Current Publications Received

The Economics Across the Curriculum approach encourages the integration of economic concepts into various disciplines. This article features the essence of the approach built on best practices described in the literature. Several creative lesson ideas for teaching about money and inflation are showcased. These lessons were field-tested by high school teachers in algebra, American history, and Spanish language classes. The goal is to inspire teachers to try these ideas in their classrooms. Any subject area can be a fruitful ground for the infusion of some economic concepts and making lessons engaging and meaningful for students.     

“I don’t want to be selling my soul”: Two experiments in environmental economics

We conducted two experiments in the context of environmental protection. We found that profit considerations and personality traits are among the essential determinants of individual contributions to the solution of environmental problems. The results show that environmental considerations are powerful motivators and subjects are willing to forgo pecuniary profits for the sake of “doing-the-right-thing”. The study shows that the environmental groups can purchase carbon offsets directly from the providers at a lower-than market price and still obtain a relatively large market share.     

How the Risk of Displacement for Older Workers Has Changed

Using Blinder–Oaxaca decomposition and relying on the consistent design of the Displaced Worker Survey since 1996, this study analyses various factors contributing to the rising dislocation of older workers, such as changes in tenure, industry mix, educational attainment, and labor force participation. Although in the past older workers were less prone to displacement compared with prime‐age workers, this paper finds that older workers are now more likely to be displaced, conditional on education, manufacturing industry, and tenure. Declining tenure, a higher incidence of displacement in manufacturing, and a higher labor force participation among older workers largely explain the convergence of displacement rates among older and prime‐age workers.     

Are Baby Boomers Richer Than Their Parents? Intergenerational Patterns of Wealth Ownership in the United States

This study compares wealth ownership and mobility patterns among baby boomers and their parents to explore whether the baby boomers have fared as well during their working years and whether they will be as secure in retirement as their parents. Cohort comparisons using survey data indicate that baby boomers had accumulated more wealth as young adults than their parents had at a similar age. Estimates from a simulation model reveal that baby boomers had more wealth than their actual same‐sex parents at every stage of the life course. The simulation model also reveals that baby boomers were considerably more likely than their actual same‐sex parents to experience upward wealth mobility at each point in the life course. These results suggest that speculations that baby boomers may be the first generation to do worse than their parents are misleading.     

The quest for a general theory of aging and longevity

Extensive studies of phenomena related to aging have produced many diverse findings, which require a general theoretical framework to be organized into a comprehensive body of knowledge. As demonstrated by the success of evolutionary theories of aging, quite general theoretical considerations can be very useful when applied to research on aging. In this theoretical study, we attempt to gain insight into aging by applying a general theory of systems failure known as reliability theory. Considerations of this theory lead to the following conclusions: (i) Redundancy is a concept of crucial importance for understanding aging, particularly the systemic nature of aging. Systems that are redundant in numbers of irreplaceable elements deteriorate (that is, age) over time, even if they are built of elements that do not themselves age. (ii) An apparent aging rate or expression of aging is higher for systems that have higher levels of redundancy. (iii) Redundancy exhaustion over the life course explains a number of observations about mortality, including mortality convergence at later life (when death rates are becoming relatively similar at advanced ages for different populations of the same species) as well as late-life mortality deceleration, leveling off, and mortality plateaus. (iv) Living organisms apparently contain a high load of initial damage from the early stages of development, and therefore their life span and aging patterns may be sensitive to early-life conditions that determine this initial damage load. Thus, the reliability theory provides a parsimonious explanation for many important aging-related phenomena and suggests a number of interesting testable predictions. We therefore suggest adding the reliability theory to the arsenal of methodological approaches applied to research on aging.     

Defining estimands for efficacy assessment in single arm phase 1b or phase 2 clinical trials in oncology early development

The addendum of the ICH E9 guideline on the statistical principles for clinical trials introduced the estimand framework. The framework is designed to strengthen the dialog between different stakeholders, to introduce greater clarity in the clinical trial objectives and to provide alignment between the estimand and statistical analysis. Estimand framework related publications thus far have mainly focused on randomized clinical trials. The intention of the Early Development Estimand Nexus (EDEN), a task force of the cross-industry Oncology Estimand Working Group ( www.oncoestimand.org ), is to apply it to single arms Phase 1b or Phase 2 trials designed to detect a treatment-related efficacy signal, typically measured by objective response rate. Key recommendations regarding the estimand attributes include that in a single arm early clinical trial, the treatment attribute should start when the first dose is received by the participant. Focusing on the estimation of an absolute effect, the population-level summary measure should reflect only the property used for the estimation. Another major component introduced in the ICH E9 addendum is the definition of intercurrent events and the associated possible ways to handle them. Different strategies reflect different clinical questions of interest that can be answered based on the journeys an individual subject can take during a trial. We provide detailed strategy recommendations for intercurrent events typically seen in early-stage oncology. We highlight where implicit assumptions should be made transparent as whenever follow-up is suspended, a while-on-treatment strategy is implied.