Micro data over the life cycle shows different patterns of consumption for housing and non-housing goods: the consumption profile of non-housing goods is hump-shaped while the consumption profile for housing first increases monotonically and then flattens out. These patterns hold true at each consumption quartile. This paper develops a quantitative, dynamic general equilibrium model of life-cyc...

This paper presents a sequential model suited to analyze transitions between equilibria. Disequilibrium dynamics are obtained from a standard monopolistic competition model, by introducing a sequential structure and reasonable hypotheses about technology, finance constraints, expectation formation, and the wage setting mechanism. The response to shocks crucially depends on the institutional fea...

Racial differences in wealth ownership are among the most extreme and persistent forms of stratification in the United States, but the factors that contribute to this inequality are unclear. One potentially important contributing factor is family background. It is a critical determinant of attainment, and both childhood family resources and family structure vary racially. This article reports t...

...If, as is sometimes supposed, science consisted in nothing but the laborious accumulation of facts, it would soon come to a standstill, crushed, as it were, under its own weight...The suggestion of a new idea, or the detection of a law, supersedes much that has previously been a burden on the memory, and by introducing order and coherence facilitates the retention of the remainder in an avai...

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In this paper we derive conditions on the internal wear process under which the resulting time-to-failure model will be of the simple collapsible form (Oakes, 1995, Duchesne and Lawless, 2000) when the usage accumulation history is available. We suppose that failure occurs when internal wear crosses a certain threshold and/or a traumatic event causes the item to fail (Cox, 1999 and Bagdonavičiu...

In cognitive science there is a paradox: Researchers studying decision making have repeatedly shown that people employ simple and often less than optimal strategies when integrating information from multiple sources. However, researchers working in fields such as categorization, memory, and perception have had great success using optimal models to account for information integration. Is this co...

What makes small IT companies’ web development practices for e-commerce successful is essential for small IT companies. Usually they do not have the resources to initiate research on such issues alone. The authors report on their work in progress towards the design of a system for promoting improved understanding of the Critical Success Factors for web development that supports the accumulation...

Previously we performed a 1012-generation mutation accumulation (MA) study in yeast and found that a surprisingly large proportion of fitness-altering mutations were beneficial. To verify this result and assess the impact of sampling error in our previous study, we have continued the MA experiment for an additional 1050 cell generations and re-estimated mutation parameters. After correcting for...