John R. B. Lighton
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195310610
- eISBN:
- 9780199871414
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195310610.001.0001
- Subject:
- Biology, Animal Biology, Biotechnology
The measurement of metabolic rates is important in many areas of science. Examples range from ecology through a broad spectrum of physiological disciplines to biomedical fields such as genetic ...
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The measurement of metabolic rates is important in many areas of science. Examples range from ecology through a broad spectrum of physiological disciplines to biomedical fields such as genetic screening, obesity, and trauma research. The organisms being measured range in size from bacteria through insects to whales, and many different measurement methodologies have developed over the years, most of which are famously difficult for the novice to master. This book covers a wide range of metabolic measurement techniques, giving background and applications information for each, with enough practical detail to allow for accurate and informed measurements with minimal trial-and-error. Much tribal wisdom, passed down from professors to students and between scientific peers, is included. A broad range of techniques is covered, including Gilson and Warburg respirometry and their modern derivatives; direct calorimetry; stable isotope work; coulometric respirometry; aquatic respirometry; and practically every variation of field and laboratory flow-through respirometry, including complex, computer-driven multi-animal systems. Characteristics of the different varieties of gas analyzers, flow measurement systems, and so on are evaluated in detail. The book brings to the task over two decades of experience in practically every type of respirometry, from laboratory settings to the jungles of Panama and the deserts of Namibia.Less
The measurement of metabolic rates is important in many areas of science. Examples range from ecology through a broad spectrum of physiological disciplines to biomedical fields such as genetic screening, obesity, and trauma research. The organisms being measured range in size from bacteria through insects to whales, and many different measurement methodologies have developed over the years, most of which are famously difficult for the novice to master. This book covers a wide range of metabolic measurement techniques, giving background and applications information for each, with enough practical detail to allow for accurate and informed measurements with minimal trial-and-error. Much tribal wisdom, passed down from professors to students and between scientific peers, is included. A broad range of techniques is covered, including Gilson and Warburg respirometry and their modern derivatives; direct calorimetry; stable isotope work; coulometric respirometry; aquatic respirometry; and practically every variation of field and laboratory flow-through respirometry, including complex, computer-driven multi-animal systems. Characteristics of the different varieties of gas analyzers, flow measurement systems, and so on are evaluated in detail. The book brings to the task over two decades of experience in practically every type of respirometry, from laboratory settings to the jungles of Panama and the deserts of Namibia.
John R. B. Lighton
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195310610
- eISBN:
- 9780199871414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195310610.003.0009
- Subject:
- Biology, Animal Biology, Biotechnology
This chapter de-mystifies respirometry equations, showing how they can be derived using a simple mental trick: concentrating the analysis on the principal gas that is neither consumed nor produced by ...
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This chapter de-mystifies respirometry equations, showing how they can be derived using a simple mental trick: concentrating the analysis on the principal gas that is neither consumed nor produced by animals. The effect of dilution of oxygen by carbon dioxide, the enrichment of carbon dioxide by the consumption of oxygen, and the effects of water vapor on the concentrations of both gases, are described and quantified. A system of eight equations is derived that allow oxygen consumption and carbon dioxide production to be calculated in practically any feasible flow-through respirometry system.Less
This chapter de-mystifies respirometry equations, showing how they can be derived using a simple mental trick: concentrating the analysis on the principal gas that is neither consumed nor produced by animals. The effect of dilution of oxygen by carbon dioxide, the enrichment of carbon dioxide by the consumption of oxygen, and the effects of water vapor on the concentrations of both gases, are described and quantified. A system of eight equations is derived that allow oxygen consumption and carbon dioxide production to be calculated in practically any feasible flow-through respirometry system.
David O. Clayden
- Published in print:
- 2005
- Published Online:
- January 2008
- ISBN:
- 9780198565932
- eISBN:
- 9780191714016
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198565932.003.0018
- Subject:
- Mathematics, History of Mathematics
This chapter presents background information on valves. A valve consists of an evacuated glass envelope containing a number of electrodes. These are connected to the outside by wires passing though ...
