Persuasive Speech Outline

Persuasive Speech Outline – Ghost I. Introduction: A. Attention-Getter: Do you believe in ghost or the existence of the afterlife? B. Link-to Audience: You may not even believe that actually ghosts are everywhere around us, but, they are. C. Speaker Credibility: I am here today to share with all of you my research on ghost. D. Thesis Sentence: I will convince you that the existence of ghost is real. E. Preview of Speech: Firstly, I would like to define ghost. Then I’ll begin with explaining some old folks’ â€Å"rumours† or â€Å"saying†.Then I would like to share with you an article of a Doctor’s experience of the afterlife. Transition: Let's begin with a question. II. Definition A. Ghost is defined as the spirit of a person that has died. Transition: Most of you heard of other people’s supernatural experiences such as a ghost possessed and near-dead experience but only few of you experienced on your own. So why and how it can happen? III. Explanation A. The existence of the human magnetic field B. The proximity of the magnetic oscillation frequencyC. Energy conversion Transition: You may think that what I’ve told you are just crapping. Believe it or not, now I’m going to tell you some true stories that happened from my friends. III. True story at: A. Amber Court, Genting Highland B. Ria, Genting Highland C. An abandoned hospital, in Selangor. Transition: Although currently we still cannot provide a scientific proof of the existence of ghost, sometimes things may happen magically without any reason. IV. Conclusion A.Restate thesis: Remember, ghost exists around us. Most of us can’t see them because we are in different magnetic field. B. Restate main points: I have briefly explained what is ghost and how does ghost possession can happen and I have told you few true stories of my friend. C. Call-to-Action: Believe in the existence of ghost is not scary but more like a prevention. They exist be cause of us, dies. They make no harm to us if we don’t provoke them. D. Clincher: So, be careful guys. Those empty seats are occupied by â€Å"them†. Persuasive Speech Outline Samples of Persuasive speech Outline SAMPLE 1 From the time we wake up in the morning to the moment we lay are head down at night, we are constantly making choices. Some take a conscious effort, some should, and some do not. Have you ever taken the time to really stop and think if you’re giving the correct amount of attention to the right choice? I’m here today to ask you to be more conscious of what you eat. I’m going to discuss health reasons, effect of food advertisements, reading food labels, and fad diets. Let’s start off by talking about America’s health crisis. I.Number one reason to be conscious of your eating habits is to watch out for your health. A. Obesity is the number two cause of preventable death according to the behavioral risk factor surveillance system (CDC, 2010) 1. In 2005-2006 67% Americans 20 years or older were overweight or obese(CDC, 2010). 2. Being overweight or obese leads to increased risk of breast cancer, cardiovascula r diseases, type II diabetes and many others(Insel, 2006) 3. Can be prevented by monitoring how many calories you eat and how much daily activity you perform. B. In 2007 23. 6 million people had been diagnosed with diabetes (CDC, 2010). . 90-95% of them had type II (mayo clinic, 2009) 2. Diabetes can be prevented by consuming a variety of foods, controlling portions, getting adequate fiber, and 30 minutes of moderate exercise (mayo clinic, 2009) II. Advertisements are affecting our food choices. A. I believe that if we are more aware of what we are seeing and hearing in ads, we can control how food advertisements effect us 1. Media sometimes sensationalizes and over-simplifies nutrition related topics to increase viewers and products sales (Insel, 2006) B. Most ads promote food that is high in calories, fats and sugars (CSPI, 2009). . 90% of commercials on Saturday morning programs are promoting junk food or fast food(CSPI, 2009) 2. Only 2% of all commercials are fruits, vegetables, and whole grains (CSPI, 2009) III. Reading labels is the number one step to being more conscious of your food choices. A. Pay attention to the ingredient 1. The ingredients listed are always in descending order according to the amount by weight used in the product. 2. It is best to choose the food product with the least ingredients and you should know what those ingredients are because these foods are the least processed (Wright). . Best to avoid food that contain dyes because it is the same dyes used in materials (Wright). a. Some common food dyes such as yellow 5 and red 40 have been linked to hyperactivity, impulsivity, learning difficulties, and ADHD in children (CSPI, 2009). b. There are plenty of natural dyes such as beta carotene, beet root red, and paprika that can be used (CSPI, 2009). B. Health claims are not the same as function claims. 1. Health claims are FDA regulated where as function claims are not (Wright). 2.A health claim simply states that a food is high in a nu trient such as calcium or fiber; function claim states that the food will do something such as burn fat or boost immunity. 3. This means that function claims are not always true because they have not been thoroughly tested. IV. Be aware that fad diets are not the answer to healthy nutrition; only lifestyle changes are. 1. According to the American heart association (2010), fad diets are not nutritionally balanced. a. They mostly focus on one food or nutrient which defeats the number one principle of nutrition: eat a wide variety of food. b.It is not possible to get all your nutrients from one food (AHA, 2010). i. Carbohydrates are needed for energy. ii. Protein to needed create hormones such as insulin. iii. Fat needed to keep us warm and protect organs. 2. Diana Wright, registered dietitian, says that fad diets lack exercise, claim unrealistic weight loss, and aren’t based on facts. It’s no mystery that what we eat has an effect on our lives, but yet we still fail to be conscious of what we take in. I think it’s important for all of you to start making better food choices today by being aware of the health risks, ads, fad diet gimmicks, and reading labels.If we can start new healthy habits now, they may be harder to break down the road. Works Cited American heart association. (2010). Quick weight loss or fad diets. Retrieved from http://www. americanheart. org/presenter. jhtml? identifier=4584 Center for disease control. (2010, March 2). Retrieved from www. cdc. gov Center for science in the public interest. (2009) Retrieved from www. cspinet. org Insel, P. , & Turner, E. , Ross, D. (2006). Discovery Nutrition: second edition. Massachusetts: Jones and Bartlett Publishers. Mayo Clinic. (2009, June). Type 2 diabetes. Retrieved from http://www. mayoclinic. om/health/type-2-diabetes/DS00585 SAMPLE 2 Would you like to have less stress and more energy? Would you like to change your body shape or boost your sex life? How about lowering your risk for cancer and heart disease? I’m telling you that you can achieve all of these things plus much more just by moving your body. I’m not going to tell you how to move your body, and even though you’ve heard about it many times before, I am going to reiterate some of the benefits you will receive from exercising regularly because many of you still aren’t active enough. Unfortunately your health may be at risk.THESIS: No matter what your shape, size or age, having a lifestyle that includes fitness will help you feel better physically, mentally and help prevent disease. OUTLINE: I. Exercise has many psychological and emotional benefits. A. Stress, depression and anxiety levels can be reduced with regular physical activity. B. Persons that exercise regularly tend to be happier, have positive attitudes, and are more productive. (Indian Express) C. Many people have a more positive self-image and increased confidence. D. Boosts your mood. II. Consistent physical activity can help the way your body looks and feels.A. You can change your body shape by using weights with strength training exercises. B. Muscle tension that can build up is relieved when toning your muscles. C. Your sleep quality is greatly improved. D. Combined with proper nutrition, helps to control weight and prevent obesity which is a risk factor for many diseases. III. Overall health is improved and aids in preventing illness. A. Helps decrease your risk heart disease and stroke by improving cholesterol levels, blood flow and heart function. B. Blood pressure is better managed. C. Prevents bone loss and osteoporosis by promoting bone formation. D.Exercise is linked to a decrease in the risk of colon cancer, breast tumors, and other malignancies. IV. Top five reasons people don’t exercise. A. They hate exercise. (5) Something enjoyable can always be found. B. They don’t know how to exercise. (4) Many resources available to teach you about exercise. C. They†™re too tired to exercise. (3) Exercising regularly will actually increase your energy level. D. They don’t have money. (2) There are many physical activities a person can do and they don’t cost any money. E. They don’t have time to exercise. (1) People have to choose to take the time to exercise.They only need 30 minutes a day, 3-5 times a week. WORKS CITED: Age and Exercise: Good Habits Form Early, Lyons, Linda, Gallup Poll Tuesday Briefing; 11/26/2002, p1, 3p, 3 Graphs Newport, Frank , Source: Book, Gallup Poll Briefing; 11/22/2006, p1-4, 4phttp://ezproxy. fhda. edu:2051/login. aspx? direct=true&db=pwh&AN=23777 509&site=pov-live American Cancer Society, www. cancer. org, â€Å"More Evidence That Excercise Reduces Cancer Risk† (2003) (accessed March 15, 2010) â€Å"The SurgeonGeneral’s Vision For a Healthy and Fit Nation 2010, www. surgeongeneral. gov U. S. Department of Health and Human Services (accessed March 15, 2010SAMPLE 3 Show video: ht tp://www. youtube. com/watch? v=qpYq9CBZoKQ Thesis: When you choose to drink and drive you not only affect your life but you affect the lives of others around you. Introduction: I will inform you of some statistics involving drunk driving. I will also discuss two indicators of driving under the influence. The punishments that follow after making this decision and what you can do to avoid drinking and driving. When people make the decision to drink and drive they not only affect their life but they affect the lives of others around them. I. Statistics of drunk driving A.Statistic information collected by the National Highway Traffic Safety Administration. (posted on the Mothers Against Drunk Driving website) 1. â€Å"In 2008, an estimated 11,773 people died in drunk driving crashes involving a driver with an illegal BAC (. 08 or greater). † (M. A. D. D. ) B. According to californiaavoid. org, the clearing house for DUI statistics for the thirteen cities in Santa Clara county, Santa Clara County had 289 DUI arrests from December 18th through December 24th in 2009. C. These high numbers make me think that drivers today are unaware of how alcohol affects their driving abilities.II. The two primary indications of driving under the influence are your BAC and an inability to successfully pass field sobriety exercises. A. What is BAC? And how is it calculated? 1. BAC stands for Blood Alcohol Content/concentration. This is the percentage of alcohol in the bloodstream. (dictionary. com) 2. Calculation, use power point. B. How does alcohol affect your ability to pass field sobriety exercises? 1. Officers of the law will conduct many exercises a. Nystagmus (bouncing of pupils) b. Coordination exercises c. Balance exercises 2. â€Å"Any amount of alcohol affects your ability to drive safely.The effects can include slower reactions, increased stopping distance, poorer judgment of speed and distance, and reduced field of vision. † (Blitz) C. Once you have cross ed the line with drinking and driving there is no coming back and what lies ahead of you are consequences and punishment. III. What types of consequences and punishments are out there? A. Law enforcement consequences 1. DUI/DWI a. Driving under the influences and driving while intoxicated is the same thing and suffer the same consequences. 2. Suspension of license/ jail time a. Your driving privileges can and most likely will be revoked.B. Personal punishments 1. Loss of vehicle a. Car could end up totaled b. Car could be impounded c. This type of punishment can and will hurt your pocket. It will cost you a lot of money to replace or fix what is broken. 2. Insurance will increase a. â€Å"Anyone that is found to be involved in an auto accident where alcohol was a contributing factor can expect more dire consequences. The person that was drinking and driving will either not be able to get their policy renewed or will pay much greater premiums than before the accident. † (Odimb a) 3. The inability to get hired due to DUI a.It is safe to assume that job opportunities which require the use of corporation vehicles are no longer open to those individuals convicted of driving under the influence. 4. Injury or Death a. Driving while intoxicated can lead you to injury yourself b. You can also kill someone c. â€Å"Alcohol related crashes are the leading cause of death for young Americans, between the ages of 16 and 24 years old. † (Alcohol Impaired) C. Drinking and driving is not the only option you have, there are services out there that can get you and others home safely. IV. How to avoid drunk driving A. Local Services 1.Your Designated Driver 877-NO-DUI-SJ a. This service will pick you and your automobile up and take you home. This is not a free service b. Service areas: Campbell, Los Gatos, Santana Row B. Taxi’s C. Designated Drive 1. Before you go out with friends make sure there is a designated driver. 2. Have a plan before you start to drink . 3. Driving home intoxicated is not the answer, be a smart, save your life or another’s life. Conclusion: Raise your hand if your life is important enough to you, not to drink and drive. Keep your hand up if your friend’s life is also important enough to you, not to drink and drive.I hope the information I have given you has made your knowledge of driving under the influence more clear. Thousands of people our age die every day due to alcohol related accidents. I hope you will use the knowledge of calculating your blood alcohol content that it might keep you from getting behind the wheel. As I discussed there are many consequences and punishments for making the decision to drink and drive. I am telling you drinking and driving is not your only option, there are safer choices you can make that will keep you, another person, family member or friend alive. Don’t drink and drive.Work Cited: â€Å"Alcohol Impaired Driving Statistics†. DUI Statistics: Cause of Death. 14 March 2010 . â€Å"Blitz on drink-driving†. Bath Chronicle 30 May 2008: 1-1. Magazine â€Å"DUI Statistics: Winter Holiday 2009†. California Avoid. 14 March 2010 . Mothers Against Drunk Driving, M. A. D. D. . â€Å"Statistics†. National Highway Traffic Safety Administration. 14 March 2010 . Odimba, Chimezirim. â€Å"How much will my insurance increase after one accident? â€Å". Ezine Articles. 14 March 2010 . SAMPLE 4 Topic: Lottery tickets. Thesis: There are certain beliefs about lottery tickets, which will be proven wrong.Introduction 1. â€Å"Today’s Super Lotto numbers are 7, 12, 21, 43, 46†¦ and Mega number 16,† that based on calottery. com on April 29, 2006. 2. According to the gambling statistics at lotteryinsider. com, nearly 50% of all Americans claim they have bought a state lottery ticket in the past year. 3. People have four common beliefs about the lottery: winning money, changing lives, less to more, one time only. 4. Persuasively, those four beliefs about the lottery are proven wrong. Body I. With the lottery you can win money. A. Yes, you can win money†¦key word can. B. But do you know the chances of winning?C. Statistics show that in the California Lotto, your odds are 1 in 25,827,165. D. The chances of getting struck by lightning are higher than winning the lottery. II. The lottery can change your life. A. True, the lottery changes your life†¦in more negative ways. B. Based on CNN news, a man who won $57,000 in an Indiana lottery game taped for television died hours later after being hit by a pickup truck. C. Based on Fox news, a wife divorces her husband who won the lottery winner because of financial issues. D. Other problem arises when lottery winners come into contact with a high sum of money.III. Spending less money to win more money. A. Of course, the lottery cost one dollar for one line, which is less money. B. My mother have brought lottery tickets for 20 years; spending approximately $5 a week. C. Multiply that by 52 weeks equals to $260, which times 20 years equal $5200. D. In the course of the 20 years, the total amount she won is estimated to around $100, which ends up spending more money than winning money. IV. First time players will play one time, which doesn’t matter if they win or lose. A. First time players claim that they will not buy lottery tickets again.B. Although winning or losing money doesn’t matter, the scenario is false. C. The winners will play again since they have the greed to win more money while the losers will continue to play until they win back the money they lost. D. Addiction arouse for those lottery buyers, which sparks a new form of gambling. Conclusion 1. Again, nearly 50% of all Americans claim they have bought a state lottery ticket in the past year. 2. The four main beliefs about the lottery: winning money, changing lives, less to more, one time only are proven wrong. . Imposingly, the odds are 1 in 25,827,165, lives of the winners are changing negatively, buyers spend more money than winning money, and first time players continue to play. 4. In other words, if you do not want to waste money and time, do not buy a lottery ticket†¦your high hopes will just be a waste. Works Cited California Lottery. 21 April 2006. 2 May 2006. â€Å"Gambling Statistics. † Gall Up Poll News. 2 February 2004. 2 May 2006. â€Å"Lottery winner dies in accident hours after show. † CNN News. 24 January 2004. 2 May 2006.

