A note on black economic well-being in the North and West

Conclusion These very positive gains in economic well-being for certain categories of black families do not surprise us. Those in which the head is under 35 and live in the North and the West have had relatively more opportunity open to them as a result of some of the strong enforcement policies of the late sixties and affirmative action programs. This group of the black population, by and large, is better educated, more mobile, and more job-ready. It is, therefore, in a position to be more productive and thereby earn relatively higher incomes when society relaxes some of its discriminating tendencies. No such advantages, however, are available to the households headed by females or older households which comprise the overwhelming members of families in poverty.     

Jackknifing Bond Option Prices

Prices of interest rate derivative securities depend cruciallyon the mean reversion parameters of the underlying diffusions.These parameters are subject to estimation bias when standardmethods are used. The estimation bias can be substantial evenin very large samples and much more serious than the discretizationbias, and it translates into a bias in pricing bond optionsand other derivative securities that is important in practicalwork. This article proposes a very general and computationallyinexpensive method of bias reduction that is based on Quenouille's(1956; Biometrika, 43, 353–360) jackknife. We show howthe method can be applied directly to the options price itselfas well as the coefficients in the models. We investigate itsperformance in a Monte Carlo study. Empirical applications toU.S. dollar swap rates highlight the differences between bondand option prices implied by the jackknife procedure and thoseimplied by the standard approach. These differences are largeand suggest that bias reduction in pricing options is importantin practical applications.     

Consumer Research and Programs for the Elderly—The Forgotten Dimension

Older Americans are the most victimized and disadvantaged group in the marketplace, yet few consumer research, education, and action programs have focused on their needs and concerns. This study, by attempting to summarize existing knowledge of the consumer problems and needs of older persons, reveals the lack of reliable data and research. The study also suggests that inflation has a far worse impact upon the elderly than previously thought, affecting not only their retirement financial condition but also their psychological and social condition. The study concludes that traditional consumer education programs focusing only upon persons' poverty of means will be ineffective unless they include an additional focus on the poverty of meaning in the lives of older consumers.