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This chapter presents background information on valves. A valve consists of an evacuated glass envelope containing a number of electrodes. These are connected to the outside by wires passing though special seals. The innermost electrode is the cathode, which consists of a metal tube coated with a material that emits electrons when it is heated. In the simplest form of valve, called a diode, the cathode is surrounded by a metal cylinder called the anode. If the anode is connected to a voltage that is positive relative to the cathode, the anode attracts electrons from the cathode and a current flows. Valves as amplifiers and switches, power consumption, and valve specifications are described.Less
This chapter presents background information on valves. A valve consists of an evacuated glass envelope containing a number of electrodes. These are connected to the outside by wires passing though special seals. The innermost electrode is the cathode, which consists of a metal tube coated with a material that emits electrons when it is heated. In the simplest form of valve, called a diode, the cathode is surrounded by a metal cylinder called the anode. If the anode is connected to a voltage that is positive relative to the cathode, the anode attracts electrons from the cathode and a current flows. Valves as amplifiers and switches, power consumption, and valve specifications are described.
Fabio-Cesare Bagliano and Giuseppe Bertola
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199266821
- eISBN:
- 9780191601606
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199266824.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Introduces methodological tools for dynamic analysis of macroeconomic phenomena: consumption and investment choices, employment, and unemployment outcomes, and economic growth. Discrete‐time dynamic ...
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Introduces methodological tools for dynamic analysis of macroeconomic phenomena: consumption and investment choices, employment, and unemployment outcomes, and economic growth. Discrete‐time dynamic optimization under uncertainty is introduced in Ch. 1 and applied to intertemporal consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous‐time optimization techniques and discusses the relevant insights in the context of partial equilibrium investment models. Chapter 3 applies previous chapters’ tools to dynamic labour demand, deriving the labour market equilibrium when both firms and workers face dynamic adjustment problems. Chapter 4 studies continuous‐time equilibrium dynamics of representative‐agent economies featuring both consumption and investment choices, with applications to long‐run growth issues. The role of externalities in more recent models of endogenous growth is carefully discussed. Chapter 5 studies the determination of aggregate equilibria in markets with decentralized trading, discussing the possibility of coordination failures and multiple equilibria. A search model of the labour market, focussed on the flows into and out of unemployment, is then analyzed and the dynamics of frictional unemployment are discussed. Many exercises can be found both within and at the ends of chapters, with extended solutions.Less
Introduces methodological tools for dynamic analysis of macroeconomic phenomena: consumption and investment choices, employment, and unemployment outcomes, and economic growth. Discrete‐time dynamic optimization under uncertainty is introduced in Ch. 1 and applied to intertemporal consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous‐time optimization techniques and discusses the relevant insights in the context of partial equilibrium investment models. Chapter 3 applies previous chapters’ tools to dynamic labour demand, deriving the labour market equilibrium when both firms and workers face dynamic adjustment problems. Chapter 4 studies continuous‐time equilibrium dynamics of representative‐agent economies featuring both consumption and investment choices, with applications to long‐run growth issues. The role of externalities in more recent models of endogenous growth is carefully discussed. Chapter 5 studies the determination of aggregate equilibria in markets with decentralized trading, discussing the possibility of coordination failures and multiple equilibria. A search model of the labour market, focussed on the flows into and out of unemployment, is then analyzed and the dynamics of frictional unemployment are discussed. Many exercises can be found both within and at the ends of chapters, with extended solutions.
W. M. Gorman
C. Blackorby and A. F. Shorrocks (eds)
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198285212
- eISBN:
- 9780191596322
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198285213.003.0017
- Subject:
- Economics and Finance, Microeconomics
This short note, published in Metroeconomica 13 (1961), begins with the assumption that the preferences of the consumer exhibit linear Engel curves, which were shown in ’Community preference fields’ ...