Public Speech on Sharks

Sharks! What are they? Big scary monsters? Do you think of sharks coming out of the depths at you? Our active imaginations have made sharks into modern day monsters. But do you really know what your chances are of getting attacked by a shark? We all know this about sharks, don’t we? They’re vicious, they’ll eat anything, they all want to eat people, and they’re everywhere. Well, just think about this. Most shark species (about 80%) have never even attacked a human.And of the ones that do, it adds up to about 100 people,  each year,  worldwide†¦Ã‚  and most of these victims survive. In fact, most sharks are small, harmless and don’t live anywhere near us. So now that we know the facts, let’s look a little more closely at the life of a shark and how they really behave. First things first: how keen are they to get themselves some human flesh? Hardly at all, as it turns out. Their job is to live by eating, breathing and reproducing †“ just like any other animal. They eat fish and other marine animals.People are not part of their normal diet. Some sharks are even plankton-eaters. And they don’t eat all that much! According to the Natural History Museum of Los Angeles, sharks that have been studied eat about 2% of their body weight per day – slightly less than most humans. That means a 45-kilogram (100 pound) shark would probably eat food equal to about five hamburgers a day! And think about this: If white sharks really were attacking humans for food, why is it that nearly 75% of these attacks are non-fatal? Why do they stop eating?The answer, according to most experts is that they’re looking for something with more fat. People are too scrawny. And that’s why; after it takes a first bite,  a great white will usually turn up its nose at whatever remains. So why exactly do they attack, if they don’t want us? About the only time sharks attack humans on purpose is when their ter ritory is invaded or their courtship rituals are interrupted. Anyone with a pet knows that any animal can become fierce when strangers invade its space. Sharks are just the same.Most other shark attacks are probably also cases of mistaken identity:   a swimmer's flapping feet and hands may look like the movements of a fish darting through the water;  a human, especially one wearing a black wet suit and flippers, may look something like a seal. But don’t even assume that because you can aggravate them, that there’s danger waiting on your beach. The beaches aren’t full of great white sharks, just waiting for us. Far from it. In fact, great whites are relatively uncommon, and they prefer cooler waters. What’s more, in some parts of their range, great whites are close to being endangered.

Comparison of two works in Museum of Modern Art Term Paper

Comparison of two works in Museum of Modern Art - Term Paper Example The paper "Comparison of two works in Museum of Modern Art" compares Fernand Leger’s "Woman With a Book" with Meret Oppenheim’s "Red Head, Blue Body". Painters use the techniques they employ in their paintings and the features of the society they portray in the same. The discussion below therefore analyses features of two paintings developed in different times with the painters employing particular techniques in ensuring the efficacy of the artifacts. Woman With a Book painted by Fernand Leger in 1923 and Red Head, Blue Body painted by Meret Oppenheim in 1936 have fundamental differences and similarities that help portray the social, cultural and technological development in the art within the decade that separates them as the discussion below portrays. Just as the name suggests, Woman With a Book, is an artistic oil on canvas painting of a woman holding a book. The painting depicts the painter’s artistic intuition and urge to create a new style in painting there by debuting the mechanical age. In the painting, Fernand Leger portrays his artistic skills as he employs particular elements in developing the painting. He employs such elements as appropriate shapes and colors thereby developing effective foreground, middle ground and background in his artifacts. These enhance his communication as he envisioned the final artifact. The choice to use oil on canvas is appropriate, as it has contributed to the longevity of the painting in the museum. Oil on canvas was a major discovery in the early years of art.

