Why has home ownership fallen among the young?

We document that home ownership of households with 'heads' aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities made it easier to purchase a home. This paper uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand why young home ownership fell over a period when it became easier to own a home. Our findings indicate that a trend toward marrying later and the increase in household earnings risk that occurred after 1980 account for 3/5 to 4/5 of the decline in young home ownership.Housing, home ownership, tenure choice, first-time home-buyers, marriage, income risk

Why has home ownership fallen among the young?

We document that home ownership of households with "heads" aged 25 - 44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities made it easier to purchase a home. This paper uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand why young home ownership fell over a period when it became easier to own a home. Our findings indicate that a trend toward marrying later and the increase in household earnings risk that occurred after 1980 account for 3/5 to 4/5 of the decline in young home ownership.Home ownership ; Marriage

First-time home buyers and residential investment volatility

Like other macroeconomic variables, residential investment has become much less volatile since the mid-1980s (recent experience notwithstanding.) This paper explores the role of structural change in this decline. Since the early 1980s there have been many changes in the underlying structure of the economy, including those in the mortgage market which have made it easier to acquire a home. We examine how these changes affect residential investment volatility in a life-cycle model consistent with micro evidence on housing choices. We find that a decline in the rate of household formation, increased delay in marriage, and an increase in the cross-sectional variance of earnings drive the decline in volatility. Our findings provide support for the view that the “Great Moderation” in aggregate fluctuations is not just due to smaller aggregate shocks, but is driven at least in part by structural change.Home ownership ; Mortgages

Defectors cannot be detected during"small talk" with strangers.

To account for the widespread human tendency to cooperate in one-shot social dilemmas, some theorists have proposed that cooperators can be reliably detected based on ethological displays that are difficult to fake. Experimental findings have supported the view that cooperators can be distinguished from defectors based on "thin slices" of behavior, but the relevant cues have remained elusive, and the role of the judge's perspective remains unclear. In this study, we followed triadic conversations among unacquainted same-sex college students with unannounced dyadic one-shot prisoner's dilemmas, and asked participants to guess the PD decisions made toward them and among the other two participants. Two other sets of participants guessed the PD decisions after viewing videotape of the conversations, either with foreknowledge (informed), or without foreknowledge (naïve), of the post-conversation PD. Only naïve video viewers approached better-than-chance prediction accuracy, and they were significantly accurate at predicting the PD decisions of only opposite-sexed conversation participants. Four ethological displays recently proposed to cue defection in one-shot social dilemmas (arms crossed, lean back, hand touch, and face touch) failed to predict either actual defection or guesses of defection by any category of observer. Our results cast doubt on the role of "greenbeard" signals in the evolution of human prosociality, although they suggest that eavesdropping may be more informative about others' cooperative propensities than direct interaction

Alien Registration- Gervais, Olympe M. (Allagash, Aroostook County)

https://digitalmaine.com/alien_docs/32338/thumbnail.jp

Alien Registration- Gervais, Olympe M. (Allagash, Aroostook County)

https://digitalmaine.com/alien_docs/32338/thumbnail.jp

Light-Cone Quantization of the Liouville Model

We present the quantization of the Liouville model defined in light-cone coordinates in (1,1) signature space. We take advantage of the representation of the Liouville field by the free field of the Backl\"{u}nd transformation and adapt the approch by Braaten, Curtright and Thorn. Quantum operators of the Liouville field $\partial_{+}\phi$, $\partial_{-}\phi$, $e^{g\phi}$, $e^{2g\phi}$ are constructed consistently in terms of the free field. The Liouville model field theory space is found to be restricted to the sector with field momentum $P_{+}=-P_{-}$, $P_{+}> 0$ , which is a closed subspace for the Liouville theory operator algebra.Comment: 16 p, EFI-92-6

Lotka--Volterra Type Equations and their Explicit Integration

In the present note we give an explicit integration of some two--dimensionalised Lotka--Volterra type equations associated with simple Lie algebras, other than the familiar $A_n$ case, possessing a representation without branching. This allows us, in particular, to treat the first fundamental representations of $A_r$, $B_r$, $C_r$, and $G_2$ on the same footing.Comment: 3 pages LATEX fil