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This short note, published in Metroeconomica 13 (1961), begins with the assumption that the preferences of the consumer exhibit linear Engel curves, which were shown in ’Community preference fields’ (Ch. 15) to be necessary for the existence of a community indifference map. Engel curves are curves showing the relationship between income level and spending on the consumption of some good, at a given price, and linear Engel curves crop up in several branches of economics. The note explores some of the properties of the preference fields in which linear Engel curves arise, and, in particular, of those in which the marginal propensity to consume each good is an absolute constant. The preference fields are characterized by closed‐form representations in terms of both the indirect utility function and the cost function. An application to international trade theory is discussed.Less
This short note, published in Metroeconomica 13 (1961), begins with the assumption that the preferences of the consumer exhibit linear Engel curves, which were shown in ’Community preference fields’ (Ch. 15) to be necessary for the existence of a community indifference map. Engel curves are curves showing the relationship between income level and spending on the consumption of some good, at a given price, and linear Engel curves crop up in several branches of economics. The note explores some of the properties of the preference fields in which linear Engel curves arise, and, in particular, of those in which the marginal propensity to consume each good is an absolute constant. The preference fields are characterized by closed‐form representations in terms of both the indirect utility function and the cost function. An application to international trade theory is discussed.
W. M. Gorman
C. Blackorby and A. F. Shorrocks (eds)
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198285212
- eISBN:
- 9780191596322
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198285213.003.0022
- Subject:
- Economics and Finance, Microeconomics
The following paper has been constructed from handwritten notes, probably dating from 1976, which contain only an introduction, the beginning of a proof, and a conclusion; the proof of the main ...
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The following paper has been constructed from handwritten notes, probably dating from 1976, which contain only an introduction, the beginning of a proof, and a conclusion; the proof of the main result is missing, although a straightforward application of the main result of Sect. 2 of ’More measures for fixed factors’ (Ch. 21) fills this gap. The problem of the representative consumer is one posed and solved by Muellbauer (1976), but it had already been addressed by Gorman in 1953, when it was conceived of in either of two equivalent ways: either the representative consumer replicates average demand with average total income or it replicates total demand with total income. Muellbauer suggested looking for a representative consumer, the proportional breakdown of whose consumption mirrors that of society as a whole, and who replicates the shares demanded, but not necessarily the levels; furthermore, he permitted the utility level of the representative agent to depend upon prices, as well as upon the incomes of all members of the society. Gorman follows the general lines of Muellbauer's treatment, showing that the solution he gets is not quite the general one, and that this has misled him into believing that his central result is not a direct generalization of that in Gorman (1953). He also discusses the ideas of the ’representative consumer’ underlying the two analyses.Less
The following paper has been constructed from handwritten notes, probably dating from 1976, which contain only an introduction, the beginning of a proof, and a conclusion; the proof of the main result is missing, although a straightforward application of the main result of Sect. 2 of ’More measures for fixed factors’ (Ch. 21) fills this gap. The problem of the representative consumer is one posed and solved by Muellbauer (1976), but it had already been addressed by Gorman in 1953, when it was conceived of in either of two equivalent ways: either the representative consumer replicates average demand with average total income or it replicates total demand with total income. Muellbauer suggested looking for a representative consumer, the proportional breakdown of whose consumption mirrors that of society as a whole, and who replicates the shares demanded, but not necessarily the levels; furthermore, he permitted the utility level of the representative agent to depend upon prices, as well as upon the incomes of all members of the society. Gorman follows the general lines of Muellbauer's treatment, showing that the solution he gets is not quite the general one, and that this has misled him into believing that his central result is not a direct generalization of that in Gorman (1953). He also discusses the ideas of the ’representative consumer’ underlying the two analyses.
Raymond G. Batina and Toshihiro Ihori
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297901
- eISBN:
- 9780191685361
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297901.001.0001
- Subject:
- Economics and Finance, Financial Economics
The purpose of this book is to introduce the substantial literature on consumption tax policy and the taxation of capital income, the early literature on optimal tax theory in dynamic overlapping ...
