Financial Saving for Retirement: Ownership Behaviour Patterns and Amounts Invested

Saving for retirement increased slightly in France in the past decade. The 2004 Household Assets Survey gives a picture of the situation before the August 2003 pension reform: it covers instruments held by households in anticipation of retirement and the share of such assets in their total financial portfolios. This paper studies four long-term saving vehicles for which retirement planning is indicated as motivation in the questionnaire: the Plan d'Épargne Populaire (PEP), annuity plans, securities, and retirement saving instruments proper. The household's financial resources is chiefly a determinant of long-term saving products ownership. By contrast, the retirement saving decision and the ratio of sums invested to total financial assets tend to be positively influenced by the age of the household reference person. Occupational status is also a significant determinant of the ownership of long-term assets for retirement.Retirement, Saving, Discrete Choice Models

The scatter and evolution of the global hot gas properties of simulated galaxy cluster populations

We use the cosmo-OWLS suite of cosmological hydrodynamical simulations to investigate the scatter and evolution of the global hot gas properties of large simulated populations of galaxy groups and clusters. Our aim is to compare the predictions of different physical models and to explore the extent to which commonly-adopted assumptions in observational analyses (e.g. self-similar evolution) are violated. We examine the relations between (true) halo mass and the X-ray temperature, X-ray luminosity, gas mass, Sunyaev-Zel'dovich (SZ) flux, the X-ray analogue of the SZ flux ($Y_X$) and the hydrostatic mass. For the most realistic models, which include AGN feedback, the slopes of the various mass-observable relations deviate substantially from the self-similar ones, particularly at late times and for low-mass clusters. The amplitude of the mass-temperature relation shows negative evolution with respect to the self-similar prediction (i.e. slower than the prediction) for all models, driven by an increase in non-thermal pressure support at higher redshifts. The AGN models predict strong positive evolution of the gas mass fractions at low halo masses. The SZ flux and $Y_X$ show positive evolution with respect to self-similarity at low mass but negative evolution at high mass. The scatter about the relations is well approximated by log-normal distributions, with widths that depend mildly on halo mass. The scatter decreases significantly with increasing redshift. The exception is the hydrostatic mass-halo mass relation, for which the scatter increases with redshift. Finally, we discuss the relative merits of various hot gas-based mass proxies.Comment: 31 pages (21 before appendices), 19 figures, 12 tables, accepted by MNRAS after minor revisio

The diversity of assembly histories leading to disc galaxy formation in a LambdaCDM model

[Abridged] Typical disc galaxies forming in a LambdaCDM cosmology encounter a violent environment, where they often experience mergers with massive satellites. The fact that disc galaxies are ubiquitous in the local Universe suggests that a quiescent history is not necessary for their formation. Modern cosmological simulations can now obtain relatively realistic populations of disc galaxies, but it still remains to be clarified how discs manage to survive massive mergers. Here we use a suite of high-resolution hydrodynamical simulations set in a LambdaCDM cosmology to elucidate the fate of discs encountering massive mergers. We extract a sample of approximately 100 disc galaxies and follow the changes in their post-merger morphologies, as tracked by their disc-to-total ratios (D/T). We also examine the relations between their present-day morphology, assembly history and gas fractions. We find that approximately half of present-day disc galaxies underwent at least one merger with a satellite of total mass exceeding the host system's stellar mass, a third had mergers with satellites of mass exceeding 3 times the host's stellar mass, and approximately one-sixth had mergers with satellites of mass exceeding 10 times of the host's stellar mass. These mergers lead to a sharp, but often temporary, decrease in the D/T of the hosts, implying that discs are usually disrupted but then quickly re-grow. To do so, high cold gas fractions are required post-merger, as well as a relatively quiescent recent history (over a few Gyrs before z=0). Our results show that discs can form via diverse merger pathways and that quiescent histories are not the dominant mode of disc formation