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Good Documentation is Good Communication Nursing Care Plans - Essay Example This essay approves that despite so many potential beneficial aspects covered in the nursing care plan, it continues to be regarded as a mere additional burden to work or just a waste of time. It is a sorrow to see this reflection of some experts in the healthcare system. A document as an additional attempt to make more scientific and applicable the care system is the nursing care document. Its preparation, maintenance, usage, application, and respect can certainly add to the good documentation practice. And good documentation practice has always been a preferable and better means of good communication. In an attempt to explain the crucial points for patient’s care, a nurse may be required to depart from much of her on-duty time. This loss of time can also become a cause of less potential care imparted to the patient in the span of specific time. A plan, its document can ease the need of explanation and ensure more specificity and knowledge to the learner. This report makes a conclusion that it is thus essential to maintain twenty-four hour outcome summaries in documented form. The document should be updated daily in the progress notes by the responsible registered nurse. This nursing care plan document should include any difficulties observed during the process of achieving the set goal. It should also include any changes and or/ deviations that were made in the care plan and family’s contribution in an attempt to achieve the document specified goal. The plans that are required to address an incurable but manageable ailment or symptom should be addressed.

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Case Study - Assignment Example This change is based on the processes of employee recruitment and selection, performance appraisals, and assessment of the organization performance. James made this decision after discovering that Quart Limited holds onto traditional practices, which seems to impede the organization from leveraging on the current benefits of globalization, innovation technology, and new management skills. The chief executive officer, among other senior staff members of Quart Limited has indicated a rejection of James proposed changes. This has caused labeling of James as a â€Å"dictator† and â€Å"freshman† into the organization. The chief executive officer also needs James to adhere to the existing organization culture and trends. On contrary, James has not given up on his change quest, and he has gone as far as formulating a change strategy, which need to be adopted in the organization. This includes the process of change adoption and implementation. The overwhelming quest for a change in the organization, by James, has resulted in attainment of conflict in the organization. This conflict results from a portion of senior, as well as junior management staff of the organization. The base of this conflict is on the change, which James is introducing into the organization, which seems to alter the traditional practices of the organization. Despite his efforts, James is blocked from introducing change; in the organization since a large portion of staff members have declined the change. Consequently, James has decided to engage all the stakeholders of Quart Limited into a forum, which will discuss the necessity of change in the organization and explore change implementation and adoption process. Further, James wants to invite a colleague-managing director from Starbucks Company to aid in facilitating the forum of change adoption in Quart Limited. It is James thought that these actions will contribute towards the end of the conflict Quart Limited had seen, as well as induce

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Case Study Discuss the pathpyysiology of Myelofibrosis Essay

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Individual report of approximately 1,000 words Coursework

Individual report of approximately 1,000 words - Coursework Example nancial gain through gain in sales, reduced cost of operation, reduction in project overruns and reduction in the time taken to create strategic changes. The performance management objective also involves motivating the workforce by optimizing plans, improving employee engagement, creating transparency, and conducting professional development programs. For improved management control - a flexible, responsible management is required. The management should display data relationships, help audit and comply with the legislative requirements, simplify communications and provide documented system for communications. Spreadsheets are electronic tools similar to various other IT tools; however the code and underlying structure is unknown (MacMillan, 2000). The main advantage of using spreadsheet is that it is easy and simple to use. Moreover, no specific training is needed for using spreadsheets and employees can easily create, distribute, manipulate and access the data of spreadsheets. However, there exist risks of uncontrolled spreadsheet used, which should be analysed to reduce errors. Spreadsheets are used for countless business functions and accounting calculations. It can be used for tracking workflow, for creating accounting estimates and for key financial reporting. Spreadsheets provide instant snapshots of a situation, which can be used for driving critical decisions. The research is based on production and service data of a firm which has been used to calculate the total expense and derive the selling price of finished products. The allocated costs related to printing, finishing, quality control and material handling has been provided in columns along the labour hours and machine hours. The expense on employees, requisitions and maintenance is also given to get the calculations. The relocation cost of the admin department is derived from the formula - Allocated Costs per Employee x Employees without Administration (for printing). Excel sheet has been used

RED BULL COLA CASE STUDY Essay Example | Topics and Well Written Essays - 2000 words

RED BULL COLA CASE STUDY - Essay Example The fast changing socio-economic paradigms and advancing technology has tremendously changed the dynamics of market strategies. In the contemporary times, the customer has become much more informed and technology has provided him with more options within the similar product lines, but produced by different companies. UK market is one such market where the companies face cut throat competition. In such a highly competitive environment, Red Bull needs to base the market segmentation according to psycho-demographic pattern so as to maximise the initial impact and create a creditable position within the UK market. Psycho-demographic is chosen as the focus area primarily because of the fact that the competition within the industry demands a creation of a niche market for Red Bull cola to become a success. Red Bull cola faces stiff competition from the already established brands like Pepsi and Cola Cola. Psychographic or lifestyle pattern categorises the market according to which people exhibit a well defined way of living, maintaining a set of standard and displaying a typical purchasing behaviour. Since Red Bull has already a dominant market position in the energy drinks, launching of its Cola version would become easier within this particular market segment as it has many differentiating elements in its cola product which can be easily promoted within this group. Provide better tool to develop strategies and make significant inroad into the UK market for non alcoholic Red Bull Cola. Of the various demographic characteristics, the most useful would be the income and age-wise identification of the group that could be targeted through intense media blitz and other market techniques to attract them and make them a committed user and purchaser. The mixed segmentation is hugely popular in the contemporary times and gives a big

Rita Hayworth and Shawshank Redemption Essay Example for Free

Rita Hayworth and Shawshank Redemption Essay When comparing the novel and the film of Rita Hayworth and Shawshank Redemption by Steven King there are many similarities. The film follows the novel plot very closely in many aspects of the book. The similarities found in the film and novel is character portrayals, key scenes and overall messages. The film accurately captures the essence of the novel. In both the film and the novel, Rita Hayworth and Shawshank Redemption, the characters are portrayed in a very similar manner. The first character that was well represented was Andy Dufresne. I could see why some of the boys took him for snobby. He had a quiet way about him, a walk and a talk that just wasn’t normal around here. He strolled like a man in a park without a care or a worry in the world. Like he had an invisible coat that would shield him from this place. † In both the film and the novel, this was how Andy’s fellow prison mates perceived him as. In addition, Hadley was portrayed as a very harsh and strict man. â€Å"Your only problem is going to be how many bones you still got unbroken. You can count them in infirmary†¦ We’re throwing this sucker over the side. (King, 45) In the film he was also portrayed as the same character with the same characteristics. â€Å"You eat when we say you eat. You shit when we say you shit. And you piss when we say you piss! † Likewise, Sam Norton was a â€Å"biblical man† who was also cold and stern. â€Å"No one had ever seen him crack a smile. He had a thirty year pin from the Baptist Advent Church of Eliot†¦ made sure that each incoming prisoner had a New Testament. † (King, 56) In the film, his characteristics were exactly the same as the book. â€Å"I believe in two things: Discipline and the Bible. † All in all, the characters in the novel and film were portrayed in the same way. Secondly, the main messages in both the film and novel were captured in the same way. The first theme that is apparent in the film and novel is imprisonment and isolation. â€Å"These walls are kind of funny. First you hate ‘em, then you get used to ‘em. Enough time passes, gets you to depend on them. That’s institutionalized. † This was an apparent theme because most of the prisoners in Shawshank became so dependent on the daily structure within the prison that most of them were scared of the outside. â€Å"Twenty days on the grain and drain train for Andy down there in solitary. † King, 67) Solitary was a form of punishment frequently used in both the novel and film. On the other hand, hope was the most prominent message portrayed in the novel and film. â€Å"†¦I hope† (King, 107) hope was found in many various parts of Rita Hayworth and Shawshank Redemption, such as, the hope to be free, hope to survive and so on. â€Å"Hope is a good thing, maybe the best of things, and no good thing ever dies. † Another theme that is very obvious in Rita Hayworth and Shawshank Redemption is crime. Crime is found all throughout the film and novel because the setting takes place in a prison. Tommy Williams came to Shawshank in 1965†¦ Cops caught him sneaking TV sets out the back door of a JC Penney. † Every crime that was committed in the novel and film stuck to the same details and explanation, making both the novel and film very similar. â€Å"I committed murder. I put a large insurance policy on my wife†¦ then I fixed the brakes of the Chevrolet coupe. † (King, 15) Given these points, the director of the movie included all of the same messages and themes that were in the novel. Furthermore, the film was so similar to the novel that most key scenes were word for word. One key scene, being Andy’s murder trial, seemed to be directly taken out of the novel. â€Å"Since I am innocent of this crime, I find it decidedly inconvenient that the gun was never found. † In this scene, the dialect is the same for both the novel and the film, for example, â€Å"It’s neither convenient nor inconvenient. Only the truth. † (King, 24) Equally important, Andy’s escape scene was captured similarly in the film when compared to the novel. â€Å"Geology is the study of pressure and time. That’s all it takes really†¦ pressure†¦ and time†¦That, and a big goddamn poster. Andy spent years on end working away at his escape hole in the novel and the film; Andy knew what it took because of his knowledge in geology. â€Å"Ripped the poster from the wall†¦ and revealed the gaping, crumbled hole in the concrete behind it. † (King, 87) Lastly, when Andy meets tommy, tommy realizes that Andy is innocent and he kn ows who actually committed the murders. This is another scene that plays out the same in both the novel and the film. â€Å"It’s my life. Don’t you understand? IT’S MY LIFE! † in the film Andy begs Warden Norton to understand his situation and pleads that he is innocent. He began refreshing Norton on the details of the crime he had been imprisoned for. Then he told the warden exactly what Tommy Williams had told him. † (King, 64-65) in the novel Andy hopes that Norton will listen to the information he has heard and that Norton will be understanding, but instead Norton shut him down. As shown above, the key scenes in the novel and film have the same details and context. In conclusion, the film Rita Hayworth and Shawshank Redemption by Steven King portrayed the novel in a very similar way. It does so by portraying the characters, key scenes and messages in similar ways in both the novel and film.

