especially to poorer homeowners.Portfolio Risk; House Price Index; Hedging

Robust High-Dynamic-Range Vector Magnetometry via Nitrogen-Vacancy Centers in Diamond

We demonstrate a robust, scale-factor-free vector magnetometer, which uses a closed-loop frequency-locking scheme to simultaneously track Zeeman-split resonance pairs of nitrogen-vacancy (NV) centers in diamond. Compared with open-loop methodologies, this technique is robust against fluctuations in temperature, resonance linewidth, and contrast; offers a three-order-of-magnitude increase in dynamic range; and allows for simultaneous interrogation of multiple transition frequencies. By directly detecting the resonance frequencies of NV centers aligned along each of the diamond's four tetrahedral crystallographic axes, we perform full vector reconstruction of an applied magnetic field

Ultra Fast Nonlinear Optical Tuning of Photonic Crystal Cavities

We demonstrate fast (up to 20 GHz), low power (5 $\mu W$) modulation of photonic crystal (PC) cavities in GaAs containing InAs quantum dots. Rapid modulation through blue-shifting of the cavity resonance is achieved via free carrier injection by an above-band picosecond laser pulse. Slow tuning by several linewidths due to laser-induced heating is also demonstrated

Low-control and robust quantum refrigerator and applications with electronic spins in diamond

We propose a general protocol for low-control refrigeration and thermometry of thermal qubits, which can be implemented using electronic spins in diamond. The refrigeration is implemented by a probe, consisting of a network of interacting spins. The protocol involves two operations: (i) free evolution of the probe; and (ii) a swap gate between one spin in the probe and the thermal qubit we wish to cool. We show that if the initial state of the probe falls within a suitable range, and the free evolution of the probe is both unital and conserves the excitation in the $z$-direction, then the cooling protocol will always succeed, with an efficiency that depends on the rate of spin dephasing and the swap gate fidelity. Furthermore, measuring the probe after it has cooled many qubits provides an estimate of their temperature. We provide a specific example where the probe is a Heisenberg spin chain, and suggest a physical implementation using electronic spins in diamond. Here the probe is constituted of nitrogen vacancy (NV) centers, while the thermal qubits are dark spins. By using a novel pulse sequence, a chain of NV centers can be made to evolve according to a Heisenberg Hamiltonian. This proposal allows for a range of applications, such as NV-based nuclear magnetic resonance of photosensitive molecules kept in a dark spot on a sample, and it opens up possibilities for the study of quantum thermodynamics, environment-assisted sensing, and many-body physics

Bright Room-Temperature Single Photon Emission from Defects in Gallium Nitride

Single photon emitters play a central role in many photonic quantum technologies. A promising class of single photon emitters consists of atomic color centers in wide-bandgap crystals, such as diamond silicon carbide and hexagonal boron nitride. However, it is currently not possible to grow these materials as sub-micron thick films on low-refractive index substrates, which is necessary for mature photonic integrated circuit technologies. Hence, there is great interest in identifying quantum emitters in technologically mature semiconductors that are compatible with suitable heteroepitaxies. Here, we demonstrate robust single photon emitters based on defects in gallium nitride (GaN), the most established and well understood semiconductor that can emit light over the entire visible spectrum. We show that the emitters have excellent photophysical properties including a brightness in excess of 500x10^3 counts/s. We further show that the emitters can be found in a variety of GaN wafers, thus offering reliable and scalable platform for further technological development. We propose a theoretical model to explain the origin of these emitters based on cubic inclusions in hexagonal gallium nitride. Our results constitute a feasible path to scalable, integrated on-chip quantum technologies based on GaN

Theory of Pump Depletion and Spike Formation in Stimulated Raman Scattering

By using the inverse spectral transform, the SRS equations are solved and the explicit output data is given for arbitrary laser pump and Stokes seed profiles injected on a vacuum of optical phonons. For long duration laser pulses, this solution is modified such as to take into account the damping rate of the optical phonon wave. This model is used to interprete the experiments of Druhl, Wenzel and Carlsten (Phys. Rev. Lett., (1983) vol. 51, p. 1171), in particular the creation of a spike of (anomalous) pump radiation. The related nonlinear Fourier spectrum does not contain discrete eigenvalue, hence this Raman spike is not a soliton.Comment: LaTex file, includes two figures in LaTex format, 9 page

'Debating 'The Rediscovery of Liberalism' in Zambia: Responses to Harri Englund

In Africa 83(4) (November 2013), Harri Englund discussed several recent books on Zambia published preceding the country’s fiftieth independence anniversary. His article explored the ways in which recent publications by Zambian and Zambianist authors have launched a fresh research agenda, and he focused in particular on the scholarly engagement with liberalism. Below, we publish responses from David M.Gordon, Bizeck Jube Phiri and Giacomo Macola, whose work was discussed in this article, and a comment by James Ferguson on more scholarly directions

B-Function Expression in the Flower Center Underlies the Homeotic Phenotype of Lacandonia schismatica (Triuridaceae)

Spontaneous homeotic transformations have been described in natural populations of both plants and animals, but little is known about the molecular-genetic mechanisms underlying these processes in plants. In the ABC model of floral organ identity in Arabidopsis thaliana, the B- and C-functions are necessary for stamen morphogenesis, and C alone is required for carpel identity. We provide ABC model-based molecular-genetic evidence that explains the unique inside-out homeotic floral organ arrangement of the monocotyledonous mycoheterotroph species Lacandonia schismatica (Triuridaceae) from Mexico. Whereas a quarter million flowering plant species bear central carpels surrounded by stamens, L. schismatica stamens occur in the center of the flower and are surrounded by carpels. The simplest explanation for this is that the B-function is displaced toward the flower center. Our analyses of the spatio-temporal pattern of B- and C-function gene expression are consistent with this hypothesis. The hypothesis is further supported by conservation between the B-function genes of L. schismatica and Arabidopsis, as the former are able to rescue stamens in Arabidopsis transgenic complementation lines, and Ls-AP3 and Ls-PI are able to interact with each other and with the corresponding Arabidopsis B-function proteins in yeast. Thus, relatively simple molecular modifications may underlie important morphological shifts in natural populations of extant plant taxa

Changes in knee joint load indices from before to 12 months after arthroscopic partial meniscectomy:a prospective cohort study

Patients undergoing arthroscopic partial meniscectomy (APM) are at increased risk of knee osteoarthritis (OA). Meniscal damage and/or surgery may alter knee joint loading to increase OA risk. We investigated changes in knee joint loading following medial APM surgery, compared with the contra-lateral leg