Social Security, Retirement and Wealth: Theory and Implications

The effect of Social Security rules on the age people choose to retire can be critical in evaluating proposed changes to those rules. This research derives a theory of retirement that views retirement as a special type of labor supply decision. This decision is driven by wealth and substitution effects on labor supply, interacting with a fixed cost of working that makes low hours of work unattractive. The theory is tractable analytically, and therefore well-suited for analyzing proposals that affect Social Security. This research examines how retirement age varies with generosity of Social Security benefits. A ten-percent reduction in the value of benefits would lead individuals to postpone retirement by between one-tenth and one-half a year. Individuals who are relatively buffered from the change—because they are wealthier or because they are younger and therefore can more easily increase saving to offset the cut in benefits— will have smaller changes in their retirement ages. Authors’ Acknowledgements This work was supported by a grant from the Social Security Administration through the Michigan Retirement Research Center (Grant #10-P-98358-5). The opinions and conclusions are solely those of the authors and should not be considered as representing the opinions or policy of the Social Security Administration or any agency of the Federal Government. The authors gratefully acknowledge this support.

Investigating synthesis of Cu2ZnSn(Se1-x,Sx)4 for values of 0≤x≤1 by S for Se substitution and direct sulphidisation of metallic precursors

Thin layers of Cu2ZnSn(Se1-x,Sx)4 were produced by selenisation and subsequent sulphur substitution of DC sputter-deposited metallic CZT precursors on soda-lime glass. Values of x=(0, 0.07, 0.12, 0.17, 0.28, 1) were measured by EDS. Samples were characterised optically and analysed using the Kubelka-Munk function, and found to have 0.96eV ≤Eg≤ 1.47eV, varying approximately linearly with x. Samples underwent X-ray diffraction characterisation and substituted samples were found to comprise of multiple phase kesterite material with different levels of S substitution, averaging to the values obtained by EDS. The spectra were found to conform to Vegard's law, as peak location shifted linearly between x=0 and x=1. Binary phases are suspected to exist, because of some unusual behaviour at the location of the (200) peak. Lattice parameters for all phases were calculated and found to vary linearly between (a=b=5.692, c=11.338) for x=0 and (a=b= 5.393, c= 10.863) for x=1, which are in excellent agreement with previously published figures

Fair governance and interaction with government bothencourage voters to participate

Why do so many people in advanced democracies choose not to vote? While many scholars focus on electoral systems as an explanation for this trend, Matthew R. Miles argues that citizens’ experience with bureaucracy may be equally important. In new research which examines government and institutions in 35 countries, he finds that when people perceive that the courts, civil service, and other bureaucratic institutions are unfair, the less they are likely to vote

Appeals to voters’ moral foundations can be an effective rhetorical strategy for presidents.

One challenge a president faces is convincing those on the other side of the aisle to support their policies. But can presidents convince people from the opposite party by framing issues consistently with their moral values? To investigate, Matthew R. Miles analyzes voters’ reactions to President Obama’s rhetoric when it is framed to appeal to their moral foundations. He finds that such appeals can be convincing and persuasive, trumping voters’ political ideology

Public Messages, Private Support: Base Reaction to Presidential Rhetoric

President George W. Bush's attempt to reform Social Security in 2005 provides an opportunity to test the effects of presidential rhetoric on public support. I analyze survey data taken before and after President Bush's public campaign and I utilize a survey experiment conducted in May 2005 to measure the effects of his public campaign on support for his Social Security proposal. My analysis separates members of President Bush's core constituents from the general public. My findings show that, in general, support for the proposal declined after the public campaign, but that the public campaign successfully increased support for the Social Security proposal among President Bush's core constituents. I argue that modern presidents use the `bully pulpit' to speak to their core supporters

No Order Save That Which Death Has Put There : Identity Formation In Cormac McCarthy\u27s Border Trilogy

In order to most accurately convey what McCarthy, a man who believes there\u27s no such thing as life without bloodshed, is getting at, I must first examine the Western genre and how this conceptualizes its chief protagonist the cowboy. From here I turn to an examination of how identity is formed from the perspective of McCarthy\u27s white male cowboys, focusing on how the places that they come from and their experiences have led them to become the men who they are. Bearing this in mind I will then discuss the trilogy\u27s peripheral characters, including Mexicans, indigenous people, and women. Despite their relative lack of development as characters, they often challenge and deepen our understanding of McCarthy\u27s universe. We come to see that despite our cowboy protagonist\u27s best efforts to achieve the romantic visions of their imaginations, they ultimately can do nothing but fail

The Public Presidency: Increasing Return on Investment

Despite greater access to the media, greater resources to craft the perfect message and greater knowledge of the contours of public opinion (Heith 2000), presidents seem to be less persuasive (Edwards 2003, 2007, 2009). Paradoxically, modern presidents are more likely to take their message to the public than their predecessors. This paradox motivates continued exploration of the persuasive capacity of modern presidents, despite the flaws in the original "going public" paradigm. This dissertation explores several aspects of this paradox and in some instances clarifies and in others innovates on the existing literature. The focus of the existing literature on speech content and the tone of news coverage neglects individual level causal mechanisms that influence public acceptance of presidential messages. Sometimes persuasion is less a matter of the content of the message and more related to psychological motivations that influence how individuals respond to the person presenting the message. This dissertation adds both breadth and precision to the existing literature by exploring the influence of these psychological mechanisms on individual acceptance of presidential messages. In addition, this dissertation shows that sometimes our myopic focus on presidential persuasion is misplaced. Under certain conditions, presidents may use a public campaign for policy as a diversion, rather than an attempt to persuade the public. Thus, modern presidents may use the bully pulpit to exercise negative control of the public agenda rather than to persuade potential political converts

Fast Compressive 3D Single-pixel Imaging

In this work, we demonstrate a modified photometric stereo system with perfect pixel registration, capable of reconstructing continuous real-time 3D video at ~8 Hz for 64 x 64 image resolution by employing evolutionary compressed sensing

Imputing Risk Tolerance from Survey Responses

Economic theory assigns a central role to risk preferences. This paper develops a measure of relative risk tolerance using responses to hypothetical income gambles in the Health and Retirement Study. In contrast to most survey measures that produce an ordinal metric, this paper shows how to construct a cardinal proxy for the risk tolerance of each survey respondent. The paper also shows how to account for measurement error in estimating this proxy and how to obtain consistent regression estimates despite the measurement error. The risk tolerance proxy is shown to explain differences in asset allocation across households.