Restoring Bankruptcy’s Fresh Start

The discharge injunction, which allows former debtors to be free from any efforts to collect former debt, is a primary feature of bankruptcy law in the United States. When creditors have systemically violated debtors’ discharge injunctions, some debtors have attempted to challenge those creditors through a class action lawsuit in bankruptcy court. However, the pervasiveness of class-waiving arbitration clauses likely prevents those debtors from disputing discharge injunction violations outside of binding, individual arbitration. This Note first discusses areas of disagreement regarding how former debtors may enforce their discharge injunctions. Then, it examines the types of disputes that allow debtors to collectivize in bankruptcy court. Without seeking to resolve either disagreement, this Note assumes debtors may collectivize in this context and employs an “inherent conflict” test that looks to whether disputes over discharge injunction violations are arbitrable. Because the “inherent conflict” test likely leads to the conclusion that courts must enforce class-waiving arbitration clauses, this Note argues that Congress should amend the Bankruptcy Code not only to provide debtors an express right of action under § 524 and the ability to collectivize, but also to prohibit the arbitration of these claims. Doing so will give full effect to the discharge injunction and fulfill the promise to debtors that they can truly begin anew after bankruptcy

Mathematical Modeling of Trending Topics on Twitter

Created in 2006, Twitter is an online social networking service in which users share and read 140-character messages called Tweets. The site has approximately 288 million monthly active users who produce about 500 million Tweets per day. This study applies dynamical and statistical modeling strategies to quantify the spread of information on Twitter. Parameter estimates for the rates of infection and recovery are obtained using Bayesian Markov Chain Monte Carlo (MCMC) methods. The methodological strategy employed is an extension of techniques traditionally used in an epidemiological and biomedical context (particularly in the spread of infectious disease). This study, which addresses information spread, presents case studies pertaining to the prevalence of several “trending” topics on Twitter over time. The study introduces a framework to compare information dynamics on Twitter based on the topical area as well as a framework for the prediction of topic prevalence. Additionally, methodological and results-based comparisons are drawn between the spread of information and the spread of infectious disease

CBA at the PTO

What are the costs and benefits of patent laws? While Congress and the courts are often able to evade this difficult question, there is one institutional actor that is not only well-advised but also required to consider costs and benefits: the Patent and Trademark Office, which—as an administrative agency—is required by executive order to conduct cost-benefit analysis of all economically significant regulations. Yet the agency’s efforts have been less than satisfactory. In its cost-benefit analysis, the PTO overlooks crucial functional considerations, misunderstands basic precepts of patent economics, and resists quantification when quantification is required. In combination, these shortcomings suggest that the PTO has not correctly measured the social costs and benefits of the rules it creates, in part because it has adopted an overly limited view of the welfare effects of intellectual property and the agency’s own role in promoting or discouraging IP. In other instances, the PTO has promulgated rules that will likely have tremendous economic significance without recognizing their importance or conducting a cost-benefit analysis. These errors cast doubt on whether the PTO’s regulations will increase or diminish social welfare. Before the PTO is granted any additional substantive authority, reform will be necessary

Use of Enforcement Techniques in Eliminating Glass Ceiling Barriers

Glass Ceiling ReportGlassCeilingBackground9UseofEnforcement.pdf: 3253 downloads, before Oct. 1, 2020

The affects of health shocks and house prices on debt holdings by older Americans

We offer a comprehensive empirical analysis of the debt holdings of older Americans using panel data from the Health and Retirement Study. The average older American household owes a surprisingly large amount of mortgage and consumer debt, even in their late seventies. We find that despite the existence of Medicare, having an acute health shock causes those who do not have mortgage debt to take it, if they have no insurance and we find that a chronic health shock causes those who have no consumer debt to borrow, unless they are insured. On average having insurance just about covers the costs of either type of shock. For those households that own their own home, widowhood results in a considerable reduction in their mortgage. Increases in home prices result in equity release

An expert system to perform on-line controller tuning

An expert system which tunes a Proportional-Integral-Derivative (PID) controller on-line for a single-input-single-output multiple-lag process with dead time is described. The expert system examines features of the previous transient responses and their corresponding sets of controller parameters. It determines a new set of controller gains to obtain a more desirable time response. This technique can be used to determine and implement a different set of PID gains for each operating regime and, once in steady state, the system can be used to find optimal parameters for load disturbance rejection. The expert system can be applied to any system of the specified form (aerospace, industrial, etc.) and can be expanded to include additional process models

Carrots and Sticks: Pay, Supervision and Turnover

Large and persistent differences across industries in wages paid for given occupations have commonly been observed. Recently, the efficiency wage model (EWM) has been advanced as an explanation for these wage differentials. The shirking version of the EWM assumes a trade-off between self-supervision and external supervision. The turnover version assumes turnover is costly to the firm. Variation across firms in the cost of monitoring/shirking or turnover then are hypothesized to account for wage variation across firms for homogeneous workers. This paper presents empirical evidence of the trade-off of wage premiums for supervisory intensity and turnover. A new sample of 200 firms in one sector in one state in 1982 is analyzed. Little evidence is found to support either version of EWM. The substantial variation in wages for narrowly defined occupations across firms remains largely unexplained.

Risky Income, Life Cycle Consumption, and Precautionary Savings

This paper argues that precautionary savings against uncertain income comprise a large fraction of aggregate savings. A closed-form approximation for life cycle consumption subject to uncertain interest rates and earnings is derived by taking a second-order Taylor-Series approximation of the Euler equations. Using empirical measures of income uncertainty, I find that precautionary savings comprises up to 56 percent of aggregate life cycle savings. The derived expression for n-period optimal consumption is easily implemented for econometric estimation, and accords well with the exact numerical solution. Empirical comparisons of savings patterns among occupational groups using the Consumer Expenditure Survey contradict the predictions of the life cycle model. Riskier occupations, such as the self-employed and salespersons, save less than other occupations, although this finding may in part reflect unobservable differences in risk aversion among occupations.