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Micro data over the life cycle shows two different patterns of consumption of housing and non-housing goods: the consumption profile of non-housing goods is hump-shaped while the consumption profile for housing first increases monotonically and then flattens out. These patterns hold true at each consumption quartile. This paper develops a quantitative, dynamic general equilibrium model of life cycle behavior, which generates consumption profiles consistent with the observed data. Borrowing constraints are essential in explaining the accumulation of housing assets early in life, while transaction costs are crucial in generating the slow downsizing of the housing assets later in life. The bequest motives play a role in determining total life time wealth, but not the housing profile.

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This study investigated their views concerning evidence and expert opinion of 10th-grade students, accessed by an open-ended questionnaire in the context of a socio-scientific issue: the cause of flood disasters, and personal epistemology identified by the Learning Environment Preference Questionnaire (LEP). Students' responses to the open-ended questions showed that when thinking about the flood issue, most students rely heavily on direct and numerical data to draw their conclusions, while experts represented a source of conclusive information. The LEP scores indicated that, in terms of epistemological development, students were mostly at the stage of the 'multiplicists' in Perry's model. The statistical analysis suggested that view towards evidence and expert were associated with personal epistemology.