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Operator s Dilemma. How to take advantage of the growing mobile Internet. Notava uaxes White Paper. Dr. Risto Suoranta, CTO, Notava
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1 Operator s Dilemma How to take advantage of the growing mobile Internet Notava uaxes White Paper Dr. Risto Suoranta, CTO, Notava Antti Lappeteläinen, uaxes product m anager, Notava. May 2010 V1.0
2 Executive summary In recent years several simultaneous transitions has happened. 3G network evolution with HSPA have reached the level that mobile broadband offering with flat rate pricing start to be a competitive alternative for the fixed broadband offers. Internal 3G modems and USB dongles are enabling mobile broadband communication in new laptops and notebook PCs. New generation smartphones like iphone are bringing the Internet experience for the mobile device users. In addition, the use of new Internet services is gaining popularity among mobile users. Long touted and predicted phenomenon is finally happening Internet goes mobile. Internet has been growing steadily 2010 Internet is globally transporting TB of data per month. Until 2009 traffic in mobile networks was mostly originated from voice service but in 2009 the amount of data bits has been surpassing the voice originated bits in cellular networks. With growing numbers, Internet data bits have started to flow into the mobile networks. In 2007 the monthly data traffic in mobile networks was TB while the monthly data traffic in 2014 is estimated to be TB traffic more than doubling every year leading to 240-fold growth in seven years! This disruptive growth will change the mobile industry. Moreover, evolution is not able to cope with the growth of that size. New thinking and new solutions are needed. Technology wise WiFi technology seems to be one of the key solutions to help operators to survive and turn this disruption into a lucrative business opportunity. In this paper we are giving further insight to this spectacular growth of the mobile data and discuss about how the WiFi technology can help the operator to turn this overwhelming growth to be an opportunity instead of a threat Notava 2(12)
3 Table of Contents 1 Internet grows and goes mobile New landscape for mobile network operators Operators challenge The first step - WiFi offloading Impacts to the business models WiFi offloading in cellular networks Conclusions References Notava 3(12)
4 1 Internet grows and goes mobile Recently Internet global traffic growth has been around 50% per year. During 2009 more than 120 Exabytes (10 18 ) of data has been transferred in Internet. It has been estimated that the fast growth continues and 500 Exabytes milestone will be passed in 2013 and Zettabyte (10 21 ) per year landmark will be achieved the year later. Most of that data is coming from consumer devices or services, with video being the number one application to generate the traffic [1][2]. Along the growth of the traffic in Internet, the penetration of Internet access is increasing in the developed countries the penetration is approaching 70% while in the developing countries the penetration is close to 20% (2009). In the developing countries the subscription plans for the fixed broadband access are relatively expensive in relation to the average income and thus the fixed broadband growth rate has been moderate. However, the lower cost of mobile broadband access is driving people to use mobile broadband subscriptions to utilize Internet services. It is predicted that in India in 2014 over 300 Million subscribers will be mobile only Internet users and the trend is the same in many other developing countries. At the same time tempting flat rate mobile data plans together with the Internet optimized mobile devices drive increasing mobile usage of the Internet in the developed countries as well. [3][11] It is predicted that in 2011 mobile Internet users will outnumber the fixed Internet users and majority of Internet users in the developing countries will have mobile only access to the Internet. Along the growth of smartphone penetration also the number of mobile Internet users will increase. Compared to the 1.8 Billion Internet users 4.5 Billion mobile subscribers form a huge source for the growth of the Internet. The global yearly smartphone penetration growth rate outpaces the growth of the Internet and the process is accelerating. UMTS Forum in its report has estimated the growth of mobile Internet user penetration as shown in Figure 1. Figure 1. Growing number of mobile broadband Internet users will outnumber the fixed broadband users during the year 2010 [9] The process of Internet going mobile does not mean that Internet is adopting the nature of mobile communication but more vice versa. The big shift is happening in the use patterns of mobile devices. Internet users are expecting to have access to those very same services that 2010 Notava 4(12)
5 they are using with their laptop and desktop PCs. Social media services, streaming video and music, e-commerce, online gaming are growing their popularity also in mobile use of the Internet. With new Internet enabled smartphones, Internet experience is starting to be close enough to fixed broadband experience and end users are able to start fully exploit Internet through wireless access. In addition, there is growing number of new innovative location based mobile services that are pushing further the mobile use of Internet.. Figure 2. Global monthly IP traffic in the whole Internet and in the Cellular networks In 2007 Internet total traffic volume was 5 Exabytes of data per month. In mobile networks the corresponding figure was pretty modest being 15 Petabytes (10 15 ) per month and representing only 0.3% of the Internet traffic volume. However, the annual growth rate of mobile data is over 100% beating clearly the overall Internet growth figures. According to Cisco report [1], in 2014 the yearly mobile data traffic will reach the level of 43 Exabytes while the total Internet yearly traffic volume will be on the level of 670 Exabytes [3] - mobile data representing 6.5% of the total volume of yearly Internet traffic. According to Cisco prediction mobile data traffic will increase 240 times during the period of and the portion of mobile data in the Internet is growing steadily as shown in Figure 3. Figure 3. The share of mobile data in Internet It is obvious that in the beginning, mobile data is not going to explode the Internet but the Internet data will do so in the wireless networks. The situation is like breaking the wall between mobile networks and the Internet. Adoption of use patterns, applications and services from the main stream Internet to the mobile use is really rewriting the rules how data will be consumed in the mobile networks. This phenomenon is not just prediction of the future the described rapid growth is taking place in many mobile networks today. This is 2010 Notava 5(12)
6 true especially in developed markets and in densely populated areas where 3G modems and devices like iphones are gaining growing popularity. The impact of iphone is depicted in the following diagram (Figure 4. ). Figure 4. New generation smartphones are shifting the mobile data usage to the new level [8] 2 New landscape for mobile network operators Disruptive growth of mobile data will be both an opportunity and a threat for companies in the telecom business. For operators the increasing number of mobile broadband subscriptions is providing steady path for revenue growth. Growing data traffic is also an opportunity but much more cumbersome to benefit from. One root cause for the growth of mobile broadband subscriptions has been the adoption of internet way to operate, and more specifically the adoption of flat rate pricing. Along the coming disruptive mobile data growth there is a huge demand for new network capacity although the flat rate pricing is not giving the promise for the operators of corresponding return on investment. With the current business models and the cost structure of the telecom industry, it seems that the investment in new cellular capacity to fulfill the demand may not be so straightforward business decision. The analysis of Chetan Sharma Consulting shows that the cost of required new capacity will exceed the anticipated revenue growth obtained from the growing mobile data business [6]. Unsustainable business impact is illustrated in Figure Notava 6(12)