The History Of The Bourdieus Sociology Sociology Essay

The History Of The Bourdieus Sociology Sociology Essay Pierre Bourdieu was born in France in 1930 and died in 2002. He is well known for his works in the field of Sociology, Anthropology and Philosophy. He is best known for his theory of class distinction, which he theorised in his book Distinction: A Social Critique of the Judgement of Taste. Another theory he worked on was the theory of power and practice, where he dealt with subjects such as Symbolic power and habitus.  [1]   In Bourdieus view, agency and structure constantly sustain power, which is created within a culture and can become symbolic. This happens due to what he refers to as habitus. Habitus represents the norms and rules of society which are used to control peoples behaviour and way of thinking. Habitus is the way society becomes deposited in persons in the form of lasting dispositions, or trained capacities and structured propensities to think, feel and act in determinant ways, which then guide them (Navarro, 2006). Society is the one that creates habitus. The patterns developed can be transferred from a context to another and they change given different circumstances or a different period of time. Habitus is not fixed or permanent, and can be changed under unexpected situations or over a long historical period (Navarro, 2006). Free will and structures interact and give rise to habitus. There is no need for conscious thought or deliberate pursuit of coherence. In addition to habitus, Bourdieu talked about the concept of fields. These refer to several social or institutional networks where people can interact with others, thus showing their different kinds of capital and expressing their dispositions. Networks can be represented by relationships formed among people, relationships based on similarities such as: religion, education, culture. Power is not experienced in the same way in all environments; this means that the context a person is in has a big influence on habitus. Different contexts have an influence on the way people react to power. While a person could not be affected by power in one field, the same person could see it as a challenge in a different one. Bourdieu also talked about a concept he called capital. He elaborated on three types of capital, which go beyond material assets: cultural capital, symbolic capital and social capital. These concepts were presented in Bourdieus book Distinction where he argued that society maintains its order by following the rules of language, values, education, thinking or activities. These norms that people follow lead them to accept without thinking the differences present in society, the hierarchies made and the social inequality surrounding them. The three elements: habitus, capital and field play a central role in Bourdieus theory of Practice. These interact with each other forming the actions of people. A persons dispositions, or habitus, her capital and the fields in which she operates form her action repertoire. Social capital is one of the forms of capital mentioned by Bourdieu in his theories. It can refer to the networks of friends a person has, to the networks of the family or acquaintances or even of contacts. Social capital brings befits to a person by exerting preferential treatment towards in group members. Bourdieus economic capital refers to the material possessions of a person, for instance money and property. Having a low economic capital implies not having as many possessions or chances to afford high priced affairs. A high economic capital means a person owns more material possessions and is able to afford luxurious things. However, having a high economic capital does not mean a person is considered from a higher class. What Bourdieu suggests is that economic capital only combined with cultural capital forms the hierarchy of classes. Cultural capital plays an important role in the hierarchy of society. It is used by higher classes as a way to distinguish themselves from lower classes. It is a form of domination that is not based on economic domination. Instead, taste is the primary weapon of differentiation. Focusing on taste preferences instead of material assets became a method to hide inequality while still maintaining a well-defined line between lower and higher classes. Cultural capital is formed by the cultural knowledge and goods a person possesses. This form of capital includes artistic preferences and taste, educational background, aesthetic taste in fashion or furniture, as well as many others. Bourdieus theory of distinction states that cultural capital is represented by: cultivated disposition, which can be verbal facility, the way in which a person expresses herself in a conversation, but it can also be body posture, manners and general behaviour. Other representatives of cultural capital can be material objects that require specialised knowledge to appreciate, such as sculptures or old pieces of art which are not well-known by the general population. In addition to these, he argues that cultural capital is institutionalised, which refers to the educational background of a person. Attending a high ranked University is usually evidence of a higher level of cultural knowledge. Symbolic capital is closely related to cultural capital and symbolic forms and it refers to recognised legitimation by the society. The place a person occupies in society and the way society responds to that becomes symbolic capital. Being recognised as an influential or knowledgeable person offers one a high symbolic capital. It becomes a source of power which can be used by its holder. When this power is utilised by someone, that person exercised symbolic violence. Symbolic violence represents the imposition of a certain way of thinking upon another person. It imposes social order because it is embedded in peoples unconscious, making them follow the dominant or superior persons way of thinking. Bourdieu argues that social origin and cultural capital are the most important. He claims that although social and economic capital are indeed acquired as time passes, both of them depend on the social origins and cultural knowledge of a person. Another topic Bourdieu elaborated on was Social Illusion. He saw reality as being constituted from a number of roles people follow. Everyone engages and follows their own path in life, similar to how a character from a book follows the storyline. The rules and norms society follows add a sense of reality and help the formation of the social illusion. Like a fictional character, a human being has a beginning- his birth, and an end-his death. The beginning is associated with someones cause, reason to be there while the end reminds of his purpose, the role he managed to play. Bourdieu called this sequence of events biographical illusion. There are some attributes that contour the created illusion. The symbolic power of the sate supports these attributes by giving people dates of birth, citizen numbers, grouping them based on nationalities and sex. People often compare life to a story that is being written as time passes. They see it as a journey in which decisions guide the outcome of t he narration. Bourdieu constructed his theories based on real life circumstances that intrigued him. This means the theories can be tested by others as well, by applying them to a personal context. An example of social networks I am part of would constitute my participation in the Rotaract club. This allowed me to interact with other peers, have conversations in which we exchanged knowledge but which also allowed people to show their cultural capital. Being part of the club requires one to pass through a process of admission, which means that it is necessary for one to possess a certain amount of capital to enter. Once in, how you express your dispositions becomes one of the things other members notice first about you. The norms, or habitus, of the group can soon be observed as being different from the patterns developed in other circumstances. These patterns are assimilated by new members in an unconscious way and create a new way of thinking for that person. The objective experiences one has bec ome subjective, interpreted in different ways by everyone. This social network, or field, constitutes one part of my social capital. In addition to this network, being part of a class in high-school, maintaining a group of friends or even being part of my family is considered a part of my social capital. Similar to my capital, is the social capital of one of my friends. However, attending a different school, being part of a different family and having a different group of friends influences the amount of benefits he could gain from being part of a network. Our systems of dispositions might indeed be similar at a superficial level, given that we both come from the same class, in the same society. However, our acquired schemes of thought and perception differ at a deeper level. Institutional education as well as family education influences the most profound cognitive interactions. I received an education focused on science, which gave me a different way to view the world compared to him, whose education was based on art and music. Little differences come from our economic capital. Comparing all of our possessions would lead to the conclusion that the only difference is him owning some musical instruments. However, the value of these instruments, an acoustic and an electrical guitar, does not put him in a different societal class. The differences in hierarchy, as Bourdieu argued, come from the quality and amount of knowledge one possesses, which form our cultural capital. Taste in food, art, music and literature are good indicators of class. Appreciating exotic food is something in common for both me and my friend. The differences would surface when comparing artistic and musical knowledge. I, for instance, cannot read music; neither can I play any instruments. But, playing the guitar is not an indicator of higher glass. Uncommon, more difficult ones, like piano or violin, are the ones that make the true hierarchy distinctions. Yet, one cannot say that cultural and economic capital are not interconnected. For example, if cultural capital is institutionalized, meaning a high ranked university plays a role in defining the hierarchies, a high economic capital is also needed to be able to afford attending the said institution. Moreover, symbolic capital could also surface from this interaction. The majority of society views high ranking universities as something out of their touch, thus, they offer respect and power to people who got in. Having prestige and power usually means being part of more groups, having more interactions with people. This implies that ones social capital is higher. In conclusion, Bourdieus theories covered most of the components of society. These components interact and form subsystems which, glued together, give rise to the unified society. Social illusion gives people reason and a story to continue. With the use of all different forms of capital, people draw boundaries between them, differentiate themselves from the crowd. But still, society maintains the control through habitus, the norms everyone follows unconsciously. And given that humans are social creatures, they need to interact; Bourdieu presented the fields, which represents the subsystem that allows people to express themselves, to show their dispositions and continue playing their role.

