Understanding the origins of wealth inequality is critical in the debate over what, if anything, to do about it. In this note, we propose a simple model which is still rich enough to reproduce observed patterns of wealth inequality. We call it the Concentrated Asset Betting (CAB) model. A key element of CAB is a phenomenon known in the gambling world as “over-betting the edge.” The model we propose is based on the observation that a high fraction of investors have experienced sub-par growth in their savings, after allowing for consumption and philanthropy, relative to the tremendous long-term growth in the public stock market. Some of the reasons put forward to explain the shortfall in investor returns include investment fees, commissions and taxes. Our model suggests there may be something even larger and more insidious at work – pervasive and systematically poor money management.
The joining of ceramics with metals is widely used in aerospace engineering where high strength and excellent heat insulation materials are desired. In this paper, a new multifunctional bolted joint with load bearing-heat insulation integration is prepared with porous ZrO2/(ZrO2+Ni) sandwich ceramics. Double-shear behavior of the bolted joint connecting C/SiC plates is analyzed by ABAQUS codes. It is found that shearing damage occurs at shearing faces of the bolt, the shearing failure faces are layered rather than smooth. To improve its shearing strength, we introduce the shear band (ZrO2+V%Ni of thickness h) to its shearing faces. Results show that the shear band can improve the shearing strength and slow down the attenuation of load bearing capacity after reaching the shearing strength, without obviously increasing the thermal conductivity. An optimal structural design is performed and proper shear band is defined to balance the shearing strength and heat insulation performance of the ceramic joint.