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The purpose of this book is to introduce the substantial literature on consumption tax policy and the taxation of capital income, the early literature on optimal tax theory in dynamic overlapping generations' models, the more recent literature on optimal taxation in the Ramsey growth model and models of endogenous growth, and the literature on taxation in open economies. The book summarises the main arguments for and against consumption taxation, presents the main theoretical and empirical results of the technical literature, and, finally, extends the literature in a number of useful ways by complicating the models used to study tax issues. These extensions include bequeathing behaviour, the time consistency problem, the capital levy, charity and privately produced public goods, environmental externalities and renewable resources, durable goods and land, and money used in exchange and as an asset. Chapters are self-contained as far as possible, and each uses a variety of models rather than just one to study the issue at hand. Models and notation are explained each time they are used.Less
The purpose of this book is to introduce the substantial literature on consumption tax policy and the taxation of capital income, the early literature on optimal tax theory in dynamic overlapping generations' models, the more recent literature on optimal taxation in the Ramsey growth model and models of endogenous growth, and the literature on taxation in open economies. The book summarises the main arguments for and against consumption taxation, presents the main theoretical and empirical results of the technical literature, and, finally, extends the literature in a number of useful ways by complicating the models used to study tax issues. These extensions include bequeathing behaviour, the time consistency problem, the capital levy, charity and privately produced public goods, environmental externalities and renewable resources, durable goods and land, and money used in exchange and as an asset. Chapters are self-contained as far as possible, and each uses a variety of models rather than just one to study the issue at hand. Models and notation are explained each time they are used.
Vaclav Smil
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195168754
- eISBN:
- 9780199783601
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168755.003.0006
- Subject:
- Economics and Finance, Economic History
Technical advances based on unprecedented levels of energy use brought a new phenomenon of mass consumption as well as many obvious gains in the typical quality of life. However, they have not ...
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Technical advances based on unprecedented levels of energy use brought a new phenomenon of mass consumption as well as many obvious gains in the typical quality of life. However, they have not substantially reduced economic inequality. They also introduced new risks (ranging from car accidents to nuclear weapons) and some worrisome environmental changes, especially the possibility of relatively rapid global warming.Less
Technical advances based on unprecedented levels of energy use brought a new phenomenon of mass consumption as well as many obvious gains in the typical quality of life. However, they have not substantially reduced economic inequality. They also introduced new risks (ranging from car accidents to nuclear weapons) and some worrisome environmental changes, especially the possibility of relatively rapid global warming.
John Foster and Jason Potts
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199290475
- eISBN:
- 9780191603495
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199290474.003.0005
- Subject:
- Economics and Finance, Economic Systems
This chapter argues that evolutionary economics should be founded upon complex systems theory rather than neo-Darwinian analogies concerning natural selection, which focus on supply side ...
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This chapter argues that evolutionary economics should be founded upon complex systems theory rather than neo-Darwinian analogies concerning natural selection, which focus on supply side considerations and competition amongst firms and technologies. It suggests that conceptions such as production and consumption functions should be replaced by network representations, in which the preferences or, more correctly, the aspirations of consumers are fundamental and, as such, the primary drivers of economic growth. Technological innovation is viewed as a process that is intermediate between these aspirational networks, and the organizational networks in which goods and services are produced. Consumer knowledge becomes at least as important as producer knowledge in determining how economic value is generated. It becomes clear that the stability afforded by connective systems of rules is essential for economic flexibility to exist, but that too many rules result in inert and structurally unstable states. In contrast, too few rules result in a more stable state, but at a low level of ordered complexity. Economic evolution from this perspective is explored using random and scale free network representations of complex systems.Less
This chapter argues that evolutionary economics should be founded upon complex systems theory rather than neo-Darwinian analogies concerning natural selection, which focus on supply side considerations and competition amongst firms and technologies. It suggests that conceptions such as production and consumption functions should be replaced by network representations, in which the preferences or, more correctly, the aspirations of consumers are fundamental and, as such, the primary drivers of economic growth. Technological innovation is viewed as a process that is intermediate between these aspirational networks, and the organizational networks in which goods and services are produced. Consumer knowledge becomes at least as important as producer knowledge in determining how economic value is generated. It becomes clear that the stability afforded by connective systems of rules is essential for economic flexibility to exist, but that too many rules result in inert and structurally unstable states. In contrast, too few rules result in a more stable state, but at a low level of ordered complexity. Economic evolution from this perspective is explored using random and scale free network representations of complex systems.
Andrew Simms
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0005
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources ...