Contributions of the Arrow Debreu model to financial theory

Contributions of the Arrow Debreu model to financial theory According to Elroy Dimson and Massoud Mussavian (1999), Arrow-Debreu model was developed as a model of general equilibrium that has been fundamental to economics and finance. Compared to earlier models, the Arrow-Debreu model basically generalized the notion of a commodity, differentiating commodities by time and place of delivery. For example, apples in Malaysia in July and apples in Singapore in June are considered as different commodities. Kenneth J. Arrow (1951) and Gerard Debreu (1951) work together to produce the first rigorous proof of the existence of a market clearing equilibrium, given certain restrictive assumptions. This field of research has had a profound impact not only on economic science, but also on financial markets, institutions and businesses all over the world. It often used as a general reference for other microeconomic models. As Ramu Gopalan (2008) stated, the pioneering work of Arrow and Debreu has had an enduring effect on the study of financial aspects of the economy in a general equilibrium framework. One of their key contributions is to introduce time and uncertainty into general equilibrium models. The Arrow-Debreu model was established since 1950s, many researchers had extended this model to both economics and financial economics. Although this model is criticized by various eminent economists, the dedication of this model in the history is indestructible. In this assignment, we are going to discuss the applications of Arrow-Debreu model majoring in the financial economics. The purpose of this assignment is to find out and understand more about the contributions of this model to financial theory. The applications of Arrow-Debreu model will be listed out and discussed further. Journals will be shown and summarized out in order to support our discussion. Finally, the last section in this assignment is the conclusion. 2.0 Background studies In this assignment, the applications of Arrow-Debreu model in financial economics will be discussed. But before that we have to know what the Arrow-Debreu model is. 2.1 Arrow-Debreu Model Arrow-Debreu model, also referred as Arrow-Debreu-McKenzie model (ADM model), is the fundamental model used in the General (Economic) Equilibrium Theory. It is named after its originator who are Kenneth J. Arrow (b. 1921) and Gerard Debreu (1921-2004) on Existence of an Equilibrium for a Competitive Economy as well as Lionel W. McKenzie (b. 1919). As what stated in the Farlex Financial Dictionary (2009), it says that this model is one of the most general models of competitive economy and is a crucial part of general equilibrium theory, as it can be used to prove the existence of general equilibrium (or Walrasian equilibrium) of an economy. Once we can prove the existence of such an equilibrium, it is possible to show that it is unique under certain conditions, but not in general. Furthermore, Arrow went on to extend the model to deal with the issues relating to uncertainty, stability of the equilibrium, and whether a competitive equilibrium is efficient. 2.2 Applications of Arrow-Debreu Model Arrow-Debreu model leads to a huge impact on economics and financial economics. First of all, it solves the long-standing problem of proving the existence of equilibrium in a Walrasian (competitive) system. This model analyzes the exact situations of those markets that are very competitive. In economics, Arrow-Debreu model suggests that a set of prices such as aggregate supplies will equal to aggregate demands for every commodity under certain assumptions made about the economic conditions (i.e. perfect competition and demand independence). Formulated in a purely mathematical form, the Arrow-Debreu model can be easily modified into spatial or intertemporal models with proper definition of the commodities based on the commoditys location or time of delivery. When commodities are specified to be conditional on various states of the world, the Arrow-Debreu model can easily combine expectation and uncertainty into the analysis. Besides, theoretical extensions and applications have been made to analyze financial and monetary markets and international trade, as well as other subjects. With a general equilibrium structure, the model is applicable in evaluating the overall impact on resource allocation of policy changes in areas such as taxation, tariff, and price control. Moreover, it applies to all general equilibrium models that are heavily dependent upon accurate mathematical proofs. In the field of financial economics, Arrow Debreu represents a certain kind of securities product which named as Arrow-Debreu security. This distinguished concept is a good teaching tool to understand the pricing and hedging issues in derivatives analysis. On the other hand, the Arrow-Debreu Model is also used in areas like financial engineering. But it has turned out to be very limited, especially in the multi-period or continuous markets. The model has been subject to the criticism that many of the assumptions it makes do not fit the workings of the real economy. However, the truth is that the Arrow-Debreu Model is very important for the derivative industry and helps the industry to grow at a rapid pace. 3.0 Literature Review In previous section, we have mentioned some applications of the Arrow-Debreu model both in the field of economics and financial economics. Now, the applications of this model majoring in financial economics will be discussed further. The functions of Arrow-Debreu model can be divided into six categories, asset pricing model, equity risk premium, corporate finance, Modigliani and Miller Theorem, Arrow-Debreu security and others. 3.1 Asset-pricing model From the studies, most of the Arrow-Debreu models applications are commonly used in shaping the asset-pricing model. Arrow-Debreu model was acted as an origin which gives the insight that consumption in different future states could simply view as different consumption goods according to Elroy and Massoud (1999). This result is proved and can be seen through various researchers journals. It is undeniable that the Arrow-Debreu model plays an important role in constructing the asset-pricing model. The evidences are given in following paragraphs. Based on the journal of Asset Pricing at Millennium written by John Y. Campbell (2000), he stated that theoretical and empirical developments in asset-pricing has taken place within a well establish paradigm for the last twenty years. While the well establish paradigm that he mentioned here is referred to the Arrow-Debreu model. Same as Franklin Allen (2001), he indicated that asset-pricing models are typically special cases of neoclassical Arrow-Debreu model. In the traditional Arrow-Debreu model of resource allocation, firms and households interact through markets and financial intermediaries play no role. On the other hand, the key element of the analysis in the modern version is the stochastic discount factor, which incorporates the Arrow-Debreu state prices and allows the assets to be priced. He also commented that this approach and the focus on the risk-return trade-off have allowed a rich interplay between the empirical and theoretical work. The equity premium puzzle is given as an example of special cases within the Arrow-Debreu framework in order to support his statement. Moreover, Elroy and Massoud (1999) narrated the historical development of asset pricing and derivative valuation on Three Centuries of Asst Pricing. He pointed out the success of conceptual framework that setting up the theory of asset pricing is down to Arrow (1953)s hard work. Dissatisfied with the current Arrow-Debreu framework, Arrow built up a series of contingent claims that follow the resolution of uncertainty to explain how one can achieve markets that are almost complete. Varian (1985) analyzed the impact of divergence of opinion on asset prices in an Arrow-Debreu economy. By considering the Arrow-Debreu model with agents who have different subjective probabilities, he compares and concludes the differences of opinion in an Arrow-Debreu contingent claim context. Based on his journal Divergence of Opinion in Complete Markets: A Note, three results were established. He concluded that in practice, increased dispersion of beliefs will generally be associated with the reduced asset prices in a given Arrow-Debreu equilibrium. Also, he uses this model to show that other things equal, if risk aversion does not decrease too rapidly, then assets with more dispersed opinion will have lower prices or vice versa. P. Bossaerts and C. Plott (2004) had done six financial markets experiments of testing two of the most basic propositions of modern asset pricing theory. The Arrow-Debreu model and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM), these two theoretical models are used to be the framework of their experiments. In the end of their experiments, they discovered a swift convergence towards equilibrium prices of Arrow-Debreu model or the CAPM. This discovery is significant because they use the subjects that lacked of information to intentionally set the asset prices. Sometimes, the equilibrium is not found to be robust which clearly shows a result of deviations of subjective beliefs from objective probabilities. However, they still find the evidences that prove this does not destroy the tendency for markets to equilibrate as predicted by the theory. 3.2 Equity Risk Premium Next, the Arrow-Debreu model is applied to explain the equity risk premium. In an attempt to explain the equity risk premium, Rajnish Mehra and Edward C. Prescott (1985) developed an Arrow-Debreu asset pricing model. They found that historically the average return on equity has far exceeded the average return on short-term debt and Treasury bills. Thus, they try to use the Arrow-Debreu model to interpret this situation. In the end of the journal The Equity Premium: A Puzzle, they concluded that only those equilibrium model with friction (i.e. non-Arrow-Debreu models) will be the one that successfully explain both high equity risk premium and low risk-free returns. However, Rietz (1988) overthrew the conclusion of Mehra and Prescott (1985) in The Equity Risk Premium: A Puzzle. He mentioned that the reason for them to reject the Arrow-Debreu model is their specifications which cannot explain the high equity risk premium and low risk free returns that characterize the U.S. economy. Hence, he re-specified their model to include a low-probability, depression from a high return of compensation for the extreme losses during the market crashes, captured those possible effects from the market crashes and finally successfully proved that these crashes allow it to explain both high equity risk premium and low risk free returns without abounding the Arrow-Debreu paradigm as well as not altering their models attractive features. In the journal The Equity Risk Premium: A Solution, he explained further that it does so with reasonable degrees of time preference and risk aversion provided the crashes are apparently severe and not too unimaginable. 3.3 Corporate Finance According to Jean Tirole (2006), he specified that a substantial and important body of empirical work has provided a clearer picture of patterns of corporate financing and governance, and of their impact for firm behaviour and macroeconomic activity. One of them is the Arrow-Debreu model. During 1970s, the dominant Arrow-Debreu model of frictionless markets (presumed perfectly competitive and complete, unhampered by taxes, transaction costs, as well as informational irregularity) can prove to be a powerful tool for analyzing the pricing of claims in financial markets, but little about the firms financial choices and about their governance. Besides, in the complete market paradigm of Arrow (1951) and Debreu (1951), the financial claims returns depend on some choices such as investments, are assumed to be contractible and therefore are not affected by moral hazard. In Jean (2006)s opinion, financial markets were not plagued by problems of asymmetric information because investors agree on the distribution of a claims returns. Viewed through the Arrow-Debreu lens, he identified that the key issues for financial economists are the allocation of risk among investors and the pricing of redundant claims by arbitrage. Michael J. Brennan (1995) also clarified that the abstract simplicity of the Arrow-Debreu model yields few insights for corporate finance beyond the value additivity principle that was used to refute the conventional wisdom that conglomerate mergers will add value to the company through the corporate diversification. 3.4 Modigliani and Miller Theorem (M-M Theorem) Another application of Arrow-Debreu model is related to M-M theorem which devised by Franco Modigliani and Merton Miller (1958). This theorem explains that a firms financial structure is irrelevant under certain conditions, Arrow-Debreu environment. The value of a financial claim or a firm which equal to the sum of the values of the claims it issues is thus equal to the value of the random return of this claim or the firm computed at the Arrow-Debreu prices (the prices of state-contingent securities). Therefore, Arrow-Debreu model is used as a fundamental of economy in formulating M-M theorem. 3.5 Arrow-Debreu Security (State Contingent Claim) Mostly, Arrow-Debreu security will be the answer of the applications of this model majoring in financial economics if we searching it through the internet. Based on the journal A re-examination of the Modigliani-Miller theorem written by Joseph E. Stiglitz (1969), in a section entitled Arrow-Debreu securities, he not only showed the M-M theorem in a complete markets setting but also mentioned about the Arrow-Debreu model under uncertainty in which individual can buy or sell the promises to pay if a given state of the world occurs. This shows a direct relationship between the Arrow-Debreu model and the Arrow-Debreu security. Through the calculation, he observed that if he takes literally the Arrow-Debreu definition of a state of nature, there is undoubtedly will be more states of nature than firms and most of these states are similar with each other. An example, variation in the return on stocks can be explained by the business cycle, is given to support his statement. Robert E. Lucas (1984) analyzed the unified theories of money and finance on Money in the Theory of Finance. He examined and commented that financial and monetary theory have different objective, however, the desirable theoretical unity may be, one can identify strong forces that will continue to pull apart these two bodies of theory. He mentioned that the theory of finance is conducted almost entirely within the Arrow-Debreu contingent claim framework such as the three pillars of modern financial theory which have been reformulated in contingent claim terms. Besides, he wrote that the applications of the Arrow-Debreu contingent claim formulation of a competitive equilibrium for an economy operating through time is subjected to stochastic shocks. In the end, he concluded that the power in applications of the contingent claim point of view is obviously evident in finance, will be as usefully applied to monetary theory. One more thing that he suggested is the source of this power which is the ability of this framework to permit the reduction of the study of asset demands to the study of demands for the more fundamental attributes to which assets are claims. 