Family finances in the U.S.: recent evidence from the Survey of Consumer Finances

Using data that have just become available from the 1995 Survey of Consumer Finances along with data from the 1989 and 1992 versions of the survey, this article provides a detailed picture of recent changes in the income, net worth, assets, and liabilities of U.S. families. It also presents information on families' saving, unrealized capital gains, debt payments, and institutional providers of credit. Of the developments the article reports, a few are particularly noteworthy. First, between the 1992 and 1995 surveys, both median family income and median family net worth rose in constant dollars. The former, however, remained below the level measured in 1989, whereas the latter returned to the 1989 level. Second, the percentage of families who owned publicly traded stock and the amount of their holdings expanded greatly over the six-year period. Finally, there was little evidence of a serious rise in debt payment problems between 1992 and 1995, even though both the share of families with debt and the median amount of their debt rose.Consumer behavior ; Saving and investment

Thermodynamic Limit for Spin Glasses. Beyond the Annealed Bound

Using a correlation inequality of Contucci and Lebowitz for spin glasses, we demonstrate existence of the thermodynamic limit for short-ranged spin glasses, under weaker hypotheses than previously available, namely without the assumption of the annealed bound.Comment: 8 page

AN ANALYSIS OF THE USE OF GRADES AND HOUSEBRAND LABELS IN THE RETAIL BEEF MARKET

The congruence of beef consumersÂ’ purchases with their stated preferences regarding internal fat content are examined. The role of U.S. Department of Agriculture (USDA) grades and housebrand labeling of beef in providing information to consumers is studied in the theoretical framework of search theory. The empirical results indicate that the current system of USDA grades and housebrand labels is not disseminating information regarding internal fat content effectively to consumers. Suggestions are made for providing consumers with better information and education necessary to increase congruence of expressed preferences regarding internal fat content and actual beef purchases.Food Consumption/Nutrition/Food Safety, Livestock Production/Industries,

Normalised Root Mean Square and Amplitude of Sidebands of Vibration Response as Tools for Gearbox Diagnosis

Quick assessment of the condition of gearboxes used in helicopters is a safety requirement. One of the most widely used helicopter on-board-mounted condition monitoring system these days is the Health and Usage Monitoring System. It has been specifically designed to monitor the condition of all safety-critical components operating in the helicopter through calculation of so-called condition indicators (CIs) - signal processing routines designed to output a single number that represents the condition of the monitored component. Among number of available parameters, there is a couple of CIs that over the years of testing have earned a reputation of being the most reliable measures of the gear tooth condition. At the same time, however, it has been observed that in some cases, those techniques do not properly indicate the deteriorating condition with the propagation of a gear tooth fault with the period of operation. Hence, three more robust methods have been suggested, which are discussed in this article

Tracking 3-D body motion for docking and robot control

An advanced method of tracking three-dimensional motion of bodies has been developed. This system has the potential to dynamically characterize machine and other structural motion, even in the presence of structural flexibility, thus facilitating closed loop structural motion control. The system's operation is based on the concept that the intersection of three planes defines a point. Three rotating planes of laser light, fixed and moving photovoltaic diode targets, and a pipe-lined architecture of analog and digital electronics are used to locate multiple targets whose number is only limited by available computer memory. Data collection rates are a function of the laser scan rotation speed and are currently selectable up to 480 Hz. The tested performance on a preliminary prototype designed for 0.1 in accuracy (for tracking human motion) at a 480 Hz data rate includes a worst case resolution of 0.8 mm (0.03 inches), a repeatability of plus or minus 0.635 mm (plus or minus 0.025 inches), and an absolute accuracy of plus or minus 2.0 mm (plus or minus 0.08 inches) within an eight cubic meter volume with all results applicable at the 95 percent level of confidence along each coordinate region. The full six degrees of freedom of a body can be computed by attaching three or more target detectors to the body of interest

Recent changes in U. S. family finances: results from the 1998 Survey of Consumer Finances

Using data from the Federal Reserve Board's two most recent Surveys of Consumer Finances, this article provides a detailed picture of changes in the financial condition of U.S. families between 1995 and 1998. The financial situation of families changed notably in the three-year period. While income continued a moderate upward trend, net worth grew strongly, and the increase in net worth was broadly shared by different demographic groups. A booming stock market accounts for a substantial part of the rise in net worth, but the data also suggest that improvements in financial circumstances extended to many families that did not own stocks. The indebtedness of families grew, but less rapidly than their assets. Nonetheless, compared with 1995, debt repayments in 1998 accounted for a larger share of the income of the typical family with debt, and the proportion of debtors who were late with their payments by sixty days or more in the year preceding the survey was also higher.Income ; Consumer behavior ; Saving and investment

Expressing Permission

This paper proposes a semantics for free choice permission that explains both the non-classical behavior of modals and disjunction in sentences used to grant permission, and their classical behavior under negation. It also explains why permissions can expire when new information comes in and why free choice arises even when modals scope under disjunction. On the proposed approach, deontic modals update preference orderings, and connectives operate on these updates rather than propositions. The success of this approach stems from its capacity to capture the difference between expressing the preferences that give rise to permissions and conveying propositions about those preferences

The Relative Hydrodynamic Resistance of Various Types of Rivet Heads from Tests of Planning Surfaces, Special Report

The Committee was requested to investigate the effect of various types of rivet heads on hydrodynamic resistance. The proposal was made to obtain the resistance of the various types of rivets by tests of planing surfaces on which the full size rivets would be arranged. The testing methods, results and conclusions are given