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This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources that in many cases were acquired illegally or by force, have produced what is describes as an ecological debt of the rich countries to the poor countries. The imbalance in resource consumption helps explain the dramatic divergence in income levels between rich nations and poor nations that has occurred since the early 20th century. It is argued that there is a sustainable equilibrium in the use of the world's natural resources — clean air, fresh water, timber, and petroleum. The wealthy nations of the world have upset that equilibrium at the expense of the poor — taking more than their share of the goods while inflicting the costs of resource depletion and pollution on the poor.Less
This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources that in many cases were acquired illegally or by force, have produced what is describes as an ecological debt of the rich countries to the poor countries. The imbalance in resource consumption helps explain the dramatic divergence in income levels between rich nations and poor nations that has occurred since the early 20th century. It is argued that there is a sustainable equilibrium in the use of the world's natural resources — clean air, fresh water, timber, and petroleum. The wealthy nations of the world have upset that equilibrium at the expense of the poor — taking more than their share of the goods while inflicting the costs of resource depletion and pollution on the poor.
Angus Deaton
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195305197
- eISBN:
- 9780199783519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305191.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay addresses a number of question regarding poverty: How do we know who is poor and who is not? Is poverty the same as hunger? What is the relationship between economic growth and poverty ...
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This essay addresses a number of question regarding poverty: How do we know who is poor and who is not? Is poverty the same as hunger? What is the relationship between economic growth and poverty reduction? How will we know whether the first Millennium Development Goal has been met, or whether world poverty is falling at all? It considers the issue of poverty as a lack of income or consumption, and the broader view of poverty as the absence of one or more of the basic capabilities needed to achieve minimal functioning in society, such as food, clothing, education, and political participation. The measurement of poverty in the world is also discussed.Less
This essay addresses a number of question regarding poverty: How do we know who is poor and who is not? Is poverty the same as hunger? What is the relationship between economic growth and poverty reduction? How will we know whether the first Millennium Development Goal has been met, or whether world poverty is falling at all? It considers the issue of poverty as a lack of income or consumption, and the broader view of poverty as the absence of one or more of the basic capabilities needed to achieve minimal functioning in society, such as food, clothing, education, and political participation. The measurement of poverty in the world is also discussed.
Young‐Iob Chung
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195178302
- eISBN:
- 9780199783557
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195178300.003.0009
- Subject:
- Economics and Finance, South and East Asia
This chapter assesses the impact of capital formation and economic development under Japanese rule on income distribution, consumption (standard of living), and savings in Korea, focusing those of ...
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This chapter assesses the impact of capital formation and economic development under Japanese rule on income distribution, consumption (standard of living), and savings in Korea, focusing those of Koreans and Japanese in Korea. This allows the evaluation of the ultimate beneficiaries of economic growth and transformation in the country relative to various economic sectors (e.g., industry and agriculture), income groups (e.g., landlords, farmers, businesses, and wage earners), and different nationalities (i.e., Koreans and Japanese). Similar analyses have been performed relative to personal consumption and savings, as well as business savings based on economic/income sectors/groups and nationality.Less
This chapter assesses the impact of capital formation and economic development under Japanese rule on income distribution, consumption (standard of living), and savings in Korea, focusing those of Koreans and Japanese in Korea. This allows the evaluation of the ultimate beneficiaries of economic growth and transformation in the country relative to various economic sectors (e.g., industry and agriculture), income groups (e.g., landlords, farmers, businesses, and wage earners), and different nationalities (i.e., Koreans and Japanese). Similar analyses have been performed relative to personal consumption and savings, as well as business savings based on economic/income sectors/groups and nationality.
Jerome L. Stein
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199280575
- eISBN:
- 9780191603501
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199280576.003.0003
- Subject:
- Economics and Finance, Financial Economics
This chapter answers the following technical questions: In a stochastic environment, where the return on capital and the interest rate are stochastic, what is an optimal (1) long-term debt, (2) ...
