Does Housing Wealth Make Us Less Equal? The Role of Durable Goods in the Distribution of Wealth

We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an inaction region over which the durable stock and the associated user cost are not adjusted in response to changes in income, increasing, on average, the volatility of non-durable consumption. The volatility of total consumption is then a function of the share of the durable good in the utility function and the width of the inaction region. We are particularly interested in parameterizations which increase the precautionary motive for saving through an increase in "committed expenditure risk". We find, for an empirically relevant share of durable consumption and for all transaction costs below an upper threshold, that the level of precautionary savings is increasing in the transaction costs. Transaction costs have only a modest impact on the degree of wealth dispersion, as measured by the Gini index, as the associated increase in savings is close to linear in wealth. While we are unable to match the dispersion of wealth in the data, we increase the dispersion over a single asset model (Gini index of .71 for financial assets and .37 for total wealth) and we are able to match the relative dispersion of financial to durable assets, i.e. we find financial assets much more unequal than durable assets. We also match the ratio of housing wealth to total wealth for the median agent. We calibrate the model to data from the PSID, the CES, and the SCFPrecautionary Savings, Wealth Distribution, Durable Goods

Public place : Congress and the republican political tradition.

Political ScienceDoctor of Philosophy (PhD

Parametric Analysis of the Selective Laser Sintering Process

Qualitative and quantitative analyses are required to develop Selective Laser Sintering into a viable Manufacturing process. A simplified mathematical model for sintering incorporating the heat tJ;ansfer equation. and the sintering rate equation, but using temperature independent thermal properties, is presented in this paper. A practical result is the calculation of sintering depthdeftned as the depth of powder where the void fraction is less than 0.1 as a function of control parameters, such as the laser power intensity, the laser scanning velocity, and the initial bedtemperature. We derive the general behavior of laser sintering. A comparison of model predictions with laser sinterlng tests is provided.Mechanical Engineerin

Protocluster Discovery in Tomographic Lyα\alpha Forest Flux Maps

We present a new method of finding protoclusters using tomographic maps of Ly$\alpha$ Forest flux. We review our method of creating tomographic flux maps and discuss our new high performance implementation, which makes large reconstructions computationally feasible. Using a large N-body simulation, we illustrate how protoclusters create large-scale flux decrements, roughly 10 $h^{-1}$Mpc across, and how we can use this signal to find them in flux maps. We test the performance of our protocluster finding method by running it on the ideal, noiseless map and tomographic reconstructions from mock surveys, and comparing to the halo catalog. Using the noiseless map, we find protocluster candidates with about 90% purity, and recover about 75% of the protoclusters that form massive clusters ($> 3 \times 10^{14} \, h^{-1} M_{\odot}$). We construct mock surveys similar to the ongoing COSMOS Lyman-Alpha Mapping And Tomography Observations (CLAMATO) survey. While the existing data has an average sightline separation of 2.3 $h^{-1}$Mpc, we test separations of 2 - 6 $h^{-1}$Mpc to see what can be tolerated for our application. Using reconstructed maps from small separation mock surveys, the protocluster candidate purity and completeness are very close what was found in the noiseless case. As the sightline separation increases, the purity and completeness decrease, although they remain much higher than we initially expected. We extended our test cases to mock surveys with an average separation of 15 $h^{-1}$Mpc, meant to reproduce high source density areas of the BOSS survey. We find that even with such a large sightline separation, the method can still be used to find some of the largest protoclusters.Comment: 18 pages, 12 figure

Is it time to turn our attention toward central mechanisms for post-exertional recovery strategies and performance?

• Central fatigue is accepted as a contributor to overall athletic performance, yet little research directly investigates post-exercise recovery strategies targeting the brain • Current post-exercise recovery strategies likely impact on the brain through a range of mechanisms, but improvements to these strategies is needed • Research is required to optimize post-exercise recovery with a focus on the brain Post-exercise recovery has largely focused on peripheral mechanisms of fatigue, but there is growing acceptance that fatigue is also contributed to through central mechanisms which demands that attention should be paid to optimizing recovery of the brain. In this narrative review we assemble evidence for the role that many currently utilized recovery strategies may have on the brain, as well as potential mechanisms for their action. The review provides discussion of how common nutritional strategies as well as physical modalities and methods to reduce mental fatigue are likely to interact with the brain, and offer an opportunity for subsequent improved performance. We aim to highlight the fact that many recovery strategies have been designed with the periphery in mind, and that refinement of current methods are likely to provide improvements in minimizing brain fatigue. Whilst we offer a number of recommendations, it is evident that there are many opportunities for improving the research, and practical guidelines in this area