7 Figure 5. Estimated revenue growth vs. required new capacity investments in mobile broadband business [6]. Another big challenge is that the coming growth on demand is so overwhelming that cellular wireless networks with limited available spectrum and practical cell sizes can supply only partial solution for the growing demand. To provide enough capacity to meet the expanding demand, also other wireless technologies need to be utilized. Majority of smartphones and portable PCs are already providing an option to use WiFi connections to access the Internet. Growing number of data bytes from smartphones go through WiFi access points instead of 3G networks. It is even claimed that already now 60% of iphones Internet traffic is routed through WiFi connections. 2.1 Operators challenge End-users are both willing and ready to start using all the Internet services with new generation mobile devices. This creates a very lucrative business landscape for MNOs. However, to reach the full potential of new opportunities, operators need to adapt their current strategies, business models and operational modes to match the new environment. Today operators own the mobile data business by exploiting the ownership of cellular networks. The outlook that mobile data shall grow far beyond the capacity of cellular networks, put challenge to operators, whether they want to stick to the known profitable cellular business or do they want to be in the driver seat of the mobile data business also in the future. The challenge is both in the selections of utilized technologies and in the applied business models. Technology wise most of the operators are betting on the new generation cellular technologies together with complementary technologies like WiFi. Both solutions have their pros and cons. 4G or LTE will transfer operators from voice centric cellular networks to the data centric networks with additional capacity and appropriate coverage. The cost of this additional capacity comes with high price tag and it will take time to achieve high enough penetration of 4G capable devices. At the same time WiFi seems to be the technology to supply most of the required last mile capacity for the future mobile Internet. Furthermore, the great majority of new smartphones are already WiFi enabled providing excellent basis for immediate WiFi utilization. However, the heterogeneous and fragmented nature of Wifi capacity is making its utilization difficult. Nevertheless, if operators do not adopt the WiFi 2010 Notava 7(12)
8 technology, they at the same time give up the control of significant part of the mobile data traffic and related business. There are three main challenges in the WiFi usage: How to use WiFi with existing networks How to have access to the existing but fragmented WiFi capacity How to create an economically viable business model Majority of the operators are currently setting up their plans regarding WiFi usage. The first approach appears to be a simple cellular data offloading to the existing WiFi networks to relax the data congestion in cellular networks. However, lack of appropriate interworking schema is slowing down the adoption of the WiFi technology. Building dedicated WiFi capacity from scratch is neither much cheaper nor easier than building new cellular capacity: site contracts and costs, backhaul costs, indoor coverage, and many other practical challenges while building small cell networks in populated areas. The strength of WiFi solutions will be in the existing capacity: in public places, community networks, in new buildings infrastructure, homes WiFi access points are part of the Internet society infrastructure that diversity of different stake holders are installing in their neighborhoods. The challenge is how to harvest this ubiquitous capacity to be used in a managed and secure way and how to setup scalable business model and market place to make business based on this capacity. There are many businesses, communities, organizations, and authorities who are offering open and free WiFi capacity for the use of their associates. For operators the use of this kind of capacity for business purposes is legally and contractually pretty cumbersome. To guide subscribers to use open WiFi access points can be a serious security risk for customers and a big liability risk for operator itself. However, this kind of widely spread capacity can be very useful for offloading purposes as well if there was an appropriate framework to set up the contracts to allow utilization of these community type WiFi networks. Probably the owners of these open WiFi networks would be eager to earn some additional money for the maintenance and development of their networks if only the contractual setup would be simple enough. Business wise operators main challenge is how to match the required investment to the anticipated revenue growth. There are three ways to address the issue: Reduce the cost of the investment by using cheaper technology Accelerate the revenue growth using more diverse pricing models Find new customer segments to finance at least part of the required investment WiFi technology seems to be a very promising technology to provide solution to these challenges. By exploiting the existing ubiquitous WiFi capacity the cost structure of new data capacity will be much lower than the traditional way to expand cellular networks. Currently the use of flat rate pricing is limiting the growth of operators revenue stream. To maintain the freedom and flexibility to design business wise sensible pricing plans, it is required that also WiFi solutions with included business models support that goal. The managed Wifi offloading of cellular networks will maintain operators freedom to set up pricing models also beyond flat rate pricing to enable planning of profitable business Notava 8(12)
9 2.2 The first step - WiFi offloading WiFi offloading is a good alternative to provide extra capacity. Firstly, the PC and smartphone clients, that are generating most of the mobile traffic, are almost all WiFi enabled. Secondly, most of the data traffic is best-effort bulk IP - data being well supported by the WiFi networks. Thirdly, the installed base of indoor WLAN APs is phenomenal and the traffic is manly generated indoors. Fourthly, there are standardization efforts specifying how WiFi networks can be integrated with the cellular core networks in order to support operators value added services and seamless interworking. Although having several good arguments to use WiFi offloading there are a few major obstacles that have so far hindered the widespread usage of WiFi offloading by the mobile operators. how to acquire sufficient WiFi capacity and coverage for offloading how to enable flexibility and diversity in data plan pricing schemes how to provide simple but secure access with automatic credentials delivery how to control congestion of WiFi networks Securing sufficient coverage and capacity using the WiFi technology has doubted many operators. As WiFi technology operates in the unlicensed 2.4 GHz band with limited maximum transmission power, the traditional deployment approaches has not resulted in proper capacity and coverage for efficient offloading. Building broadband capacity using the WiFi technology practically requires indoor access point deployment, which is a cumbersome operation as most of the office and many residential building already have multiple WiFi networks installed. In order for the WiFi offloading to really take-off there must be a solution that allows operators to integrate own and 3 rd party WiFi networks into a single offloading pool. Users prefer flat rate data plans but for an operator such pricing is not always economically sustainable solution. Nevertheless, when the operator chooses the WiFi offloading scheme it should not be forced to fix its future data plan pricing options. Therefore, the WiFi offloading scheme should allow an operational mode where the operator dynamically pin points the clients for off-loading and on-loading. Along the growth of mobile data also WiFi networks shall suffer from congestion. To manage the situation operator needs to have sufficient means to monitor the WiFi network and control traffic flows to be able to balance the load between different networks. For end users it is not acceptable that offloading would degrade the quality-of-service they are experiencing therefore it is vital for operator to have appropriate tools to monitor also the QoS their subscribers are experiencing when they are offloaded. 2.3 Impacts to the business models With WiFi on board the operator business landscape will have some new elements and stake holders. Utilization of 3 rd party WiFi networks means in practice that the operator is buying WiFi capacity and selling it to its customers. Globally WiFi capacity is spread around and its 2010 Notava 9(12)
