Is consumption growth consistent with intertemporal optimization? evidence from the consumer expenditure survey

In this paper we show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level data. We propose a flexible specification of preferences that allows multiple commodities and yields empirically tractable equations. We estimate preference parameters using the only U.S. micro data set with complete consumption information. We show that previous rejections can be explained by the simplifying assumptions made in previous studies. We also show that results obtained using good consumption or aggregate data can be misleading

Humps and bumps in lifetime consumption

In this paper we argue that once one departs from the simple classroom example, or `stripped down life-cycle model,' the empirical model for consumption growth can be made flexible enough to fit the main features of the data. More specifically, we show that allowing demographics to affect household preferences and relaxing the assumption of certainty equivalence can generate hump-shaped consumption profiles over age that are very similar to those observed in household-level data sources, without appealing to alternative explanations (such as liquidity constraints, myopia or mental accounting). The hump-shape is partly attributable to precautionary savings, and partly due to demographics; the tracking (whereby consumption jumps with income) is instead due to the permanent nature of the income shocks. We use US household-level data to estimate preference parameters and income profiles, and then simulate consumption profiles for different education groups. Our simulated profiles show that the key features observed in the data can be closely matched in simulation. We also show that neglecting uncertainty produces consumption profiles that are `too flat,' whereas neglecting demographics generates consumption profiles that peak `too late.

Measurement of nuclear effects in neutrino interactions with minimal dependence on neutrino energy

We present a phenomenological study of nuclear effects in neutrino charged-current interactions, using transverse kinematic imbalances in exclusive measurements. Novel observables with minimal dependence on neutrino energy are proposed to study quasielastic scattering, and especially resonance production. They should be able to provide direct constraints on nuclear effects in neutrino- and antineutrino-nucleus interactions.Comment: 7 pages, 9 figures, accepted version by PR

Is My Exercise Partner Similar Enough? Partner Characteristics as a Moderator of the Köhler Effect in Exergames

Objective: Recent research has shown the Köhler motivation gain effect (working at a task with a more capable partner where one's performance is indispensable to the group) leads to greater effort in partnered exercise videogame play. The purpose of this article was to examine potential moderators of the Köhler effect by exploring dissimilarities in one's partner's appearance, namely, having an older partner (compared with a same-age partner) and having a heavier-weight partner (compared with a same-weight partner). Subjects and Methods: One hundred fifty-three male and female college students completed a series of plank exercises using the “EyeToy: Kinetic™” for the PlayStation® 2 (Sony, Tokyo, Japan). Participants first completed the exercises individually and, after a rest, completed the same exercises with a virtually present partner. Exercise persistence, subjective effort, self-efficacy beliefs, enjoyment, and intentions to exercise were recorded and analyzed. Results: A significant Köhler motivation gain was observed in all partner conditions (compared with individual controls) such that participants with a partner held the plank exercises longer (P<0.001) and reported higher subjective effort (P<0.01). These results were unmoderated by partner's age and weight, with one exception: Males tended to persist longer when paired with an obese partner (P=0.08). Conclusions: These results suggest that differences in age and weight do not attenuate the Köhler effect in exergames and may even strengthen it

Backbone of complex networks of corporations: The flow of control

We present a methodology to extract the backbone of complex networks based on the weight and direction of links, as well as on nontopological properties of nodes. We show how the methodology can be applied in general to networks in which mass or energy is flowing along the links. In particular, the procedure enables us to address important questions in economics, namely, how control and wealth are structured and concentrated across national markets. We report on the first cross-country investigation of ownership networks, focusing on the stock markets of 48 countries around the world. On the one hand, our analysis confirms results expected on the basis of the literature on corporate control, namely, that in Anglo-Saxon countries control tends to be dispersed among numerous shareholders. On the other hand, it also reveals that in the same countries, control is found to be highly concentrated at the global level, namely, lying in the hands of very few important shareholders. Interestingly, the exact opposite is observed for European countries. These results have previously not been reported as they are not observable without the kind of network analysis developed here.Comment: 24 pages, 12 figures, 2nd version (text made more concise and readable, results unchanged