AC logic flip-flop circuits Patent

Bistable multivibrator circuits operating at high speed and low power dissipatio

A Model of Real Estate Sales as a Career Choice

This article develops a model of the probability that individuals choose careers in real estate sales. The model is estimated using Census data. Females are found to be significantly more likely than males to enter the field. For males, the probability of entering the field grows with schooling up through four years of college, and declines thereafter. For females, the probability falls with increased schooling beyond high school. Real estate sales is a career that is more appealing to both males and females with more labor market experience. For females, the probability of choosing a real estate career rises at a decreasing rate with experience. For males, the probability grows at an increasing rate. Both females and males are very responsive in their career choice decisions to changes in real earnings. The supply price elasticity, evaluated at the mean, is estimated to be +3.18 for males and +2.76 for females.

Contract Incentives and Effort

In a prevailing employment contract, the agent receives a proportional split of commissions. Alternatively, the agent receives a contract paying 100% of revenue above a fixed payment to the firm. In this contract the firm has a prior payment position, similar to a landlord or lender. The coexistence of these equity-only and debt-equity type contracts allows testing incentives for productivity and effort for U.S. real estate licensees. Hourly wages and productivity are increasing in the agent's split, up to and including 100%. Effort as measured by hours worked also positively affected by the split. The contract incentives motivate productivity and induce effort without requiring monitoring.

Growth and Welfare under Endogenous Lifetime

We develop a perpetual youth model to investigate how longevity affects economic growth and welfare. Life expectancy is determined by individuals’ investments in healthcare. We find that improvements in the healthcare technology always increase the steady state growth rate. Although the effect is small, even for large increases in longevity, welfare gains may be substantial depending on the type of the technological improvement. We identify two externalities associated with healthcare investments and provide a condition when healthcare expenditures are inefficiently low in the market equilibrium. Finally, we discuss our results with respect to alternative spillover specifications in the production sector.economic growth, endogenous longevity, healthcare expenditures, healthcare technology, quality-quantity trade-off

Growth and Welfare under Endogenous Lifetime

We develop a perpetual youth model to investigate how longevity affects economic growth and welfare. Life expectancy is determined by individuals' investments in healthcare. We find that improvements in the healthcare technology always increase the steady state growth rate. Although the effect is small, even for large increases in longevity, welfare gains may be substantial depending on the type of the technological improvement. We identify two externalities associated with healthcare investments and provide a condition when healthcare expenditures are inefficiently low in the market equilibrium. Finally, we discuss our results with respect to alternative spillover specifications in the production sector.economic growth; endogenous longevity; healthcare expenditures; healthcare technology; quality-quantity trade-off

The Dynamics of Metropolitan Housing Prices

This article is the winner of the Innovative Thinking ‘‘Thinking Out of the Box’’ manuscript prize (sponsored by the Homer Hoyt Advanced Studies Institute) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location-specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability.

Age and lifecycle patterns driving U.S. migration shifts

Migration—people moving between locations—is now driving much of the demographic change occurring in the United States. In this brief, authors Kenneth Johnson, Richelle Winkler, and Luke Rogers share new research on age-related migration patterns to provide a fuller understanding of the complex patterns of demographic change in the United States. Examining four migration age groups, including emerging adults, young adults, family age, and older adults, their analysis of trends over time shows evidence that certain age groups migrate in similar ways. For example, young adult migrants are flowing to large metropolitan areas, while family age migrants are leaving large urban cores for the suburbs. Major metro areas in the Northeast and Midwest are losing older migrants, and rural farm counties continue to lose young adults. The authors explore how these migration patterns have important implications for people, institutions, and communities of both rural and urban America, as well as for the design of policies and practices that foster the development of sustainable communities

Trading Off Generations: Infinitely-Lived Agent Versus OLG

The prevailing literature discusses intergenerational trade-offs predominantly in infinitely-lived agent models despite the finite lifetime of individuals. We discuss these trade-offs in a continuous time OLG framework and relate the results to the infinitely-lived agent setting. We identify three shortcomings of the latter: First, underlying normative assumptions about social preferences cannot be deduced unambiguously. Second, the distribution among generations living at the same time cannot be captured. Third, the optimal solution may not be implementable in overlapping generations market economies. Regarding the recent debate on climate change, we conclude that it is indispensable to explicitly consider the generations' life cycles.climate change; discounting; infinitely-lived agents; intergenerational equity; overlapping generations; time preference