Abstract: An optimal withdrawal strategy beginning at age 65 provides a lifetime income from a portfolio, adjusted annually for inflation, while reducing the probability of living in financial ruin to an acceptable level. This paper analyzes the probability of living in financial ruin, potentially for multiple years, rather than just the event of ruin. A stochastic Excel model was developed to simulate the effect of varying investment returns on a portfolio with two asset classes; large com- pany stocks and long-term government bonds. A stochastic model is also applied to retiree mor- tality.
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Similarly, while income taxes appear progressive in net fiscal incidence studies, taking a greater chunk of the income of the rich than of the poor, and income- tested cash transfers appear even more effective in directing resources to the poorest in society, it is likely that many of the cash transfer recipients of today were the high income taxpayers of yesterday. Thus, when a longer time period is considered, it is conceivable that the wide-ranging programs of government taxation and expenditure common to all industrialised countries simply redistribute resources across the lifecycle of individuals, funding the cash transfers and services received by each individual while they are studying or retired from the taxes collected from that same individual during their peak working years. It is thus possible that government programs do not redistribute income from rich to poor at all, as net fiscal incidence studies suggest, but merely enforce the reallocation of income during the lifecycle - in other words, that all of the redistribution achieved by taxation and expenditure programs is intra-personal, rather than inter-personal.
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segmentation or “bucketing” method. Assets are purchased at retirement, assigned to a series of multi-year intervals, and “harvested” for income when each interval begins. Last week, about 100 advisers, either fans of bucketing or curious about it, gathered in downtown Boston for Wealth2k’s annual IFLM (Income for Life Model) conference, sponsored by Securities America, WisdomTree, UpSellerate and Delaware Life.
Figure 1 also shows the percent of workers in the sample who earned the maximum taxable earnings for each year between 1951 and 2003. In the 1960s, 25 to 30 percent of workers had incomes at least as large as the maximum table earnings, but the percentage has gradually fallen since then and is presently only a few percentage points. This is an unfortunate situation for our analysis, but the biases created by this data limitation should be somewhat limited. First, the censored earnings will likely not have much impact on the ordering of individuals in the lifetime income distribution. This is because as we move up the income distribution, we find more cases of censored earnings, which will proxy for more earnings in the general ordering of individuals. Next, the censored earnings will bias our analysis of individual accounts because earnings are more censored in the early part of careers, which leads to an appearance of an upward trend in lifetime earnings that is more pronounced than reality for those affected by income censoring. To the extent that this occurs, it will reduce the portfolio value accumulated in the defined-contribution individual account because there will be less earnings in the early part of one ’ s career to benefit from compound interest. Nevertheless, this problem will be limited for workers in the lower part of the income distribution who rarely tend to earn the taxable
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A SPEEDOMETER retirement expenditure plan helps retirees pace their spending throughout retirement in order to optimize their lifetime income to cope with retirement income shocks and their ability to make intended bequests by: (1) first, making a plan, either by using an on-line or telephone-based service providing generic financial advice or if wealth permits, involving a financial adviser whose role is to assist with making and implementing the plan and conducting annual reviews; 4 (2) managing all assets and income sources holistically to secure, as a minimum, a core inflation-protected income sufficient to meet the retiree’s ‘essential’ needs for the remainder of their life; 5 (3) using insurance solutions, when available and cost effective, to cover contingencies, and, where possible, maintaining flexibility by holding sufficient assets to meet uninsurable shocks (i.e., a ‘rainy day’ fund); (4) using automatic, phased annuitization into ‘money-back’, 6 inflation-linked, fixed or investment-linked lifetime annuities or into variable annuities – depending on the degree of risk aversion and wealth of the plan member – to secure an ‘adequate’ level of life-long income 7 above the minimum if there is sufficient wealth to do so; and (5) offering a simplified choice architecture for managing any residual wealth with the aim of achieving a ‘desired’ standard of living in retirement, 8 while allowing part of the remaining wealth to be bequested at a time of the retiree’s choosing.
