Survival misperception, time inconsistency, and implications for life-cycle saving and welfare

Some empirical studies firmly reveal that people tend to form overly pessimistic survival expectations for relatively less distant ages and overly optimistic survival expectations for relatively more distant ages. We incorporate this observation into a life-cycle continuous time overlapping-generations model of consumption/saving with a general form for a subjective survival function. Resulting time-inconsistent optimal control problem has been analytically solved. At the micro level, time inconsistency leads to higher consumption at young and old ages, but this alone fails to improve lifetime well-being since micro-level decisions made with a lack of information about true mortality are suboptimal. In general equilibrium, however, such time inconsistent behavior with survival misperception is conducive to aggregate capital accumulation and greater equilibrium bequest income. The latter effects can produce substantial welfare gains. We also note that empirically observed old age optimistic bias is an important phenomenon, as it helps to avoid unrealistic very old-age debt accumulation within a life-cycle model. In addition, if for a given level of optimistic bias we increase early-life pessimism, this would result in slower capital accumulation, lower bequest income, and thus be detrimental to welfare. Since recent literature reports that young-age survival pessimism has grown over time, it raises some concerns.

The determinants of economic growth versus genuine progress in South Korea

This paper examines whether the drivers of economic growth are the same as those for genuine progress in the case of South Korea. Using data covering the period 1970–2005, the paper first constructs a Genuine Progress Indicator (GPI). An empirical model is then specified and estimated using growth in GDP per capita and growth in the GPI per capita as dependent variables. Results indicate that while physical capital, research and development, exports, and inflation are all important in determining growth in GDP per capita, only physical capital is a driver of genuine progress. These findings highlight the need for policymakers to identify and target other determinants of genuine progress to improve the well-being of South Koreans, rather than focus attention on traditional sources of economic growth.

Legal issues: minors' decision-making capacity to refuse life-saving and life-sustaining treatment: legal and psychiatric perspectives

Laws in Belgium and the Netherlands permit euthanasia and assisted suicide for seriously ill children who experience "constant and unbearable suffering" – they have the capacity to request death by lethal injection if they convey a "reasonable understanding of the consequences" of that request. The child's capacity to understand death is therefore a prerequisite to the implementation of the request. However, modern neuro-psychological and fMRI (functional Magnetic Resonance Imaging) studies of the relationship between the neuro-anatomical development of the brain in human beings and their emotional and experiential capacity, demonstrates that both are not fully developed until the early 20s for girls and mid-20s for boys. Unlike Belgium and the Netherlands, the clinical and legal implications of the immaturity of the brain on medical decision-making of minors, in particular life and death decisions, have been implicit in the Australian courts' approach to the refusal of life-saving and life-sustaining treatment by minors. This approach is exemplified by X v Sydney Children's Hospitals Network [2013] NSWCA 320 (and a series of earlier cases).

Whose job is that? Saving the biosphere starts at work

Research on sustainability programs within universities consistently emphasizes that sustainability requires a combination of factors so as to move beyond the significant-but-often-limited activities such as recycling and energy saving to achieve systemic implementation. This study applied Brennan and Binney’s 9Ps Framework for Organizational Sustainability to investigate sustainability practices of member universities of ACTS (Australian Campuses Towards Sustainability). A questionnaire based on qualitative research obtained data from 25 of the 27 member universities. Data analysis including descriptive statistics, ANOVA, correlation analysis, and gap analysis was used to determine the relationships between “importance” and “performance” of the behaviors under investigation. Over the 9Ps, 27 items were used to identify important aspects of environmental sustainability. The same items were assessed for whether or not these actions were being performed in the university. It was generally found that while many universities had policies in place, these were not being implemented and sustainability practices were not maintained. Significant differences were found between the aspects perceived to be important by the “expert” respondents and those actually being performed by staff. Management could use these findings to address the gap between importance and performance of sustainable practices. Further study to identify the specific barriers to widespread adoption of these sustainable initiatives is suggested.

Intensity and authenticity: the duty to give real and genuine consideration in the context of superannuation trusts

 This article critically examines the suitability of the duty of a trustee to give real and genuine consideration when exercising discretionary powers in superannuation or pension trusts. The article reviews the rearticulation by the Australian High Court in Finch v Telstra of a ‘more intense’ real and consideration duty for superannuation trustees. It argues that this revised duty should be regarded as a temporary solution because longer term, the unique legal structure and social context of the superannuation trust demands judicial implementation of a substantively new, multilayered obligation that promotes reasonable, fair, and informed decision-making.

Saving the United States from lurching to another sentencing crisis: taking proportionality seriously and implementing fair fixed penalties

We make recommendations regarding how the United States cansignificantly lower its incarceration rate, while at the same time ensuring that community safety is not diminished. Moreover, we identify and recommend a consolidation and extension of the positive aspects of the current sentencing regime.

Seeing, sensing sound: eye tracking soundscapes in saving private Ryan and monsters inc.

Drawing largely on cinematic theories of sound, film aesthetics, and neuroscientific understandings of the eye and the gaze, we undertake a comparative analysis of two film sequences to address these questions: the chase sequence" from the animated film, Monsters, Inc. (Pete Docter, David Silverman, and Lee Unkrich, 2001); and the Omaha Beach landing sequence from Saving Private Ryan (Steven Spielberg, 1998).

Energy saving in electric heater of carbon fiber stabilization oven

Carbon fiber is an advanced material with high tensile strength and modulus, ideally suited for light weight applications. Carbon fiber properties are directly dependent on all aspects of production, especially the process step of thermal stabilization. Stabilization is considered to be one of the most critical process steps. Moreover, the stabilization process is the most energy consuming, time consuming and costly step. As oxidation is an exothermic process, constant airflow to uniformly remove heat from all tows across the towband is indispensable. Our approach is to develop an intelligent computational system that can construct an optimal Computational Fluid Dynamics (CFD) solution. In this study, an electrical heater has been designed by CFD modeling and intelligently controlled. The model results show that the uniform airflow and minimum turbulence kinetic energy can be achieved by combining intelligent system technology with CFD analysis strategy.