Involuntary Retirement and the Resolution of the Retirement-Consumption Puzzle: Evidence from Australia

A substantial body of international research has shown that household expenditure on food and non-durables significantly decreases at the time of retirement -- a finding that is inconsistent with the standard life-cycle model of consumption if retirement is an anticipated event. This fall in expenditure has become known as the `retirement- consumption puzzle.' We analyze rich Australian panel data to assess the Australian evidence on the puzzle. We find strong evidence of a fall in expenditures on groceries, food consumed at home and outside meals with retirement. The observed decline in expenditure is explained by a subset of households experiencing an unanticipated wealth shock, such as a major health event or long-term job loss, at the time of retirement. This finding is corroborated by an analysis of alternative measures of household well-being, including indicators of financial hardship, and self-reported financial and life satisfaction. For the majority of households retirement is anticipated and there is no decline in economic welfare at retirement. However, for an important minority, retirement is `involuntary' and these households experience a marked decline across all indicators of economic well-being.Consumption Smoothing, Household Expenditure, Retirement

Involuntary Retirement and the Resolution of the Retirement-Consumption Puzzle: Evidence from Australia

A substantial body of international research has shown that household expenditure on food and non-durables significantly decreases at the time of retirement - a finding that is inconsistent with the standard life-cycle model of consumption if retirement is an anticipated event. This fall in expenditure has become known as the `retirement-consumption puzzle.' We analyze rich Australian panel data to assess the Australian evidence on the puzzle. We find strong evidence of a fall in expenditures on groceries, food consumed at home and outside meals with retirement. The observed decline in expenditure is explained by a subset of households experiencing an unanticipated wealth shock, such as a major health event or long-term job loss, at the time of retirement. This finding is corroborated by an analysis of alternative measures of household well-being, including indicators of financial hardship, and self-reported financial and life satisfaction. For the majority of households retirement is anticipated and there is no decline in economic welfare at retirement. However, for an important minority, retirement is `involuntary' and these households experience a marked decline across all indicators of economic well-being.Consumption Smoothing; Household Expenditure; Retirement

Consistent Nonparametric Tests for Lorenz Dominance

This paper proposes a test for Lorenz dominance. Given independent samples of income or other welfare related variable, we propose a test of the null hypothesis that the Lorenz curve for one population is dominated by the Lorenz curve for a second population. The test statistic is based on the standardized largest difference between the empirical Lorenz curves for the two samples. The test is nonparametric in the sense that no distributional assumptions are made and the test is consistent because it compares the Lorenz curves at all quantiles. We derive the asymptotic distribution of the test statistic under the null hypothesis. Since the limiting distribution of the test statistic is nonstandard, being dependent on the underlying Lorenz curves, we propose the use of two computer based procedures for conducting inference. The first is a simulation method that simulates p-values from an approximation to the underlying limiting distribution of the statistic while the second is based on the nonparametric bootstrap. We examine the performance of the methods in a Monte Carlo study and with a comparison of the income based Lorenz curves for the US and Canada.Lorenz dominance, test consistency, simulation.

Proteomics computational analyses suggest that the bornavirus glycoprotein is a class III viral fusion protein (γ penetrene)

Abstract Background Borna disease virus (BDV) is the type member of the Bornaviridae, a family of viruses that induce often fatal neurological diseases in horses, sheep and other animals, and have been proposed to have roles in certain psychiatric diseases of humans. The BDV glycoprotein (G) is an extensively glycosylated protein that migrates with an apparent molecular mass of 84,000 to 94,000 kilodaltons (kDa). BDV G is post-translationally cleaved by the cellular subtilisin-like protease furin into two subunits, a 41 kDa amino terminal protein GP1 and a 43 kDa carboxyl terminal protein GP2. Results Class III viral fusion proteins (VFP) encoded by members of the Rhabdoviridae, Herpesviridae and Baculoviridae have an internal fusion domain comprised of beta sheets, other beta sheet domains, an extended alpha helical domain, a membrane proximal stem domain and a carboxyl terminal anchor. Proteomics computational analyses suggest that the structural/functional motifs that characterize class III VFP are located collinearly in BDV G. Structural models were established for BDV G based on the post-fusion structure of a prototypic class III VFP, vesicular stomatitis virus glycoprotein (VSV G). Conclusion These results suggest that G encoded by members of the Bornavirdae are class III VFPs (gamma-penetrenes).</p

Improved Coefficient and Variance Estimation in Stable First-Order Dynamic Regression Models

In dynamic regression models the least-squares coefficient estimators are biased in finite samples, and so are the usual estimators for the disturbance variance and for the variance of the coefficient estimators. By deriving the expectation of the initial terms in an expansion of the usual expression for the asymptotic coefficient variance estimator and by comparing these with an approximation to the true variance we find an approximation to the bias in variance estimation from which a bias corrected estimator for the variance readily follows. This is also achieved for a bias corrected coefficient estimator and allows to compare analytically the second-order approximation to the mean squared error of the least-squares estimator and its counterpart for the first-order bias corrected coefficient estimator. Two rather strong results on efficiency gains through bias correction for AR(1) models follow. Illustrative simulation results on the magnitude of bias in coefficient and variance estimation and on the scope for effective bias correction and efficiency improvement are presented for some relevant particular cases of the ARX(1) class of models.

Slowmation

A slowmation (abbreviated from slow animation ) is a simplified way for university or school students to design and make a stop-motion animation that is played at 2 frames/s providing a slow-moving image that is narrated to explain a science concept (Hoban 2005). It is an innovative way for students to learn science because they engage with a concept in many different ways when creating a slowmation by (i) reading text/images and making summary notes, (ii) creating a storyboard to plan the explanation, (iii) making or using existing models, (iv) taking digital still photos of models as they are manually moved, and (v) using technology to integrate different modes that make up the final animation

Virology on the Internet: the time is right for a new journal

Virology Journal is an exclusively on-line, Open Access journal devoted to the presentation of high-quality original research concerning human, animal, plant, insect bacterial, and fungal viruses. Virology Journal will establish a strategic alternative to the traditional virology communication process

An invitation to recent graduates: publish your dissertation/thesis background section as a review in Virology Journal

Virology Journal will publish background sections of approved dissertations or theses as Review Articles

Membrane-Mediated Alterations of Intracellular Na+ and K+ in Lytic-Virus-Infected and Retrovirus-Transformed Cells

Infection of chick-embryo fibroblasts and other ceils by certain animal viruses results in alterations in the intracellular concentrations of Na + and K +. Dramatic alterations in monovalent-cation concentrations of lytic-virus-infected ceils may favor the synthesis of viral proteins over cellular proteins. More subtle alterations in retrovirus-transformed cells may result in the expression of many morphological and biochemical changes associated with the transformed phenotype.Public Health Service Grant CA 26169, CA 27003National Cancer Institute CA 06593Integrative Biolog

The Sustainable Beef Profit Partnership Approach to the Adoption of New Beef Industry Technologies

Technology adoption in the Australian beef industry has been low and slow compared to the intensive livestock and cropping industries. The principles of accelerated adoption provide an innovative solution to this problem. In the Beef CRC, Sustainable Beef Profit Partnership (BPP) members will meet regularly to measure their current performance, set targets for future productivity increases, and use a profitability framework to assess the potential impact of new technology. Capacity building and partnership outcomes will also be assessed. The BPP teams will be supported with appropriate tools and resources. The information generated will be used to underpin the achievement of Beef CRC commercialisation outputs and profitability outcomes.Accelerated adoption, continuous improvement and innovation, beef industry, profit, Livestock Production/Industries,