The First Larval Stage of Microprosthema semilaeve (von Martens, 1872) (Crustacea: Decapoda: Stenopodidea) Obtained in the Laboratory

The first larval stage of Microprosthema semilaeve (von Martens, 1872) is described from ovigerous females collected off Sombrero Key, Florida Keys, USA, and Guana Island, British Virgin Islands, Caribbean. The larvae are characterized by a broad, triangular telson bearing posterolateral spines and an “anomuran seta,” a first maxilliped that differs markedly from the very similar (to each other) second and third maxillipeds, and the presence of the first pereiopod as a swimming appendage upon hatching, as is apparently true of all stenopodidean first stage larvae. Characters of the larvae are compared to those described from the Indian Ocean by Raje and Ranade (1978) and mistakenly attributed to this same species, and to those of stenopodidean larvae described by Lebour (1941) from Bermuda plankton. Problems in identifying adult specimens of Microprosthema from the Caribbean are discussed

Commercial Policy Uncertainty, the Expected Cost of Protection, and Market Access

Protection unconstrained by rules often varies substantially over time. Rules-based disciplines like OECD industrial tariff bindings negotiated under GATT since 1947 and new Uruguay Round bindings on agricultural and services trade and on developing country industrial tariffs, constrain this variability. We examine the theoretical effects of such constraints on the expected cost of protection and offer a formalization of the concept of "market access," emphasizing both the first and second moments of the distribution of protection. As an illustration, we provide a stylized examination of Uruguay Round agricultural bindings

Investigating the relationship between material properties and laser-induced damage threshold of dielectric optical coatings at 1064 nm

The Laser Induced Damage Threshold (LIDT) and material properties of various multi-layer amorphous dielectric optical coatings, including Nb2O5, Ta2O5, SiO2, TiO2, ZrO2, AlN, SiN, LiF and ZnSe, have been studied. The coatings were produced by ion assisted electron beam and thermal evaporation; and RF and DC magnetron sputtering at Helia Photonics Ltd, Livingston, UK. The coatings were characterized by optical absorption measurements at 1064 nm by Photothermal Common-path Interferometry (PCI). Surface roughness and damage pits were analyzed using atomic force microscopy. LIDT measurements were carried out at 1064 nm, with a pulse duration of 9.6 ns and repetition rate of 100 Hz, in both 1000-on-1 and 1-on-1 regimes. The relationship between optical absorption, LIDT and post-deposition heattreatment is discussed, along with analysis of the surface morphology of the LIDT damage sites showing both coating and substrate failure

Formula Approaches for Market Access Negotiations

Most of the large tariff reductions achieved in multilateral trade negotiations have involved tariff-cutting formulas such as the "Swiss" formula. However, wide variations in initial tariff rates between active participants call for new approaches under the Doha Development Agenda. This paper surveys a range of formula options and examines both targeted and flexible applications of the Swiss formula that target tariff escalation and peaks, and would allow policy makers to directly target how far they will move towards free trade, while providing some flexibility for trading off reductions in peak tariffs against reductions in lower-tariff sectors

The LyAlpha Line Profiles of Ultraluminous Infrared Galaxies: Fast Winds and Lyman Continuum Leakage

We present new Hubble Space Telescope Cosmic Origins Spectrograph far-ultraviolet (far-UV) spectroscopy and Keck Echellete optical spectroscopy of 11 ultraluminous infrared galaxies (ULIRGs), a rare population of local galaxies experiencing massive gas inflows, extreme starbursts, and prominent outflows. We detect H Lyman alpha emission from 8 ULIRGs and the companion to IRAS09583+4714. In contrast to the P Cygni profiles often seen in galaxy spectra, the H Lyman alpha profiles exhibit prominent, blueshifted emission out to Doppler shifts exceeding -1000 km/s in three HII-dominated and two AGN-dominated ULIRGs. To better understand the role of resonance scattering in shaping the H Lyman alpha line profiles, we directly compare them to non-resonant emission lines in optical spectra. We find that the line wings are already present in the intrinsic nebular spectra, and scattering merely enhances the wings relative to the line core. The H Lyman alpha attenuation (as measured in the COS aperture) ranges from that of the far-UV continuum to over 100 times more. A simple radiative transfer model suggests the H Lyman alpha photons escape through cavities which have low column densities of neutral hydrogen and become optically thin to the Lyman continuum in the most advanced mergers. We show that the properties of the highly blueshifted line wings on the H Lyman alpha and optical emission-line profiles are consistent with emission from clumps of gas condensing out of a fast, hot wind. The luminosity of the H Lyman alpha emission increases non-linearly with the ULIRG bolometric luminosity and represents about 0.1 to 1% of the radiative cooling from the hot winds in the HII-dominated ULIRGs.Comment: Submitted to Ap