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A SPEEDOMETER plan is one that we believe an ‘econ’ would choose. But we also need to recognize explicitly that most of us are ‘humans’ and need an appropriate choice architecture, as well as some advice and nudging, along the lines of Thaler and Sunstein (2008), towards the optimal solution provided by the SPEEDOMETER plan. The plan recognizes that it is not a question of whether retirees should annuitize some of their wealth, but when they should do so. 12 Retirees with modest wealth in excess of the optimal ‘rainy day’ fund cannot really afford to take on investment and longevity risks and therefore need to annuitize sooner rather than later in order to secure at least an adequate lifetime income. Those with more wealth can use annuitization to insure against their income falling below what they consider to be an adequate or even a desired level and to reduce the variability around the level and timing of the inheritance they pass on to their heirs; in particular, annuitization enables bequests to be made prior to death. 13 It is optimal for couples to annuitize later than singles. In short, a SPEEDOMETER plan with its optimal use of annuitization, allows retirees to ‘spend more today’, safely. In fact, it is analogous in the distribution phase of the life cycle to a SMART plan in the accumulation phase, although it is considerably more sophisticated, since it also deals with the optimal investment and longevity risk strategies in later life. Planning retirement income is complex, given the unknown and effectively uncontrollable time period over which consumption has to be spread. By contrast, in the accumulation phase, net of any tax. The guaranteed payment schedule with a ‘money-back’ annuity involves a decreasing death benefit to ensure that the sum of the overall payments is at least equal to the original purchase price.
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ABSTRACT: This study deals with the bang of cooperative routing for maximizing the network lifetime in sensor network applications. It is implicit that the nodes in the network are equipped with a single Omni directional antenna and they perform cooperative transmission to achieve transmit diversity. It is proposed as a joint cooperative transmission and multi-channel interface energy aware routing algorithm to prolong the network lifetime. This approach uses the maximum lifetime power allocation with multi-channel interface, instead of minimum power allocation. Using the maximum lifetime power allocation, the cooperative nodes allocate their transmit power according to the multi-channel condition and the residual energy in the nodes. The proposed scheme combines the maximum lifetime power allocation and the energy aware routing to maximize the network lifetime It is studied that the performance of the cooperative routing in terms of network lifetime deﬁned as the time until the ﬁrst node dies and the total delivered packets before the ﬁrst node dies. It is demonstrated that the proposed solution achieves one to three and half and one to two times longer network lifetime and more total delivered packets compared to non cooperative routing, when it is used with MTE and FA algorithms, respectively. Furthermore, the maximum lifetime power allocation achieves one to two times longer lifetime, compared to minimum power allocation in MTE and FA routine schemes. It provides distributed implementation of the proposed algorithm.
is made for bulk iron-related recombination in such samples, and, besides which, the recombination activity of iron in n-type silicon is generally much less signi ﬁ cant than in p-type silicon . The effects of any remaining surface recombination are not factored out of the injection-dependent lifetime data. This is not believed to have a substantial effect on our ﬁ ndings. The work of Aberle et al. shows the surface recombination velocity to be dependent on injection-level, with the surface recombination velocity increasing at lower levels of injection . However, this alone is insuf ﬁ cient to explain the injection-level dependence we observe. It is noted that the same ﬁ t parameters can be used to ﬁ t lifetime data from samples with a high bulk lifetime (low precipitate density) and low bulk lifetime (iron contaminated precipitates with a high density), which suggests that differences between surface recom- bination rates between samples are not substantial.
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We have previously published limited data for n-type silicon, 22,24 but the lack of a sufficient sample set prevented a detailed study. Motivated by the development of high effi- ciency PV cells based on n-type substrates, in this paper we turn our attention specifically to n-type Cz-Si. A set of phos- phorus doped samples containing model systems of oxide precipitates has been produced. The approach we used in p-type silicon to correlate iron segregation with recombina- tion activity 23,24,29 cannot be applied to our n-type material as it relies on photodissociation of FeB pairs to measure the bulk iron concentration. For the n-type experiments, we have therefore modified our sample processing to include a polysi- licon external gettering layer which is etched away before lifetime measurement. The intention is that relatively fast diffusing metallic impurities are removed from the bulk and hence their possible effects (which are difficult to measure unambiguously) can be neglected. We measure the intersti- tial oxygen concentration in the samples before and after the oxygen precipitation treatment. By using two distinct types of annealing processes, we are able to create samples con- taining oxide precipitates with the same densities but with different sizes so we can use this to link recombination activ- ity with precipitate size. As well as providing understanding for the n-type case, the oxygen loss correlations provide a useful insight into the mechanism of recombination which is also valid for the p-type case.
