In this paper I use the cumulation-of-life-cycle saving method to measure the contribution of transfers to total wealth accumulation over the 1974 to 1984 period among worker households in Japan. I ®nd that under either the Modigliani or Kotlikoff and Summers de®nitions of transfer wealth, capital accumulation for these households is largely the result of life-cycle saving. This study differs from earlier papers on this topic, which drew similar conclusions, by its close application of the two de®nitions of transfer wealth and by its extensive use of simulation analysis. JEL Classi®cation Numbers: D12 D91 E21

No abstract

No abstract

In this paper I use the cumulation-of-life-cycle saving method to measure the contribution of transfers to total wealth accumulation over the 1974 to 1984 period among worker households in Japan. I ®nd that under either the Modigliani or Kotlikoff and Summers de®nitions of transfer wealth, capital accumulation for these households is largely the result of life-cycle saving. This study differs from earlier papers on this topic, which drew similar conclusions, by its close application of the two de®nitions of transfer wealth and by its extensive use of simulation analysis. JEL Classi®cation Numbers: D12 D91 E21

The Shellpot Bridge is a 536-foot swing bridge located on a rail freight bypass route around Wilmington, Delaware. When the bridge failed in 1994, Conrail, then the bridge’s owner, elected not to repair it due to declining freight volume. The State of Delaware reached agreement with the new rail owner, Norfolk Southern Corporation, to provide funds to repair the bridge, with the railroad to pay tolls to repay the state’s investment. Recent volumes of traffic over the bridge indicate that, if traffic continues at its current level, Delaware will realize an annual return of 9.75% on its investment.