4,303 research outputs found
The Retirement of a Consumption Puzzle
Full text linkThis paper summarizes five facts that have emerged from the recent literature on consumption behavior during retirement. Collectively, the recent literature has shown that there is no puzzle with respect to the spending patterns of most households as they transition into retirement. In particular, the literature has shown that there is substantial heterogeneity in spending changes at retirement across consumption categories. The declines in spending during retirement for the average household are limited to the categories of food and work related expenses. Spending in nearly all other categories of non-durable expenditure remains constant or increases. Moreover, even though food spending declines during retirement, actual food intake remains constant. The literature also shows that there is substantial heterogeneity across households in the change in expenditure associated with retirement. Much of this heterogeneity, however, can be explained by households involuntarily retiring due to deteriorating health. Overall, the literature shows that the standard model of lifecycle consumption augmented with home production and uncertain health shocks does well in explaining the consumption patterns of most households as they transition into retirement.
The Correlation of Welath Across Generations
Full text linkThis paper examines the similarity in wealth between parents and their children, and explores alternative explanations for this relationship. We find that the age-adjusted elasticity of child wealth with respect to parental wealth is 0.37, before the transfer of bequests. Lifetime income and ownership of particular assets, both of which exhibit strong intergeneration similarity, jointly explain nearly two-thirds of the wealth elasticity. Education, past parental transfers, and expected future bequests account for little of the remaining elasticity. Using new experimental evidence, we assess the importance of risk tolerance. The risk tolerance measures vary as theory would predict with the ownership of risky assets, and are highly correlated between parents and children. However, they explain little of the intergenerational correlation in the propensity to own different assets, suggesting that children's savings propensities are determined by mimicking their parents' behavior, or the inheritance of preferences not related to risk tolerance. Additionally, these risk tolerance measures explain only a small part of the remaining intergenerational wealth elasticity.
Erik Seedhouse
No full textErik Seedhouse works as an Assistant Professor in Applied Aviation Sciences at Embry-Riddle Aeronautical University (ERAU). He is also Manager of ERAU\u27s Suborbital Spaceflight Simulator and Editor-in-Chief of Springer\u27s major reference work, The Handbook of Life Support Systems for Spacecraft and Extraterrestrial Habitats. A prolific author, Erik has published more than 20 books on the subject of manned space exploration, including \u27SpaceX, \u27Virgin Galactic\u27, Bigelow Aerospace\u27 and \u27XCOR\u27. Between 2008 and 2013 he served as director of Canada’s manned centrifuge and hypobaric operations and in 2009 he was one of the final 30 candidates in the Canadian Space Agency’s Astronaut Recruitment Campaign. In his spare time he works as a professional speaker, triathlon coach and author. When not enjoying the sun on Florida\u27s Space Coast he divides his time between his second home in Sandefjord and Waikoloa.https://commons.erau.edu/stm-images/1061/thumbnail.jp
Xinjiang (China), rock with glacial striation
No full textGlacial striation on a bloc at the southern slope of Yagme-Tagh.Image is part of research conducted by Erik Norin for the article: Quaternary Climatic Changes within the Tarim Basin
Author(s): Erik Norin
Source: Geographical Review, Vol. 22, No. 4 (Oct., 1932), pp. 591-598
Published by: American Geographical Society
Stable URL: http://www.jstor.org/stable/208816http://www.jstor.org/stable/208816Grayscal
Dominican welcomes bestselling author Erik Larson
Full text linkNew York Times bestselling author and former features writer for the Wall Street Journal and Time Magazine, Erik Larson spoke at Dominican University of California on April 14, at the Institute for Leadership Studies’ (ILS) Spring Author Series, presented in partnership with Book Passage
Xinjiang (China), landscape in Tarim Basin
No full text"Rundhöċken" landscape in Ulugh-art-tagh. Absol. altitude c. 3000 m or c. 10,000 feet.Image is part of research conducted by Erik Norin for the article: Quaternary Climatic Changes within the Tarim Basin
Author(s): Erik Norin
Source: Geographical Review, Vol. 22, No. 4 (Oct., 1932), pp. 591-598
Published by: American Geographical Society
Stable URL: http://www.jstor.org/stable/208816http://www.jstor.org/stable/208816Grayscal
Xinjiang (China), view of the Karakash River valley
No full textAnother view of the Karakash valley above Kok-boynak.Image is part of research conducted by Erik Norin for the article: Quaternary Climatic Changes within the Tarim Basin
Author(s): Erik Norin
Source: Geographical Review, Vol. 22, No. 4 (Oct., 1932), pp. 591-598
Published by: American Geographical Society
Stable URL: http://www.jstor.org/stable/208816http://www.jstor.org/stable/208816Grayscal
Xinjiang (China), moraine on the mountain
No full textMoraine on the southern slope of Yagme-tagh.Image is part of research conducted by Erik Norin for the article: Quaternary Climatic Changes within the Tarim Basin
Author(s): Erik Norin
Source: Geographical Review, Vol. 22, No. 4 (Oct., 1932), pp. 591-598
Published by: American Geographical Society
Stable URL: http://www.jstor.org/stable/208816http://www.jstor.org/stable/208816Grayscal
Xinjiang (China), view of mountains with lateral moraine and ground moraine
No full textLateral moraine and ground moraine of the "Chunak" phase, Upper Done, the mouth of the Chong-yailak-jilgha. Absolute altitude - 3150 m. or c. 10,400 feet.Image is part of research conducted by Erik Norin for the article: Quaternary Climatic Changes within the Tarim Basin
Author(s): Erik Norin
Source: Geographical Review, Vol. 22, No. 4 (Oct., 1932), pp. 591-598
Published by: American Geographical Society
Stable URL: http://www.jstor.org/stable/208816http://www.jstor.org/stable/208816Grayscal
Deconstructing Lifecycle Expenditure
Full text linkIn this paper we revisit two well-known facts regarding lifecycle expenditures. The first is the familiar "hump" shaped lifecycle profile of nondurable expenditures. We document that the behavior of total nondurables masks surprising heterogeneity in the lifecycle profile of individual sub-components. We find, for example, that while food expenditures decline after middle age, expenditures on entertainment continue to increase throughout the lifecycle. These patterns pose a challenge to models that emphasize inter-temporal substitution or movements in income, including standard models of precautionary savings, myopia, and limited commitment, to explain the lifecycle profile of expenditures. Second, we document that the increase in the cross-sectional dispersion of expenditure over the lifecycle is not greater for luxuries. In particular, the dispersion in entertainment expenditure declines relative to food expenditures as households become older, casting further doubt on theories that emphasize (exclusively) shocks to permanent income to explain the rising cross sectional expenditure dispersion over the lifecycle. We propose and test a Beckerian model that emphasizes intra-temporal substitution between time and expenditures as the opportunity cost of time varies over the lifecycle. We find this alternative model successfully explains the joint behavior of food and entertainment expenditures in the latter half of the lifecycle. The model, however, is less successful in explaining expenditure patterns early in the lifecycle.
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