Fresh start or head start? The effect of filing for personal bankruptcy on the labor supply.

The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. The primary justification for the discharge policy is to preserve human capital by maintaining incentives for work. In this paper, we test this fresh start argument by providing the first estimate of the effect of personal bankruptcy filing on the labor supply using data from the Panel Study of Income Dynamics (PSID). Our econometric approach controls for the endogenous self-selection of bankruptcy filing and allows for dependence over time for the same household. We find that filing for bankruptcy does not have a positive impact on annual hours worked by bankrupt households, a result mainly due to the wealth effects of debt discharge. The finding is robust to a number of alternative model specifications and sample selections. Therefore, our analysis does not find supporting evidence for the human capital argument for bankruptcy discharge.Bankruptcy

Radio Resource Allocation for Device-to-Device Underlay Communication Using Hypergraph Theory

Device-to-Device (D2D) communication has been recognized as a promising technique to offload the traffic for the evolved Node B (eNB). However, the D2D transmission as an underlay causes severe interference to both the cellular and other D2D links, which imposes a great technical challenge to radio resource allocation. Conventional graph based resource allocation methods typically consider the interference between two user equipments (UEs), but they cannot model the interference from multiple UEs to completely characterize the interference. In this paper, we study channel allocation using hypergraph theory to coordinate the interference between D2D pairs and cellular UEs, where an arbitrary number of D2D pairs are allowed to share the uplink channels with the cellular UEs. Hypergraph coloring is used to model the cumulative interference from multiple D2D pairs, and thus, eliminate the mutual interference. Simulation results show that the system capacity is significantly improved using the proposed hypergraph method in comparison to the conventional graph based one.Comment: 27 pages,10 figure