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Full-Text Articles in Social and Behavioral Sciences
Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha
Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha
Research Collection School Of Economics
We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case, consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.
Target Saving In An Overlapping Generations Model, Ashok S. Guha, Brishti Guha
Target Saving In An Overlapping Generations Model, Ashok S. Guha, Brishti Guha
Research Collection School Of Economics
We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.
The Meaning Of Race In The Dna Era: Science, History And The Law, Christian Sundquist
The Meaning Of Race In The Dna Era: Science, History And The Law, Christian Sundquist
Articles
The meaning of “race” has changed dramatically over time. Early theories of race assigned social, intellectual, moral and physical values to perceived physical differences among groups of people. The perception that race should be defined in terms of genetic and biologic difference fueled the “race science” of the Eighteenth and Nineteenth centuries, during which time geneticists, physiognomists, eugenicists, anthropologists and others purported to find scientific justification for denying equal treatment to non-white persons. Nazi Germany applied these understandings of race in a manner which shocked the world, and following World War II the concept of race increasingly came to be …