3.6 Others Apart from those above categories, Arrow-Debreu Models can be used for other purpose. For instance, it acts as a fundamental to explain the pattern of trade, to formulate the fixed price equilibrium or to find out whether the financial markets are arrangements for risk-sharing. Furthermore, it is extended further to analyze the restrictions and developed further that include a sequential market model with the financial markets. One of the section in the journal Differences of opinion in financial markets written by Hal R. Varian (1989), an Arrow-Debreu contingent consumption model of the sort studied by Milgrom and Stokey (1982) was examined. Through the mathematical calculation and the analysis of the consequences for assets market equilibrium based on the Arrow-Debreu model, it ends with a similar result, prices are determined by information, but the pattern of trade is determined by differences in opinion. In order to establish the important difference for trade is the opinion, he analyzed some of its consequences for assets market equilibrium. At last, he stressed that the volume of trade in an Arrow-Debreu model is due primarily to the differences of opinion. Next is the Claus Weddepohl (1983). He discussed and addressed the development of the theory of general equilibrium during the last twenty-five years. Considering and analyzing the Arrow-Debreu model with futures markets, he showed the result that this model gives rise to temporary equilibrium models. He stated that the fixed price equilibrium models are formulated through the study of these models and the study of the stability of price adjustments. The simple fixed price equilibrium model as defined by Barro and Grossman (1971) and Malinvaud (1977) is what he emphasized in the journal Developments in the Theory of General Equilibrium. Ouattara (1994) applied the Arrow-Debreu model to the small villages in the McCarthy Island Division South (MID-South) of The Gambia to find out whether financial markets are arrangements for risk-sharing. The main objective of risk-sharing is to verify that observed consumption patterns are consistent with patterns predicted by insurance models. The Arrow-Debreu full insurance model focuses on consumption smoothing across different states of nature at each particular point in time through state-contingent contracts. In the end of his research, the results supported the hypothesis that state-contingent loans are accepted in rural Gambia and there is full risk-sharing among participants in the financial markets. Peter H. Friesen (1979) extended the Arrow-Debreu model to financial markets which include the sequential market model. It is done by dropping the contingent contracts from the Arrow Debreu model, leaving only a sequence of spot markets for commodities. This leads to an inefficient market structure but efficient for sequence of stock markets and option markets. The purpose of the journal The Arrow-Debreu Model Extended to Financial Markets is to develop further the Arrow-Debreu model. The method that he used is through the extension of Arrow (an equilibrium in one model was constructed from that of another). For example, financial securities, Arrow certificates can be constructed from options on common stock and the advantage in the general equilibrium theory of financial markets, are the proofs of using Arrows method. On the other hand, the sequential market model for which equilibrium are constructed from the Arrow-Debreu equilibrium derived in Debreu (1951). From the fact that Arrow-Debreu equilibrium exist, it follows by construction that equilibrium for this model exists. It also follows that the equilibrium is efficient. Peter (1979) stressed that such models are used both to study financial markets and to explore the effects of a gradual resolution of uncertainty. Lastly, he concluded that it not only shows the close relationship between these two models but also reminds us that the potential value of finite-horizon Arrow-Debreu models for the study of sequential economies. Investors in financial markets face several restrictions apart from wealth constraints. So, we have the right to understand the restrictions in a general competitive equilibrium. Based on the journal Contributions to Intertemporal Models in Financial Economics written by Ramu Gopala (2008), the Arrow-Debreu model was extended further for the usage of analyzing those restrictions. He indicated that the traditional Arrow-Debreu model can be extended to a more realistic setting. Following Angeloni and Cornet (2006), this extension of the Arrow-Debreu model in the multi-period setting with restricted participation is established. Arrow-Debreu model was used to elaborate, to compare, to extend and to emerge for shaping those important finance theories. 4.0 Supporting Theories In this section, the theories that are related to Arrow-Debreu model will be further discussed. Apart from that, in order to let us have a more complete picture about this model, the theories that we displayed previously will also be stated and explained, as well as deliberated further. 4.1 General Equilibrium Theory General equilibrium theory is the core of economic theory. Before the Arrow-Debreu model is established, this theory has been proposed by L. Walras (1874). As reported by Arrow and Debreu (1954), he was the one who first formulated the state of economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers, and the equilibrium condition that supply equal demand on every market. In other words, Walras (1874) is the pioneer who first attempts to model the price for a whole economy. Walras uses mathematics to construct a complete structure of general equilibrium theory. This research has lead to results in contribution to neoclassical economics. However, the mathematics that he used to set up the foundation of this theory was unstable due to the existence of general equilibrium does not solved in a satisfactory manner. Hence, theoretically, if he cannot prove this existence, then this theoretical system will become meaningless. General equilibrium theory is therefore developed and improved by Vilfredo Pareto (1897), John R. Hicks (1939), John Von Neumann (1937), Paul A. Samuelson (1941), Kenneth J. Arrow (1954), Gerard Debreu (1954), Lionel W. McKenzie (1954) and others, which becomes an integral part of economics. 4.2 Fundamental Theorems of Welfare Economics Before the Arrow and Debreu began their famous collaboration, both of them had proved the same theorem which is the Fundamental Theorems of Welfare Economics or First and Second Welfare Theorems. There are two fundamental theorems of welfare economics. The first theorem states that every general equilibrium involves a Pareto efficient allocation of resources under the three assumptions. The three assumptions are if there are no externalities, all agents are price-taker, and prices for each good are known to each agent. While the Pareto efficient named after Vilfredo Pareto (1897), is a type of efficiency that results if one person cannot be made better off without making someone else worse off. The First Welfare Theorem is viewed by many economists as the formalization of Smiths Invisible Hand. As Makowski and Ostroy (1995) stated, it provided a set of sufficient conditions for a price system to efficiently coordinate the economic activity. Besides, this theorem supports the case for non-intervention in ideal conditions. For instance, the outcome is said to be Pareto efficient if we let the markets to do the work. The Second Welfare Theorem says that if preferences are well-behaved (especially convex) then every Pareto efficient allocation can be supported by a general equilibrium set of prices, given a suitable reallocation of the endowment. Referring to Varian (1985), this theorem effectively said that if you think an equilibrium is unfair, just move the endowment of the economy and a different general equilibrium will be obtained. Due to the convexity, the second theorem is stronger than the first theorem. The difference between these two theorems is the second theorem requires existence of general equilibrium from all endowment points, whereas the first theorem required only that if a general equilibrium existed it was efficient. According to Michael A. S. Guth (1994), Arrow (1951) provided a rigorous proof of the connection between competitive equilibrium and Pareto optimal. Gerard Debreu (1951) introduced convex analysis methods into welfare theory and independently proved the same theorems. As a result, these theorems have an important relation to Arrow-Debreu model; the existence of solutions to a competitive equilibrium is finally solved. 4. 3 Theories in relation to the Restriction of General Competitive Equilibrium Previously, the Arrow-Debreu model was used to analyze the restrictions. In order to understand those restrictions in the general competitive equilibrium framework, tracing back those following theories is necessary for us to know how the Arrow-Debreu model was used to be compared and proved other economic theory. 4.3.1 Radner Equilibrium Roy Radner said that the Arrow-Debreu model is not originally put forward for the case of uncertainty, but a powerful device introduced by Arrow (1953), and further elaborated by Debreu (1953), enabled the theory to be reinterpreted to cover the case of uncertainty about the availability of resources and about consumption and production possibilities. Hence, he extends the Arrow-Debreu equilibrium and forms an economic concept-Radner Equilibrium. Radner (1972) is the first who considers the general equilibrium with incomplete markets. He shows that unlike the Arrow-Debreu models, the possibility of trading commodity futures for every contingency is sufficient to enable income transfers across all spots. In addition, the assumption that he made, short-sales of these contracts are limited for every agent, is a driving force in his proof of the existence of a general financial equilibrium. This can be seen as the first attempt to incorporate this idea in their asset market participation. 4.3.2 Concept of Constrained Pareto Optimality Radner Equilibrium, however, is imperfect. Oliver D. Hart (1975) uses some disturbing but perceptive counter-examples to display some of the weaknesses of Radners concept of equilibrium. He showed that existence of such an equilibrium cannot be proved under the standard Arrow-Debreu assumptions. He specified that when the asset returns are price dependent, the market sub-space may not be continuous in the spot prices which may lead to discontinuous demand functions. This reason causes a failure of the existence of Radner equilibrium. In other words, an equilibrium may not be Pareto efficient in the case of incomplete markets which shapes the concept of Constrained Pareto Optimality. 4.4 Limitations of Arrow-Debreu Model Although the Arrow-Debreu model has many influences on either economics or finance, however, there are the limitations. There are three limitations of Arrow-Debreu model. In this model, it excludes the trade in shares of firms because the stock certificate is not an Arrow-Debreu commodity. When the descriptions are so precise that further refinements cannot yield imaginable allocations which increase the satisfaction of the agents in the economy, then the commodities are called Arrow-Debreu commodity. Trading in shares of firms cannot be classified as Arrow-Debreu commodity due to its possession entitles the owner to additional commodity which he need not obtain through exchange. Bankruptcy is not allowed in Arrow-Debreu equilibrium. All agents must meet their budget constraints. In a game theoretic formulation of equilibrium, it is achieved by enforcing an infinite bankruptcy penalty. Since every Arrow-Debreu equilibrium is Pareto efficient, there would be no benefit in reducing the bankruptcy penalty to the point where someone might choose to go bankrupt. Money does not appear in this model. Although the reasons for the existence of money in real life are already taken care of in the Arrow-Debreu model, money does not affect the allocations of commodities. Therefore, there is no point in making the role of money explicit in the Arrow-Debreu model. 5.0 Conclusion In fact, Arrow-Debreu model is not simultaneously created by K.J. Arrow and Gerard Debreu. Debreu is the one who extends further the Arrows pure exchange model in several important ways. Their contribution in formulating Arrow-Debreu model has laid a foundation for economic theory. The application of Arrow-Debreu model emphasizes more on the general competitive equilibrium framework of the economics. From the studies, we notice that most of its application majoring in the financial economics is act as a fundamental theory or economy in shaping the asset pricing model. Other functions like analyzing the market structure, risk and etc, also show that the usefulness of this model. Besides, it is applicable in evaluating the impact of all uncertainties with a general equilibrium structure. The analyzers use a series of mathematical equation to prove their statements. The pioneering contributions of Arrow and Debreu have forever changed the way economic theorists formulate uncertainty models.   After more than forty years of analysis and extensions, their general equilibrium framework and approach continues to be the starting point for new theories on the operation of competitive markets under uncertainty. As a conclusion, it is undeniable that the Arrow-Debreu model had turn on a new leaf in the history of economics. It is the modern concept of general equilibrium in economics which indirectly set up several important theories. Nothing is perfect in this world. Of course, Arrow-Debreu model as well. Some assumptions have to be made. Criticism also may happen. However, those brilliant economists or researchers still can use this model to formulate their own theory and then ends up with a perfect ultimate theory in both economics and finance. Lastly, mistakes, problems, and weaknesses should be pointed out, corrected and improved so that Arrow-Debreu model can be applied and developed effectively.