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This chapter answers the following technical questions: In a stochastic environment, where the return on capital and the interest rate are stochastic, what is an optimal (1) long-term debt, (2) expected current account, (3) consumption, and (4) expected growth rate. The mathematical techniques necessary to answer these questions, concerning intertemporal optimization in continuous time over an infinite horizon, involve dynamic programming. A mean-variance interpretation is given for the dynamic programming solution.Less
This chapter answers the following technical questions: In a stochastic environment, where the return on capital and the interest rate are stochastic, what is an optimal (1) long-term debt, (2) expected current account, (3) consumption, and (4) expected growth rate. The mathematical techniques necessary to answer these questions, concerning intertemporal optimization in continuous time over an infinite horizon, involve dynamic programming. A mean-variance interpretation is given for the dynamic programming solution.
Erik Hurst
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.003.0003
- Subject:
- Business and Management, Pensions and Pension Management
This chapter summarizes five facts from the recent literature on consumption behavior during retirement. Most importantly, it shows that there is substantial heterogeneity in spending changes at ...
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This chapter summarizes five facts from the recent literature on consumption behavior during retirement. Most importantly, it shows that there is substantial heterogeneity in spending changes at retirement across consumption categories. Observed declines in spending during retirement are limited to food and work-related expenses. Even though food spending declines during retirement, actual food intake remains constant. Furthermore, the literature shows that there is substantial heterogeneity across households in the change in expenditure associated with retirement. Much of this heterogeneity, however, can be explained by households involuntarily retiring. Overall, the evidence suggests that the standard model of lifecycle consumption augmented with home production and uncertain health shocks does well in explaining the consumption patterns of most households as they transition into retirement.Less
This chapter summarizes five facts from the recent literature on consumption behavior during retirement. Most importantly, it shows that there is substantial heterogeneity in spending changes at retirement across consumption categories. Observed declines in spending during retirement are limited to food and work-related expenses. Even though food spending declines during retirement, actual food intake remains constant. Furthermore, the literature shows that there is substantial heterogeneity across households in the change in expenditure associated with retirement. Much of this heterogeneity, however, can be explained by households involuntarily retiring. Overall, the evidence suggests that the standard model of lifecycle consumption augmented with home production and uncertain health shocks does well in explaining the consumption patterns of most households as they transition into retirement.
William F. Sharpe, Jason S. Scott, and John G. Watson
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.003.0009
- Subject:
- Business and Management, Pensions and Pension Management
Today's retirees face the daunting task of determining appropriate investment and spending strategies for their accumulated savings. Financial economists have addressed their problem using an ...
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Today's retirees face the daunting task of determining appropriate investment and spending strategies for their accumulated savings. Financial economists have addressed their problem using an expected utility framework. In contrast, many financial advisors rely instead on rules of thumb. This chapter shows that some of the popular rules are inconsistent with expected utility maximization, since they subject retirees to avoidable, non-market risk. It also highlights the importance of earmarking ‘the existence of a one-to-one correspondence between investments and future spending’ and shows that a natural way to implement earmarking is to create a lockbox strategy.Less
Today's retirees face the daunting task of determining appropriate investment and spending strategies for their accumulated savings. Financial economists have addressed their problem using an expected utility framework. In contrast, many financial advisors rely instead on rules of thumb. This chapter shows that some of the popular rules are inconsistent with expected utility maximization, since they subject retirees to avoidable, non-market risk. It also highlights the importance of earmarking ‘the existence of a one-to-one correspondence between investments and future spending’ and shows that a natural way to implement earmarking is to create a lockbox strategy.
Edmund Cannon and Ian Tonks
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199216994
- eISBN:
- 9780191711978
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199216994.003.0007
- Subject:
- Business and Management, Pensions and Pension Management
This chapter discusses Yaari's (19665) annuitization result, which states that a risk-averse individual concerned about longevity risk (uncertain length of life) will always purchase actuarially-fair ...