10 ownership is very fragmented which means that some kind of brokering entity is required to harvest the heterogeneous WiFi capacity and to sell it further, as a bigger chunk of capacity. In practice this would mean a birth of new business ecosystem to trade WiFi capacity. Stake holders of the new ecosystem would be WiFi capacity owners, brokers, service providers, and end users. There could be a diversity of capacity owners starting from private access point owners up to well organized WiFi operators. In offloading case the service provider would typically be mobile operator. However, it is easy to see that also other service providers would benefit from the opportunity to sponsor the access to their value added services. New approach of trading WiFi capacity can disrupt the way how operators are extending the capacity in their mobile data networks. It will also enable the birth of profitable WiFi brokering business which in turn will create a totally new business model and market place to make business with wireless access capacity. One can easily predict that we are currently witnessing the birth of a new business segment in the telecommunication industry. 3 WiFi offloading in cellular networks Offloading cellular traffic to other networks is not a new topic in mobile communication. In 3GPP standardization the utilization of WiFi access in mobile networks has been on agenda of many workgroups. Tight integration approach is called Generic Access Network (GAN) architecture in which all the traffic and cellular network signaling is routed through the WiFi network. The technology is better known as Unlicensed Mobile Access (UMA) which was, in the beginning, targeted to improve indoor coverage for the voice service in 2G networks. In 3GPP later releases GAN architecture has been extended to cover also 3G packet data protocols, and is called now as Enhanced Generic Access Network (EGAN) architecture. In EGAN architecture WiFi is providing an alternative radio access for standard 3G RAN. In the core network side there is a new gateway element called Enhanced Generic Access Network Controller (EGANC) which is a termination point for an IP-tunnel between the mobile device and the network. If the mobile device is EGAN capable and have an IP access it can connect itself to the EGAN enabled cellular core network using WiFi access as a route to Internet. 3GPP has also specified an alternative loosely coupled architecture to utilize WiFi networks. The approach is called Interworking Wireless LAN (IWLAN) architecture and it is a solution to transfer IP data between mobile device and operator s core network through the Wifi access. In the IWLAN architecture mobile device opens VPN/IPsec tunnel from the device to the dedicated IWLAN server in the operator s core network to provide the user either an access to operator s walled-garden services or gateway to the public Internet. With loose coupling between the networks the only integration and interworking point is the common authentication architecture - IWLAN clients are using the SIM authentication to create a secure IP tunnel from mobile device to the operator network and therefore the operator can be sure that it is providing service only for its own authenticated cellular subscriber. The most straightforward way to offload data to WiFi networks is to have direct connection to the public Internet. For majority of the WEB traffic there is no added value to route the data through the operator core network. In this case the offloading can simply be carried out in the mobile client by switching the IP traffic to use WiFi connection instead of the 3G data 2010 Notava 10(12)
11 connection. In this approach these two networks are in practice totally separated and the network selection is done by the client application. Although the level of integration is different between these three approaches, the basic challenge is the same: how to get WiFi access when offloading is assumed to happen? To have a complete offload solution the availability and seamless access to the Wifi network needs to be solved and it is obvious that the same solution would server all the above cases. 4 Conclusions The mobile use of Internet services is spreading. New generation smartphones together with 3G enabled laptops and notebooks are bringing Internet use patterns and services into the mobile devices. This means a disruption in the mobile networks. Anticipated growth figures are beyond anything we have seen in the history of telecommunication. 240 times growth of data traffic volumes in a couple of years is both a great opportunity and a big challenge for the mobile communication industry. By extrapolating the past operators are likely not to be able to meet the challenge. Out-of-box thinking is required both in the technical solutions and in the selection of business models. Utilization of the Internet domain solutions in all areas of mobile communication is required. Already know most of the converged mobile devices have an option to use several wireless technologies in addition to cellular access. Today about 50% of smart phones are WiFi enabled and by 2014 the WiFi penetration in smartphones is exceeding 90% [12]. It seems that the WiFi technology is going to be one of the key technologies to enable full Internet experience in mobile devices and also one of the solutions to help cope with the phenomenal growth of Internet data in smartphones and other intelligent portable devices. For mobile network operators this is a big challenge how to incorporate WiFi to be a beneficial part of their strategy, business and service offering. Due to mobile Internet data explosion, data offloading seems to be the first step for operators to start seriously exploiting WiFi in their business. With innovative new solutions [13] WiFi offloading will help mobile operators to survive Internet data explosion in mobile networks. Furthermore, the new approach towards ubiquitous WiFi capacity is also opening the door for lucrative new business opportunities Notava 11(12)
12 References [1] Keynote speech in CTIA 2010, Padmasree Warrior, CTO Cisco [2] Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, ; Cisco 2010 [3] Cisco Visual Networking Index: Forecast and Methodology, ; Cisco 2009 [4] Global Wireless Data Update, , Chetan Sharma Consulting, 2009 [5] Global Wireless Data Market2009 UpdateChetan [6] [7] Untapped Mobile Data Opportunity, Chetan Sharma Consulting, 2009 [8] Managing Growth And Profits In The Yottabyte Era, Chetan Sharma Consulting, 2009 [9] Mobile Broadband Evolution, UMTS Forum White Paper, 2009 [10] The Mobile Internet Report; Morgan Stanley Research 2009 [11] Measuring the Information Society 2010, ITU [12] Wi-Fi smartphones to dominate, CTIA 2010 CNET Review, March 2010 [13] uaxes solution Rethinking the problem, Notava uaxes White Paper, Notava Notava 12(12)
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text:
Cape Town – Christina Applegate had her ovaries and fallopian tubes removed to avoid getting cancer. She shared her story on Today.
The 45-year-old was diagnosed with breast cancer in 2008 and underwent a double mastectomy. Since discovering she has the BRCA1 gene mutation, which predisposes her to developing cancer, Applegate has taken every precaution she can to prevent herself from another cancer diagnosis.
In an interview with Today, Applegate reveals she has "taken control of everything" and recently underwent another surgery to remove her ovaries and fallopian tubes.