Extreme Censorship in Ray Bradburys Fahrenheit 451 :: Fahrenheit 451 by Ray Bradbury

Extreme Censorship in Ray Bradbury's Fahrenheit 451   Ã‚  Ã‚  Ã‚  Ã‚  Ray Bradbury's Fahrenheit 451 was an interesting Science fiction thriller that provided an odd view on the censorship of books. Not just some books, but all books. An entire distorted culture and civilization where all books are prohibited. And the penalty for being caught with books is that the books must be burned and in some cases the penalty may lead to death. In this tale of censorship and self discovery, Bradbury leads the reader through a short period in the life of the protagonist, Guy Montag. A firefighter struggling with his conscience to determine if a society without books is right. Fahrenheit 451 has an entertaining theme and plot and a well paced story line. This book combines catchy description and well thought out characters to put together a gripping story that keeps the readers attention. It is interesting to see how a once controversial topic could create such a dystopia.   Ã‚  Ã‚  Ã‚  Ã‚  Fahrenheit 451 had many examples of good writing techniques that made it a good novel. One technique that Bradbury did a good job of using was description. He described things specifically using outstanding similes and personifications. One example is how he mentioned the fire hose. He called it "the great python spitting its venomous kerosene upon the world." (Bradbury 3) This made the reader not only visualize the hose but get a feel for the mood about the firemen at that time. Another example of good description is how he described the physical appearance of the firemen. "Their charcoal hair and their soot-colored brows and their bluish-ash-smeared cheeks where they had shaven close." (32) The adjectives charcoal and soot-colored describe the color of their hair but also are words that relate to their job as a fireman. Finally, an excellent example of Bradbury's descriptive writing was when Montag pulled the trigger and set Captain Beatty on fire. "There was a hiss like a great mouthful of spittle banging a red-hot stove, a bubbling and frothing as if salt had been poured over a monstrous black snail to cause a terrible liquefaction and a boiling over of yellow foam." (117)   Ã‚  Ã‚  Ã‚  Ã‚  A different aspect of writing that made Fahrenheit 451 a good story was the way he kept the book well paced. There were few dead spots in the story and few spots that pushed the storyline along too quickly. Another aspect of the story that made it enjoyable was the characters and their relations to each other. Each character brought a special part to the story that effected the plot and other characters.

The Butcher Shop Essay examples -- Personal Narrative, Descriptive, Ob

Around noon on Thursday, my roommate and I walked drearily to the local slaughterhouse, or abattoir, where we would see a pig slaughter. The building we arrived at looked eerie on the school’s campus. The abattoir stood alone, next to the bullpen and at the end of a dirt road. We walked in and a female student greeted us and told us to put on an apron, a hairnet, and a hardhat. The room smelled of warm blood. There were five people in yellow aprons and white hardhats amiably working together butchering a pig, which was currently hanging by its feet, bleeding from its neck. I felt disappointed when I realized we were late, and had missed the pig’s death. I felt my stomach jump into my throat as my visual and nasal senses were overcome with blood. Having been bled, the pig was lowered into a large basin full of water heated to 140 degrees Fahrenheit. Unconscious, the pig didn’t scream or move as it was lowered into the scalding water. The boiling bath loosens up the pig’s hair and nails, which are removed before the pig is butchered. After the bath, two butchers used levers to heave the pig from the water onto the â€Å"Cincinnation.† Resting on the wedge above a giant egg-beater on its side, the pig upon the Cincinnation was the most surreal part of the process. The pig spun around awkwardly and violently while the amiable foreman sprayed it with a high pressure hose causing chunks of pig hair to fly through the air. Stepping away from the jettisoning hair clumps, yet not taking our eyes off of the spinning pig, the whole room seemed to shrink as our focus did upon the pig. My stomach’s queasiness was slowly subsiding as the pig was taken off of the menacing Cincinnation and ont... ...he pig. After passing inspection, the workers in yellow aprons moved the carcass into a huge refrigerator. Inside an amiable man told us all about Cal Poly meat. The meat produced on campus is choice meat, sold at a good price right here in a building next to campus market. The animals on campus are all used for butcher, sale, or research. He had more work to do, but told us he could talk about their work all day. Having witnessed what goes on to provide us our meat, I felt even more comfortable with what I eat. The camaraderie amongst the butchers extended towards all inside the room . Seeing people work on something that means so much to them with such passion was as much of a rare experience as seeing pigs slaughtered. The butchers’ confidence and excitement made for an unforgettable spectacle, visually stimulating and oddly heart-warming.

