Stochastic models of the Social Security trust funds

Each year in March, the Board of Trustees of the Social Security trust funds reports on the current and projected financial condition of the Social Security programs. Those programs, which pay monthly benefits to retired workers and their families, to the survivors of deceased workers, and to disabled workers and their families, are financed through the Old-Age, Survivors, and Disability Insurance (OASDI) Trust Funds. In their 2003 report, the Trustees present, for the first time, results from a stochastic model of the combined OASDI trust funds. Stochastic modeling is an important new tool for Social Security policy analysis and offers the promise of valuable new insights into the financial status of the OASDI trust funds and the effects of policy changes. The results presented in this article demonstrate that several stochastic models deliver broadly consistent results even though they use very different approaches and assumptions. However, they also show that the variation in trust fund outcomes differs as the approach and assumptions are varied. Which approach and assumptions are best suited for Social Security policy analysis remains an open question. Further research is needed before the promise of stochastic modeling is fully realized. For example, neither parameter uncertainty nor variability in ultimate assumption values is recognized explicitly in the analyses. Despite this caveat, stochastic modeling results are already shedding new light on the range and distribution of trust fund outcomes that might occur in the future.     

Entrepreneurship, Secrecy, and Productivity: A Comparison of Clinical and Non-Clinical Life Sciences Faculty

This paper addresses research in the life sciences, responsible for significant national expenditures for scientific investigations funded by both the federal government and industry. Our investigation examines faculty members' involvement with industry in entrepreneurial ways that is, involved in translating their research into potentially marketable knowledge or products. First, this study examines whether there are differences in entrepreneurial behaviour between clinical and non-clinical faculty in the life sciences with industry relationships, and, second, to discover any linkage between entrepreneurship and secrecy or productivity in different ways for clinical and non-clinical faculty. The study is based on survey responses of a national sample of 4,000 clinical and non-clinical life sciences faculty in 49 U.S. research universities. The results show non-clinical faculty as more involved at the back end. The more entrepreneurial end of commercialization while clinical faculty are involved at the back end. The more entrepreneurial faculty (non-clinical) are more likely to be secretive about their research. Clinical faculty are less likely to have been denied access to research results or products. Entrepreneurial faculty are not less productive in their faculty roles. This investigation is preliminary in that it addresses one large area of academic research but excludes fields with longer historical relationships with industry.     

Australian Aboriginal Property Rights as Issues of Indigenous Sovereignty and Citizenship

Aboriginal Australians have traditionally enjoyed little protection from the law. The matter of land has been at the heart of white settler/Aboriginal relations since the nation was first founded. It is only recently that recognition has been given to the land rights of Australian indigenous people. This recognition was finally made at the property law level in 1992 through the High Court decision in Mabo v. Queensland (n. 2) ([1992] 175 CLR 1). The 1993 High Court decision in The Wik Peoples v. Queensland ([1996] 71 ALJR 173) reinforced that recognition. It did so through the principle that pastoral lessees' and native title holders' rights might co-exist except that, in the event of any inconsistency, the pastoralists' rights were to prevail, provided pastoral activity was being pursued. The most recent legal change is the parliamentary revision of the Native Title Act so that the Wik co-existence principle was put to rest, mainly through permitting the State governments to upgrade pastoral holdings to a form of freehold, thus immunising them from native title claims, and minimising the payment of compensation. In this paper we argue that the country must consider what has been lost in this about-turn from the recognition of native title to land in Mabo . We argue that the nation must consider the emphases in the Mabo judgments upon the significance of international law and the need for the common law not to be locked into a racist past. From that point, we contend for the need to recognise not only native title to land but what lies beyond that: indigenous political and human rights.     

Punishment and Paperwork: White-Collar Offenders Under Community Supervision

This article examines how changes in penal ideology may affect the experiences of white-collar offenders under community supervision. In-depth interviews with white-collar offenders on their experiences while under federal probation are used to examine how changes in criminal punishment have undermined the traditional reintegrative and rehabilitative goals of community supervision. The analysis suggests that shifts to a more managerial, actuarial model that seeks depersonalized efficiency has unintended consequences that delegitimatize the criminal justice system, and foster sentiments of degradation. Based on these findings, considerations for future research are discussed.     

Married Women Bankrupts in the Age of Coverture

Many married women with separate property held their property as stock-in-trade and traded independently from their husbands. However, if the business failed, a married woman trader's ability to take advantage of bankruptcy process depended on the exception to coverture according to which she held her separate property. This article is the first to examine reported bankruptcy cases involving married women in their doctrinal context and in relation to other exceptions to coverture. It analyzes the issues arising in the eighteenth century and argues that they should be understood in relation to the larger picture of married women's law, especially the law of private separation. The article also considers the oblique relationship between private separation jurisprudence and married women's bankruptcy in the nineteenth century, a relationship that was bridged by a line of cases that, on the surface, seem to be unrelated.