Spousal Risk Preferences and Household Investment Decisions

Most adults are married, plan for retirement with their spouse, and pool assets to a significant degree. How then are each individual’s risk preferences combined in choosing the portfolio that represents for them the optimal tradeoff between risk and return? There are two pathways through which marriage could amplify the expression of individual risk preferences at the household level. First, if people choose spouses in part based on their appetite for risk, or another characteristic correlated with risk tolerance, then there could be polarization of household level risk preferences towards extremes. Second, spouses may strategically adjust their decisions to compensate for their spouse’s preferences. Is an only mildly risk averse person that is married to someone that is nearly risk neutral motivated to choose a very low risk low return asset allocation to compensate for their spouse’s risky behavior? In this paper we explore the influence of marriage on the expression of individual risk preferences by examining both sorting in the marriage market and strategic decision making. Using data from the Health and Retirement Survey we find a positive correlation between the risk preferences of spouses. We also develop a theoretical model that determines optimal investment allocations conditional on own and spousal risk tolerance. Optimal asset allocations from this model are compared to a naïve model that only includes own risk tolerance. In related research the explanatory power of the naïve and spousal models are evaluated for prediction ability based on actual asset allocation decisions for couples using the HRS data.Households, Risk, Investing, Consumer/Household Economics,

The Effect of Intragroup Communication on Preference Shifts in Groups

We use a laboratory gift-exchange game to examine decisions made by groups under three different procedures that dictate how group members interact and reach decisions in comparison to individuals acting alone. We find that group decisions do deviate from those of individuals, but the direction and magnitude of gift exchange depend critically on the procedure. This suggests that no general statements can be made concerning the propensity of groups to exhibit reciprocal or other-regarding behavior relative to individuals. The rules governing how group members can express their preferences and expectations to other group members are critical for determining group outcomes.group behavior, teams, decision making, social preferences

A Spatial Analysis of Farm Payment Recipients Using the FSA 1614 Dataset

We report results from preliminary analysis of the recently constructed dataset from the Farm Service Agency, FSA 1614. FSA 1614 provides the location of the farm and the farm payment recipient for all Title I payments. This makes it possible to analyze the spatial dispersion between landowner and farm more precisely than previously possible. A discussion of what research questions could be informed through the use of this data is provided. We find that a significant percentage of payments are sent to individuals that are likely to be absentee landowners, although this value is much smaller when looking at the total value of payments. These national results are compared to four corn belt states.Agricultural Finance,

Devolução de expectativas para práticas baseadas em evidências na educação pública nos Estados Unidos

Public education in the United States has been undergoing a shift from an empirical tradition in which practices and policies are derived from research, practice, reflection, and implementation. In this empirical tradition, professionals embrace a culture and commitment to evidence-based practices (EBPs) and expect that practices and policies in the field are supported by rational, data-driven models. In this paper, we present an argument and three cases that illustrate how educators have been undergoing a gradual shift away from empiricism toward a de-evolution of EBP. We propose that this gradual shift is based on a political-social context, in which practices and policies are implemented using the language of an accountability model of reform, in which national and state regulations, and accreditation bodies, establish expectations often devoid of an empirical basis for the practices they mandate.La educación pública en los Estados Unidos ha experimentado un cambio desde una tradición empírica en la que las prácticas y políticas se derivan de la investigación, la práctica, la reflexión y la implementación. En esta tradición empírica, los profesionales adoptan una cultura y un compromiso con las prácticas basadas en evidencia (EBP) y esperan que las prácticas y políticas en el campo estén respaldadas por modelos racionales basados en datos. En este artículo, presentamos un argumento y tres casos que ilustran cómo los educadores han experimentado un cambio gradual desde el empirismo hacia el desarrollo de la PBE. Proponemos que este cambio gradual se base en un contexto político-social, en el cual las prácticas y políticas se implementan utilizando el lenguaje de un modelo de reforma de rendición de cuentas, en el cual las regulaciones nacionales y estatales, y los organismos de acreditación, establecen expectativas a menudo desprovistas de un enfoque empírico. base para las prácticas que ordenan.A educação pública nos Estados Unidos sofreu uma mudança de uma tradição empírica na qual práticas e políticas derivam de pesquisa, prática, reflexão e implementação. Nessa tradição empírica, os profissionais adotam uma cultura e comprometimento com as práticas baseadas em evidências (PBE) e esperam que as práticas e políticas no campo sejam apoiadas por modelos racionais baseados em dados. Neste artigo, apresentamos um argumento e três casos que ilustram como os educadores experimentaram uma mudança gradual do empirismo para o devolução do PBE. Propomos que essa mudança gradual seja baseada em um contexto político-social, no qual práticas e políticas são implementadas usando a linguagem de um modelo de reforma de responsabilização, no qual regulamentos nacionais e estaduais e organismos de acreditação, defina expectativas muitas vezes desprovidas de uma abordagem empírica. base para as práticas que eles ordenam