"I had my ovaries and [fallopian] tubes removed. My cousin passed away from ovarian cancer in 2008. I could prevent that. That's how I've taken control of everything."
She continues that it's just another thing she did so she doesn't have to worry.
One thing that does concern her however, is the fact that her 6-year-old daughter, Sadie may have the BRCA1 gene.
"The chances that my daughter is BRCA positive are very high. I look at her and feed her the cleanest foods. I try to keep her stress levels down. I'm doing everything I can on my end knowing that in 20 years, she'll have to start getting tested."
While she remains focused on keeping her daughter happy and healthy, Christina also spends a lot of her time on her foundation, Right Action for Women. The foundation advocates healthy living and provides breast screenings for those with an increased risk of breast cancer but cannot afford to be tested.
Actress @1capplegate reveals she had her ovaries, fallopian tubes removed https://t.co/4MwOWeHtJB pic.twitter.com/5RrFCY1b1V— TODAY (@TODAYshow) October 11, 2017
Actress @1capplegate reveals she had her ovaries, fallopian tubes removed https://t.co/4MwOWeHtJB pic.twitter.com/5RrFCY1b1V
Cape TownNetwork Finance Professional / PrudentialR310 000.00 - R360 000.00 Per Year
JohannesburgNetwork IT RecruitmentR450 000.00 - R500 000.00 Per Month
JohannesburgCommunicate Recruitment: Finance 3R750 000.00 - R800 000.00 Per Month
HousesR 5 990 000
HousesR 37 500 000
HousesR 3 595 000

subset: commoncrawl


text:
Boston, MA
Industry: Software•
11 - 15 years
Posted 425 days agoby Mukesh Arya
Please fill the details given below.
Job Profile: AWS – Solutions Architect, Individual Contributor.
Role: Permanent
Location: New jersey, NJ or Cary , NC or Boston, MA or Frisco , TX
Travel: 40-50%
AWS certification big plus
Must have
IAAS and Public Cloud
Build, Design, Deployment, Implementation, Migration and then operations management .
Skills/ ExperienceRequired:
-Knowledge about various management solutions, System Integration, Custom Scriptingtechnologies to support Public Cloud Platform.
-Scripting knowledge (Powershell, Perl, shell, VB scripting, Batch etc.)
-Advanced understanding of Data Center architecture and Operations in a highly virtualized environment leveraging a mixed environment of blades, rack-mounts, and disparate storage
- Strong, working verbal and written business and technical communication skills
- Strong domain knowledge in Cloud design and development, working knowledge of current IT and systems technologies and standards.
Candidate Details
Candidate Name
Contact Details
Email I.D
Current Visa
Visa Validity (If Any)
Current Location
Open to Relocate
Total Experience
Onsite Experience
Relevant Experience
Visa Copy
Photo ID
Current Employer
This electronic mail (including any attachments) may contain information that is privileged, confidential, and/or otherwise protected from disclosure to anyone other than its intended recipient(s). Any dissemination or use of this electronic mail or its contents (including any attachments) by persons other than the intended recipient(s) is strictly prohibited. If you have received this message in error, please notify us immediately by reply e-mail so that we may correct our internal records. Please then delete the original message (including any attachments) in its entirety. Thank you.


text:
As a graduate of the Algonquin College Advertising program, I have experience in all aspects of advertising. I enjoy implementing social media strategy, and have a great interest in the world of social networking and search engine optimization. I enjoy working in teams, and taking the lead in major projects. As an asset, I am fully bilingual in the English and French languages. I thoroughly enjoy my work, and perform to the best of my abilities. Every day holds a new opportunity, make it count.
In my spare time I enjoy going to a movie, working out at the gym, or playing games on my Xbox.
Origins of flangelalyne
The nickname "flangelalyne" was born in the heart of the Algonquin Advertising world, the "Agency". A fellow student, and friend of mine, thought of blending Angela and Flannery together to create my alias, flangela. I then personalized it even further by adding my middle name, Lyne, to make it flangelalyne.
The term flange is defined as "an external or internal rib or ridge, used either to add strength or hold something in place." I keep that in mind when performing any task. When I work with my team I like take charge and lead them to success. I am the one who holds everyone together and gives them the strength and encouragement they need to succeed.
I am flangelalyne.


text:
Tuesday, December 8, 2009
diaper bag
5 comments:
A well done job indeed.. it looks sooo complicated to make with soooo many parts to cut and fuse and attach.. i'd be lost.. but you did a wonderful job with it.. and may i say, the rainbow print fabric is so cheerful..ReplyDelete
Hi Nadia, luv it luv it luv it... ha ha... looks like the way i want it. cant wait to get my hands on the real thing. meanwhile, i will jus drool... thanks Nadia. appreciate your "hardwork" and help making me tis bag.ReplyDelete
- AnonymousDecember 28, 2009 at 3:10 PM
naktanya..kalo beg macam ni berapa harganya ek?thanksReplyDelete
Harga nya RM70 tapi ada diskaun!ReplyDelete
- AnonymousJanuary 5, 2010 at 1:36 PM
Nadia, boleh buat lagi? i'm looking for one as the one in the market is just too expensive...ReplyDelete
Compartment to ada brape pocket?
Want it with compartment to put the diapers, bottles, food stuff. As long as i don't have to rummage in the bag to find things...
nik eliana


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I'm on vacation from work this week, which will make this week a good time to start my training and get over some of the pain and fatigue of starting out.
Monday: Cross train--I will be using the elliptical at my apartment's gym. I love that thing!
Tuesday: 3 mile easy run
Wednesday: 2 mile easy run
Thursday: 3 mile easy run
Friday: Rest! Best day of the week! Lol
Saturday: 4 mile long run
Sunday: 2 mile recovery run
That gives me a total of 14 miles for the week. I'll keep you posted on my runs with my times and how I felt during each one.
3 months ago


text:
Real Estate Environment
- Module code
- Module leader
- Simon Huston
- Module level
- 4
- Module credits
- 15
- Prerequisites
- None
- Min study time
- 150 hours
- Contact Hrs within study time
- 8 hours (Distance learning)
- Teaching period
- Varies (Distance Learning)
Module content
This module is delivered in three major units:
- Real estate diagnostics – understanding complex real estate systems and sub-markets (regions, cities, landscapes, places, property stock, infrastructure, demographics, social structure, communities, economics and local politics)
- Real estate sub-market analytics (structure and dynamics)
- Real estate strategies – 'smart' investment and resilient development solutions.
