Estimating a Consumer Demand System of Energy, Mobility and Leisure: A Microdata Approach for Germany

This paper investigates empirically the consumer demand of environmentally relevant goods for Germany, as well as their relationship to the demand for leisure. Higher prices for energy goods like gas, electricity or fuel oil due to higher indirect taxation amongst others may have serious welfare and distributional effects for households. Also, there is very little evidence of the labor market implications of environmental taxation, as there is e.g. no quantification of labor supply effects, respectively leisure demand effects for Germany. Using a demand system to estimate the price, cross-price and income effects of the goods mobility, electricity, heating and leisure from microdata, there will also be accounted for the extensive demand for leisure, which is the not negligible labor market participation. Additionally, the extensive and intensive leisure demand is combined to total leisure demand elasticities, which can then be used for welfare and behavior analyses

Smart nanofibers with natural extracts prevent senescence patterning in a dynamic cell culture model of human skin

Natural cosmetic products have recently re-emerged as a novel tool able to counteract skin aging and skin related damages. In addition, recently achieved progress in nanomedicine opens a novel approach yielding from combination of modern nanotechnology with traditional treatment for innovative pharmacotherapeutics. In the present study, we investigated the antiaging effect of a pretreatment with Myrtus communis natural extract combined with a polycaprolactone nanofibrous scaffold (NanoPCL-M) on skin cell populations exposed to UV. We set up a novel model of skin on a bioreactor mimicking a crosstalk between keratinocytes, stem cells and fibroblasts, as in skin. Beta-galactosidase assay, indicating the amount of senescent cells, and viability assay, revealed that fibroblasts and stem cells pretreated with NanoPCL-M and then exposed to UV are superimposable to control cells, untreated and unexposed to UV damage. On the other hand, cells only exposed to UV stress, without NanoPCL-M pretreatment, exhibited a significantly higher yield of senescent elements. Keratinocyte-based 3D structures appeared disjointed after UV-stress, as compared to NanoPCL-M pretreated samples. Gene expression analysis performed on different senescence associated genes, revealed the activation of a molecular program of rejuvenation in stem cells pretreated with NanoPCL-M and then exposed to UV. Altogether, our results highlight a future translational application of NanoPCL-M to prevent skin aging

Leisure and Housing Consumption after Retirement: New Evidence on the Life-Cycle Hypothesis

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions such as those around retirement should not affect consumption. However, we first recall that given higher leisure endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake this predicted drop for a puzzle we focus on housing consumption which can be plausibly regarded as complementary to leisure, and we control for the leisure change in our empirical specifications, using micro data for Germany (SOEP), where housing expenditures are observable as rents for the majority (60%), as well as dwelling relocations. We still find significant negative impacts of the retirement status on housing consumption, which is hard to reconcile with the life-cycle theory. For retirees we also find significant effects of the income reduction at retirement on housing. However, the effects are small in quantitative terms, given the lock-in nature of past housing decisions

Differential Income Taxation and Household Asset Allocation

This paper empirically investigates the effects of differential income taxation on households' portfolio choice and asset allocation applying a two-stage budgeting model of asset demand to German survey data. The model is structured into the discrete asset choice and the continuous asset choice, and the marginal income tax rate is simulated in a module of income taxation. Households that face relatively higher tax rates are found to have relatively greater demand for tax-privileged assets than households in the lower tax brackets. The higher the marginal tax rate the greater demand is for non-owner-occupied housing, for mortgage repayments, for building society deposits, for stocks, for insurances, and for consumer credits, whereas demand is lower for owner-occupied housing, bank deposits, and bonds

Liquidity Constraints and the Permanent Income Hypothesis: Pseudo Panel Estimation with German Consumption Survey Data

This paper empirically investigates the relevance of liquidity constraints and excess sensitivity in intertemporal household consumption. Using a pseudo panel that has been constructed on rich German consumption survey data, we estimate the consumption responses to permanent and transitory income shocks, as well as the presence of excess sensitivity to anticipated income changes. A switching regression approach with unknown sample separation is applied to identify the two regimes whether to be liquidity constrained or not. The results are used to test whether liquidity constraints affect the validity of the permanent income hypothesis. For households in the constrained regime, reactions to changes in transitory income are found to be significantly greater than for households in the unconstrained regime. Furthermore, we provide evidence for excess sensitivity to anticipated income changes for households in the constrained regime if total consumption, durable as well as non-durable, is considered

Job Security Perceptions and the Saving Behavior of German Households

This paper investigates the co-movements of job security perceptions and household saving rates using data from the 1992 to 2010 waves of the German Socio-Economic Panel. The empirical analysis reveals that higher job insecurity is generally accompanied by slightly lower saving which suggests that employment and financial insecurity typically go hand-in-hand. When confounding changes in the perception of financial security are controlled for, slight evidence for precautionary saving behavior is found. This behavior is of rather small economic importance and limited to households that are somewhat worried about their financial situation who increase their saving by about 0.3%-points or EUR 100 annually in the light of increased job insecurity. In contrast, no significant change in saving is observed for households that are either very concerned or not at all concerned about their financial situation, i.e., either financially constrained or in possession of a buffer-stock of wealth.Diese Studie untersucht den Zusammenhang zwischen subjektiv wahrgenommener Arbeitsplatzunsicherheit und dem Sparverhalten deutscher Haushalte mit Daten des Sozio-ökonomischen Panels für den Zeitraum der Jahre 1992 bis 2010. Die empirische Analyse zeigt, dass höher Arbeitsplatzunsicherheit typischerweise mit geringeren Sparquoten einhergeht. Beschäftigungsunsicherheit wird also zumeist von finanzieller Unsicherheit begleitet. Bei Berücksichtigung der finanziellen Situation ergeben sich Anzeichen für Vorsichtssparverhalten. Dieses Verhalten ist allerdings von eher geringer ökonomischer Bedeutung und ist auf Haushalte beschränkt, die etwas über ihre finanzielle Situation besorgt sind. Diese Haushalte erhöhen ihre Sparquote um 0,3 Prozentpunkte oder 100 Euro pro Jahr, wenn sie sich Sorgen um ihren Arbeitsplatz machen. Hingegen lässt sich kein Zusammenhang zwischen Arbeitsplatzunsicherheit und Sparverhalten bei Haushalten finden, die hinsichtlich ihrer finanziellen Lage entweder sehr oder gar nicht besorgt sind, d.h. entweder durch ihr Einkommen restringiert sind oder bereits einen ausreichenden Vermögenspuffer besitzen

Household Savings Decision and Income Uncertainty

This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in line with the literature, to around zero. Accordingly, any policy-induced variation of net returns to savings is expected to have no significant effects on the level of savings. Moreover, we find significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income uncertainty, an average household increases savings by 4:4%. These effects vary by household composition and social status