DISCOVERY OF A GALAXY CLUSTER WITH A VIOLENTLY STARBURSTING CORE AT z=2.506

We report the discovery of a remarkable concentration of massive galaxies with extended X-ray emission at z(spec) = 2.506, which contains 11 massive (M-* greater than or similar to 10(11) M-circle dot) galaxies in the central 80 kpc region (11.6 sigma overdensity). We have spectroscopically confirmed 17 member galaxies with 11 from CO and the remaining ones from Ha. The X-ray luminosity, stellar mass content, and velocity dispersion all point to a collapsed, cluster-sized dark matter halo with mass M-200c = 10(13.9 +/- 0.2) M-circle dot, making it the most distant X-ray-detected cluster known to date. Unlike other clusters discovered so far, this structure is dominated by star-forming galaxies (SFGs) in the core with only 2 out of the 11 massive galaxies classified as quiescent. The star formation rate (SFR) in the 80 kpc core reaches similar to 3400 M-circle dot yr(-1) with a. gas depletion time of similar to 200 Myr, suggesting that we caught this cluster in rapid build-up of a dense core. The high SFR is driven by both a high abundance of SFGs and a higher starburst fraction (similar to 25%, compared to 3%-5% in the field). The presence of both a collapsed, cluster-sized halo and a predominant population of massive SFGs suggests that this structure could represent an important transition phase between protoclusters and mature clusters. It provides evidence that the main phase of massive galaxy passivization will take place after galaxies accrete onto the cluster, providing new insights into massive cluster formation at early epochs. The large integrated stellar mass at such high redshift challenges our understanding of massive cluster formation.Peer reviewe

A GIANT LY alpha NEBULA IN THE CORE OF AN X-RAY CLUSTER AT Z=1.99 : IMPLICATIONS FOR EARLY ENERGY INJECTION

We present the discovery of a giant >= 100 kpc Ly alpha nebula detected in the core of the X-ray emitting cluster CL J1449 +0856 at z = 1.99 through Keck/LRIS narrow-band imaging. This detection extends the known relation between Lya nebulae and overdense regions of the universe to the dense core of a 5-7 x 10(13) M-circle dot cluster. The most plausible candidates to power the nebula are two Chandra-detected AGN host cluster members, while cooling from the X-ray phase and cosmological cold flows are disfavored primarily because of the high Ly alpha to X-ray luminosity ratio (L-Ly alpha/L-X approximate to 0.3, greater than or similar to 10-1000 times. higher than in local cool-core clusters) and by current modeling. Given the physical conditions of the Ly alpha-emitting gas and the possible interplay with the X-ray phase, we argue that the Ly alpha nebula would be short-lived (less than or similar to 10 Myr) if not continuously replenished with cold gas at a rate of greater than or similar to 1000 M-circle dot yr(-1). We investigate the possibility that cluster galaxies supply the required gas through outflows and we show that their total mass outflow rate matches the replenishment necessary to sustain the nebula. This scenario directly implies the extraction of energy from galaxies and its deposition in the surrounding intracluster medium (ICM), as required to explain the thermodynamic properties of local clusters. We estimate an energy injection of the order of approximate to 2 keV per particle in the ICM over a 2 Gyr interval. In our baseline calculation, AGNs provide up to 85% of the injected energy and two-thirds. of the mass, while the rest is supplied by supernovae-driven winds.Peer reviewe

The BAHAMAS project: Calibrated hydrodynamical simulations for large-scale structure cosmology

The evolution of the large-scale distribution of matter is sensitive to a variety of fundamental parameters that characterise the dark matter, dark energy, and other aspects of our cosmological framework. Since the majority of the mass density is in the form of dark matter that cannot be directly observed, to do cosmology with large-scale structure one must use observable (baryonic) quantities that trace the underlying matter distribution in a (hopefully) predictable way. However, recent numerical studies have demonstrated that the mapping between observable and total mass, as well as the total mass itself, are sensitive to unresolved feedback processes associated with galaxy formation, motivating explicit calibration of the feedback efficiencies. Here we construct a new suite of large-volume cosmological hydrodynamical simulations (called BAHAMAS, for BAryons and HAloes of MAssive Systems) where subgrid models of stellar and Active Galactic Nucleus (AGN) feedback have been calibrated to reproduce the present-day galaxy stellar mass function and the hot gas mass fractions of groups and clusters in order to ensure the effects of feedback on the overall matter distribution are broadly correct. We show that the calibrated simulations reproduce an unprecedentedly wide range of properties of massive systems, including the various observed mappings between galaxies, hot gas, total mass, and black holes, and represent a significant advance in our ability to mitigate the primary systematic uncertainty in most present large-scale structure tests