Module outcomes
To achieve credit for this module, students must be able to:
- Collect relevant market intelligence
- Analyse real estate data
- Formulate a private or public sector real estate strategy
- Write a real estate business case.
|1 x essay
|1 x business case
Key texts
Students should be familiar with the content of at least one of the following:
- Freedman, L. (2014) Strategy: A History. Oxford University Press.
- Mcdonald, J. and Mcmillen, D. P. (2013). Urban economics and real estate: theory and policy. Hoffman
- Rees, W. and Hayward, R. (2002) Valuation principles into practice. Bell and Bain
- Sclar, E, D., Volavka-Close, N. and Brown, P. (2013) The Urban Transformation Health, Shelter and Climate Change. Routledge
- Shapiro, E., Mackmin, D. and Sams, G. (1943) Modern methods of valuation, 11th edition. London, Routledge
- Un-Habitat Planning and Design for Sustainable Urban Mobility, UN Global Report on Human Settlements 2013. Routledge.


text:
Science fiction romance series written by Shona Husk, Denise Rossetti and Mel Teshco and published by Momentum. Books 1, 2 and 3 out 28 August 2014. Books 4, 5 and 6 out late November 2014
Friday, September 19, 2014
Corporal Sienna Jade-16
Oh dear God. As part of our practical training we had to go to a slum hospital. They have out-dated machines and are running on donations. They thought we were the answer to their prayers. I was lucky not to get real sick as a kid. These people have illnesses that can easily be treated, there are drugs for chem-lung, antibiotics for infection but they can't afford it. Some people had maggots on their wounds to remove the rotting tissue. Maggots—that's just so last millennia. That's what I have to look forward to unless the research base has found a way to synth antibiotics from natural plants on Solitaire. We did what we could. Handed out drugs where we could. Apparently the Army medical branch does his on a regular basis as goodwill. You know what would be better? Letting people access medical care—apparently that hasn't been the case in over 200 years. I forgot how lucky I was to be in the Army. Glad I didn't get out.
Posted by Shona Husk at 2:00 AM
Labels: Army, Shona Husk, Sienna Jade
Subscribe to: Post Comments (Atom)


text:
Romance is at the center of this styled shoot crafted for the Michael and Carina workshop and it's taking a page out of the English poetry book. Inspired by the words of Lord Byron, East Made Event Company along with La Fleur Du Jour and Emily Artistry dreamed up this photo shoot perfect for the lover of old world elegance. And with images by the experts themselves, Michael and Carina, the vault is a sea of artistry.
Our bridal portrait session was rooted in the authenticity of a real wedding day: with a period of preparation, portraits, a lovely tablescape for celebrating, and an evening gown that flowed with energy. We specifically took inspiration from English poetry of the early Romantic period: 'She Walks in Beauty' by Lord Byron and 'She Was a Phantom of Delight' by William Wadsworth. Each piece, from the rings by Susie Saltzman to the jewelry and headpieces by Liv Hart, was carefully selected to echo this idealized statement of grace found in these poems. We ended the bridal portrait session in a meadow as our bride and groom ran into the distance, embracing and happy, a vision of an ideal world.


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Barn dance catfight ends in assault conviction
Two Co. Down women ended up in court after a barn dance catfight resulted in one woman receiving facial injuries.
A 25-year-old Ballyhalbert woman has been convicted of assault for her part in a fight at a young farmers' barn dance this week in Newtownards Magistrates Court.
The woman was listed to contest the charge that she unlawfully assaulted a 19-year-old on May 22 last year.
She pleaded guilty at the last opportunity, with her victim and other witnesses already in court ready to give testimony.
Shouted abuse
The court heard both parties were at a young farmers' club barn dance in the Newtownards area, when the 25-year-old approached the younger woman and started shouting abuse at her.
She then pushed the younger woman to the face, causing bleeding to the nose and a cut lip. The court viewed photos of the injuries.
The 25-year-old told police she accepted there was a confrontation, but said she pushed the 19-year-old away from her, and did not assault her.
'Not an isolated situation'
The counsel for the defence told the court: "This is a very small town. Their families are known to each other, and there has been no contact since."
The lawyer concluded: "There has been a complete cessation of violence and involvement."
Deputy district judge Philip Mateer said: "The genesis of this has not been revealed. This happened at a public event where people should have been allowed to enjoy themselves and not experience violence."
He noted that the defendant had been bound to keep the peace for a year on her last assault, and added: "She had a history for this and appears not to have learned anything."
Restraining order
He ordered a restraining order in favour of the complainant for the 25-year-old not to intimidate, pester or harass her for 12 months.
The deputy judge also fined her £200, imposed an offender's levy of £15, and ordered her to pay £200 compensation to the 19-year-old.
He said: "I am not evaluating the injury, but it is some gesture for the insult towards her."


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can you sell a THIRD of a house?? any financial experts here?
My brothers are in a financial position to wait til it improves,We are not in that fortunate position. They are named as joint executors,I am a beneficiary for one third but not an executor so they are calling the shots,wont do a buy to let mortgage to free up some capital.
Seems I cannot equity release one third of a property either. So is it LEGALLY possible to "sell" my interest in the property to a private investor/firm? If it was offering an attractive return even though that may be 6 months/a year down the line?
this is under scottish law btw if that makes a difference-any ideas anyone?


text:
Quick Reference
(b Lyons, 19 Sept. 1596; d Paris, 29 Apr. 1657). French painter, engraver, and draughtsman. From about 1619 to 1634 he lived in Italy, first in Florence, where he worked for Cosimo II de' Medici, making engravings of his festivities, and then from 1623 in Rome, where he became a friend of Poussin and one of his closest followers. He had a high reputation in his day, in both Italy and France, but it is now much faded. Most of his surviving paintings are fairly close to Poussin in style and spirit, although without the master's power of design and intellectual complexity (Adoration of the Child, 1639, Bowes Mus., Barnard Castle). However, he also painted a different type of work—small pictures on marble or other expensive stone, in which the veining is allowed to show through the paint in places and form part of the composition. These luxury items were popular in Florence at the time but were unusual for a French artist.
From The Oxford Dictionary of Art in Oxford Reference.
Subjects: Art.
