Are Haligonians Ricardian? A survey of households' saving response to the government's budget deficits

The Ricardian Equivalence Theory claims that an increase in government's budget deficit is exactly offset by an equivalent increase in current private saving, that people anticipate higher taxes in the future as a result of the present deficit, and save more now. This study surveys two random samples of households in Halifax, Canada, to investigate if they actually behave this way. The result of the survey suggests that people pay little attention to government's budget deficits in deciding their own savings. Economists tend to disregard results of questionnaire surveys on the ground that people may not be conscious of their decision process. Drawing from the psychology literature, this article argues that this objection does not apply to the key questions and responses in this survey.     

THE TURKISH CURRENT ACCOUNT DEFICIT

During the 2011–2015 period, Turkey's current account deficit as a percentage of gross domestic product (GDP) was one of the largest among the Organization for Economic Co‐operation and Development countries. In this paper, we examine if this deficit can be considered optimal using the Engel and Rogers's approach. In this framework, the current account of a country is determined by the expected discounted present value of its future share of world GDP relative to its current share. A country whose income is anticipated to rise relative to the rest of the world is expected to borrow now and run a current account deficit. Our findings suggest that Turkey's current account deficit in 2015 may be considered optimal if the Turkish economy's share in the world economy could continue to grow at rates similar to the past or to the predictions from professional forecasts. The same approach, however, indicates that the current account deficit in 2011, at its peak, was unlikely to be optimal. (JEL F32, F41, F43)     

Discrepancies in Perceived Organizational Control: their Incidence and Importance in Local Churches*

The effects of discrepancies between preferred and perceived control among church members are investigated in terms of amount and distribution of control. For each dimension of control, three categories of respondents are identified: those who preferred a greater amount or wider distribution of control than they perceived to exist within their churches (deficit); those whose preferred and perceived control scores were identical (balance); and those who preferred a lesser amount or more concentrated distribution of control in their churches than they perceived to exist (surplus). For both amount and distribution of control, a perceived deficit is more common than a surplus. Respondents experiencing discrepancies in either direction are more dissatisfied and alienated than those with a balance in desired and perceived organizational control. A deficit is associated with more dissatisfaction (but not necessarily more alienation) than a surplus. Subsample comparisons show these findings hold for both officers and non-officers. Regression analyses show that discrepancies regarding organizational control are important even after other aspects of control have been introduced.     

Knowing what I should, doing what I want: From selfishness to inequity aversion in young children’s sharing behavior

The social utility model suggests that people feel more satisfied with equal divisions of resources than from inequitable outcomes, even when the latter favors oneself. Research examining children’s behavior has shown that the tendency to share half of one’s endowment increases with age between the ages of 3 and 8. However, the satisfaction the children derive from their decisions (to share half of their endowments) has yet to be examined. I present two studies (using the dictator and ultimatum games) suggesting that young children (5-6 years old) are aware of the norms of fairness but choose to act selfishly and prefer not to share. Slightly older children aged 7-8 adopt these norms in their actual behavior but do not feel happier when they share half of their endowments than when they share less than half. Finally, true inequity aversion only appears at the ages of 9-10, when children not only give more, but they correspondingly also feel better when their endowments are equally divided.     

Financial Risk Attitude and Behavior: Do Planners Help Increase Consistency?

This study is the first to evaluate the effect of sources of information on households’ consistency between their risk attitude when making savings and investment decisions and risk behavior displayed when they do save and invest. As the responsibility is being shifted to individuals to save for their own financial future, it is important that individuals and households save and invest in a manner that is consistent with their financial risk tolerance. Financial planners were found to provide significant value to households on the consistency of their financial risk attitude and behavior. The implications of this work are far-reaching in the financial planning arena.     

