Home equity withdrawal in retirement

The authors study empirically and theoretically the patterns of home equity withdrawal among retirees, using a model in which retirees are able to own or rent a home, save, and borrow against home equity, in the face of idiosyncratic risks concerning mortality, health, medical expenditures, and household size and observed house price changes. The estimated model is found to successfully replicate the patterns of homeownership and the saving/borrowing decisions of retirees. They use the estimated model for several counterfactual experiments. There are three main findings. First, the model predicts that a house price boom suppresses homeownership and increases borrowing, while a decline in house prices has the opposite effect. Second, the costs of home equity borrowing restrict the borrowing of retirees, and thus a reduction of such costs (e.g., lower costs of reverse mortgage loans) might significantly raise home equity borrowing. Third, there are two implications for the retirement saving puzzle. Although the cost of borrowing against equity in the house affects the borrowing of retirees, it does not affect total asset holding, implying that equity borrowing costs do not seem to offer a quantitatively significant contribution to resolving the retirement saving puzzle. On the other hand, the magnitude of the retirement saving puzzle might be exaggerated, because a sizable part of "retirement saving" is due to house price appreciation.Home equity loans ; Retirement

A comparison of airborne and ground-based radar observations with rain gages during the CaPE experiment

The vicinity of KSC, where the primary ground truth site of the Tropical Rainfall Measuring Mission (TRMM) program is located, was the focal point of the Convection and Precipitation/Electrification (CaPE) experiment in Jul. and Aug. 1991. In addition to several specialized radars, local coverage was provided by the C-band (5 cm) radar at Patrick AFB. Point measurements of rain rate were provided by tipping bucket rain gage networks. Besides these ground-based activities, airborne radar measurements with X- and Ka-band nadir-looking radars on board an aircraft were also recorded. A unique combination data set of airborne radar observations with ground-based observations was obtained in the summer convective rain regime of central Florida. We present a comparison of these data intending a preliminary validation. A convective rain event was observed simultaneously by all three instrument types on the evening of 27 Jul. 1991. The high resolution aircraft radar was flown over convective cells with tops exceeding 10 km and observed reflectivities of 40 to 50 dBZ at 4 to 5 km altitude, while the low resolution surface radar observed 35 to 55 dBZ echoes and a rain gage indicated maximum surface rain rates exceeding 100 mm/hr. The height profile of reflectivity measured with the airborne radar show an attenuation of 6.5 dB/km (two way) for X-band, corresponding to a rainfall rate of 95 mm/hr

Maximal entanglement of two spinor Bose-Einstein condensates

Starting with two weakly-coupled anti-ferromagnetic spinor condensates, we show that by changing the sign of the coefficient of the spin interaction, $U_{2}$, via an optically-induced Feshbach resonance one can create an entangled state consisting of two anti-correlated ferromagnetic condensates. This state is maximally entangled and a generalization of the Bell state from two anti-correlated spin-1/2 particles to two anti-correlated spin$-N/2$ atomic samples, where $N$ is the total number of atoms.Comment: 5 pages, 3 figures, accepted for publication in PR

Vortex lattice for a holographic superconductor

We investigate the vortex lattice solution in a (2+1)-dimensional holographic model of superconductors constructed from a charged scalar condensate. The solution is obtained perturbatively near the second-order phase transition and is a holographic realization of the Abrikosov lattice. Below a critical value of magnetic field, the solution has a lower free energy than the normal state. Both the free energy density and the superconducting current are expressed by nonlocal functions, but they reduce to the expressions in the Ginzburg-Landau (GL) theory at long wavelength. As a result, a triangular lattice becomes the most favorable solution thermodynamically as in the GL theory of type II superconductors.Comment: v2: minor changes, references added; 11 pages, 2 figures: version to appear in PR

Phase Separation of a Fast Rotating Boson-Fermion Mixture in the Lowest-Landau-Level Regime

By minimizing the coupled mean-field energy functionals, we investigate the ground-state properties of a rotating atomic boson-fermion mixture in a two-dimensional parabolic trap. At high angular frequencies in the mean-field-lowest-Landau-level regime, quantized vortices enter the bosonic condensate, and a finite number of degenerate fermions form the maximum-density-droplet state. As the boson-fermion coupling constant increases, the maximum density droplet develops into a lower-density state associated with the phase separation, revealing characteristics of a Landau-level structure