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text:
Daniel Davies comes up with the most eloquent and insightful justification for the heavy use of mathematical tools within academic economics that I have ever seen:
Crooked Timber: The War On (some kinds of) Theory : ...And the point I'm trying to make is this; in the construction of arguments of this kind [within economics], there are certain kinds of mistake which it is fearfully easy to make. It's easy to spot particular benefits and miss the fact that their counterparts are costs elsewhere in the system. To come up with arguments which, if true, would imply that people systematically allowed others to impoverish them without changing their behaviour. To miss the fact that your model requires the build-up of debts forever that never get repaid. Etc, etc. The bestiary of really bad economic commentary is full of all sorts of logical howlers. And the good thing about building mathematical models is that, in general, it acts as a form of double-entry book-keeping, to make sure that, if you've followed the rules of the game, your economic argument will not have any of these most common and most egregious flaws. It doesn't mean that it won't be bad or misleading for other reasons, of course, but it does mean that you'll at least be saying something that makes sense...
Two comments. First, I wasn't "proudly boasting": I was "lamenting". Second, while it is true that a discipline's "formal language... (its jargon) has... the function of making it more difficult to make the characteristic mistakes of that discipline. In economics, its politically convenient adding-up errors..." it is also true that the formal language has the function of serving as a barrier to entry: of excluding outsiders from being allowed to say anything. Whether the jargon is useful or harmful depends, of course, on its marginal costs and benefits, which are different for different disciplines. I see powerful benefits from the use of mathematics in economics. I see no benefits from (say) the use of functionalist jargon in sociology. And in literary criticism... I don't see any marginal benefit at all from writing like, say, Judith Butler in The Psychic Life of Power...
Posted by DeLong at December 15, 2003 11:33 AM
| TrackBack
Formalism creates a collective illusion of objectivity in economics; the idea that economic ideas are divorced from material conditions and justifications because they can be described in mathematical terms is different than Butler using complex language because she at least acknowledges and attempts to incorporate the social embeddedness of abstract reasoning.
I've no problem with formalism in economics, but the idea that it thereby places the field in the realm of Platonic truth is comically transparent self-justification.
I wrote about Paul Krugman's take on this herePosted by: chun the unavoidable on December 15, 2003 11:42 AM
"the idea that economic ideas are divorced from material conditions and justifications because they can be described in mathematical terms is different than Butler using complex language because she at least acknowledges and attempts to incorporate the social embeddedness of abstract reasoning."
Do economists argue that their ideas are divorced from material conditions? I thought the standard complaint against economics was more along the lines of, 'precisely *because* economists use mathematics in order to create certain models of material conditions, they tend to think they are accurately reflecting an underlying material reality that is pure and unmediated and divorced from the social and political questions, biases and concerns that actually help construct the models'?
But I could be wrong. I'm stuck in the 18th century and can't get past "das Adam Smith problem."
That's the same point phrased differently. It'd be better to say that they argue (or assume) that their material conditions do not constrain the ideas they express, which are instead discovered exclusively through mathematical analysis of data, like the Laffer curve, e.g.Posted by: chun the unavoidable on December 15, 2003 12:20 PM
In defense of Brad, a good economist will not confuse his model with reality any more than, say, an evolutionary biologist will (to continue on a Krugman theme). Even a physicist has to deal with the existence of wind resistance or the gravitational pull of the moon but whether to correct for it depends on the situation.
But a little bit of math even when not exactly right can be awfully useful to cut through logical errors, letting researchers move on to more interesting empirical questions. Think of how much more understandable Keynes would have been with a small amount of algebra. "Oh, THAT's what he meant when he was talking about liquidity preference. Does this make sense? Do people behave broadly like this?"
Not that there isn't a lot Laputa-like of abuse of math out there--go to a theory seminar or check the NBER website sometime--but it's nice to transparently see the inner workings of a model, moving the argument to assumptions and empirical evidence instead. And unlike literary devices which tend to encourage dogmatism, this method at least allows for a researcher to say, "I thought that X caused Y but now I just don't know. Maybe my assumptions are wrong; I've been missing something in the data; or there's just another approach that works better."
Let me use a macro example. Think of the original real-business-cycle theorists--even Bob Lucas--who've been forced to admit that there has to be some kind of friction causing business cycles based on the evidence. At the same time, they forced the old Keynesians to reexamine some of their treasured assumptions after the accelerating inflation episode of the 1970s, introducing dynamics. It's still too early to see where this synthesis is going but it's bound to be better than the dogmatic quarrels of the 1960s.
Economics isn't perfect; in particular I think that the seams between theory as taught to graduate students and empiricism are just a little too great--one of the McCloskey critiques. That, and it's a little too easy to make a hash of statistics since we're economists first, statisticians second. Every profession has its imperfections. But there's still a lot of good work being done out there and I'd rather not throw the baby out with the bathwater.Posted by: Chris on December 15, 2003 12:48 PM
I think the idea that there is no benefit to formal language in Sociology is as unfair to that profession as a similar statement would be to an Economist. The formal language in sociology serves the same role as Prof. Delong describes for Economics except that every ____ who watches the evening news thinks he is a Sociologist. You might as well say Sociology doesn't exist. (I'm sure that view was held by the people who planned the occupation of Iraq.)Posted by: Michael Carroll on December 15, 2003 01:58 PM
Suppose we compare Orlando Patterson and Charles "Bell Curve" Murray. Yes, my dear, there is a discipline to sociology and psychology and even even even philosophy. Really.Posted by: anne on December 15, 2003 02:04 PM
Two comments: I really can't take credit for this defence of maths in economics; it's simply a paraphrase of Krugman's.
Second, Brad says:
"I see no benefits from (say) the use of functionalist jargon in sociology. And in literary criticism... I don't see any marginal benefit at all from writing like, say, Judith Butler in The Psychic Life of Power... "
Well, you wouldn't would you ...? You're outside the barrier to entry.Posted by: dsquared on December 16, 2003 01:45 AM
Chun: "I've no problem with formalism in economics, but the idea that it thereby places the field in the realm of Platonic truth is comically transparent self-justification."
I'd like to think that mathematical formalism helps open theories up for criticism and scrutiny. It is not there to provide an impression of truth. Obviously the reader will have to know mathematics, but is that really such an unreasonable request? Should we limit economics to only theories readily explainable in layman's terms? Few people would impose the same restriction on physics, or medicine.
