Autologous HSCT suggest positive early results in the management of progressive MS and is feasible. These multicentre data suggest an association with significant mortality risks especially in some patient groups and are being utilised in the planning of future trials to reduce transplant related mortality.

Allogeneic stem cell transplantation (SCT) using reduced-intensity conditioning (RIC) has potential to be a promising treatment of aggressive chronic lymphocytic leukemia (CLL). Since available clinical data obtained with this novel approach are very limited, we have performed a survey on this issue. Data of 77 patients were collected from 29 European Group for Blood and Marrow Transplantation centers. Median age was 54 (30-66) years, and the median number of previous chemotherapy regimens was 3 (0-8). HLA-identical sibling donors were used in 81% of the cases. Moderate conditioning regimens (mainly low-dose total body irradiation (TBI) or fludarabine-cyclophosphamide combinations) were administered to 56% of the patients, whereas the remainder received more intense conditioning consisting of fludarabine-busulfan or high-dose melphalan combinations. In 40% of the patients, in vivo T-cell depletion (TCD) with anti-thymocyte globulin or CAMPATH-1H was part of the conditioning regimen. Cumulative treatment-related mortality (TRM) was 18% (95% CI 9; 27) after 12 months. Complete chimerism as well as best response was not achieved immediately post-transplant but took a median of 3 months to develop. The 2-year probability of relapse was 31% (95% CI 18; 44), with no event occurring later than 12 months post transplant in the absence of TCD. With one exception, relapses were not observed after onset of chronic graft-versus-host disease. Event-free and overall survival at 24 months were 56% (95% CI 43; 69) and 72% (95% CI 61; 83), respectively. The median follow-up was 18 (1-44) months. Donor lymphocyte infusions or secondary transplants were performed in 19 patients with insufficient disease control and/or incomplete donor chimerism post-transplant, leading to a response in seven patients (37%). Preliminary multivariate analysis identified less than PR at transplant (hazard ratio (HR) 3.5; P&<0.01) and alternative donor (HR 3.1; P=0.02) as significant risk factors for relapse, whereas number of previous regimens >2 (HR 5.4; P=0.03), TBI (HR 2.5; P=0.05), and alternative donor (HR 2.3; P=0.08) were risk factors for survival. We conclude that RIC might favorably influence the outcome after allogeneic SCT for CLL by reducing TRM while preserving graft-versus leukemia activity.

Theory suggest that valuers will rely on previous values estimates in the face of greater market uncertainty. Nevertheless recent research has provided evidence that experienced real estate valuers (appraisers) working in geographic areas familiar to them may not be influenced by the previous value judgement of other, anonymous experts. Presents a study which extends the previous investigation by examining appraisers valuing property in geographic areas unfamiliar to them, appraisers who therefore face significant market uncertainty. In controlled experiments valuers were asked to appraise a subject property in an area unfamiliar to them and were offered the previous value judgement of an anonymous expert as a potential anchor (reference point). A control group of experts unfamiliar with the subject market was given no reference point whatsoever. Evaluation of the experimental data revealed evidence that unlike subjects operating in areas of familiarity, subjects unfamiliar with the subject area were influenced by the provided reference point.

The literature on investor decision-making behaviour in property investment is sparse, loosely integrated and focused principally upon large, institutional investors. It reflects rational, normative models that treat investor behaviour as highly structured and formalised. By contrast, behavioural psychology suggests that individuals frequently act sub-optimally. These ideas have been explored in financial decision making and have been found in the actions of property valuers and property lenders. This paper addresses this neglected area of property investment decision-making. Semi-structured interviews were conducted with a sample of property investment directors of smaller property companies. The interviews investigate the decision-making structures in these companies, the process by which investment strategy is formulated, the investment``screening'' process and the determinants of purchase/sell decisions. The findings are discussed and related to the literature on decision making under uncertainty. IntroductionIn large part, the literature on business decision making is dominated by rationalist perspectives and focused on examination of sets of rules that people should follow, rather than how decisions are actually made. The limited amount of investigation of property decision making (e.g. Anderson and Settle, 1996;Farragher and Kleinman, 1996;Miles et al., 1989) has likewise been concerned principally with the rules and techniques that people adopt, with normative models ubiquitous in textbook descriptions of the decision process (Pyhrr et al., 1989;Hartigay and Yu, 1993;Jaffe and Sirmans, 1995). The general dominance of rationalist approaches has been challenged by behavioural decision theory, drawing from cognitive psychology, and addressed at closer examination of process features, including the decision environment and individual differences between decision makers (Tversky and Kahneman, 1974). The impact of behavioural approaches upon property analysis has so far largely been confined to valuation decisions

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Experiments were conducted to test the hypothesis that transaction price feedback may bias valuation judgment. Among participating appraisers, evidence of asymmetrical response was found. The group receiving transaction feedback indicating that current judgments were “too low” responded with judgments in subsequent, unrelated valuations that were significantly higher than the group that received no feedback. The response from “too high” feedback was in the expected direction (lower value judgments) but was not significant. Additionally, valuation dispersion of around 10% revealed in these experiments is consistent with studies of valuation variability and may reflect an upper bound of typical commercial appraisal dispersion.

HDC/ASCT should be considered early in the course of disease for patients with a response after standard therapy.