The evolution of retirement: results of the 1999 Retirement Confidence Survey

The ninth annual Retirement Confidence Survey (RCS) shows continued evidence of progress in the drive for retirement income security for American workers. However, there are still hurdles to overcome. The RCS tracks Americans' retirement planning and saving behavior and their confidence regarding various aspects of their retirement. It also categorizes workers and retirees into distinct groups based on their individual views on retirement, retirement planning, and saving. The retirement envisioned by today's workers looks different in many respects from that now experienced by current retirees. Today's workers expect to work longer than current retirees actually worked before retiring--and many say they plan to work for pay after they retire. Twenty-four percent of workers reported that they are very confident they will have enough money to live comfortably in retirement, and 45 percent reported that they are somewhat confident. However, there are indications that many may be falsely confident. The good news is that 70 percent of Americans are saving for retirement, and a growing percentage (49 percent) are going further and determining how much they need to save to fund their retirement. The bad news is that 30 percent of Americans have not begun to save for their retirement, and 51 percent have never tried to determine how much they need to save. Employers play a major role in ensuring adequate retirement preparation. Forty percent of all workers said they expect that money provided by their employer will be a major source of retirement income. Forty-six percent expect the money they put into a retirement plan at work to be a major source of income. The availability of a retirement plan at work is credited by 48 percent of savers as motivation to save. While worker education is a point of emphasis among both employers and policymakers, more remains to be done. For example, 59 percent of workers expect to be eligible for full Social Security benefits sooner than they actually will be, and an additional 19 percent admit they do not know when they will be eligible. There is evidence that education can have an impact on individual behavior. Forty percent of workers receiving educational material at work in the last year said that information caused them to begin saving (19 percent) or resume saving (21 percent) for retirement, while 40 percent said they changed the amount they were contributing to a retirement savings plan and 41 percent changed the allocation of their money in a retirement savings plan.     

Heterogeneous Effects of Child Development Accounts on Savings for Children’s Education

We examine effects of Child Development Accounts on savings for postsecondary education in a statewide experiment (N = 2,677), which automatically opened state-owned college savings accounts for treatment-group children, and encouraged their caregivers to open and save in participant-owned college savings accounts. The experiment achieves universal participation for children in the treatment group; almost all treatment-group children hold an account with more than $1,000 in college assets. Treatment participants we expect would hold their own participant-owned accounts without the intervention have $395 more in savings than their counterparts in the control group; those who are motivated by the intervention to hold a participant-owned account have mean deposits of $888. Those who are motivated by the intervention to save have mean deposits of $1,826. The intervention reduces the socioeconomic disparity in asset accumulation for children. The program has the potential to promote asset building for children’s education.     

Alienation: a Discrepancy Approach*

A discrepancy measure of job-related alienation, labeled power discrepancy, is introduced. Power discrepancy was measured by the difference between the amount of job-related power workers feel they are able to exercise on their present jobs and the amount of power they feel they should be able to exercise. Three types were derived: workers whose perceived power was less than the amount they felt that they should have (deficit power); workers with as much perceived power as they felt they should have (balanced power); and workers whose perceived power exceeded what they believed they should have (surplus power). It is found that power deficit increases with the degree of functional specialization at work and that power deficit is the most common experience regardless of the extent of functional specialization. Instrumental work orientation and isolation from organizational goals is the most pronounced among workers with deficit power. Workers with surplus job-related power are on a par with those with a balance between perceived and desired power in terms of consummatory work orientation and commitment to organizational goals. Among workers with less job-related power than they feel they should have, instrumental work orientation and isolation from organizational goals are higher among less affluent, younger, and loss educated workers. Introduction of a measure of the importance of work-related power did not help in explaining this last finding.     

Unequal returns to social capital: the study of Malays in Singapore through a network lens

Using the concepts of ‘social capital deficit’ and ‘return deficit’, this study considers the social network aspects of social disadvantage among Malays in Singapore, as compared to Singaporean Chinese. Analysing a 2005 representative survey, we find Malays have less social capital than Chinese, a social capital deficit partly explained by their lower educational attainment. We find no return deficit in earnings: that is, every additional unit of social capital increases earnings equally for Chinese and Malays. However, we find return deficits in education: every additional unit of social capital (e.g. ties to educated parents) increases educational attainment more for Chinese than Malays. In all, this study offers a social capital explanation for Malay ‘plight’, complementing the more conventional explanations of human and economic capital.     

Sexual orientation and household financial decisions: evidence from couples in the United States

We analyze how sexual orientation is related to household financial decisions using 2000 US Census data, and find that lesbian couples pay higher annual mortgages relative to house value than do heterosexual or gay couples. We also estimate that cohabiting heterosexuals pay more than their married counterparts. We link this homosexual-specific differential to homeowners’ propensity to save. This differential reflects the gender composition of same-sex households, and their very low fertility, in addition to the precautionary motives increasing cohabiting couples’ propensity to save relative to married ones. Evidence from retirement and social security income of older couples exhibits the same pattern of differentials by sexual orientation and cohabiting status.     