The design of a first course in programming

A course was designed to teach Top-Down programming to second level students who had no previous computer experience. The purposes of the course were a) to enable them to become computer literate and b) to develop their problem-solving ability. The course was designed to teach programming in a manner which was independent of any particular programming language or machine. This approach was prompted by dissatisfaction with traditional courses which generally concentrate on the syntax and semantics of a particular programming language, at the expense of developing important underlying concepts. Initially, a review of the history of programming languages was carried out to identify the essential elements of programming. This review found that there was general agreement about the fundamental importance of structure and that it was not necessary to use all of the control constructs contained in the available languages (BASIC, COMAL and PASCAL). Both a mini-language; containing just two control structures, and a diagrammatic representation (structure diagrams) of the mini-language were then designed. The chosen control structures were IF/THEN/ELIF/ELSE for selection and a WHILE loop for iteration. The students were trained to solve problems using the mini-language and structure diagrams and were supplied with translation rules to convert their solutions into COMAL. Translation rules were also drawn up for PASCAL and BASIC. The course was tested with girls aged 15 and 16 years in a Dublin secondary school. These trials showed that the method may be used successfully with students of this age

The Effect of the Housing Boom on Farm Land Values via Tax-Deferred Exchanges

This project examines Section 1031 of the Internal Revenue Code and agriculture land exchanges. Stakeholders in rural communities and agriculture are particularly interested in Section 1031 because the recent growth in transaction values of farmland may have, in part, been stimulated by Section 1031 land exchanges. Further, although many have speculated that such exchanges are widely used, little empirical research exists about the provision. We examine the theory of exchanges and develop a theoretical premium value for exchanges. We also present the first evidence of like-kind exchanges involving farmland using Federal tax data.Like-Kind Exchange, Capital Gains Tax, Agricultural Land, Land Economics/Use, Public Economics, Q15, H24,

Thermodynamic Studies of High Temperature Materials Via Knudsen Cell Mass Spectrometry

The Knudsen Cell technique is a classic technique from high temperature chemistry for studying condensed phase/vapor equilibria. It is based on a small enclosure, usually about 1 cm in diameter by 1 cm high, with an orifice of well-defined geometry. This forms a molecular beam which is analyzed with mass spectrometry. There are many applications to both fundamental and applied problems with high temperature materials. Specific measurements include vapor pressures and vapor compositions above solids, activities of alloy components, and fundamental gas/solid reactions. The basic system is shown. Our system can accommodate a wide range of samples, temperatures, and attachments, such as gas inlets. It is one of only about ten such systems world-wide

Building-based Decision-making: A Shared Planning Model for Inclusive Schools

When given support and the opportunity to work in building-based planning teams, teachers can implement remarkable school reforms

An Oxidation-Resistant Coating Alloy for Gamma Titanium Aluminides

Titanium aluminides based on the g-phase (TiAl) offer the potential for component weight savings of up to 50 percent over conventional superalloys in 600 to 850 C aerospace applications. Extensive development efforts over the past 10 years have led to the identification of "engineering" gamma-alloys, which offer a balance of room-temperature mechanical properties and high-temperature strength retention. The gamma class of titanium aluminides also offers oxidation and interstitial (oxygen and nitrogen) embrittlement resistance superior to that of the alpha(sub 2) (Ti3Al) and orthorhombic (Ti2AlNb) classes of titanium aluminides. However, environmental durability is still a concern, especially at temperatures above 750 to 800 C. Recent work at the NASA Lewis Research Center led to the development of an oxidation-resistant coating alloy that shows great promise for the protection of gamma titanium aluminides