Does Housing Wealth Make Us Less Equal? The Role of Durable Goods in the Distribution of Wealth

We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an inaction region over which the durable stock and the associated user cost are not adjusted in response to changes in income, increasing, on average, the volatility of non-durable consumption. The volatility of total consumption is then a function of the share of the durable good in the utility function and the width of the inaction region. We are particularly interested in parameterizations which increase the precautionary motive for saving through an increase in "committed expenditure risk". We find, for an empirically relevant share of durable consumption and for all transaction costs below an upper threshold, that the level of precautionary savings is increasing in the transaction costs. Transaction costs have only a modest impact on the degree of wealth dispersion, as measured by the Gini index, as the associated increase in savings is close to linear in wealth. While we are unable to match the dispersion of wealth in the data, we increase the dispersion over a single asset model (Gini index of .71 for financial assets and .37 for total wealth) and we are able to match the relative dispersion of financial to durable assets, i.e. we find financial assets much more unequal than durable assets. We also match the ratio of housing wealth to total wealth for the median agent. We calibrate the model to data from the PSID, the CES, and the SCFPrecautionary Savings, Wealth Distribution, Durable Goods

Nursing Home Quality as a Public Good

There has been much debate among economists about whether nursing home quality is a public good across Medicaid and private-pay patients within a common facility. However, there has been only limited empirical work addressing this issue. Using a unique individual level panel of residents of nursing homes from seven states, we exploit both within-facility and within-patient variation in payer source and quality to examine this issue. We also test the robustness of these results across states with different Medicaid and private-pay rate differentials. Across our various identification strategies, the results generally support the idea that quality is a public good within nursing homes. That is, within a common nursing home, there is very little evidence to suggest that Medicaid-funded residents receive consistently lower quality care relative to their private-paying counterparts.

Self-noise produced by an airfoil with nonflat plate trailing-edge serrations

This paper represents the results of an experimental study aimed at reducing the airfoil self-noise by the trailing edge serration of four different sawtooth geometries (defined in the serration angle and length). These serrations have a common feature: all of the sawtooth patterns are cut directly into the trailing edge of a realistic airfoil. This configuration offers better structural strength and integrity. For the sawtooth trailing edges investigated here, the radiation of the extraneous vortex shedding noise in a narrowband frequency due to the partial bluntness at the serration roots is unavoidable. However, this narrowband component tends to be less significant provided that the serration angle is large and the serration length is moderate. Sound power was measured, and some of the sawtooth geometries have been shown to afford significant boundary-layer instability tonal noise and moderate turbulent broadband noise reductions across a fairly large velocity range. This paper demonstrates that a nonflat plate serrated trailing edge can also be effective in the self-noise reduction. Some experimental results are also presented in order to explain the self-noise mechanisms.This work is partly supported by the Brunel Research Initiative and Enterprise fun

The structural determinants of the US competitiveness in the last decades: a "trade-revealing" analysis

We analyze the decline in the U.S. share of world merchandise exports against the backdrop of a model-based measure of competitiveness. We preliminarily use constant market share analysis and gravity estimations to show that the majority of the decline in export shares can be associated with a declining share of world income, suggesting that the dismal performance of the U.S. market share is not a sufficient statistic for competitiveness. We then derive a computable measure of country-sector specific real marginal costs (i.e. competitiveness) which, insofar it is inferred from actual trade ows, is referred to as 'revealed'. Brought to the data, this measure reveals that most U.S. manufacturing industries are losing momentum relative to their main competitors, as we find U.S. revealed marginal costs to grow by more than 38% on average. At the sectoral level, the "Machinery" industry is the most critical

Measuring Returns to Hospital Care: Evidence from Ambulance Referral Patterns

We consider whether hospitals that receive higher payments from Medicare improve patient outcomes, using exogenous variation in ambulance company assignment among patients who live near one another. Using Medicare data from 2002–10 on assignment across ambulance companies and New York State data from 2000–6 on assignment across area boundaries, we find that patients who are brought to higher-cost hospitals achieve better outcomes. Our estimates imply that a one standard deviation increase in Medicare reimbursement leads to a 4 percentage point (or 10 percent) reduction in mortality; the implied cost per at least 1 year of life saved is approximately $80,000.National Institutes of Health (U.S.) (R01 AG41794-01

Perspective: tobacco manufacturers are now compensating states for smoking-related costs: how will this affect the economy?