Understanding and explaining online personal information-sharing behaviours of New Zealanders: a new taxonomy

Although research evidence shows that people have strong concerns about their privacy online, this does not necessarily mean that they do not share their personal information in varying online relationships. This paper presents New Zealand-based empirical research findings into people’s actual online information-sharing behaviours rather than their attitudes: the motivations, extent, and conditions under which individuals share their personal information in varying online relationships with commercial providers, with government, and on social networking sites. A grounded theory methodology and an abductive analysis were used to identify patterns in the findings and construct a new taxonomy of online information-sharing behaviours: contrary to existing taxonomies, all participants in this study are very privacy aware and make quite deliberate choices about what personal information they share online, with whom, to what extent, and under what circumstances. Four distinctive classifications of people’s online information-sharing behaviours were derived from this study: privacy pragmatists, privacy victims, privacy optimists, and privacy fatalists.     

Voluntary Associations' Impact on the Composition of Active Members' Social Networks: Not an Either/Or Matter

Membership in voluntary associations is often assumed to have a homogenizing or diversifying impact on the social composition of members' personal relations. In this study, we examine these assertions empirically in a sample (n = 818) comprising active members of voluntary associations in a typical midsized Swedish community. We investigate whether people whom active members of voluntary associations have met through their voluntary activities are more or less likely to share their social characteristics than people whom they have met elsewhere. Our results show that acquaintances whom our respondents have acquired within voluntary associations are less likely to share several of their significant social characteristics than other members of their personal networks, but more likely to reside in their vicinity than others. Consequently, our results give fairly robust support to the “integrating hypothesis” according to which voluntary associations contribute to the social diversification of their members' personal networks. We do, however, emphasize the principally important aspects of our results, according to which relations acquired through involvement in voluntary associations may have simultaneously homogenizing and diversifying effects on individuals' personal networks. Furthermore, the effect may also depend on the specific dimension(s) of the networks under consideration.     

Finite decentralization in a Tiebout economy with crowding types

We study a model with local public goods in which agents' crowding effects are formally distinguished from their taste types. It has been shown that the core of such an economy can be decentralized with anonymous admission prices (which are closely related to cost share prices). Unfortunately, such a price system allows for an arbitrary relationship between the public goods level in a given jurisdiction and the cost to an agent for joining. Formally, this means that admission prices are infinite dimensional. Attempts to decentralize the core with finite price systems such as Lindahl prices suggest that this is possible only under fairly restrictive conditions. In this paper, we introduce a new type of price system called finite cost shares. This system has strictly larger dimension than Lindahl prices but, in contrast to general cost share prices, is finite. We show that this allows for decentralization of the core under more general conditions than are possible with Lindahl prices. Received: 18 January 2000/Accepted: 21 January 2002 The authors would like to thank two anonymous referees for their helpful comments.     

完美夫妻店：爱情与事业同行

对很多开店创业的情侣档来说,彼此是生意上的伙伴,也是生活上的伴侣。情侣们开的自家小店是小企业的一种重要形式。他们的小店或俏皮,或温馨,风格不一而足。     

“You Are a Racist”: An Early Childhood Educator's Racialized Awakening

This article details my racialized awakenings as a White kindergarten teacher after being called a racist by a parent of one of my students. I chronicle critical reflections of myself and my school in terms of latent institutional racism and actions. I share the actions that I have begun in my efforts to counter racism and move toward teaching for social justice. Changes in my teaching included interrupting deficit perspectives, talking explicitly about race, critiquing literature that I use in my classroom, and exploring ways to provide ongoing counternarratives that honor culturally and linguistically diverse students. I conclude with implications for other Early Childhood teachers who are teaching across racial boundaries. While I do not position my findings as the solution to countering institutional racism in the classroom, I hope that my journey can be enlightening to educators facing similar conflicts.     

Negotiating narratives surrounding children's mental health diagnoses: Children and their contribution to the discourse

Despite increasing numbers of children diagnosed with mental health disorders, there is limited research on how children come to understand these diagnoses in childhood. This study examines the retrospective accounts of emerging adults who were diagnosed with mental health disorders in childhood to better understand how they made sense of their diagnoses over time. In-depth, semi-structured interviews were conducted with 42 emerging adults (ages 18 to 22) who were diagnosed with attention deficit hyperactivity disorder (ADHD), depression, generalized anxiety disorder (GAD), and/or bipolar disorder in childhood. Interviews elicited participants' experiences learning about their diagnoses and suggestions for how diagnoses should best be explained to children. Findings demonstrate that participants actively sought and obtained information about their diagnoses over time. They negotiated narratives from several sources, including parents, teachers, mental health professionals, peers, siblings, the media, reading materials, and the Internet. Many of those who embraced medical accounts of their diagnoses did so as they obtained in-depth medical information over time. Meanwhile, those whose parents were open and communicative without using medical narratives suggest it is possible to share information with children without utilizing the terminology of “disorder.” Participants emphasize the importance of being open with children and providing them assurances, explaining that their problems are legitimate, common, and “not their fault.” Implications for social work practice are discussed.     