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In my early thirties, my girlfriend and I took our babies to Guatemala, where we lived for a year and a half in a remote Indian village. It was a magical, wondrous time. Later I moved to Mau’i where for 20 years I kept a women and children's center. My goal was to help women regain their power and self-‐esteem. We spent much time in the massive volcanic crater, exploring and savoring the immense primitive wilderness. We learned to ride horseback, eventually riding up the mountain to camp in the crater -‐-‐ a trip of a lifetime. Moving to the Big Island in my fifties I took up spelunking lava tubes and walking on hot lava to observe the goddess at work.
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Mercifully, I am not especially blessed with foresight! It was a progression of things. I didn’t wake up one morning wanting to be a journal editor. I was the Publications Secretary of the British So- ciety of Developmental Biology, and it was my job to identify ideas, and organisers, for the society’s symposia. These were published first by Cambridge University Press, and then by the Company of Biologists (CoB -the publishers and owners of JEEM, the Journal of Embryology and Experimental Morphology). These symposia became very good, better in many cases than the parent journal, and it occurred to me that the huge new data set emerging from the combination of genetic, molecular, physiological, and experimental embryology approaches to development was not being captured by any of the mainstream journals. I proposed, therefore, to the BSDB that we start a new journal. I had no thoughts of editing it. After much discussion with different publishers, including the CoB, I was asked if I would like to take over the editorship of JEEM. My reply was no, but that I would consider editing a journal with a broader outlook, more modern style, free use of color, A4 page size, travel scholarships for young scientists from the income, free reprints, and a number of other things. I wanted to break what I saw as an exploitive situation in which scientists had to pay to publish their work in premier journals (through page charges to the publishers) and then pay again to read it. To my surprise, the CoB agreed to re-launch JEEM as Development, and I found myself the editor of a journal (Wylie, 2013).
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Respondents aged 28–29 years were more likely to have undergone cervical cancer screening (AOR: 1.86; 95% CI: 1.08–3.21) than those aged 20–23 years. Moreover, respondents with an income of 4,000,000 yen were more likely to have undergone the screening (AOR: 3.32; 95% CI: 1.55–7.29) compared to those with an income of < 2,000,000 yen. Respondents who were working full time were more likely to have undergone the screening (AOR: 3.30; 95% CI: 1.46–7.45) than were students or those who were unemployed. Respondents with > 5 sex part- ners during their lifetime were more likely to have undergone the screening (AOR: 1.97; 95% CI: 1.22–3.20) than those with only one sex partner. HPV vaccination (AOR: 4.88; 95% CI: 2.19–10.89) and receipt of a free coupon for Pap smear testing from the government (AOR: 3.14; 95% CI: 2.12–4.64) were positively associ- ated with the screening experience. Respondents who had a high perceived susceptibility to cervical cancer were more likely to have undergone the screening (AOR: 4.06; 95% CI: 2.63–6.28) than were those with a low per- ceived susceptibility. Moreover, this association became stronger as the level of perceived susceptibility increased. Respondents with high perceived logistical barriers of Pap smear testing were less likely to have undergone the screening (AOR: 0.31; 95% CI: 0.19–0.50) than those with low perceived barriers. This association became stronger as the level of perceived barriers increased. Re- spondents with a high level of confidence for Pap smear testing conducted by a male physician were also more likely to have undergone the screening (AOR: 2.66; 95% CI: 1.70–4.19) than those with a low confidence level.
For the extension of operation time over the designed lifetime at Paks NPP the performance and function of the equipment and components for the extended lifetime must be verified. A Project has been launched to prepare the Licence Renewal. This Project will demonstrate and verify, in a way transparent for the Hungarian and international public opinion, that the Nuclear Power Plant Paks, can be operated at least up to 50 years in accordance with the nuclear safety and environmental regulations and the international standards. Nuclear Power Plant Paks will stay a safe and clear source of the electricity generation.
In this paper, a new lifetime class with decreasing failure rate is introduced by compounding truncated binomial distri- bution with any proper continuous lifetime distribution. The properties of the proposed class are discussed, including a formal proof of its probability density function, distribution function and explicit algebraic formulae for its reliability and failure rate functions. A simple EM-type algorithm for iteratively computing maximum likelihood estimates is pre- sented. The Fisher information matrix is derived in order to obtain the asymptotic covariance matrix. This new class of distributions generalizes several distributions which have been introduced and studied in the literature.