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This chapter discusses Yaari's (19665) annuitization result, which states that a risk-averse individual concerned about longevity risk (uncertain length of life) will always purchase actuarially-fair annuity contracts, enabling them to smooth consumption in every period of retirement. The chapter explains the assumptions behind this result. It models the demand for annuities in an expected utility framework, and demonstrates the value of annuities under various specifications of preferences.Less
This chapter discusses Yaari's (19665) annuitization result, which states that a risk-averse individual concerned about longevity risk (uncertain length of life) will always purchase actuarially-fair annuity contracts, enabling them to smooth consumption in every period of retirement. The chapter explains the assumptions behind this result. It models the demand for annuities in an expected utility framework, and demonstrates the value of annuities under various specifications of preferences.
John Ameriks, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549108
- eISBN:
- 9780191720734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549108.003.0011
- Subject:
- Business and Management, Pensions and Pension Management
Financial security in retirement has traditionally meant having a steady flow of annuity income as long as one lives — a definition enshrined in the Social Security system. Earlier research has ...
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Financial security in retirement has traditionally meant having a steady flow of annuity income as long as one lives — a definition enshrined in the Social Security system. Earlier research has stressed a more holistic approach, which focuses on the match between resources and spending needs. Using this formulation this chapter estimates annuity values given long-term care concerns and bequest motives, where these estimated values are consistent with low observed demand for standard annuities. The chapter extends this model to value non-standard annuities with various security-enhancing features that may be of value to retirees.Less
Financial security in retirement has traditionally meant having a steady flow of annuity income as long as one lives — a definition enshrined in the Social Security system. Earlier research has stressed a more holistic approach, which focuses on the match between resources and spending needs. Using this formulation this chapter estimates annuity values given long-term care concerns and bequest motives, where these estimated values are consistent with low observed demand for standard annuities. The chapter extends this model to value non-standard annuities with various security-enhancing features that may be of value to retirees.
Oluf Langhelle
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199242016
- eISBN:
- 9780191599736
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242011.003.0007
- Subject:
- Political Science, Environmental Politics
Analyses efforts of the Norwegian government to come to terms with sustainable development. It analyses the domestic reception of the Report of the World Commission on Environment and Development ...
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Analyses efforts of the Norwegian government to come to terms with sustainable development. It analyses the domestic reception of the Report of the World Commission on Environment and Development after 1987. Attention is paid to the positive role that Norway has played internationally with respect to many areas of the sustainable development agenda (for example, in encouraging the debate about sustainable production and consumption). But contradictions and inconsistencies in the Norwegian implementation effort are also explored.Less
Analyses efforts of the Norwegian government to come to terms with sustainable development. It analyses the domestic reception of the Report of the World Commission on Environment and Development after 1987. Attention is paid to the positive role that Norway has played internationally with respect to many areas of the sustainable development agenda (for example, in encouraging the debate about sustainable production and consumption). But contradictions and inconsistencies in the Norwegian implementation effort are also explored.
Astrid Kander, Paolo Malanima, and Paul Warde
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691143620
- eISBN:
- 9781400848881
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691143620.001.0001
- Subject:
- Economics and Finance, Economic History
This book examines the varied but interconnected relationships between energy consumption and economic development in Europe over the last five centuries. It describes how the traditional energy ...
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This book examines the varied but interconnected relationships between energy consumption and economic development in Europe over the last five centuries. It describes how the traditional energy economy of medieval and early modern Europe was marked by stable or falling per capita energy consumption, and how the First Industrial Revolution in the eighteenth century—fueled by coal and steam engines—redrew the economic, social, and geopolitical map of Europe and the world. The Second Industrial Revolution continued this energy expansion and social transformation through the use of oil and electricity, but after 1970 Europe entered a new stage in which energy consumption has stabilized. This book challenges the view that the outsourcing of heavy industry overseas is the cause, arguing that a Third Industrial Revolution driven by new information and communication technologies has played a major stabilizing role. It offers new perspectives on the challenges posed today by climate change and peak oil, demonstrating that although the path of modern economic development has vastly increased our energy use, it has not been a story of ever-rising and continuous consumption. The book sheds light on the often lengthy and complex changes needed for new energy systems to emerge, the role of energy resources in economic growth, and the importance of energy efficiency in promoting growth and reducing future energy demand.Less
This book examines the varied but interconnected relationships between energy consumption and economic development in Europe over the last five centuries. It describes how the traditional energy economy of medieval and early modern Europe was marked by stable or falling per capita energy consumption, and how the First Industrial Revolution in the eighteenth century—fueled by coal and steam engines—redrew the economic, social, and geopolitical map of Europe and the world. The Second Industrial Revolution continued this energy expansion and social transformation through the use of oil and electricity, but after 1970 Europe entered a new stage in which energy consumption has stabilized. This book challenges the view that the outsourcing of heavy industry overseas is the cause, arguing that a Third Industrial Revolution driven by new information and communication technologies has played a major stabilizing role. It offers new perspectives on the challenges posed today by climate change and peak oil, demonstrating that although the path of modern economic development has vastly increased our energy use, it has not been a story of ever-rising and continuous consumption. The book sheds light on the often lengthy and complex changes needed for new energy systems to emerge, the role of energy resources in economic growth, and the importance of energy efficiency in promoting growth and reducing future energy demand.
