While earlier empirical studies found a negative saving effect of old-age dependency rates without considering longevity, recent studies have found that longevity has a positive effect on growth without considering old-age dependency rates. In this paper, we first justify the related yet independent roles of longevity and old-age dependency rates in determining saving and growth by using a growth model that encompasses both neoclassical and endogenous growth models as special cases. Using panel data from a recent World Bank data set, we then find that the longevity effect is positive and the dependency effect is negative in savings and investment regressions. The estimates indicate that the differences in the demographic variables across countries or over time can well explain the differences in aggregate savings rates. We also find that both population age structure and life expectancy are important contributing factors to growth.JEL classification: E21; J10; O16

A selective recognizing of proteins with amphoteric polymer is essential for application in protein separations. An amphoteric polymer was synthesized by copolymerization of the two functional monomers with the crosslinker in the presence of the template proteins.

We consider a Fisher market where agents submit their own utility functions and money endowments to the market maker, who, upon receiving every agent's report, derives market equilibrium prices and allocations of the items. While agents may benefit by misreporting their private information, we show that the percentage of improvement by a unilateral strategic play, called incentive ratio, is rather limited-it is less than 2 for linear markets and at most e 1/e ≈ 1.445 for Cobb-Douglas markets. We further prove that both ratios are tight.

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