January, 1968: Keh Sanh, The Tet Offensive, and the Unraveling of an A

When President Johnson delivered his State of the Union Address to Congress on January 17, 1968 he spoke of the war in Vietnam with optimism. He listed the many military accomplishments to date, mentioned the word â€Å"progress† five times, discussed a â€Å"fruitful† visit with the pope, and spoke with a tone and tenor that suggested an imminent, peaceful resolution (â€Å"Johnson’s Annual Message†). Not three months later – in a similarly important speech to the American people – Johnson stoically announced that he would not be seeking reelection (â€Å"Johnson’s Address to the Nation†). What had seemed like an impending certainty dissolved into a distant dream. Public support for the war, and of Johnson, had deteriorated so swiftly in the winter of 1968 that he had no choice but to disband his efforts to seek a second term. What happened in the months between Johnson’s confident State of the Union and his more su llen speech in March of 1968 is no mystery. The Battle of Khe Sanh, combined with the more lastingly impactful Tet Offensive in late January, were devastating blows to American efforts in Vietnam. In hindsight, these events may have been militarily ineffective, yet the cultural ricochets they created throughout America can be seen as nothing short of a major victory for the North Vietnamese. These events were instrumental in turning the tides of the war. General Westmoreland’s hope, that superior American firepower would end the war with the North Vietnamese in the winter of 1968 was quickly foiled when U.S. Marines were bombarded with a rocket and mortar attack at their isolated base in Khe Sanh. The 76-day battle at Khe Sanh ended with both sides claiming victory, raising the question of why anyone found it strategic to engag... ...ent Lyndon B. Johnson's Address to the Nation Announcing Steps To Limit the War in Vietnam and Reporting His Decision Not To Seek Reelection: March 31, 1968.† LBJ Library and Musuem: National Archives and Records Aministration. Web. 6 Apr. 2012. . â€Å"President Lyndon B. Johnson’s Annual Message to the Congress on the State of the Union: January 17, 1968,† LBJ Library and Museum: National Archives and Records Administration. Web. 6 Apr. 2012 . â€Å"Shock and Awe of the Tet Offensive Shattered U.S. Illusions.† James H. Willbanks. U.S News. 29 Jan. 2009. Web. 6 Apr. 2012. â€Å"The Battle of Khe Sanh, 1968,† The Tet Offensive, Marc J. Gilbert and William Head, eds., Westport, CT: Praeger, 1996, ch. 12, pp. 191-213. Willibanks, James H. The Tet Offensive. New York: Columbia U P, 2007.

Deception Point Page 24

In that same edition, paleobiologist Stephen Jay Gould summed up the problems with ALH84001 by pointing out that the evidence in it was chemical and inferential, rather than â€Å"solid,† like an unambiguous bone or shell. Now, however, Rachel realized NASA had found irrefutable proof. No skeptical scientist could possibly step forward and question these fossils. NASA was no longer touting blurry, enlarged photos of alleged microscopic bacteria-they were offering up real meteorite samples where bio-organisms visible to the naked eye had been embedded in the stone. Foot-long lice! Rachel had to laugh when she realized she'd been a childhood fan of a song by David Bowie that referred to â€Å"spiders from Mars.† Few would have guessed how close the androgynous British pop star would come to foreseeing astrobiology's greatest moment. As the distant strains of the song ran through Rachel's mind, Corky hurried up behind her. â€Å"Has Mike bragged about his documentary yet?† Rachel replied, â€Å"No, but I'd love to hear about it.† Corky slapped Tolland on the back. â€Å"Go for it, big boy. Tell her why the President decided that the most important moment in science history should be handed over to a snorkeling TV star.† Tolland groaned. â€Å"Corky, if you don't mind?† â€Å"Fine, I'll explain,† Corky said, prying his way in between them. â€Å"As you probably know, Ms. Sexton, the President will be giving a press conference tonight to tell the world about the meteorite. Because the vast majority of the world is made up of half-wits, the President asked Mike to come onboard and dumb everything down for them.† â€Å"Thanks, Corky,† Tolland said. â€Å"Very nice.† He looked at Rachel. â€Å"What Corky's trying to say is that because there's so much scientific data to convey, the President thought a short visual documentary about the meteorite might help make the information more accessible to mainstream America, many of whom, oddly, don't have advanced degrees in astrophysics.† â€Å"Did you know,† Corky said to Rachel, â€Å"that I've just learned our nation's President is a closet fan of Amazing Seas?† He shook his head in mock disgust. â€Å"Zach Herney-the ruler of the free world-has his secretary tape Mike's program so he can decompress after a long day.† Tolland shrugged. â€Å"The man's got taste, what can I say?† Rachel was now starting to realize just how masterful the President's plan was. Politics was a media game, and Rachel could already imagine the enthusiasm and scientific credibility the face of Michael Tolland on-screen would bring to the press conference. Zach Herney had recruited the ideal man to endorse his little NASA coup. Skeptics would be hard-pressed to challenge the President's data if it came from the nation's top television science personality as well as several respected civilian scientists. Corky said, â€Å"Mike's already taken video depositions from all of us civilians for his documentary, as well as from most of the top NASA specialists. And I'll bet my National Medal that you're next on his list.† Rachel turned and eyed him. â€Å"Me? What are you talking about? I have no credentials. I'm an intelligence liaison.† â€Å"Then why did the President send you up here?† â€Å"He hasn't told me yet.† An amused grin crossed Corky's lips. â€Å"You're a White House intelligence liaison who deals in clarification and authentication of data, right?† â€Å"Yes, but nothing scientific.† â€Å"And you're the daughter of the man who built a campaign around criticizing the money NASA has wasted in space?† Rachel could hear it coming. â€Å"You have to admit, Ms. Sexton,† Ming chimed in, â€Å"a deposition from you would give this documentary a whole new dimension of credibility. If the President sent you up here, he must want you to participate somehow.† Rachel again flashed on William Pickering's concern that she was being used. Tolland checked his watch. â€Å"We should probably head over,† he said, motioning toward the center of the habisphere. â€Å"They should be getting close.† â€Å"Close to what?† Rachel asked. â€Å"Extraction time. NASA is bringing the meteorite to the surface. It should be up any time now.† Rachel was stunned. â€Å"You guys are actually removing an eight-ton rock from under two hundred feet of solid ice?† Corky looked gleeful. â€Å"You didn't think NASA was going to leave a discovery like this buried in the ice, did you?† â€Å"No, but†¦,† Rachel had seen no signs of large-scale excavation equipment anywhere inside the habisphere. â€Å"How the heck is NASA planning on getting the meteorite out?† Corky puffed up. â€Å"No problem. You're in a room full of rocket scientists!† â€Å"Blather,† Ming scoffed, looking at Rachel. â€Å"Dr. Marlinson enjoys flexing other people's muscles. The truth is that everyone here was stumped about how to get the meteorite out. It was Dr. Mangor who proposed a viable solution.† â€Å"I haven't met Dr. Mangor.† â€Å"Glaciologist from the University of New Hampshire,† Tolland said. â€Å"The fourth and final civilian scientist recruited by the President. And Ming here is correct, it was Mangor who figured it out.† â€Å"Okay,† Rachel said. â€Å"So what did this guy propose?† â€Å"Gal,† Ming corrected, sounding smitten. â€Å"Dr. Mangor is a woman.† â€Å"Debatable,† Corky grumbled. He looked over at Rachel. â€Å"And by the way, Dr. Mangor is going to hate you.† Tolland shot Corky an angry look. â€Å"Well, she will!† Corky defended. â€Å"She'll hate the competition.† Rachel felt lost. â€Å"I'm sorry? Competition?† â€Å"Ignore him,† Tolland said. â€Å"Unfortunately, the fact that Corky is a total moron somehow escaped the National Science Committee. You and Dr. Mangor will get along fine. She is a professional. She's considered one of the world's top glaciologists. She actually moved to Antarctica for a few years to study glacial movement.† â€Å"Odd,† Corky said, â€Å"I heard UNH took up a donation and sent her there so they could get some peace and quiet on campus.† â€Å"Are you aware,† Ming snapped, seeming to have taken the comment personally, â€Å"that Dr. Mangor almost died down there! She got lost in a storm and lived on seal blubber for five weeks before anyone found her.† Corky whispered to Rachel, â€Å"I heard no one was looking.† 26 The limousine ride back from the CNN studio to Sexton's office felt long for Gabrielle Ashe. The senator sat across from her, gazing out the window, obviously gloating over the debate. â€Å"They sent Tench to an afternoon cable show,† he said, turning with a handsome smile. â€Å"The White House is getting frantic.† Gabrielle nodded, noncommittal. She'd sensed a look of smug satisfaction on Marjorie Tench's face as the woman drove off. It made her nervous. Sexton's personal cellphone rang, and he fished in his pocket to grab it. The senator, like most politicians, had a hierarchy of phone numbers at which his contacts could reach him, depending on how important they were. Whoever was calling him now was at the top of the list; the call was coming in on Sexton's private line, a number even Gabrielle was discouraged to call. â€Å"Senator Sedgewick Sexton,† he chimed, accentuating the musical quality of his name. Gabrielle couldn't hear the caller over the sound of the limo, but Sexton listened intently, replying with enthusiasm. â€Å"Fantastic. I'm so pleased you called. I'm thinking six o'clock? Super. I have an apartment here in D.C. Private. Comfortable. You have the address, right? Okay. Looking forward to meeting you. See you tonight then.†