Gøsta Esping‐Andersen
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198742005
- eISBN:
- 9780191599163
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198742002.003.0004
- Subject:
- Political Science, Comparative Politics
Revisits welfare regimes through the analytical lens of the family, first making the point that modernization theory should not have been taken at face value, since even if history has, in general, ...
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Revisits welfare regimes through the analytical lens of the family, first making the point that modernization theory should not have been taken at face value, since even if history has, in general, eroded the role of households in welfare production, this is perhaps less salient than specific international variations (some nations are characterized by their advanced level of de‐ familialization of welfare responsibilities, others for their sustained adherence to familialism). In other words, some societies may have brought the idealized Parsonian family into being; others reproduce many of the features of the ‘pre‐industrial’ household. Most welfare state theory provides little help in understanding such variation, and the real problem begins with the association of the nuclear family with industrialism, for it is simply wrong to assume that it lost its welfare functions with the advent of welfare states. The second point addresses the prevailing, often feminist, arguments that models of welfare regimes that have been specified via a political economy perspective fail to hold up when subject to a gendered analysis. Alternative gendered typologies do, in fact, often contradict political economy typologies, but the contradiction may be spurious because different phenomena are being explained and compared. The objective of this chapter is not to debate gender theories, but to understand the position of the (changing) family in the overall infrastructure of welfare production and consumption: what happens to our political economy models of welfare regimes when we insert the family; what are the effects of family change on welfare states and, ultimately, on post‐industrial change? However, since household‐welfare production is largely—but far from exclusively—based on women's unpaid labour, gender differences in the family‐welfare nexus clearly must be addressed. The three sections of the chapter are: Households and Welfare Production; The Family and Comparative Welfare Regimes; and Familialism and the Low‐Fertility Equilibrium.Less
Revisits welfare regimes through the analytical lens of the family, first making the point that modernization theory should not have been taken at face value, since even if history has, in general, eroded the role of households in welfare production, this is perhaps less salient than specific international variations (some nations are characterized by their advanced level of de‐ familialization of welfare responsibilities, others for their sustained adherence to familialism). In other words, some societies may have brought the idealized Parsonian family into being; others reproduce many of the features of the ‘pre‐industrial’ household. Most welfare state theory provides little help in understanding such variation, and the real problem begins with the association of the nuclear family with industrialism, for it is simply wrong to assume that it lost its welfare functions with the advent of welfare states. The second point addresses the prevailing, often feminist, arguments that models of welfare regimes that have been specified via a political economy perspective fail to hold up when subject to a gendered analysis. Alternative gendered typologies do, in fact, often contradict political economy typologies, but the contradiction may be spurious because different phenomena are being explained and compared. The objective of this chapter is not to debate gender theories, but to understand the position of the (changing) family in the overall infrastructure of welfare production and consumption: what happens to our political economy models of welfare regimes when we insert the family; what are the effects of family change on welfare states and, ultimately, on post‐industrial change? However, since household‐welfare production is largely—but far from exclusively—based on women's unpaid labour, gender differences in the family‐welfare nexus clearly must be addressed. The three sections of the chapter are: Households and Welfare Production; The Family and Comparative Welfare Regimes; and Familialism and the Low‐Fertility Equilibrium.