Smoking out the social and economic benefits of the 1998 tobacco settlement for Massachusetts.Tobacco industry ; Medical care, Cost of

Predicting performance of constant flow depth filtration using constant pressure filtration data

This paper describes a method of predicting constant flow filtration capacities using constant pressure datasets collected during the purification of several monoclonal antibodies through depth filtration. The method required characterisation of the fouling mechanism occurring in constant pressure filtration processes by evaluating the best fit of each of the classic and combined theoretical fouling models. The optimised coefficients of the various models were correlated with the corresponding capacities achieved during constant flow operation at the specific pressures performed during constant pressure operation for each centrate. Of the classic and combined fouling models investigated, the Cake-Adsorption fouling model was found to best describe the fouling mechanisms observed for each centrate at the various different pressures investigated. A linear regression model was generated with these coefficients and was shown to predict accurately the capacities at constant flow operation at each pressure. This model was subsequently validated using an additional centrate and accurately predicted the constant flow capacities at three different pressures (0.69, 1.03 and 1.38 bar). The model used the optimised Cake-Adsorption model coefficients that best described the flux decline during constant pressure operation. The proposed method of predicting depth filtration performance proved to be faster than the traditional approach whilst requiring significantly less material, making it particularly attractive for early process development activities

An experimental study of airfoil instability tonal noise with trailing edge serrations

This paper presents an experimental study of the effect of trailing edge serrations on airfoil instability noise. Detailed aeroacoustic measurements are presented of the noise radiated by an NACA-0012 airfoil with trailing edge serrations in a low to moderate speed flow under acoustical free field conditions. The existence of a separated boundary layer near the trailing edge of the airfoil at an angle of attack of 4.2 degree has been experimentally identified by a surface mounted hot-film arrays technique. Hot-wire results have shown that the saw-tooth surface can trigger a bypass transition and prevent the boundary layer from becoming separated. Without the separated boundary layer to act as an amplifier for the incoming Tollmien-Schlichting waves, the intensity and spectral characteristic of the radiated tonal noise can be affected depending upon the serration geometry. Particle Imaging Velocimetry (PIV) measurements of the airfoil wakes for a straight and serrated trailing edge are also reported in this paper. These measurements show that localized normal-component velocity fluctuations that are present in a small region of the wake from the laminar airfoil become weakened once serrations are introduced. Owing to the above unique characteristics of the serrated trailing edges, we are able to further investigate the mechanisms of airfoil instability tonal noise with special emphasis on the assessment of the wake and non-wake based aeroacoustic feedback model. It has been shown that the instability tonal noise generated at an angle of attack below approximately one degree could involve several complex mechanisms. On the other hand, the non-wake based aeroacoustic feedback mechanism alone is sufficient to predict all discrete tone frequencies accurately when the airfoil is at a moderate angle of attack

Disruption of mesoderm formation during cardiac differentiation due to developmental exposure to 13-cis-retinoic acid.

13-cis-retinoic acid (isotretinoin, INN) is an oral pharmaceutical drug used for the treatment of skin acne, and is also a known teratogen. In this study, the molecular mechanisms underlying INN-induced developmental toxicity during early cardiac differentiation were investigated using both human induced pluripotent stem cells (hiPSCs) and human embryonic stem cells (hESCs). Pre-exposure of hiPSCs and hESCs to a sublethal concentration of INN did not influence cell proliferation and pluripotency. However, mesodermal differentiation was disrupted when INN was included in the medium during differentiation. Transcriptomic profiling by RNA-seq revealed that INN exposure leads to aberrant expression of genes involved in several signaling pathways that control early mesoderm differentiation, such as TGF-beta signaling. In addition, genome-wide chromatin accessibility profiling by ATAC-seq suggested that INN-exposure leads to enhanced DNA-binding of specific transcription factors (TFs), including HNF1B, SOX10 and NFIC, often in close spatial proximity to genes that are dysregulated in response to INN treatment. Altogether, these results identify potential molecular mechanisms underlying INN-induced perturbation during mesodermal differentiation in the context of cardiac development. This study further highlights the utility of human stem cells as an alternative system for investigating congenital diseases of newborns that arise as a result of maternal drug exposure during pregnancy

Changes in intelligence test scores of psychotic patients given before and after electric shock treatments.

Thesis (M.S.