The trouble is that economics is inherently political, which means that people want to be able to check the political implications of models themselves. But shouldn't we try to understand economic systems better, even if it leads us to complex theories?Posted by: danjo on December 16, 2003 04:14 AM
Speaking as a non-economist fairly familiar with math and behavioral science... economics is WAY too full of mathematical jargon. I've read paper after paper - including decent stuff by well known economists, not wannabes trying to hide that they aren't saying anything intelligent - that use 10 pages of math to say nothing that couldn't be said in 1 page of clear text. (This is in stark contrast to math and computer science papers I read, where 1 page of math could take 10 pages of text to explain). Ridiculous amounts of formal notation are used to describe simple linear systems, to talk about the intersections of a couple of curves, and so on.
I actually don't buy the argument that this avoids mistakes. The level of obscurism that I've seen makes it relatively easy to HIDE things such as "proof by assumption", and assumptions that are flat out ridiculous - anyone reading it has to wade through a lot of notation to notice where the magic happens. In particular it makes it particularly difficult for people from other disciplines to interpret economics. There has been a great coming-together of most behavioral science research in the last two decades. There is increasing overlap and cooperation between psychology, evolutionary biology, artificial intelligence, cognitive science, anthropology, and behavioral economics. But looking at all those things, behavioral economics is most on the fringe of its parent discipline (economics), and in my experience economics is the discipline least affected by - or even aware of - the new convergence in behavioral science.
All of the other disciplines use math. AI researchers use math that would blow the minds of most economists. But the other disciplines use relatively "practical" math - it's closely tied to modeling a real-world system, it's not too hard to check against what is being modeled, and because the models are complicated enough to start with the application of mathematical formalisms generally isn't used to obscure them further. Much of economics seems quite a different experience - models often rely much more their assumptions, and there is a tradition starting at the level of undergraduate teaching to describe even very simple ideas with the most complex, "rigorous" formal notation.
Somewhere I read an anecdote about some physicists who asked an economist "Why do you use so much math for so little data?"
Psychology of certain types uses rigorous-looking, impenetrable statistics to dress up what seems to be (judging by the descriptions given of the actual research, as well as what I've seen of psychological research) rather mushy data. The DSM-IV diagnosis standard is also full of what seems to be false rigor. Some of the categories don't seem to have much to do with either treatment or causes, but just to be codings for insurance and malpractice purposes.Posted by: Zizka on December 16, 2003 01:43 PM
Economics also lacks good popularizers of the underlying theory. I have a pretty good understanding of economics but as a non-econ major I had to fight for it. In contrast, other disciplines have excellent popularizers who can give people a good understanding of a subject without having to take them through all the math.
Where is the economic equivalent of Richard Dawkins, for example? In evolutionary biology Dawkins' earlier books provide excellent "big picture of what's going on" books. You can learn an amazing amount just by reading "The Selfish Gene" and paying close attention, to say nothing of "The Extended Phenotype". Without going into the math - which is complicated - he still provides an excellent explanation of not only some of the details and hot button issues of evolutionary biology, but also some pretty deep theoretical insights.
The closest economics writer I've found is Paul Krugman. However, while Krugman is an excellent writer, he tends to focus on explaining a single contentious issue, explaining just enough theory so that the reader can understand that issue. So he doesn't really cater to the person who wants to know in a broader sense, "just how does the prevalent view of microeconomics and/or macroeconomics work, anyway?" Most fields have a slew of popularizers that are accessible to a non-professional, but still generally rigorous and reliable. Krugman is the only such person I know of in economics. Other economics "popularizers" tend to be outside-the-field types with an axe to grind and arguments that an attentive undergrad could puncture.
Physics is another area that has some great popularizers. Of course you can get a fairly lite big picture from books by Hawking and Sagan as everyone knows. But there are other excellent popularizers who can give a more in depth big-picture understanding, still without going into the utterly nasty details of the maths. Victor Stenger fits this bill quite nicely for physics, but I have never found a Victor Stenger in economics.
Yes, psychology has often suffered from a related disease - obsession with coming up with a study that passes a significance test. Psychology makes HEAVY use of statistics, without most researchers really understanding it. So passing a statistical significance test has come to be the be-all and end-all of much research. The problem is that a significant result may mean very little in real world terms.
Traditional psychology research had a similar problem to one I've seen in much traditional economics. Namely, ideas became judged by a standard (whether significance testing, or proper derivation from rational actor axioms) that does not in itself guarantee that the ideas have any value. Passing a significance test, or following all the right mathematical rules, is just a first-pass way to eliminate some obviously bad results. But it can become pathological if you accept passing such tests as a sort of important proof, and don't bother to test alternative theories that could crush the whole edifice you've built.
Significance testing has actually become a disease in psychology. It's hard to publish a paper at all unless it was set up to allow you to pass .05 significance - despite the fact that as a good statistician will tell you, significance testing can be quite meaningless without a good real-world handle on alternative hypotheses you're comparing your theory to. "My experiment got results that couldn't be explained by pure randomness" means extraordinarily little, especially since a big enough sample size virtually _guarantees_ that your experiment will catch _some_ phenomenon not attributable to chance, but also not at all related to your theory. (This is one of Gerd Gigerenzer's favorite subjects - he's a statistician and behavioral scientist).
So anyway the result was that entire psychological research programs could pass significance tests for decades, but then end up completely demolished because the true theory was something they'd never even bothered to test. This happened, for example, in the evolutionary psychological revolution that came to the forefront in the 1990s. What had been a bunch of fringe researchers destroyed many consensus results in psychology by challenging underlying assumptions that had always been ignored, rather than by pitting their favorite theories against blind chance.
I've already seen a similar thing start to happen in economics. Economists have their own version of significance testing - the use of rigorous derivations from standard axioms of market behavior. Time and time again I've seen economists pay so much attention to properly deriving their model from their assumptions, that it obscures what the assumptions are and what problems there might be with them. The attention some economists pay to their math can be likened to the good ol' castle built on sand - too much time spent cutting blocks of stone and teaching students the exact method of laying out a defensible keep, so you don't take time to look down at what you're standing on. Game theorists and behavioral economists have already started to come up with some very different results that cast doubt on founding assumptions of economics (as foundational as the assumption that more wealth is an inherently good thing). But their models are either heavily empirical, or based on mathematical techniques that don't lead to the simple static equilibrium solutions of neoclassical economics. The formalisms that most economists are taught, and taught to respect, have no application to this type of research.
I think that plays a big part in resistance to these new ideas. Resistance to evolutionary psychology was heavily ideological/philosophical - people weren't comfortable with accepting such a large role for evolved biology in human behavior. But most economists basically agree with the idea that not everything's a static equilibrium, and rational actor models can't be a precise description of human behavior. But from what I've seen, when push comes to shove, they don't see how to connect this research with what they know how to do so they don't pay attention to it. If it can't be derived from the standard models, well, gee it's a nice idea but what can I do with it? (This is in contrast to other disciplines more used to "real" and empirically based math, where new models seem much more readily adopted by mainstream researchers, provided they can explain something).