The room temperature lifetime curves of the degraded sample with a-Si passivation before and after the TIDLS measurements are also shown in Fig. 1(a). These two lifetime curves are similar to the lifetime curve of the degraded sample with a superacid-derived passivation, indicating (a) the a-Si layer provides surface passivation quality that is sufficient for the effective lifetime of the degraded sample to be dominated by the activated bulk defects; (b) the thermally activated defects were not impacted by the deposition process of the a-Si layer; and (c) the thermally activated defects were not impacted by the TIDLS measurements.
The above table 5.1 lists the performance parameters of FCFS, Priority, Hop count, Lifetime, Dead packets removal schemes in terms of the energy comparison, delay comparison and packet delivery factor for 15 nodes. As FCFS being a simple basic scheme it gives an energy saving comparison of 88.84%. In the priority based, hop count based and in life time based energy saving comparison is 88.84%, 87.84% and 88.84% respectively. Whereas in the case of dead packets energy saving is 89.94 since dead packets are dropped at the queue. Delay is very less in FCFS and dead packet removal when compared to other protocols since all the packets are given same priority. Packet delivery factor is more for priority based and dead packets removal based schemes.
Overall, 11.8% of children 3 to 17 years of age received an asthma diagnosis from a health care professional during their lifetime (Table 1). A signif- icantly higher percentage of Puerto Rican children, 29.4%, received an asthma diagnosis compared with other racial/ethnic groups. Asthma diagnoses were more common also among children from low-income families compared with those from higher-income families. Overall, 10.5% of children were reported to have at least 1 wheezing episode in the past 12 months regardless of asthma diagnosis. Differences between race/ethnicity and income groups for recent wheezing were less marked than for lifetime asthma diagnosis but followed the same patterns: rates of recent wheezing were similar for non-Hispanic white and black children (10.7% and 11.3%), highest for Puerto Rican children (16.3%), and lowest for Mexi- can children (7.2%). Children in low-income families had a slightly increased rate of recent wheezing, but the difference did not reach statistical significance. Table 2 shows the cross tabulation between asthma diagnosis and current wheezing. Among children diagnosed with asthma, just over half had wheezed
A previous cross-national study indicated that SAD prevalence differs across different countries, with life- time prevalence estimates ranging from 0.5 in Korea to 2.6 in the USA . However, that survey was done in only four countries, and assessed only three social fears as part of the simple phobia section of the Diagnostic Interview Schedule. The current data extend such work with surveys across a broad range of countries, and with a comprehensive assessment of SAD. Differences in prevalence across countries continue to be observed, as is the case for other common mental disorders in the WMH surveys. Such differences may reflect artifactual variation across surveys (for example, mental disorder stigma may be higher in lower income settings, resulting in decreased willingness to self-disclose, and an under- estimation of prevalence) or cross-national differences in underlying mechanisms relevant to pathogenesis (for ex- ample, greater access to greater social capital and more community engagement in lower income countries).
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17 This research set out to explore a novel method to value life years by means of trading life years for income. We applied three different procedures to elicit WTP with this method under different assumptions about the utility functions for health and money. Our trimmed WTP estimates give numbers that are comparable to estimates found in the literature (Mason et al., 2009; Pinto-Prades et al., 2009; Shiroiwa et al., 2013), although the high variation across procedures indicates a high susceptibility to the particular procedure employed. Likewise, the differences between models show the large influence of the particular assumptions about the utility functions for life duration and consumption on WTP estimates. Regarding the former, we find a difference in WTP between two procedures in the direction predicted by prospect theory. Furthermore, we observe significantly less non-trading when using QoL instead of life duration as response scale, although this does not necessarily translate into higher WTP for a healthy life year.
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Bonferroni and Lorenz curves are widely used tool for analyzing and visualizing income inequality. Lorenz curve, L(p) can be regarded as the proportion of total income volume accumulated by those units with income lower than or equal to the volume a, and Bonfer- roni curve, B(p) is the scaled conditional mean curve, that is, ratio of group mean income of the population. Plots of Bonferroni and Lorenz curves are given in Figure 3.
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