Understanding Humanity's Damaged Future

The notion that social facts can be caused only by other social facts is obsolete. Human societies today are affected by biogeochemical change. "Developed" human societies so overuse the finite planet they share with "underdeveloped" societies that the future of all is threatened.
Medicine's prosthesis concept becomes useful for sociology when extended beyond referring to devices for replacing lost body parts or restoring impaired sensory powers. If we regard all modern tools and machines as prosthetic devices, we see them enabling humans to act as giants—giving us colossal resource appetites and huge environmental impacts.
Prosthetic apparatus (and familiar assumptions) previously useful are subject to obsolescence. But there is cultural lag. Conceptual habits restrict the way we see our world. The bubble of twentieth century experience obstructs our understanding of the future into which we giants are plummeting. To explain severe hardships ahead in the twenty-first century, sociologists need to break out of our discipline's traditional conceptual bubble. Twentieth century expectations have become misleading. The basis of past progress (a carrying capacity surplus) is gone, replaced by a carrying capacity deficit. Earth's diminished carrying capacity will sustain fewer (dinosaur-equivalent) Homo colossus than original Homo sapiens .     

Business and Social Profiles of Immigrant‐Owned Small Firms: The Case of Pakistani Immigrant Entrepreneurs in Greece

This study examines Pakistani immigrant entrepreneurs in Greece in order to identify patterns of ethnic entrepreneurship and socio‐economic challenges faced by ethnic entrepreneurs. The research aims to enhance understanding of the characteristics and business profiles of Pakistani immigrant entrepreneurs in Greece's capital, Athens, and make recommendations for the development of a follow‐up three‐year longitudinal study of Pakistani immigrant businesses in Athens. A survey administered to 13 Pakistani immigrant entrepreneurs recorded a wide range of data from which frequency distributions were processed as well as cross‐tabulations and Chi‐square tests, to reveal strong associations. Findings of note reveal that Pakistani immigrant entrepreneurs set up enterprises with their own capital rather than turning to the private financial sector, are mostly well‐educated despite earlier research noting the opposite, Greece is the terminal migration destination of choice for Pakistani immigrant entrepreneurs, their market‐share of work permits is proportionately larger than their residence permit share, they differ from other ethnic groups by substantial preference for operation of call centers, and they are very much bound to their ethnic enclaves. This body of research offers a unique contribution to an area which has until now been largely ignored.     

TWIN SONS OF DIFFERENT MOTHERS: THE LONG AND THE SHORT OF THE TWIN DEFICITS DEBATE

Interest in the twin deficits hypothesis fluctuates in tandem with the U.S. current account deficit. Surprisingly though, a statistically robust relationship between budget and trade deficits has been difficult to pin down. We argue that a big part of this difficulty is due to the failure to allow for structural breaks in the series when (either explicitly or implicitly) modeling their time series properties. We show that both series are break stationary (and conditionally heteroskedastic) and argue that while there is no common pattern in the long run, the short-run dynamics reveal a sizeable and fairly persistent positive relationship between budget deficit shocks and current account deficit shocks. ( JEL F41, E6, H6)     

Saving water to save the environment: contrasting the effectiveness of environmental and monetary appeals in a residential water saving intervention

To convince people to reduce their energy consumption, two types of persuasive appeals often are used by environmental organizations: Monetary appeals (i.e., ‘conserving energy will save you money’) and environmental appeals (i.e., ‘conserving energy will protect the environment’). In this field study we aimed to compare the effects of monetary and environmental appeals on showering habits. During two weeks we measured showering behavior in one hundred households. As compared to monetary appeals, environmental appeals were more effective in decreasing participants’ shower frequency. Interestingly, the monetary appeal was judged as somewhat more motivating to save water than the environmental appeal. We discuss theoretical and practical implications of these findings.