9,125 research outputs found

    Aging and Labor Force Participation: A Review of Trends and Explanations

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    The American population is aging rapidly. Persons 65 and over who now constitute about one-fifth of the population will constitute about two-fifths of the population by 2040. In addition, individuals are living longer. Yet the labor force participation of older Americans has fallen dramatically in recent years. This paper discusses this trend and the principal arguments put forth to explain it. The paper is in two parts. The first part reviews trends in labor force participation and associated trends in Social Security (SS) coverage, firm pension plan coverage, and other factors that are likely to be associated with the labor force participation trends, including demographics. The second part of the paper discusses the incentive effects of SS and retirement plans, with emphasis on firm pension plans.

    Three Models of Retirement: Computational Complexity Versus Predictive Validity

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    Empirical analysis often raises questions of approximation to underlying individual behavior. Closer approximation may require more complex statistical specifications, On the other hand, more complex specifications may presume computational facility that is beyond the grasp of most real people and therefore less consistent with the actual rules that govern their behavior, even though economic theory may push analysts to increasingly more complex specifications. Thus the issue is not only whether more complex models are worth the effort, but also whether they are better. We compare the in-sample and out-of-sample predictive performance of three models of retirement -- "option value," dynamic programming, and probit -- to determine which of the retirement rules most closely matches retirement behavior in a large firm. The primary measure of predictive validity is the correspondence between the model predictions and actual retirement under the firm's temporary early retirement window plan. The "option value" and dynamic programming models are considerably more successful than the less complex probit model in approximating the rules individuals use to make retirement decisions, but the more complex dynamic programming rule approximates behavior no better than the simpler option value rule.

    Why are Retirement Rates So High at Age 65?

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    In most data sets of labor force participation of the elderly, an empirical regularity that emerges is that retirement rates are particularly high at age 65. While there are numerous economic reasons why individuals may choose to retire at 65, empirical models that have attempted to explain the age-65 spike have met with limited success. Interpreted another way, while many models would predict a jump in the hazard rate at age 65, the magnitude of the spike indicates excessive response given the economic considerations that retirees typically face. This paper considers the puzzle of why retirement rates are so high at age 65 and explores a variety of explanations.

    Chandra Observation of the Radio Source / X-ray Gas Interaction in the Cooling Flow Cluster Abell 2052

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    We present a Chandra observation of Abell 2052, a cooling flow cluster with a central cD that hosts the complex radio source 3C 317. The data reveal ``holes'' in the X-ray emission that are coincident with the radio lobes. The holes are surrounded by bright ``shells'' of X-ray emission. The data are consistent with the radio source displacing and compressing, and at the same time being confined by, the X-ray gas. The compression of the X-ray shells appears to have been relatively gentle and, at most, slightly transonic. The pressure in the X-ray gas (the shells and surrounding cooler gas) is approximately an order of magnitude higher than the minimum pressure derived for the radio source, suggesting that an additional source of pressure is needed to support the radio plasma. The compression of the X-ray shells has speeded up the cooling of the shells, and optical emission line filaments are found coincident with the brightest regions of the shells.Comment: accepted for publication in ApJ Letters; for high-resolution color figures, see http://www.astro.virginia.edu/~elb6n/abell2052.htm

    Spatially Extended 21 cm Signal from Strongly Clustered UV and X-Ray Sources in the Early Universe

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    We present our prediction for the local 21 cm differential brightness temperature (δTb\delta T_{b}) from a set of strongly clustered sources of Population III (Pop III) and II (Pop II) objects in the early Universe, by a numerical simulation of their formation and radiative feedback. These objects are located inside a highly biased environment, which is a rare, high-density peak ("Rarepeak") extending to 7\sim7 comoving Mpc. We study the impact of ultraviolet (UV) and X-ray photons on the intergalactic medium (IGM) and the resulting δTb\delta T_{b}, when Pop III stars are assumed to emit X-ray photons by forming X-ray binaries very efficiently. We parameterize the rest-frame spectral energy distribution (SED) of X-ray photons, which regulates X-ray photon-trapping, IGM-heating, secondary Lyman-alpha pumping and the resulting morphology of δTb\delta T_{b}. A combination of emission (δTb>0\delta T_{b}>0) and absorption (δTb<0\delta T_{b}<0) regions appears in varying amplitudes and angular scales. The boost of the signal by the high-density environment (δ0.64\delta\sim0.64) and on a relatively large scale combine to make Rarepeak a discernible, spatially-extended (θ10\theta\sim10') object for 21 cm observation at 13z1713\lesssim z\lesssim17, which is found to be detectable as a single object by SKA with integration time of 1000\sim1000 hours. Power spectrum analysis by some of the SKA precursors (LOFAR, MWA, PAPER) of such rare peaks is found difficult due to the rarity of these peaks, and the contribution only by these rare peaks to the total power spectrum remains subdominant compared to that by all astrophysical sources.Comment: Accepted for publication in ApJ; Major revision done on the cosmological 21-cm line transfer, allowing for generic cases with peculiar motion of gas and non-negligible optical dept

    Early Science with the Karoo Array Telescope: a Mini-Halo Candidate in Galaxy Cluster Abell 3667

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    Abell 3667 is among the most well-studied galaxy clusters in the Southern Hemisphere. It is known to host two giant radio relics and a head-tail radio galaxy as the brightest cluster galaxy. Recent work has suggested the additional presence of a bridge of diffuse synchrotron emission connecting the North-Western radio relic with the cluster centre. In this work, we present full-polarization observations of Abell 3667 conducted with the Karoo Array Telescope at 1.33 and 1.82 GHz. Our results show both radio relics as well as the brightest cluster galaxy. We use ancillary higher-resolution data to subtract the emission from this galaxy, revealing a localised excess, which we tentatively identify as a radio mini-halo. This mini-halo candidate has an integrated flux density of 67.2±4.967.2\pm4.9 mJy beam1^{-1} at 1.37 GHz, corresponding to a radio power of P1.4GHz=4.28±0.31×1023_{\rm{1.4\,GHz}}=4.28\pm0.31\times10^{23} W Hz1^{-1}, consistent with established trends in mini-halo power scaling.Comment: 17 pages, 10 figures, accepted MNRA
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