I've had two friends who did statistics for researchers in bio and psych at OHSU (not quite a major research center, but reasonably close). One (a sociologist) said that the researchers he worked with really had no concept at all of experiment design, scientific method, or stats. They were biologists and knew about biology.
The other said that bio researchers wanted a strong (~90%) correlation, whereas his psych researchers were happy with anything that wasn't completely random.
At a different school, a MA candidate hired someone to put stats into his thesis because the program director liked stats. His stats guru told him that his statistical results contradicted the main point of his thesis. So he hired a new guru.Posted by: Zizka on December 16, 2003 05:17 PM
Thank you Ian Montgomery.
The problem I see, perhaps stating the same thing that has been stated better and at greater length by others, is that the formal assumptions that underly so much economics are simply wrong. As Montgomery points out, if your foundations are faulty, the rest of the structure is likewise faulty - and it only gets worse the more you build on it. To an outsider who has taken a few coruses and read a fair bit the entire edifice looks like the sort of building which it would be foolish to buy.
As for functionalist jargon - functionalism is only one theoretical framework in sociology, and is understood to be a theory - there are other theoretical perspectives and other sets of words that can be used descriptively. There is little that someone explains functionally which couldn't also be explained from the point of view of conflict theory, or Marxism, for example. (Which is is suspicious in and of itself - any theory that explains everything has moved beyond its proper sphere.)Posted by: Ian Welsh on December 17, 2003 12:35 AM
I think economists get biased by the very existance of their theories towards a view of economic systems as based on 'natural laws'. So many numbers must point to something quantitatively verifiable, right? So there is a lack of historical, social, political sophistication in many practicioners in the field. Of course I am an outsider, but I am compelled by the lack of useful comment by economists on how best to handle dislocations and conflicts associated with free-trade, for example.
Ayn Rand popularized some of the more bogus free-market ideologies masquerading as 'laws of nature'. It is interesting that no less an economist than our Federal Reserve Chair has a past sullied by an infatuation with Miz Fountainhead. Yuck!!Posted by: camille roy on December 17, 2003 11:07 AM
I spent a thoroughly interesting morning digesting all this material. As someone trained in religion, I think offering an opinion borders on absurd. I have no idea what the jargon of econ is. As you note, in other disciplines, it doesn't improve comprehension. In fact, it generally replaces a pre-existing, precise term with an ambiguous one. Perhaps there's a reason the term gets introduced, but in the end, it shields poor scholars from the scrutiny of better ones.
Davies, though, seems to be making two points simultaneously--about math an language. I wonder what you think of his sense that econ should be regarded as a form of rhetoric rather than a science (leaving aside issues of how either might be best communicated)?Posted by: Emma on December 17, 2003 01:13 PM
Just one example of problematic foundations...
The standard model of neoclassical economics assumes that people are rational utility maximizers. It's easy to find arguments about how the assumption of rationality fails. But what about the one on "utility"?
Economics has a quite strange concept of utility. Utility is supposed to be a measure of how satisfied someone is with things (their life, their possessions, what they did today, whatever). Utilitarian philosophy, and most everyday "common sense" ethics on the subject of utility, treats it sort of like a number. It makes a sort of sense to say "I'm twice as happy as he is today", "I'm half as happy today as I was yesterday", and "a new widescreen TV would improve my life but only by a tiny amount". In other words you can at least roughly compare satisfaction between people, and talk about how much satisfaction something might give you.
Economics rejects that. It is based on a concept of "ordinal" utility. In ordinal utility there is no comparison between people, and no "amount" of satisfaction given by something. All you can know is that for any two alternatives, a person may prefer one of those alternatives to the other. You can "sort of" talk of strength of preferences by involving the idea of how much you'd want to risk for something. But when an economist talks about the "efficient" outcome, know that fundamentally there are some big differences between that and what an ordinary person might consider the outcome producing the "most wellbeing" for people. One big difference is that economic efficiency makes no comparison between the wellbeing of people.
Creating a ten course meal for Bill Gates is more efficient than creating a two dollar sandwich for a starving paralyzed man, essentially _by assumption_. Because under the economic theory you can't say that the starving man's cheap meal preference generates more wellbeing than Bill Gates' expensive meal preference. But you can say that if the starving paralyzed man doesn't have goods/labor that other people want, he can't create an "everybody wins" market transaction that gets him fed, whereas Bill Gates can. In technical terms, the economists' decision to base efficiency on "pareto optimality" (win-win transactions) rather than "wellbeing" (where a win-lose transaction may be a net gain because the win is big and the loss is small), results in conclusions about market efficiency having a huge built-in ideological assumption. An assumption which, moreover, only a tiny portion of people on the libertarian right actually accept when you put it to them as a question of ethics.
Of course, measuring wellbeing is messy and empirical, and coming up with models based on pareto optimality is relatively simple. So economists by and large have chosen to build a mighty fortress on sand, rather than a humble hut on rock. And it's not like they actually empirically studied wellbeing and made a college try of incorporating it into their models - rigorous study of wellbeing has only recently been started by psychologists, and introduced by them into the fringes of economic research. The perception is more "wow that stuff is so much harder to measure, let's not bother trying". Economists primarily create economic models based on Pareto optimality, then run the result through their personal "common-sense interpretation" to try and take actual human wellbeing into account.
Another example is how actual peoples' wellbeing isn't directly proportional to how much stuff they have. Economic models assume that if you voluntarily acquire something then it must increase your wellbeing, and the more stuff you acquire the more wellbeing you have. Psychologists who have actually studied wellbeing believe this to be completely false. Especially, acquiring the material consumer goods that the middle/upper classes in the developed world buy so much of, makes essentially no long-term contribution to wellbeing. A few economists are actually aware of this - Robert Frank's work in the 1990s has some examples, as does his book "Luxury Fever". These findings totally call into question pretty much all arguments about economic efficiency. But economists aren't sitting up and taking notice - if you kick such a big foundation of the standard neoclassical microeconomics out from under them, the techniques they know provide no path for them to get back on firm ground. When I've talked to economists about these findings, their reaction usually reminds me of the old joke about the man looking for his glasses under a streetlight. He lost them in a dark alley, but he was looking under the streetlight because that's where he has enough light to see.


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